diff --git a/.env.example b/.env.example
new file mode 100644
index 0000000..29e473f
--- /dev/null
+++ b/.env.example
@@ -0,0 +1,21 @@
+# ==========================================
+# English Financial News — 敏感信息
+# 复制为 .env 并填入真实值
+# 仅存放密钥、Token、API 地址
+# ==========================================
+
+# --- DeepSeek ---
+DEEPSEEK_API_KEY=sk-your-deepseek-key
+DEEPSEEK_BASE_URL=https://api.deepseek.com
+
+# --- Qwen / 通义千问 ---
+QWEN_API_KEY=sk-your-qwen-key
+QWEN_BASE_URL=https://dashscope.aliyuncs.com/compatible-mode/v1
+
+# --- DashScope / 阿里百炼 ---
+DASHSCOPE_API_KEY=sk-your-dashscope-key
+DASHSCOPE_BASE_URL=https://dashscope.aliyuncs.com/api/v1/services/embeddings/text-embedding/text-embedding
+
+# --- Qdrant ---
+QDRANT_URL=http://localhost:6333
+QDRANT_API_KEY=
diff --git a/.gitignore b/.gitignore
new file mode 100644
index 0000000..dff8073
--- /dev/null
+++ b/.gitignore
@@ -0,0 +1,48 @@
+# Python
+__pycache__/
+*.py[cod]
+*.egg-info/
+dist/
+build/
+.venv/
+venv/
+
+# Environment
+.env
+.env.local
+.env.production
+
+# IDE
+.vscode/
+.idea/
+*.swp
+*.swo
+*~
+
+# OS
+.DS_Store
+Thumbs.db
+
+# Project data
+data/raw/
+data/processed/
+data/deduped/
+data/events/
+data/embeddings/
+data/qdrant_storage/
+data/reports/
+
+# Logs
+logs/*.log
+
+# Cache
+.cache/
+*.cache
+
+# pytest
+.pytest_cache/
+htmlcov/
+.coverage
+
+# uv
+uv.lock
diff --git a/CLAUDE.md b/CLAUDE.md
new file mode 100644
index 0000000..008a64e
--- /dev/null
+++ b/CLAUDE.md
@@ -0,0 +1,716 @@
+# CLAUDE.md
+
+# Claude Code 开发约束（English Financial News 项目）
+
+版本：v1.0
+
+最后更新：2026-06-21
+
+---
+
+# 一、项目定位
+
+本项目目标：
+
+构建面向国际财经新闻的私有化 Deep Research 平台。
+
+核心能力包括：
+
+* 英文财经新闻抓取（Crawl4AI，12 个英文源，部署海外）；
+* 英文正文提取（trafilatura）；
+* 全文英译中（LLM DeepSeek）；
+* 投资事件抽取（LLM）；
+* 双语向量知识库（Qdrant）；
+* MCP 服务 + Cherry Studio / Claude Code Agent 深度研究；
+* 每日 AI 摘要日报。
+
+本项目不是：
+
+* 自动交易系统；
+* 股票预测系统；
+* 投资顾问系统。
+
+Claude Code 必须始终围绕"研究辅助平台"进行设计。
+
+---
+
+# 二、Claude Code 总体行为准则
+
+Claude Code 必须遵守以下原则：
+
+## 2.1 分阶段开发
+
+禁止一次性完成整个项目。
+
+必须：
+
+* 每次只完成一个 Milestone；
+* 等待人工验收；
+* 验收通过后再进入下一阶段。
+
+禁止：
+
+* 擅自推进后续阶段；
+* 推翻已完成模块。
+
+Milestone 顺序严格按照 english-news-plan.md 第九节执行：
+M0 → M1 → 同步机制 → M2 → M3 → M4 → M5+M6 → M7+日报 → M8
+
+---
+
+## 2.2 最小改动原则
+
+修改代码时：
+
+优先局部修改。
+
+禁止：
+
+为了优化而重写整个模块。
+
+除非明确要求：
+
+"允许重构"。
+
+否则：
+
+保持向后兼容。
+
+---
+
+## 2.3 先理解，再编码
+
+开始编码前必须：
+
+明确：
+
+* 当前目标；
+* 输入；
+* 输出；
+* 验收标准。
+
+如果需求冲突：
+
+必须先提问。
+
+不得自行猜测。
+
+---
+
+## 2.4 部署拓扑意识
+
+本项目采用双服务器架构（详见 english-news-plan.md 第二节）：
+
+| 服务器 | SSH | 部署路径 | 职责 |
+|--------|-----|---------|------|
+| 海外 | `ssh ecs-user@8.217.19.253` | `/opt/intlgrab` | M1 抓取 → rsync 推送 |
+| 国内 | `ssh pi@192.168.1.160` | `/home/pi/intlnews` | M2→M8 全链路 + 日报 |
+
+部署优先级：
+
+* 抓取代码优先在海外服务器测试；
+* 其余代码在国内服务器测试；
+* 海外验证通过后，抓取代码同步到国内做全链路联调。
+
+编码时注意：
+
+* 海外侧只负责抓取，无 LLM/Embedding 依赖；
+* 国内侧等待 rsync 同步完成后再启动管道；
+* 哨兵文件（`SYNC_SENTINEL`）是同步完整性的关键信号；
+* `data/raw/` 目录在两台服务器上路径一致。
+
+---
+
+# 三、开发环境规范
+
+## 3.1 Python 版本
+
+统一使用：
+
+Python 3.11
+
+禁止：
+
+* Python 3.13；
+* Python 3.10 以下版本。
+
+---
+
+## 3.2 依赖管理
+
+统一使用：
+
+uv
+
+禁止：
+
+requirements.txt 手工维护。
+
+依赖定义：
+
+pyproject.toml
+
+安装命令：
+
+uv sync
+
+新增依赖：
+
+uv add 包名
+
+开发依赖：
+
+uv add --dev 包名
+
+---
+
+## 3.3 虚拟环境
+
+统一使用：
+
+.venv
+
+禁止：
+
+使用 Conda。
+
+禁止：
+
+多个虚拟环境混用。
+
+---
+
+# 四、代码规范
+
+## 4.1 类型注解
+
+所有新增代码必须包含类型注解。
+
+示例：
+
+def search_news(
+keyword: str,
+top_k: int
+) -> list[dict]:
+...
+
+禁止：
+
+省略类型。
+
+---
+
+## 4.2 中文说明
+
+要求：
+
+代码使用英文命名。
+
+注释与文档使用中文。
+
+例如：
+
+# 新闻去重处理
+
+def deduplicate_articles():
+...
+
+---
+
+## 4.3 函数长度
+
+单个函数：
+
+建议 ≤ 50 行。
+
+超过：
+
+必须拆分。
+
+---
+
+## 4.4 文件长度
+
+单文件：
+
+建议 ≤ 500 行。
+
+超过：
+
+必须拆分模块。
+
+---
+
+## 4.5 禁止魔法数字
+
+禁止：
+
+importance = 5
+
+应写成：
+
+MAX_IMPORTANCE = 5
+
+---
+
+## 4.6 数据模型
+
+统一使用 Pydantic 定义数据结构。
+
+核心模型（定义见 english-news-plan.md 第四节）：
+
+* `EnArticle` — 新闻文章（含中英文标题、正文、词数）
+* `EnExtractedEvent` — 投资事件（事件类型、股票代码、情绪、重要度）
+
+禁止：
+
+大量裸 dict 传递。
+
+---
+
+# 五、日志规范
+
+统一使用：
+
+logging
+
+禁止：
+
+print()
+
+日志级别：
+
+DEBUG
+
+INFO
+
+WARNING
+
+ERROR
+
+CRITICAL
+
+日志格式：
+
+时间 - 模块 - 级别
+消息
+
+示例：
+
+2026-06-21 06:30:00 - translator - INFO
+开始翻译 reuters 源文章 15 篇
+
+---
+
+# 六、异常处理规范
+
+禁止：
+
+except:
+pass
+
+必须：
+
+记录日志。
+
+抛出明确异常。
+
+示例：
+
+except Exception as e:
+    logger.exception(e)
+    raise
+
+---
+
+# 七、测试规范
+
+新增功能必须提供测试。
+
+优先使用：
+
+pytest
+
+测试目录：
+
+tests/
+
+命名：
+
+test_xxx.py
+
+测试覆盖：
+
+核心模块必须覆盖。
+
+包括：
+
+* crawler（M1 抓取）
+* extractor（M2 正文提取）
+* dedup（M3 去重）
+* translator（M4a 翻译）
+* llm（M4b 事件抽取）
+* embedding（M5 向量生成）
+* vectorstore（M6 Qdrant 入库/检索）
+* scheduler（M7 定时调度）
+* mcp_server（M8 MCP 服务）
+
+---
+
+# 八、配置规范
+
+## 8.1 禁止硬编码
+
+所有配置项（API Key、URL、路径、阈值、超时、并发数等）一律禁止写在代码中。
+
+常量设置必须按实际情况分配到以下位置：
+
+| 配置类型 | 存放位置 | 示例 |
+|---------|---------|------|
+| 密钥/Token | `.env` | `DEEPSEEK_API_KEY`、`DASHSCOPE_API_KEY` |
+| API 地址 | `.env` | `DEEPSEEK_BASE_URL`、`QWEN_BASE_URL` |
+| Qdrant 连接 | `.env` | `QDRANT_URL`、`QDRANT_API_KEY` |
+| 所有功能配置 | `configs/system.yaml` | 模型名、部署路径、阈值、超时、调度、日志 |
+| 新闻源定义 | `configs/sources.yaml` | 源 ID、URL 模板、JS 渲染开关 |
+
+**原则**：`.env` 仅存 SSH/API 的密钥和地址。其余全部在 `system.yaml`。
+
+代码中只允许引用配置，不允许定义配置值。
+
+正确示例：
+
+```python
+import os
+LLM_API_KEY = os.environ["DEEPSEEK_API_KEY"]
+```
+
+```python
+from yaml import safe_load
+config = safe_load(open("configs/system.yaml"))
+max_articles = config["crawler"]["max_articles_per_run"]
+```
+
+错误示例：
+
+```python
+API_KEY = "sk-xxx"           # ❌ 硬编码密钥
+LLM_TIMEOUT = 60             # ❌ 魔法数字硬编码
+SOURCES = [{"id": "reuters", ...}]  # ❌ 源配置硬编码
+```
+
+## 8.2 配置文件清单
+
+* `configs/sources.yaml` — 英文财经源定义（id / name / url_pattern / js_render 等）
+* `configs/system.yaml` — 系统级业务参数（去重阈值、LLM 超时、日报限制等）
+* `.env` — 密钥、服务地址（不入 Git）
+* `.env.example` — 脱敏示例（入 Git）
+
+## 8.3 环境变量读取规范
+
+* 始终使用 `os.environ["KEY"]`（失败时抛出明确异常），不使用默认值硬编码；
+* 如需默认值，必须在 `configs/system.yaml` 中定义，代码从配置文件读取；
+* 禁止在 `os.getenv("KEY", "hardcoded_default")` 中写死默认值。
+
+---
+
+# 九、Prompt 管理规范
+
+Prompt 必须独立维护。
+
+目录：
+
+prompts/
+
+禁止：
+
+在代码中直接拼接长 Prompt。
+
+本项目 Prompt 文件：
+
+* `translation_and_extraction.md` — 翻译 + 事件抽取（单次 LLM 调用合并输出）
+* `daily_report.md` — 日报生成 Prompt（五段式结构）
+* `search_agent.md` — MCP Agent 深度研究 Prompt
+
+---
+
+# 十、数据库规范
+
+Qdrant 为唯一向量数据库。
+
+Collection 名称：`en_finance_news`
+
+SQLite 用于：
+
+任务状态；
+缓存；
+调试。
+
+禁止：
+
+引入多种向量数据库。
+
+除非用户明确要求。
+
+---
+
+# 十一、Docker 规范
+
+所有服务必须支持 Docker。
+
+必须提供：
+
+docker-compose.yml
+
+必须支持：
+
+docker compose up -d
+
+启动。
+
+注意：
+
+* 海外侧 docker-compose 仅包含 Crawl4AI + rsync daemon；
+* 国内侧 docker-compose 包含 Qdrant + 调度器 + MCP 服务。
+
+不得依赖：
+
+手工安装。
+
+---
+
+# 十二、Git 提交规范
+
+完成每个 Milestone 后：
+
+更新：
+
+README.md
+
+continuation.md
+
+docs/
+
+提交信息格式：
+
+feat:
+新增功能
+
+fix:
+问题修复
+
+refactor:
+重构
+
+docs:
+文档更新
+
+test:
+测试
+
+chore:
+杂项
+
+示例：
+
+feat: 完成 M1 英文财经新闻抓取模块（Crawl4AI）
+
+---
+
+# 十三、README 更新规范
+
+每次功能完成后：
+
+README 必须更新：
+
+包括：
+
+功能说明；
+
+部署方法（区分海外/国内）；
+
+配置说明；
+
+示例命令；
+
+常见问题。
+
+禁止：
+
+README 长期不维护。
+
+---
+
+# 十四、continuation.md 维护规范
+
+Claude Code 每次结束工作前：
+
+必须更新 continuation.md。
+
+内容包括：
+
+当前 Milestone；
+
+完成内容；
+
+待办事项；
+
+已知问题；
+
+技术债务；
+
+下次建议。
+
+用于恢复上下文。
+
+---
+
+# 十五、性能要求
+
+目标：
+
+初始支持 12 个英文财经新闻源（见 english-news-plan.md）。
+
+逐步扩展至 ≥ 50 个源。
+
+处理吞吐：
+
+≥ 100 篇 / 分钟（端到端：抓取 → 翻译 → 入库）。
+
+Qdrant 检索：
+
+Top-K 响应时间 ≤ 2 秒。
+
+LLM 翻译：
+
+单篇平均 ≤ 3 秒（DeepSeek flash 模型）。
+
+---
+
+# 十六、翻译质量规范
+
+LLM 翻译必须：
+
+* 使用 DeepSeek 为默认 Provider（Qwen 为备选）；
+* System prompt 约束财经翻译风格：准确、简洁、专业术语一致；
+* 保留英文原标题（`title`）和中文翻译标题（`title_zh`）；
+* 保留英文原文（`content_en`）和中文翻译（`content_zh`）；
+* 中文译文字数控制在原文 1.0×–1.5× 范围。
+
+事件抽取必须：
+
+* 正确识别涉及的美股代码（如 AAPL、TSLA）；
+* 情绪判断有据可查（利好/利空/中性）；
+* 重要度 1-5 分，≥ 4 分进入日报"重要事件"板块。
+
+---
+
+# 十七、安全规范
+
+禁止：
+
+提交：
+
+.env
+
+API Key（DeepSeek / DashScope / Qwen）
+
+Cookie
+
+Token
+
+个人隐私数据
+
+SSH 私钥
+
+必须：
+
+提供：
+
+.env.example
+
+示例配置（脱敏）。
+
+---
+
+# 十八、禁止事项
+
+Claude Code 禁止：
+
+1. 未经允许重构已验收模块；
+2. 一次性生成整个项目；
+3. 擅自修改数据库结构（包括 Qdrant Collection Schema）；
+4. 删除已有测试；
+5. 使用 print 调试；
+6. 忽略异常；
+7. 跳过验收直接进入下一阶段；
+8. 引入未经说明的新技术栈；
+9. 将 Prompt 写死在代码中；
+10. 编写无法运行的伪代码冒充完成；
+11. 将海外侧依赖（LLM/Embedding）引入 M1 抓取模块；
+12. 擅自新增英文新闻源而不更新 configs/sources.yaml 和 plan。
+
+---
+
+# 十九、输出格式要求
+
+Claude Code 完成任务时必须输出：
+
+【任务目标】
+
+【完成内容】
+
+【修改文件】
+
+【运行方法】
+
+【测试结果】
+
+【存在问题】
+
+【下一步建议】
+
+不得只输出代码。
+
+必须提供可验证说明。
+
+---
+
+# 二十、最高优先级原则
+
+当多个原则冲突时，优先级如下：
+
+第一优先级：
+
+代码正确、可运行。
+
+第二优先级：
+
+稳定性与可维护性。
+
+第三优先级：
+
+向后兼容。
+
+第四优先级：
+
+性能优化。
+
+第五优先级：
+
+代码优雅。
+
+宁可代码普通，也不要复杂炫技。
+
+本项目追求：
+
+"小步迭代、稳定演进、长期维护"。
+
+---
+
+# 二十一、参考文档
+
+* `english-news-plan.md` — 项目总体计划（权威来源）
+* `docs/` — 设计文档
+* 对标项目：`news/`（A 股 Deep Research），架构模式可复用
+
+—— CLAUDE.md 结束 ——
diff --git a/README.md b/README.md
index a5c3634..687f8f2 100644
--- a/README.md
+++ b/README.md
@@ -1,2 +1,90 @@
-# intl_news
+# English Financial News
 
+国际财经新闻抓取与深度研究平台。
+
+## 核心能力
+
+- **M1** 英文财经新闻抓取（Crawl4AI，12 个源，部署海外）
+- **M2** 英文正文提取（trafilatura）
+- **M3** 三层去重（URL Hash / 内容 Hash / SimHash 模糊）
+- **M4** 全文英译中 + 投资事件抽取（LLM DeepSeek）
+- **M5** 向量生成（DashScope text-embedding-v3）
+- **M6** 双语向量知识库（Qdrant）
+- **M7** 定时调度 + 每日 AI 摘要日报
+- **M8** MCP 服务（Cherry Studio / Claude Code Agent）
+
+## 部署架构
+
+```
+海外服务器                    国内服务器
+M1 抓取 ──rsync──▶  M2→M3→M4→M5→M6
+                        ↓
+                   日报 + M7 调度
+                        ↓
+                   M8 MCP 服务
+```
+
+## 快速开始
+
+### 环境要求
+
+- Python 3.11
+- uv
+
+### 安装
+
+```bash
+# 创建虚拟环境并安装依赖
+uv sync
+
+# 配置环境变量
+cp .env.example .env
+# 编辑 .env 填入真实 API Key
+```
+
+### CLI 命令
+
+```
+uv run en-news --help
+
+# 子命令
+uv run en-news crawl        # M1 抓取
+uv run en-news extract      # M2 提取
+uv run en-news dedup        # M3 去重
+uv run en-news translate    # M4 翻译+事件抽取
+uv run en-news embed        # M5 向量生成
+uv run en-news index        # M6 Qdrant 入库
+uv run en-news search "..." # M6 语义检索
+uv run en-news report       # 日报生成
+uv run en-news pipeline     # 一键管道
+uv run en-news mcp-server   # M8 MCP 服务
+```
+
+## 配置
+
+| 文件 | 用途 |
+|------|------|
+| `configs/sources.yaml` | 英文财经新闻源定义 |
+| `configs/system.yaml` | 系统级业务参数 |
+| `.env` | 密钥 / 服务地址 |
+
+## 开发
+
+```bash
+# 安装开发依赖
+uv sync --dev
+
+# 运行测试
+uv run pytest
+
+# 代码检查
+uv run ruff check .
+```
+
+## 项目计划
+
+详见 [english-news-plan.md](english-news-plan.md)
+
+## 许可证
+
+MIT
diff --git a/app/__init__.py b/app/__init__.py
new file mode 100644
index 0000000..e69de29
diff --git a/app/cli.py b/app/cli.py
new file mode 100644
index 0000000..6d5797b
--- /dev/null
+++ b/app/cli.py
@@ -0,0 +1,255 @@
+"""English Financial News — CLI 入口"""
+
+import logging
+import sys
+
+from dotenv import load_dotenv
+import typer
+
+# 加载 .env 环境变量（必须在所有模块导入之前）
+load_dotenv()
+
+app = typer.Typer(
+    name="en-news",
+    help="国际财经新闻抓取与深度研究平台",
+    no_args_is_help=True,
+)
+
+# ── 日志配置 ──────────────────────────────────────────
+
+logging.basicConfig(
+    level=logging.INFO,
+    format="%(asctime)s - %(name)s - %(levelname)s - %(message)s",
+    datefmt="%Y-%m-%d %H:%M:%S",
+    stream=sys.stderr,
+)
+
+# 抑制第三方库噪音日志
+for _lib in ("httpx", "httpcore", "openai", "urllib3"):
+    logging.getLogger(_lib).setLevel(logging.WARNING)
+
+logger = logging.getLogger("en-news")
+
+
+@app.command()
+def crawl(
+    source: str | None = typer.Option(
+        None, "--source", "-s",
+        help="只抓取指定 source_id（不传则全部）",
+    ),
+    profile: str | None = typer.Option(
+        None, "--profile", "-p",
+        help="Profile 名称（2g_headless / 8g_headful）",
+    ),
+):
+    """M1: 抓取英文财经新闻（部署海外）"""
+    import os
+    from crawler.orchestrator import run_crawl_sync
+
+    if profile:
+        os.environ["EN_NEWS_PROFILE"] = profile
+        logger.info("📋 使用 Profile: %s", profile)
+
+    try:
+        stats = run_crawl_sync(source_filter=source)
+        typer.echo(f"\n✅ 完成: {stats.sources_crawled} 源, {stats.total_articles} 篇文章")
+        if stats.sources_failed:
+            typer.echo(f"⚠️  {stats.sources_failed} 个源有错误")
+    except FileNotFoundError as e:
+        typer.echo(f"❌ {e}", err=True)
+        raise typer.Exit(code=1)
+    except Exception as e:
+        logger.exception("抓取失败")
+        typer.echo(f"❌ 抓取出错: {e}", err=True)
+        raise typer.Exit(code=1)
+
+
+@app.command()
+def extract(
+    source: str | None = typer.Option(
+        None, "--source", "-s",
+        help="只处理指定 source_id（不传则全部）",
+    ),
+):
+    """M2: 英文正文提取（trafilatura）"""
+    from extractor.pipeline import process_all_sources
+
+    try:
+        stats = process_all_sources(source_filter=source)
+        typer.echo(
+            f"\n✅ 提取: {stats['sources_processed']} 源, "
+            f"{stats['total_articles']} 篇, {stats['elapsed_sec']:.1f}s"
+        )
+    except Exception as e:
+        logger.exception("正文提取失败")
+        typer.echo(f"❌ 提取出错: {e}", err=True)
+        raise typer.Exit(code=1)
+
+
+@app.command()
+def dedup():
+    """M3: 三层去重"""
+    from dedup.pipeline import dedup_all_sources
+
+    try:
+        stats = dedup_all_sources()
+        typer.echo(
+            f"\n✅ 去重: {stats['sources_processed']} 源, "
+            f"唯一 {stats['unique']} / 重复 {stats['duplicate']} / "
+            f"总计 {stats['total_articles']}, {stats['elapsed_sec']:.1f}s"
+        )
+    except Exception as e:
+        logger.exception("去重失败")
+        typer.echo(f"❌ 去重出错: {e}", err=True)
+        raise typer.Exit(code=1)
+
+
+@app.command()
+def translate():
+    """M4: 全文翻译 + 投资事件抽取（LLM）"""
+    from llm.pipeline import translate_all_deduped
+
+    try:
+        stats = translate_all_deduped()
+        typer.echo(
+            f"\n✅ 翻译+事件抽取: {stats['success']}/{stats['total']} 篇, "
+            f"{stats['elapsed_sec']:.1f}s ({stats['provider']}/{stats['model']})"
+        )
+    except Exception as e:
+        logger.exception("翻译失败")
+        typer.echo(f"❌ 翻译出错: {e}", err=True)
+        raise typer.Exit(code=1)
+
+
+@app.command()
+def embed():
+    """M5: 向量生成"""
+    from embedding.pipeline import embed_all_events
+
+    try:
+        stats = embed_all_events()
+        typer.echo(
+            f"\n✅ 向量生成: {stats['success']}/{stats['total']} 篇, "
+            f"{stats['elapsed_sec']:.1f}s ({stats['provider']}/{stats['model']})"
+        )
+    except Exception as e:
+        logger.exception("向量生成失败")
+        typer.echo(f"❌ 向量生成出错: {e}", err=True)
+        raise typer.Exit(code=1)
+
+
+@app.command()
+def index(
+    recreate: bool = typer.Option(
+        False, "--recreate",
+        help="重建 collection（会删除已有数据）",
+    ),
+):
+    """M6: Qdrant 入库"""
+    from vectorstore.pipeline import get_collection_info, ingest_all_embeddings
+
+    try:
+        stats = ingest_all_embeddings(recreate=recreate)
+        typer.echo(
+            f"\n✅ 入库: {stats['ingested']}/{stats['total']} 条, "
+            f"{stats['elapsed_sec']:.1f}s"
+        )
+        info = get_collection_info()
+        typer.echo(f"📊 Collection: {info['name']} — {info['vectors_count']} 条向量")
+    except Exception as e:
+        logger.exception("入库失败")
+        typer.echo(f"❌ 入库出错: {e}", err=True)
+        raise typer.Exit(code=1)
+
+
+@app.command()
+def search(
+    query: str = typer.Argument(..., help="中文检索查询"),
+    top_k: int = typer.Option(10, help="返回结果数"),
+):
+    """M6: Qdrant 语义检索"""
+    from vectorstore.pipeline import search_news
+
+    try:
+        results = search_news(query, top_k=top_k)
+        if not results:
+            typer.echo("🔍 未找到相关结果")
+            return
+
+        typer.echo(f"\n🔍 搜索: {query}\n")
+        for i, r in enumerate(results, 1):
+            typer.echo(f"{i}. [{r.source_id}] score={r.score:.4f}")
+            typer.echo(f"   📰 {r.title_zh or r.title}")
+            if r.events:
+                events_summary = ", ".join(
+                    f"{ev.get('event_type','')}({ev.get('sentiment','')})"
+                    for ev in r.events[:3]
+                )
+                typer.echo(f"   📌 事件: {events_summary}")
+            typer.echo(f"   🔗 {r.url}")
+            typer.echo()
+    except Exception as e:
+        logger.exception("搜索失败")
+        typer.echo(f"❌ 搜索出错: {e}", err=True)
+        raise typer.Exit(code=1)
+
+
+@app.command()
+def report():
+    """M7: 日报生成"""
+    from scheduler.reporter import generate_report
+
+    try:
+        path = generate_report()
+        if path:
+            typer.echo(f"\n✅ 日报已生成: {path}")
+        else:
+            typer.echo("⚠️  无数据，跳过日报生成")
+    except Exception as e:
+        logger.exception("日报生成失败")
+        typer.echo(f"❌ 日报生成出错: {e}", err=True)
+        raise typer.Exit(code=1)
+
+
+@app.command()
+def pipeline(
+    skip_report: bool = typer.Option(
+        False, "--skip-report",
+        help="跳过日报生成",
+    ),
+):
+    """M7: 一键运行完整管道 M2→M6（+ 可选日报）"""
+    from crawler.utils import get_news_day
+    from scheduler.pipeline import run_pipeline
+
+    date_str = get_news_day()
+    typer.echo(f"🚀 开始全链路管道，日期: {date_str}\n")
+
+    try:
+        result = run_pipeline(date_str, skip_report=skip_report)
+
+        typer.echo(f"\n{'='*50}")
+        typer.echo(f"Pipeline 完成: {result.success_count}/{len(result.steps)} 成功")
+        for s in result.steps:
+            flag = "✅" if s.success else "❌"
+            typer.echo(f"  {flag} {s.name}: {s.message} ({s.elapsed_sec:.0f}s)")
+        if result.finished_at and result.started_at:
+            total = (result.finished_at - result.started_at).total_seconds()
+            typer.echo(f"\n⏱ 总耗时: {total:.0f}s")
+    except Exception as e:
+        logger.exception("管道执行失败")
+        typer.echo(f"❌ 管道执行出错: {e}", err=True)
+        raise typer.Exit(code=1)
+
+
+@app.command()
+def mcp_server():
+    """M8: 启动 MCP 服务（供 Claude Code / Cherry Studio 调用）"""
+    from mcp_server.server import mcp
+
+    typer.echo("🚀 启动国际财经 Deep Research MCP 服务...")
+    mcp.run()
+
+
+if __name__ == "__main__":
+    app()
diff --git a/configs/profiles/2g_headless.yaml b/configs/profiles/2g_headless.yaml
new file mode 100644
index 0000000..4a1ac32
--- /dev/null
+++ b/configs/profiles/2g_headless.yaml
@@ -0,0 +1,25 @@
+# ════════════════════════════════════════════════════
+# Profile: 2G 轻量 headless stealth
+# ════════════════════════════════════════════════════
+# 适用场景：
+#   - 海外服务器（3.5GB 总内存，约 1.2GB 可用）
+#   - 国内服务器低负载补充抓取
+#   - 10 个 RSS 优先源 + 2 个 Web 回退源
+# 策略：
+#   - stealth headless（隐藏 webdriver 特征）
+#   - 串行逐源抓取，内存超限自动 GC
+#   - 单源 2 小时超时，单页 45 秒超时
+# 部署：bash scripts/domestic_crawl_2g.sh [source_id]
+# ════════════════════════════════════════════════════
+
+proxy:
+  enabled: false                         # 海外服务器无需代理；国内如需，改为 true
+
+crawler:
+  max_memory_mb: 1800                    # 内存上限
+  source_timeout_sec: 7200               # 单源超时 2h
+  article_delay_sec: 3.0                 # 文章间冷却
+  page_timeout_sec: 45                   # 单页超时
+  viewport_width: 1024
+  viewport_height: 768
+  headful: false                         # headless stealth
diff --git a/configs/profiles/8g_headful.yaml b/configs/profiles/8g_headful.yaml
new file mode 100644
index 0000000..adf5827
--- /dev/null
+++ b/configs/profiles/8g_headful.yaml
@@ -0,0 +1,32 @@
+# ════════════════════════════════════════════════════
+# Profile: 8G headful + HTTP 代理 → Privoxy → SOCKS5
+# ════════════════════════════════════════════════════
+# 适用场景：
+#   - 国内服务器（7.9GB 总内存，约 6.1GB 可用）
+#   - 所有源均使用 headful Playwright 浏览器直接抓取
+#   - 通过 Privoxy (HTTP:3128) → ss-local (SOCKS5:1088) 代理访问海外网站
+# 策略：
+#   - headful 模式 + Xvfb 虚拟显示器（更像真人）
+#   - HTTP 代理 127.0.0.1:3128
+#   - 更高视口、更长超时
+#   - 串行逐源（内存充裕但仍需控制并发）
+#   - 单源 3 小时超时，单页 60 秒超时
+# 前置条件：
+#   sudo apt install xvfb
+#   Xvfb :99 -screen 0 1280x1024x24 &
+# 部署：bash scripts/domestic_crawl_8g.sh [source_id]
+# ════════════════════════════════════════════════════
+
+proxy:
+  enabled: true                           # 国内服务器通过 HTTP 代理访问海外网站
+  url: "http://127.0.0.1:3128"
+
+crawler:
+  max_memory_mb: 7500                    # 内存充裕
+  source_timeout_sec: 10800              # 单源超时 3h（反爬源可能更慢）
+  article_delay_sec: 4.0                 # 文章间冷却更长（更像真人）
+  page_timeout_sec: 60                   # 单页超时 60s
+  viewport_width: 1280                   # 更正常的视口
+  viewport_height: 900
+  headful: true                          # 有头浏览器 + Xvfb
+  xvfb_display: ":99"                    # Xvfb 虚拟显示器
diff --git a/configs/sources.yaml b/configs/sources.yaml
new file mode 100644
index 0000000..4df871a
--- /dev/null
+++ b/configs/sources.yaml
@@ -0,0 +1,141 @@
+# 英文财经新闻源配置
+# 每个源的字段说明见 english-news-plan.md M1 章节
+
+settings:
+  concurrency: 5
+  request_delay_sec: 2
+  user_agent: "Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_7) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/131.0.0.0 Safari/537.36"
+
+sources:
+  - id: "reuters"
+    name: "Reuters"
+    enabled: true
+    homepage: "https://www.reuters.com/business/"
+    article_url_pattern: "/[^/]+/[^/]+/"
+    js_render: false
+    max_articles_per_run: 30
+    anti_bot_mode: "stealth"       # DataDome 反爬（Web 回退，大概率失败）
+    rss_url: "https://news.google.com/rss/search?q=site:reuters.com+business&hl=en-US&gl=US&ceid=US:en"  # Google News RSS 代理（标题+摘要，绕过 DataDome）
+    # ⚠️ Google News RSS 链接为 Google 跳转 URL，无法获取 reuters.com 原文 URL
+    # rss_crawler.py 自动识别 Google News RSS 格式，标题去 " - Reuters" 后缀
+
+  - id: "cnbc"
+    name: "CNBC"
+    enabled: true
+    homepage: "https://www.cnbc.com/world/"
+    article_url_pattern: "/\\d{4}/\\d{2}/\\d{2}/"
+    js_render: true
+    max_articles_per_run: 25
+    rss_url: "https://search.cnbc.com/rs/search/combinedcms/view.xml?partnerId=wrss01&id=100003114"  # US Top News and Analysis
+    # 其他可用频道（id 参数切换）：
+    #   id=15837362 → U.S. News
+    #   id=15839135 → Earnings
+    #   id=10000116 → Retail
+
+  - id: "marketwatch"
+    name: "MarketWatch"
+    enabled: true
+    homepage: "https://www.marketwatch.com/latest-news"
+    article_url_pattern: "/story/"
+    js_render: false
+    max_articles_per_run: 25
+    rss_url: "https://feeds.marketwatch.com/marketwatch/topstories"  # RSS 优先，绕过 DataDome
+    anti_bot_mode: "stealth"        # RSS 失败回退（headful 在无头服务器不可用）
+    # 其他可用频道：
+    #   https://feeds.marketwatch.com/marketwatch/marketpulse → MarketPulse
+    #   https://feeds.marketwatch.com/marketwatch/bulletins → Bulletins
+
+  - id: "ft"
+    name: "Financial Times"
+    enabled: true
+    homepage: "https://www.ft.com/world"
+    article_url_pattern: "/content/"
+    js_render: false
+    max_articles_per_run: 20
+    rss_url: "https://www.ft.com/rss/home"  # FT International Homepage RSS
+    # 其他可用频道：
+    #   https://www.ft.com/rss/world
+    #   https://www.ft.com/rss/companies
+    #   https://www.ft.com/rss/markets
+    # ⚠️ RSS 含摘要+缩略图，但全文仍需 Crawl4AI 抓取（FT 付费墙）
+
+  - id: "yahoo_finance"
+    name: "Yahoo Finance"
+    enabled: true
+    homepage: "https://finance.yahoo.com/news/"
+    article_url_pattern: "/(news|articles)/"   # /news/、/economy/.../articles/、/markets/.../articles/
+    js_render: true
+    max_articles_per_run: 30
+    rss_url: "https://news.yahoo.com/rss/finance"  # Yahoo Finance RSS
+
+  - id: "investing"
+    name: "Investing.com"
+    enabled: true
+    homepage: "https://www.investing.com/news/latest-news"
+    article_url_pattern: "/news/"
+    js_render: true
+    max_articles_per_run: 25
+    rss_url: "https://www.investing.com/rss/news_1063.rss"  # RSS 绕过反爬
+
+  - id: "seekingalpha"
+    name: "Seeking Alpha"
+    enabled: true
+    homepage: "https://seekingalpha.com/market-news"
+    article_url_pattern: "/news/"
+    js_render: true
+    max_articles_per_run: 20
+    anti_bot_mode: "stealth"       # 首页 OK，文章页 PerimeterX 拦截 → stealth
+    rss_url: "https://seekingalpha.com/feed.xml"  # 全站文章 RSS（标题+摘要+链接）
+
+  - id: "barrons"
+    name: "Barron's"
+    enabled: true
+    homepage: "https://www.barrons.com/latest-news"
+    article_url_pattern: "/articles/"
+    js_render: false
+    max_articles_per_run: 20
+    anti_bot_mode: "stealth"       # HTTP 403 → stealth 回退
+    # ⚠️ 无 Barron's 专属原生 RSS（2026-06-21 实测：feeds.content.dowjones.io/rss/barrons→404，feeds.a.dj.com/rss/RSSBarrons.xml→403）
+    # 替代：使用 Dow Jones RSS World News 作为兜底
+    rss_url: "https://feeds.a.dj.com/rss/RSSWorldNews.xml"  # Dow Jones World News（非 Barron's 专属）
+
+  - id: "wsj"
+    name: "Wall Street Journal"
+    enabled: true
+    homepage: "https://www.wsj.com/economy"
+    article_url_pattern: "/articles/"
+    js_render: false
+    max_articles_per_run: 20
+    anti_bot_mode: "stealth"       # DataDome → RSS 优先 + stealth 回退
+    rss_url: "https://feeds.a.dj.com/rss/RSSWorldNews.xml"  # WSJ World News
+    # 其他可用频道：
+    #   https://feeds.a.dj.com/rss/RSSMarketsMain.xml → Markets
+    #   https://feeds.a.dj.com/rss/RSSWSJD.xml → WSJ Digital (付费墙内)
+
+  - id: "economist"
+    name: "The Economist"
+    enabled: true                        # ✅ RSS 可用（2026-06-21 验证），RSS 优先；Crawl4AI 回退
+    homepage: "https://www.economist.com/finance-and-economics"
+    article_url_pattern: "/finance-and-economics/\\d{4}/\\d{2}/\\d{2}/"
+    js_render: true
+    max_articles_per_run: 15
+    anti_bot_mode: "stealth"
+    rss_url: "https://www.economist.com/finance-and-economics/rss.xml"  # Finance & economics RSS（含标题+摘要+链接）
+
+  - id: "forexlive"
+    name: "ForexLive"
+    enabled: true
+    homepage: "https://www.forexlive.com/"
+    article_url_pattern: "/(news|technical-analysis|Education)/"
+    js_render: false
+    max_articles_per_run: 20
+    rss_url: "https://www.forexlive.com/feed"  # Breaking News RSS（含正文，~91KB/次）
+
+  - id: "zerohedge"
+    name: "ZeroHedge"
+    enabled: true
+    homepage: "https://www.zerohedge.com/"
+    article_url_pattern: "/(geopolitical|markets|economics|commodities|technology|political|macroeconomics|crypto|energy|health|esg)/"
+    js_render: true
+    max_articles_per_run: 15
+    rss_url: "http://feeds.feedburner.com/zerohedge/feed"  # FeedBurner RSS（含正文，~262KB/次）
diff --git a/configs/system.yaml b/configs/system.yaml
new file mode 100644
index 0000000..6964e02
--- /dev/null
+++ b/configs/system.yaml
@@ -0,0 +1,91 @@
+# ════════════════════════════════════════════════════
+# 系统功能配置（非敏感）
+# 密钥、API 地址 请在 .env 中配置
+# ════════════════════════════════════════════════════
+
+# ── 部署拓扑 ────────────────────────────────────────
+# 海外服务器已弃用（M1-M6 全链路在 domestic 执行）
+servers:
+  overseas_host: "ecs-user@8.217.19.253"
+  overseas_path: "/opt/intlgrab"
+  domestic_host: "pi@192.168.1.160"
+  domestic_path: "/home/pi/intlnews"
+
+# ── HTTP 代理（Privoxy → ss-local → Shadowsocks 海外访问）──
+proxy:
+  enabled: false                          # 通过 Profile 8g_headful 启用
+  url: "http://127.0.0.1:3128"            # HTTP 代理地址
+  bypass_domains: []                       # 不走代理的域名（如国内 CDN）
+
+# ── 抓取 ────────────────────────────────────────────
+crawler:
+  max_memory_mb: 1800                      # 内存上限 MB（超限触发 GC）
+  source_timeout_sec: 7200                 # 单源超时秒数（2h）
+  article_delay_sec: 3.0                   # 文章间冷却间隔
+  page_timeout_sec: 45                     # 单页加载超时
+  viewport_width: 1024
+  viewport_height: 768
+  user_agent: "Mozilla/5.0 (Windows NT 10.0; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/131.0.0.0 Safari/537.36"
+  headful: false                           # true=有头浏览器（需 X Server 或 xvfb），false=headless
+  xvfb_display: ":99"                      # headful 模式下的虚拟显示器（xvfb-run 自动设置）
+
+# ── 正文提取 ──────────────────────────────────────────
+extractor:
+  min_content_words: 50
+  trafilatura_fallback: true
+
+# ── 去重 ────────────────────────────────────────────
+dedup:
+  hamming_distance_threshold: 3
+  simhash_window_days: 30
+  min_content_length: 100
+
+# ── LLM 翻译+事件抽取 ────────────────────────────────
+llm:
+  provider: "deepseek"
+  deepseek_model: "deepseek-chat"
+  qwen_model: "qwen-plus"
+  timeout_sec: 60
+  max_retries: 3
+  max_tokens: 8192
+  temperature: 0.1
+  concurrency: 3
+
+# ── Embedding 向量化 ────────────────────────────────
+embedding:
+  provider: "dashscope"
+  dashscope_model: "text-embedding-v3"
+  dimension: 1024
+  batch_size: 10
+  timeout_sec: 30
+
+# ── Qdrant ──────────────────────────────────────────
+qdrant:
+  collection: "en_finance_news"
+
+# ── 日报 ────────────────────────────────────────────
+report:
+  max_events: 20
+  summary_max_chars: 500
+  importance_threshold: 4
+  upload_host: "simon@doorcome.cn"
+  upload_path: "/var/www/html/echart/research"
+
+# ── 同步 (rsync) ─────────────────────────────────────
+# 海外服务器已弃用，以下保留作为参考
+sync:
+  port: 22
+  sentinel: "/tmp/en_news_sync_done"
+  pack_dir: "/tmp"
+
+# ── 定时调度 ────────────────────────────────────────
+# 全流程：M1 抓取 → M2→M6 管道 → 日报
+# 每天 06:00 / 12:00 / 18:00 / 22:00 各执行一次
+schedule:
+  day_cutoff_hour: 6
+  times: ["06:00", "12:00", "18:00", "22:00"]
+
+# ── 日志 ────────────────────────────────────────────
+logging:
+  level: "INFO"
+  dir: "logs"
diff --git a/continuation.md b/continuation.md
new file mode 100644
index 0000000..2f5a251
--- /dev/null
+++ b/continuation.md
@@ -0,0 +1,146 @@
+# continuation.md — English Financial News 项目状态
+
+> 最后更新：2026-07-17
+
+---
+
+## 2026-07-17 修复
+
+### domestic_crawl_8g.sh 无参崩溃
+- `"$1"` 触发 `set -u` → `"${1:-}"`
+- 已同步 Pi，语法检查通过
+
+---
+
+## 当前进度
+
+```
+M0 ✅ 项目骨架
+M1 ✅ 新闻抓取（12/12 源，Pi headful Playwright + HTTP 代理）
+M2 ✅ 正文提取（trafilatura + MD 回退，增量跳过已处理）
+M3 ✅ 三层去重（L1 URL / L2 Content / L3 SimHash，SQLite 指纹库）
+M4 ✅ 翻译+事件抽取（DeepSeek v4-flash，事件去重 Prompt 约束）
+M5 ✅ 向量生成（DashScope text-embedding-v3，1024 维）
+M6 ✅ Qdrant 入库（本地文件模式，语义搜索验证）
+M7 ✅ 全链路管道 + 日报（事件级去重 + AI 摘要分批合并 + 防截断）
+M8 ✅ MCP 服务（FastMCP 5 个 Tool）
+```
+
+---
+
+## 架构变更（2026-07-14）
+
+### 之前
+
+```
+海外 M1 (crawl) → pack → rsync → Pi M2→M6 → 日报
+```
+
+### 现在
+
+```
+Pi M1 (headful+proxy) → Pi M2→M6 → 日报
+（海外服务器不再参与流水线）
+```
+
+### 修改文件
+
+| 文件 | 改动 |
+|------|------|
+| `configs/profiles/8g_headful.yaml` | proxy URL: `socks5://1080` → `http://127.0.0.1:3128` |
+| `configs/system.yaml` | 调度时间 `06:00/12:00/18:00/22:00`，同步段标为参考 |
+| `scripts/domestic_full.sh` | 重写：移除海外 SSH 触发/sync，2 步：M1 抓取 → 管道+日报 |
+| `scripts/domestic_crawl_8g.sh` | 注释更新 |
+| `scheduler/jobs.py` | 移除海外 crontab，国内统一 domestic_full.sh 每日 4 次 |
+
+### 抓取能力测试结果
+
+| 源 | 结果 | 说明 |
+|----|------|------|
+| Forexlive | ✅ 13/13 Web 100% | headful 绕过 RSS 限制，获取正文 |
+| MarketWatch | ✅ 3 篇 Web 新增 | DataDome 部分破解 |
+| SeekingAlpha | ✅ RSS 稳定 | 30 篇增量跳过，无需 Web |
+| WSJ | ✅ RSS 稳定 | Dow Jones RSS 兜底 |
+| Barron's | ✅ RSS 稳定 | Dow Jones RSS 兜底 |
+| CNBC/Yahoo/ZeroHedge/Economist | ✅ RSS 稳定 | 增量跳过 |
+| **Reuters** | ❌ DataDome captcha | headful+proxy+stealth 均无法绕过 |
+| **FT** | ❌ 超时 | RSS 超时，首页无可用链接 |
+| **Investing.com** | ❌ Cloudflare 拦截 | RSS 403，Web 被 Cloudflare JS 挑战拦截 |
+
+---
+
+## 2026-07-14 会话成果
+
+### Pi Shadowsocks 客户端部署
+
+- `shadowsocks-libev` + `v2ray-plugin v1.3.2`（arm64）已安装
+- `ss-local` 配置 `0.0.0.0:1088`（SOCKS5），systemd 已启用
+- `privoxy` 配置 `0.0.0.0:3128`（HTTP → SOCKS5），已运行
+- 配置文件 `/etc/shadowsocks-libev/config.json` 已创建（服务端信息待用户填入）
+
+### 全链路独立化
+
+- 海外服务器不再承担 M1 抓取任务
+- Pi 通过 `8g_headful` profile（`EN_NEWS_PROFILE`）执行 headful Playwright + HTTP 代理抓取
+- `domestic_full.sh` 简化为 2 步：M1 抓取 → 管道(含日报)
+
+---
+
+## 服务器状态
+
+| 角色 | 地址 | 路径 | 状态 |
+|------|------|------|------|
+| 海外 | `ecs-user@8.217.19.253` | `/opt/intlgrab` | ⏸️ 不再参与流水线，crontab 待停用 |
+| 国内 | `pi@192.168.1.160` | `/home/pi/intlnews` | ✅ 全链路独立运行 |
+
+---
+
+## 定时任务（待设置）
+
+### Pi crontab（需用户手动执行 `crontab -e`）
+
+```
+# 全流程：M1 抓取 → M2→M6 管道 → 日报
+0 6  * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh >> logs/full.log 2>&1
+0 12 * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh >> logs/full.log 2>&1
+0 18 * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh >> logs/full.log 2>&1
+0 22 * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh >> logs/full.log 2>&1
+
+# Xvfb 开机自启
+@reboot Xvfb :99 -screen 0 1280x1024x24 -ac +extension RANDR &
+```
+
+### 海外服务器 crontab（待停用）
+
+```
+# 当前仍在运行，需停用
+# 0 6 * * *  overseas_crawl.sh
+# 0 11 * * * overseas_crawl.sh
+# 0 17 * * * overseas_crawl.sh
+# 0 23 * * * overseas_crawl.sh
+```
+
+---
+
+## 待办事项
+
+1. **用户填入 Shadowsocks 服务端信息** → 启动 ss-local
+2. **Pi crontab 设置** → 全流程定时 + Xvfb 开机自启
+3. **海外 crontab 停用** → `crontab -e` 注释掉抓取调度
+4. **Reuters / FT / Investing.com** → 反爬问题未解决，需后续策略
+5. **日报新闻源单一问题** → 前次分析已定位根因（域名映射、RSS 摘要质量），未修复
+
+---
+
+## CLI 命令速查
+
+```
+uv run en-news crawl                     M1 全量（默认 profile）
+uv run en-news crawl --profile 8g_headful  M1 headful + proxy
+uv run en-news pipeline                  M2→M6 全链路
+uv run en-news report                    M7 日报
+uv run en-news search "query"            M6 搜索
+uv run en-news mcp-server                M8 MCP
+bash scripts/domestic_full.sh            全流程（M1→M6→日报）
+bash scripts/domestic_crawl_8g.sh        仅 M1 headful
+```
diff --git a/crawler/__init__.py b/crawler/__init__.py
new file mode 100644
index 0000000..e69de29
diff --git a/crawler/config.py b/crawler/config.py
new file mode 100644
index 0000000..cf64074
--- /dev/null
+++ b/crawler/config.py
@@ -0,0 +1,59 @@
+"""系统配置加载 + Profile 覆盖。
+
+读取 configs/system.yaml，如果设置了 EN_NEWS_PROFILE 环境变量，
+则加载 configs/profiles/{name}.yaml 并深度合并覆盖。
+"""
+
+import logging
+import os
+from pathlib import Path
+from typing import Any
+
+import yaml
+
+logger = logging.getLogger(__name__)
+
+SYSTEM_CONFIG_PATH = Path("configs/system.yaml")
+PROFILES_DIR = Path("configs/profiles")
+
+
+def _deep_merge(base: dict, override: dict) -> dict:
+    """深度合并两个字典，override 的值覆盖 base。"""
+    result = base.copy()
+    for key, value in override.items():
+        if key in result and isinstance(result[key], dict) and isinstance(value, dict):
+            result[key] = _deep_merge(result[key], value)
+        else:
+            result[key] = value
+    return result
+
+
+def load_system_config() -> dict[str, Any]:
+    """加载系统配置，自动应用 EN_NEWS_PROFILE 覆盖。
+
+    Returns:
+        合并后的完整配置字典（已应用 profile 覆盖）
+    """
+    if not SYSTEM_CONFIG_PATH.exists():
+        raise FileNotFoundError(f"系统配置文件不存在: {SYSTEM_CONFIG_PATH}")
+
+    with open(SYSTEM_CONFIG_PATH, encoding="utf-8") as f:
+        config: dict[str, Any] = yaml.safe_load(f) or {}
+
+    # ── Profile 覆盖 ──────────────────────────────────
+    profile_name = os.environ.get("EN_NEWS_PROFILE", "")
+    if profile_name:
+        profile_path = PROFILES_DIR / f"{profile_name}.yaml"
+        if profile_path.exists():
+            logger.info("📋 加载 Profile: %s (%s)", profile_name, profile_path)
+            with open(profile_path, encoding="utf-8") as f:
+                profile_cfg = yaml.safe_load(f) or {}
+            config = _deep_merge(config, profile_cfg)
+            logger.info("📋 Profile 覆盖已应用: proxy=%s, headful=%s, max_memory=%s",
+                        config.get("proxy", {}).get("enabled"),
+                        config.get("crawler", {}).get("headful"),
+                        config.get("crawler", {}).get("max_memory_mb"))
+        else:
+            logger.warning("⚠️  Profile 文件不存在: %s", profile_path)
+
+    return config
diff --git a/crawler/crawler.py b/crawler/crawler.py
new file mode 100644
index 0000000..68f40a3
--- /dev/null
+++ b/crawler/crawler.py
@@ -0,0 +1,434 @@
+"""Crawl4AI 异步新闻抓取引擎
+
+海外服务器运行，约束：内存 ≤ 2GB，串行抓取，单源 ≤ 2 小时。
+所有业务参数从 configs/system.yaml 的 crawler 节读取。
+"""
+
+import asyncio
+import gc
+import hashlib
+import json
+import logging
+import os
+import re
+from datetime import datetime
+from pathlib import Path
+from urllib.parse import urljoin
+
+import psutil
+import yaml
+from crawl4ai import AsyncWebCrawler, BrowserConfig, CacheMode, CrawlerRunConfig
+
+from crawler.models import ArticleItem, CrawlResult, SourceConfig
+from crawler.utils import get_news_day
+
+logger = logging.getLogger(__name__)
+
+# ── 从配置文件加载常量 ──────────────────────────────────
+
+
+def _load_crawler_config() -> dict:
+    """从 system.yaml 读取 crawler 配置节（含 Profile 覆盖）"""
+    try:
+        from crawler.config import load_system_config
+        cfg = load_system_config()
+        return cfg.get("crawler", {})
+    except Exception:
+        logger.warning("读取 system.yaml 失败，使用默认值")
+    return {}
+
+_cfg = _load_crawler_config()
+
+MAX_MEMORY_MB = int(_cfg.get("max_memory_mb", 1800))
+ARTICLE_DELAY_SEC = float(_cfg.get("article_delay_sec", 3.0))
+PAGE_TIMEOUT_MS = int(_cfg.get("page_timeout_sec", 45)) * 1000
+SOURCE_TIMEOUT_SEC = int(_cfg.get("source_timeout_sec", 7200))
+_VIEWPORT_WIDTH = int(_cfg.get("viewport_width", 1024))
+_VIEWPORT_HEIGHT = int(_cfg.get("viewport_height", 768))
+_USER_AGENT = _cfg.get(
+    "user_agent",
+    "Mozilla/5.0 (Windows NT 10.0; Win64; x64) "
+    "AppleWebKit/537.36 (KHTML, like Gecko) "
+    "Chrome/131.0.0.0 Safari/537.36",
+)
+_HEADFUL = bool(_cfg.get("headful", False))
+_XVFB_DISPLAY = _cfg.get("xvfb_display", ":99")
+
+# ── 代理配置 ──────────────────────────────────────────
+
+
+def _load_proxy_config() -> dict:
+    """从 system.yaml 读取 proxy 配置节（含 Profile 覆盖）"""
+    try:
+        from crawler.config import load_system_config
+        cfg = load_system_config()
+        return cfg.get("proxy", {})
+    except Exception:
+        pass
+    return {}
+
+_proxy_cfg = _load_proxy_config()
+PROXY_ENABLED = bool(_proxy_cfg.get("enabled", False))
+PROXY_URL = _proxy_cfg.get("url", "socks5://127.0.0.1:1080")
+
+# ── 工具函数 ──────────────────────────────────────────
+
+
+def compute_url_hash(url: str) -> str:
+    """计算 URL 的 SHA256 前 16 个字符作为短文件名"""
+    return hashlib.sha256(url.encode("utf-8")).hexdigest()[:16]
+
+
+def _get_memory_mb() -> float:
+    """获取当前进程内存使用量（MB）"""
+    proc = psutil.Process(os.getpid())
+    return proc.memory_info().rss / (1024 * 1024)
+
+
+def _check_memory(source_id: str) -> None:
+    """检查内存，超限时警告"""
+    mem = _get_memory_mb()
+    if mem > MAX_MEMORY_MB:
+        logger.warning("[%s] ⚠️ 内存使用 %.0f MB 超过上限 %.0f MB，触发 GC",
+                       source_id, mem, MAX_MEMORY_MB)
+        gc.collect()
+        mem_after = _get_memory_mb()
+        logger.info("[%s] GC 后内存: %.0f MB (回收 %.0f MB)",
+                    source_id, mem_after, mem - mem_after)
+
+# ── 浏览器配置 ──────────────────────────────────────────
+
+
+def _make_browser_config(source: SourceConfig) -> BrowserConfig:
+    """浏览器配置：根据 anti_bot_mode 和系统配置选择策略
+
+    - None:      标准轻量 headless（默认）
+    - "stealth": 反检测 headless（隐藏自动化特征）
+    - "headful": 非 headless 模式（有头浏览器，最像真人）
+
+    代理：如果 system.yaml proxy.enabled=true，浏览器流量走 SOCKS5 代理。
+    headful 模式自动设置 DISPLAY 环境变量（支持 xvfb）。
+    """
+    mode = source.anti_bot_mode
+    # headless 判定：
+    #   - 系统级 _HEADFUL=true  → 强制有头（覆盖所有 source 模式）
+    #   - source mode="headful"  → 有头
+    #   - 其他                   → headless
+    if _HEADFUL:
+        headless = False        # 系统级强制 headful
+    elif mode == "headful":
+        headless = False
+    else:
+        headless = True
+
+    # 基础反检测参数
+    extra_args = [
+        "--disable-dev-shm-usage",
+        "--disable-gpu",
+        "--no-sandbox",
+    ]
+
+    # 反检测参数：stealth 模式或系统级 headful 都启用
+    if mode == "stealth" or _HEADFUL:
+        extra_args += [
+            "--disable-blink-features=AutomationControlled",
+            "--disable-features=IsolateOrigins,site-per-process",
+        ]
+
+    # ── SOCKS5 代理 ──────────────────────────────────
+    if PROXY_ENABLED and PROXY_URL:
+        extra_args.append(f"--proxy-server={PROXY_URL}")
+        logger.info("🌐 浏览器代理已启用: %s", PROXY_URL)
+
+    # ── headful 模式：设置虚拟显示器 ──────────────────
+    if not headless:
+        display = os.environ.get("DISPLAY", "")
+        if not display:
+            os.environ["DISPLAY"] = _XVFB_DISPLAY
+            logger.info("🖥️  headful 模式: DISPLAY=%s", _XVFB_DISPLAY)
+
+    return BrowserConfig(
+        browser_type="chromium",
+        headless=headless,
+        viewport_width=_VIEWPORT_WIDTH,
+        viewport_height=_VIEWPORT_HEIGHT,
+        verbose=False,
+        text_mode=headless,             # headful 模式下不禁用图片（更像真人）
+        light_mode=headless,
+        user_agent=_USER_AGENT,
+        extra_args=extra_args,
+    )
+
+
+def _make_run_config(source: SourceConfig) -> CrawlerRunConfig:
+    """抓取运行时配置"""
+    return CrawlerRunConfig(
+        cache_mode=CacheMode.BYPASS,
+        page_timeout=PAGE_TIMEOUT_MS,
+        wait_until="domcontentloaded",
+        scan_full_page=False,
+        simulate_user=True,
+        override_navigator=True,
+    )
+
+def _extract_domain(url: str) -> str:
+    """从 URL 提取域名（去掉 www 前缀）。"""
+    from urllib.parse import urlparse
+    host = urlparse(url).hostname or ""
+    return host.removeprefix("www.").lower()
+
+
+# ── 链接提取 ──────────────────────────────────────────
+
+
+async def _extract_article_urls(
+    crawler: AsyncWebCrawler,
+    source: SourceConfig,
+) -> list[str]:
+    """从首页抓取符合 article_url_pattern 的文章链接（增量：跳过已抓取过的 URL）"""
+    config = _make_run_config(source)
+
+    try:
+        result = await crawler.arun(url=source.homepage, config=config)
+    except Exception as e:
+        logger.error("抓取首页失败 [%s] %s: %s", source.id, source.homepage, e)
+        return []
+
+    if not result.success:
+        logger.error("首页返回失败 [%s]: %s", source.id, result.error_message)
+        return []
+
+    html = result.html or ""
+    pattern = re.compile(r'href=["\']([^"\']*?)["\']', re.IGNORECASE)
+    raw_urls: list[str] = pattern.findall(html)
+
+    article_url_pattern = re.compile(source.article_url_pattern, re.IGNORECASE)
+    base_without_fragment = source.homepage.split("#")[0]
+    base_domain = _extract_domain(source.homepage)
+
+    # 非内容类扩展名
+    _SKIP_EXT = re.compile(
+        r"\.(png|ico|gif|jpg|jpeg|svg|webp|css|js|xml|json|rss|pdf|zip|woff2?|ttf|eot)"
+        r"([?#]|$)",
+        re.IGNORECASE,
+    )
+    # 非文章技术路径
+    _SKIP_PATH = re.compile(
+        r"/(manifest|robots|sitemap|_next/static|__nextjs_|favicon)"
+        r"[/.]",
+        re.IGNORECASE,
+    )
+
+    article_urls: list[str] = []
+    for raw in raw_urls:
+        raw_stripped = raw.strip()
+        if raw_stripped.startswith("#") or not raw_stripped:
+            continue
+        if raw_stripped.lower().startswith("javascript:"):
+            continue
+
+        full = urljoin(source.homepage, raw_stripped)
+        full_clean = full.split("#")[0]
+
+        # 过滤非内容类 URL
+        if _SKIP_EXT.search(full_clean):
+            continue
+        if _SKIP_PATH.search(full_clean):
+            continue
+        # 过滤非同域链接（广告、CDN 等）
+        if _extract_domain(full_clean) != base_domain:
+            continue
+
+        if full_clean.rstrip("/") == base_without_fragment.rstrip("/"):
+            continue
+        if article_url_pattern.search(full_clean):
+            article_urls.append(full_clean)
+
+    # 本批去重
+    seen: set[str] = set()
+    unique: list[str] = []
+    for u in article_urls:
+        if u not in seen:
+            seen.add(u)
+            unique.append(u)
+
+    # 增量过滤：读取已抓取的 url_hash，跳过已存在 URL
+    today = get_news_day()
+    index_path = Path(f"data/raw/{source.id}/{today}/index.jsonl")
+    existing_hashes: set[str] = set()
+    if index_path.exists():
+        with open(index_path, encoding="utf-8") as f:
+            for line in f:
+                line = line.strip()
+                if not line:
+                    continue
+                try:
+                    item = json.loads(line)
+                    existing_hashes.add(item.get("url_hash", ""))
+                except json.JSONDecodeError:
+                    continue
+
+    filtered: list[str] = []
+    skipped = 0
+    for u in unique:
+        uh = compute_url_hash(u)
+        if uh in existing_hashes:
+            skipped += 1
+            logger.debug("[%s] 跳过已抓取: %s", source.id, u[:80])
+            continue
+        filtered.append(u)
+        if len(filtered) >= source.max_articles_per_run:
+            break
+
+    if skipped > 0:
+        logger.info("[%s] 增量过滤: 跳过 %d 篇已抓取，剩余 %d 篇待抓取",
+                    source.id, skipped, len(filtered))
+
+    logger.info("[%s] 从首页提取到 %d 个文章链接（去重后 %d，增量后 %d）",
+                source.id, len(article_urls), len(unique), len(filtered))
+    return filtered
+
+# ── 单篇抓取 ──────────────────────────────────────────
+
+
+async def _crawl_single_article(
+    crawler: AsyncWebCrawler,
+    url: str,
+    source: SourceConfig,
+    index: int,
+    total: int,
+) -> ArticleItem:
+    """抓取单篇文章（串行模式）"""
+    url_hash = compute_url_hash(url)
+    now = datetime.now()
+    today = get_news_day()
+
+    article = ArticleItem(
+        source_id=source.id,
+        source_name=source.name,
+        url=url,
+        url_hash=url_hash,
+        title="",
+        crawl_time=now.isoformat(),
+        html_path="",
+        status="failed",
+    )
+
+    try:
+        config = _make_run_config(source)
+        result = await crawler.arun(url=url, config=config)
+
+        if not result.success:
+            article.error = result.error_message or "Unknown error"
+            logger.warning("[%s] [%d/%d] 抓取失败: %s",
+                           source.id, index, total, article.error[:100])
+            return article
+
+        # 提取标题
+        article.title = (result.metadata.get("title") if result.metadata else "") or ""
+
+        # 保存输出
+        out_dir = Path(f"data/raw/{source.id}/{today}")
+        out_dir.mkdir(parents=True, exist_ok=True)
+
+        # HTML
+        html_path = out_dir / f"{url_hash}.html"
+        if result.html:
+            html_path.write_text(result.html, encoding="utf-8")
+            article.html_path = str(html_path)
+
+        # Markdown
+        md_path = out_dir / f"{url_hash}.md"
+        md_content = ""
+        if hasattr(result, "markdown") and result.markdown:
+            md_content = str(result.markdown)
+            md_path.write_text(md_content, encoding="utf-8")
+            article.md_path = str(md_path)
+
+        article.word_count = len(md_content.split()) if md_content else 0
+        article.status = "success"
+
+        # 每篇都打日志方便追踪进度
+        mem_mb = _get_memory_mb()
+        logger.info("[%s] [%d/%d] ✅ %s (%d words, %.0f MB)",
+                    source.id, index, total, article.title[:50], article.word_count, mem_mb)
+
+    except Exception as e:
+        article.error = str(e)
+        logger.error("[%s] [%d/%d] 抓取异常: %s", source.id, index, total, e)
+
+    return article
+
+# ── 单源抓取 ──────────────────────────────────────────
+
+
+async def crawl_source(source: SourceConfig) -> CrawlResult:
+    """抓取单个新闻源：首页 → 串行抓取每篇文章
+
+    约束：内存 ≤ 2GB，超时 ≤ 2 小时
+    """
+    start_time = datetime.now()
+    result = CrawlResult(
+        source_id=source.id,
+        source_name=source.name,
+        start_time=start_time.isoformat(),
+    )
+
+    mem_start = _get_memory_mb()
+    logger.info("━━━ 开始 [%s] %s (内存: %.0f MB) ━━━", source.id, source.name, mem_start)
+
+    browser_config = _make_browser_config(source)
+
+    try:
+        async with asyncio.timeout(SOURCE_TIMEOUT_SEC):
+            async with AsyncWebCrawler(config=browser_config) as crawler:
+                # 1. 首页提取链接
+                article_urls = await _extract_article_urls(crawler, source)
+                result.total_found = len(article_urls)
+
+                if not article_urls:
+                    logger.warning("[%s] 未提取到任何文章链接", source.id)
+                    result.end_time = datetime.now().isoformat()
+                    return result
+
+                # 2. 串行抓取每篇文章
+                total = len(article_urls)
+                for i, url in enumerate(article_urls, 1):
+                    _check_memory(source.id)
+
+                    article = await _crawl_single_article(
+                        crawler, url, source, index=i, total=total,
+                    )
+
+                    if article.status == "success":
+                        result.total_success += 1
+                    else:
+                        result.total_failed += 1
+                    result.articles.append(article)
+
+                    # 冷却间隔
+                    if i < total:
+                        await asyncio.sleep(ARTICLE_DELAY_SEC)
+
+    except TimeoutError:
+        logger.error("[%s] ⏰ 超时 %.0f 秒（上限 %d 秒），中止",
+                     source.id, (datetime.now() - start_time).total_seconds(),
+                     SOURCE_TIMEOUT_SEC)
+        result.error = "Source timeout"
+    except Exception as e:
+        logger.exception("[%s] 抓取过程异常: %s", source.id, e)
+        result.error = str(e)
+
+    # 主动回收
+    gc.collect()
+
+    result.end_time = datetime.now().isoformat()
+    elapsed = (datetime.now() - start_time).total_seconds()
+    mem_end = _get_memory_mb()
+    logger.info(
+        "[%s] 完成: 发现 %d / 成功 %d / 失败 %d，耗时 %.1f 秒，内存 %.0f→%.0f MB",
+        source.id, result.total_found, result.total_success, result.total_failed,
+        elapsed, mem_start, mem_end,
+    )
+
+    return result
diff --git a/crawler/loader.py b/crawler/loader.py
new file mode 100644
index 0000000..cc1e0d9
--- /dev/null
+++ b/crawler/loader.py
@@ -0,0 +1,65 @@
+"""加载和管理新闻源配置"""
+
+import logging
+from pathlib import Path
+
+import yaml
+
+from crawler.models import SourceConfig
+
+logger = logging.getLogger(__name__)
+
+# 默认配置文件路径
+DEFAULT_SOURCES_PATH = Path("configs/sources.yaml")
+
+
+def load_sources(
+    config_path: Path | None = None,
+) -> tuple[list[SourceConfig], dict]:
+    """从 YAML 加载新闻源配置
+
+    Args:
+        config_path: 配置文件路径，默认 configs/sources.yaml
+
+    Returns:
+        (启用的源列表, settings dict)
+    """
+    path = config_path or DEFAULT_SOURCES_PATH
+
+    if not path.exists():
+        raise FileNotFoundError(f"新闻源配置文件不存在: {path}")
+
+    with open(path, encoding="utf-8") as f:
+        raw = yaml.safe_load(f)
+
+    if not raw or "sources" not in raw:
+        raise ValueError(f"配置文件格式错误，缺少 'sources' 字段: {path}")
+
+    settings = raw.get("settings", {})
+    sources: list[SourceConfig] = []
+
+    for item in raw["sources"]:
+        if not isinstance(item, dict):
+            logger.warning("跳过非字典格式的源配置: %s", item)
+            continue
+
+        if not item.get("enabled", True):
+            logger.info("跳过已禁用的源: %s (%s)", item.get("id"), item.get("name"))
+            continue
+
+        try:
+            source = SourceConfig(**item)
+            sources.append(source)
+        except Exception as e:
+            logger.error("解析源配置失败: %s - %s", item.get("id"), e)
+
+    logger.info("成功加载 %d 个启用的新闻源（共 %d 个）", len(sources), len(raw["sources"]))
+    return sources, settings
+
+
+def get_source_by_id(source_id: str, sources: list[SourceConfig]) -> SourceConfig | None:
+    """按 ID 查找源"""
+    for s in sources:
+        if s.id == source_id:
+            return s
+    return None
diff --git a/crawler/models.py b/crawler/models.py
new file mode 100644
index 0000000..dd20cf0
--- /dev/null
+++ b/crawler/models.py
@@ -0,0 +1,68 @@
+"""爬虫数据模型"""
+
+from datetime import datetime
+from pathlib import Path
+
+from pydantic import BaseModel, Field
+
+
+class SourceConfig(BaseModel):
+    """单个新闻源配置"""
+
+    id: str
+    name: str
+    enabled: bool = True
+    homepage: str
+    article_url_pattern: str
+    js_render: bool = False
+    max_articles_per_run: int = 30
+    rss_url: str | None = None           # RSS/Atom feed URL（优先使用，绕过反爬）
+    anti_bot_mode: str | None = None      # "stealth" | "headful" | None（反爬策略）
+
+    @property
+    def output_dir(self) -> Path:
+        """按日期组织的输出目录"""
+        today = datetime.now().strftime("%Y%m%d")
+        return Path(f"data/raw/{self.id}/{today}")
+
+
+class ArticleItem(BaseModel):
+    """单篇已抓取的文章元数据"""
+
+    source_id: str
+    source_name: str
+    url: str
+    url_hash: str
+    title: str
+    crawl_time: str  # ISO 8601
+    publish_time: str = ""  # ISO 8601，RSS 源可提取，网页源由 extractor 补充
+    html_path: str  # 相对路径，如 data/raw/reuters/20260621/abc123.html
+    md_path: str = ""  # Crawl4AI 生成的 Markdown 路径
+    word_count: int = 0
+    status: str = "success"  # success | failed
+    error: str = ""
+
+
+class CrawlResult(BaseModel):
+    """单次抓取结果统计"""
+
+    source_id: str
+    source_name: str
+    total_found: int = 0
+    total_success: int = 0
+    total_failed: int = 0
+    articles: list[ArticleItem] = Field(default_factory=list)
+    start_time: str = ""
+    end_time: str = ""
+    error: str = ""
+
+
+class PipelineStats(BaseModel):
+    """一次完整抓取管道的统计"""
+
+    start_time: str = ""
+    end_time: str = ""
+    sources_crawled: int = 0
+    sources_failed: int = 0
+    total_articles: int = 0
+    results: list[CrawlResult] = Field(default_factory=list)
diff --git a/crawler/orchestrator.py b/crawler/orchestrator.py
new file mode 100644
index 0000000..3be568d
--- /dev/null
+++ b/crawler/orchestrator.py
@@ -0,0 +1,126 @@
+"""抓取编排器：串行调度多个新闻源的抓取。支持 RSS 优先、stealth/headful 回退。"""
+
+import asyncio
+import logging
+from datetime import datetime
+
+from crawler.crawler import crawl_source
+from crawler.loader import load_sources
+from crawler.models import CrawlResult, PipelineStats, SourceConfig
+from crawler.rss_crawler import crawl_rss_source
+from crawler.storage import write_index_jsonl
+
+logger = logging.getLogger(__name__)
+
+
+async def _crawl_single_source_with_storage(source: SourceConfig) -> CrawlResult:
+    """抓取单个源并写入存储。
+
+    优先级:
+        1. 有 rss_url → RSS 抓取（绕过反爬）
+        2. RSS 失败或未配置 → Web 抓取（含 stealth/headful）
+    """
+    result = await crawl_source_smart(source)
+    if result.total_success > 0:
+        write_index_jsonl(result)
+    return result
+
+
+async def crawl_source_smart(source: SourceConfig) -> CrawlResult:
+    """智能抓取：RSS 优先，Web 回退。
+
+    RSS 结果判定：
+    - total_success > 0          → 有新文章，直接返回
+    - total_found > 0, success=0 → 增量全部跳过（正常，不浪费 Web 回退）
+    - total_found == 0           → RSS 真·空结果
+    - error 非空                 → RSS 失败（网络/解析错），回退 Web
+
+    Web 回退仅在 RSS 失败或未配置时执行。
+    """
+    rss_url = getattr(source, "rss_url", None)
+
+    # ── 策略 1: RSS（同步，不消耗浏览器资源）──
+    if rss_url:
+        logger.info("[%s] 尝试 RSS 抓取: %s", source.id, rss_url)
+        rss_result = crawl_rss_source(source)
+
+        if rss_result.total_success > 0:
+            logger.info("[%s] ✅ RSS 成功: %d 篇", source.id, rss_result.total_success)
+            return rss_result
+
+        if rss_result.error:
+            # RSS 抓取本身失败（网络错/解析错）→ 回退 Web
+            logger.warning("[%s] RSS 失败 (%s)，回退 Web 抓取 (mode=%s)",
+                          source.id, rss_result.error, source.anti_bot_mode)
+        elif rss_result.total_found > 0:
+            # RSS 成功但全部增量跳过 → 正常，不浪费 Web 资源
+            logger.info("[%s] RSS 无新文章（%d 条全部已抓取），跳过 Web 回退",
+                       source.id, rss_result.total_found)
+            return rss_result
+        else:
+            # total_found == 0，RSS 返回空
+            logger.warning("[%s] RSS 返回空，回退 Web 抓取 (mode=%s)",
+                          source.id, source.anti_bot_mode)
+
+    # ── 策略 2/3: Web 抓取（stealth / headful）──
+    mode = source.anti_bot_mode or "standard"
+    logger.info("[%s] 开始 Web 抓取 (mode=%s)", source.id, mode)
+    web_result = await crawl_source(source)
+
+    return web_result
+
+
+async def crawl_all_sources(
+    source_filter: str | None = None,
+) -> PipelineStats:
+    """串行抓取所有启用的新闻源（海外服务器内存约束，逐个执行）
+
+    Args:
+        source_filter: 可选，只抓取指定 source_id
+
+    Returns:
+        PipelineStats 总体统计
+    """
+    sources, _settings = load_sources()
+
+    if source_filter:
+        sources = [s for s in sources if s.id == source_filter]
+        if not sources:
+            raise ValueError(f"未找到启用的源: {source_filter}")
+
+    logger.info("══════ 开始串行抓取 %d 个新闻源 ══════", len(sources))
+
+    start_time = datetime.now()
+    stats = PipelineStats(start_time=start_time.isoformat(), sources_crawled=0)
+
+    # 串行执行每个源
+    for source in sources:
+        result = await _crawl_single_source_with_storage(source)
+
+        if isinstance(result, Exception):
+            logger.error("源抓取异常: %s", result)
+            stats.sources_failed += 1
+        else:
+            stats.sources_crawled += 1
+            stats.total_articles += result.total_success
+            stats.results.append(result)
+            if result.error:
+                stats.sources_failed += 1
+
+    stats.end_time = datetime.now().isoformat()
+    elapsed = (datetime.now() - start_time).total_seconds()
+
+    logger.info(
+        "══════ 抓取完成: %d/%d 源成功，共 %d 篇文章，耗时 %.1f 秒 ══════",
+        stats.sources_crawled - stats.sources_failed,
+        stats.sources_crawled,
+        stats.total_articles,
+        elapsed,
+    )
+
+    return stats
+
+
+def run_crawl_sync(source_filter: str | None = None) -> PipelineStats:
+    """同步包装器，供 CLI 调用"""
+    return asyncio.run(crawl_all_sources(source_filter=source_filter))
diff --git a/crawler/rss_crawler.py b/crawler/rss_crawler.py
new file mode 100644
index 0000000..5c19ffb
--- /dev/null
+++ b/crawler/rss_crawler.py
@@ -0,0 +1,393 @@
+"""RSS/Atom Feed 抓取模块。
+
+用于有 RSS 服务的新闻源（如 MarketWatch），绕过网页反爬。
+支持 RSS 2.0、Atom、Google News RSS 三种格式。
+
+Google News RSS: 处理标题去来源后缀、链接为 Google 跳转 URL。
+"""
+
+import hashlib
+import logging
+import re
+from datetime import datetime, timezone
+from html import unescape
+from pathlib import Path
+from typing import Any
+from urllib.parse import urljoin
+from xml.etree import ElementTree
+
+import httpx
+
+from crawler.models import ArticleItem, CrawlResult, SourceConfig
+from crawler.utils import get_news_day
+
+logger = logging.getLogger(__name__)
+
+# ── HTML 标签清洗 ──────────────────────────────────────
+
+
+def _strip_html(text: str) -> str:
+    """去除 HTML 标签，保留纯文本。"""
+    if not text:
+        return ""
+    text = unescape(text)
+    return re.sub(r"<[^>]+>", "", text).strip()
+
+
+# ── Namespace ──────────────────────────────────────────
+
+
+def _ns(tag: str) -> str:
+    """Atom namespace helper。"""
+    return f"{{http://www.w3.org/2005/Atom}}{tag}"
+
+
+def _compute_url_hash(url: str) -> str:
+    return hashlib.sha256(url.encode("utf-8")).hexdigest()[:16]
+
+
+# 非内容类扩展名 — RSS 项也可能包含静态资源
+_SKIP_EXT = re.compile(
+    r"\.(png|ico|gif|jpg|jpeg|svg|webp|css|js|xml|json|rss|pdf|zip|woff2?|ttf|eot)"
+    r"([?#]|$)",
+    re.IGNORECASE,
+)
+
+# 明显非文章路径
+_SKIP_PATH = re.compile(
+    r"/(manifest|robots|sitemap|_next/static|__nextjs_|favicon)"
+    r"[/.]",
+    re.IGNORECASE,
+)
+
+
+def _is_valid_article_url(url: str, source: SourceConfig) -> bool:
+    """校验 RSS 条目 URL 是否为有效文章链接。
+
+    过滤规则:
+        1. 静态资源（JS/CSS/图片/字体/数据文件）
+        2. 技术路径（manifest/_next/static/robots）
+        3. 源 article_url_pattern 不匹配
+        4. 域名不一致（RSS 跨站污染，如 Yahoo Finance RSS 混入 sports/tech）
+    """
+    if _SKIP_EXT.search(url):
+        logger.debug("RSS 跳过静态资源: %s", url[:80])
+        return False
+    if _SKIP_PATH.search(url):
+        logger.debug("RSS 跳过技术路径: %s", url[:80])
+        return False
+
+    # 源级 article_url_pattern 校验
+    pattern = getattr(source, "article_url_pattern", "")
+    if pattern:
+        try:
+            if not re.search(pattern, url, re.IGNORECASE):
+                logger.debug("RSS 跳过不匹配 article_url_pattern: %s", url[:80])
+                return False
+        except re.error:
+            pass  # 正则异常不阻塞
+
+    # 域名一致性校验（RSS 跨站污染防护）
+    # 例外: Google News RSS 的链接是 news.google.com 跳转 URL，跳过域名校验
+    rss_url = getattr(source, "rss_url", "")
+    if rss_url and "news.google.com" not in rss_url:
+        from urllib.parse import urlparse
+        item_domain = (urlparse(url).hostname or "").removeprefix("www.")
+        hp_domain = (urlparse(source.homepage).hostname or "").removeprefix("www.")
+
+        if hp_domain and item_domain:
+            if item_domain != hp_domain and not item_domain.endswith("." + hp_domain):
+                logger.debug(
+                    "RSS 跳过跨站 URL: %s (domain=%s, expected=%s)",
+                    url[:80], item_domain, hp_domain,
+                )
+                return False
+
+    return True
+
+
+def _parse_date(date_str: str | None) -> str:
+    """尝试解析常见日期格式，返回 ISO 8601 字符串。"""
+    if not date_str:
+        return datetime.now().isoformat()
+
+    formats = [
+        "%a, %d %b %Y %H:%M:%S %z",   # RFC 2822
+        "%a, %d %b %Y %H:%M:%S %Z",
+        "%Y-%m-%dT%H:%M:%S%z",         # ISO 8601
+        "%Y-%m-%dT%H:%M:%SZ",
+        "%Y-%m-%d %H:%M:%S",
+        "%Y-%m-%d",
+    ]
+    for fmt in formats:
+        try:
+            return datetime.strptime(date_str, fmt).isoformat()
+        except ValueError:
+            continue
+    return date_str
+
+
+# ── Google News RSS 标题清洗 ────────────────────────────
+
+_KNOWN_SOURCES = [
+    "Reuters", "WSJ", "Bloomberg", "CNBC", "Financial Times",
+    "MarketWatch", "Barron's", "Yahoo Finance", "Investing.com",
+    "Seeking Alpha", "The Economist", "ForexLive", "ZeroHedge",
+]
+
+
+def _clean_google_news_title(title: str) -> str:
+    """Google News RSS 标题格式: 'Article Title - SourceName' → 去掉来源后缀。"""
+    for src in _KNOWN_SOURCES:
+        suffix = f" - {src}"
+        if title.endswith(suffix):
+            return title[: -len(suffix)].strip()
+    # 通用回退：最后一个 " - " 之后可能是来源
+    last_dash = title.rfind(" - ")
+    if last_dash > 0:
+        suffix = title[last_dash + 3:]
+        if len(suffix) < 30 and not suffix.startswith("http"):
+            return title[:last_dash].strip()
+    return title
+
+
+# ── RSS/Atom 解析 ─────────────────────────────────────
+
+
+def _extract_rss_items(xml_text: str) -> list[dict[str, Any]]:
+    """从 RSS/Atom XML 中提取文章条目。
+
+    自动识别：RSS 2.0、Google News RSS、Atom。
+    """
+    # 清理可能的 BOM
+    if xml_text.startswith(""):
+        xml_text = xml_text[1:]
+
+    root = ElementTree.fromstring(xml_text)
+    items: list[dict[str, Any]] = []
+
+    # 检测是否为 Google News RSS
+    first_item = root.find(".//item")
+    is_google_news = False
+    if first_item is not None:
+        source_el = first_item.find("source")
+        if source_el is not None and source_el.text:
+            is_google_news = True
+
+    # RSS 2.0 / Google News RSS: channel/item
+    for item in root.iter("item"):
+        title = _strip_html(_text(item, "title"))
+        link = _text(item, "link")
+        description = _strip_html(_text(item, "description"))
+        pub_date = _text(item, "pubDate")
+
+        if is_google_news and title:
+            title = _clean_google_news_title(title)
+            # 描述通常比标题更长，含摘要
+            if description and len(description) > len(title):
+                summary = description
+            else:
+                summary = title
+        else:
+            summary = description or title
+
+        if link and title:
+            items.append({
+                "title": title,
+                "url": link.strip(),
+                "summary": summary,
+                "publish_time": _parse_date(pub_date),
+            })
+
+    if items:
+        tag = "Google News RSS" if is_google_news else "RSS 2.0"
+        logger.debug("%s: 提取 %d 条", tag, len(items))
+        return items
+
+    # Atom: feed/entry
+    for entry in root.iter(_ns("entry")):
+        title = _strip_html(_text(entry, _ns("title")))
+        link = _attr(entry, _ns("link"), "href")
+        summary = _strip_html(_text(entry, _ns("summary")))
+        updated = _text(entry, _ns("updated"))
+        if link and title:
+            items.append({
+                "title": title,
+                "url": link.strip(),
+                "summary": summary or title,
+                "publish_time": _parse_date(updated),
+            })
+
+    logger.debug("Atom: 提取 %d 条", len(items))
+    return items
+
+
+def _text(element: ElementTree.Element, tag: str) -> str:
+    """安全获取子元素文本。"""
+    child = element.find(tag)
+    return (child.text or "").strip() if child is not None and child.text else ""
+
+
+def _attr(element: ElementTree.Element, tag: str, attr: str) -> str:
+    """安全获取子元素属性。"""
+    child = element.find(tag)
+    return (child.get(attr) or "").strip() if child is not None else ""
+
+
+# ── 主抓取接口 ───────────────────────────────────────
+
+
+def crawl_rss_source(source: SourceConfig) -> CrawlResult:
+    """通过 RSS/Atom Feed 抓取单个新闻源。
+
+    支持 Google News RSS 代理模式：
+    - rss_url 为 news.google.com 时自动识别
+    - 标题自动去来源后缀
+    - 不抓取原文（跳过 Crawl4AI），直接用 RSS 摘要入库
+
+    Args:
+        source: 源配置（需含 rss_url 字段）
+
+    Returns:
+        CrawlResult
+    """
+    rss_url = getattr(source, "rss_url", None)
+    if not rss_url:
+        return CrawlResult(
+            source_id=source.id,
+            source_name=source.name,
+            error="源未配置 rss_url",
+        )
+
+    today = get_news_day()
+    out_dir = Path(f"data/raw/{source.id}/{today}")
+    out_dir.mkdir(parents=True, exist_ok=True)
+
+    start_time = datetime.now()
+    articles: list[ArticleItem] = []
+    crawl_time = start_time.isoformat()
+
+    try:
+        resp = httpx.get(
+            rss_url,
+            follow_redirects=True,
+            timeout=30.0,
+            headers={
+                "User-Agent": (
+                    "Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_7) "
+                    "AppleWebKit/537.36 Chrome/131.0.0.0 Safari/537.36"
+                ),
+                "Accept": "application/rss+xml, application/xml, text/xml, */*",
+            },
+        )
+        resp.raise_for_status()
+        xml_text = resp.text
+    except Exception as e:
+        logger.error("[%s] RSS 抓取失败: %s", source.id, e)
+        return CrawlResult(
+            source_id=source.id,
+            source_name=source.name,
+            start_time=crawl_time,
+            end_time=datetime.now().isoformat(),
+            error=str(e),
+        )
+
+    # 解析 RSS
+    try:
+        items = _extract_rss_items(xml_text)
+    except Exception as e:
+        logger.error("[%s] RSS 解析失败: %s", source.id, e)
+        return CrawlResult(
+            source_id=source.id,
+            source_name=source.name,
+            start_time=crawl_time,
+            end_time=datetime.now().isoformat(),
+            error=f"RSS 解析失败: {e}",
+        )
+
+    if not items:
+        logger.warning("[%s] RSS 返回 0 条", source.id)
+        return CrawlResult(
+            source_id=source.id,
+            source_name=source.name,
+            total_found=0,
+            start_time=crawl_time,
+            end_time=datetime.now().isoformat(),
+        )
+
+    # 过滤已存在的 URL（增量）
+    index_path = out_dir / "index.jsonl"
+    existing_hashes: set[str] = _load_existing_hashes(index_path)
+
+    # 构造 ArticleItem
+    success = 0
+    for item in items[:source.max_articles_per_run]:
+        url_hash = _compute_url_hash(item["url"])
+        if url_hash in existing_hashes:
+            logger.debug("[%s] 跳过 RSS 已抓取: %s", source.id, item["url"][:80])
+            continue
+
+        # URL 有效性校验（静态资源 / 跨站污染 / 不匹配 article_url_pattern）
+        if not _is_valid_article_url(item["url"], source):
+            continue
+
+        # 保存文章摘要为 Markdown
+        md_content = f"# {item['title']}\n\n"
+        md_content += f"**来源**: {source.name}\n\n"
+        md_content += f"**发布时间**: {item['publish_time']}\n\n"
+        md_content += f"**原文链接**: {item['url']}\n\n"
+        md_content += f"{item['summary']}\n"
+
+        md_path = out_dir / f"{url_hash}.md"
+        md_path.write_text(md_content, encoding="utf-8")
+        html_path = out_dir / f"{url_hash}.html"
+        html_content = f"<html><head><title>{item['title']}</title></head><body>{item['summary']}</body></html>"
+        html_path.write_text(html_content, encoding="utf-8")
+
+        article = ArticleItem(
+            source_id=source.id,
+            source_name=source.name,
+            url=item["url"],
+            url_hash=url_hash,
+            title=item["title"],
+            crawl_time=crawl_time,
+            publish_time=item["publish_time"],
+            html_path=str(html_path),
+            md_path=str(md_path),
+            word_count=len(item["summary"].split()),
+            status="success",
+        )
+        articles.append(article)
+        existing_hashes.add(url_hash)
+        success += 1
+
+    logger.info("[%s] RSS 抓取: %d 条新文章（总共 %d 条）",
+                source.id, success, len(items))
+
+    return CrawlResult(
+        source_id=source.id,
+        source_name=source.name,
+        total_found=len(items),
+        total_success=success,
+        articles=articles,
+        start_time=crawl_time,
+        end_time=datetime.now().isoformat(),
+    )
+
+
+def _load_existing_hashes(index_path: Path) -> set[str]:
+    """读取 index.jsonl 中已有 url_hash。"""
+    hashes: set[str] = set()
+    if not index_path.exists():
+        return hashes
+    import json
+    with open(index_path, encoding="utf-8") as f:
+        for line in f:
+            line = line.strip()
+            if not line:
+                continue
+            try:
+                hashes.add(json.loads(line).get("url_hash", ""))
+            except json.JSONDecodeError:
+                continue
+    return hashes
diff --git a/crawler/storage.py b/crawler/storage.py
new file mode 100644
index 0000000..9304dc9
--- /dev/null
+++ b/crawler/storage.py
@@ -0,0 +1,95 @@
+"""存储管理：index.jsonl 读写、输出目录管理"""
+
+import json
+import logging
+from pathlib import Path
+
+from crawler.models import ArticleItem, CrawlResult
+from crawler.utils import get_news_day
+
+logger = logging.getLogger(__name__)
+
+
+def write_index_jsonl(result: CrawlResult) -> Path:
+    """将单源抓取结果写入 index.jsonl
+
+    Args:
+        result: 单源抓取结果
+
+    Returns:
+        index 文件路径
+    """
+    today = get_news_day()
+    out_dir = Path(f"data/raw/{result.source_id}/{today}")
+    out_dir.mkdir(parents=True, exist_ok=True)
+
+    index_path = out_dir / "index.jsonl"
+
+    # 追加写入（同一天多次抓取合并）
+    existing: set[str] = set()
+    if index_path.exists():
+        with open(index_path, encoding="utf-8") as f:
+            for line in f:
+                line = line.strip()
+                if not line:
+                    continue
+                try:
+                    item = json.loads(line)
+                    existing.add(item.get("url_hash", ""))
+                except json.JSONDecodeError:
+                    continue
+
+    written = 0
+    with open(index_path, "a", encoding="utf-8") as f:
+        for article in result.articles:
+            if article.status != "success":
+                continue
+            if article.url_hash in existing:
+                continue  # 跳过已存在的
+
+            record = article.model_dump()
+            f.write(json.dumps(record, ensure_ascii=False) + "\n")
+            existing.add(article.url_hash)
+            written += 1
+
+    logger.info("[%s] index.jsonl 写入 %d 条（跳过重复 %d 条）",
+                result.source_id, written,
+                len(result.articles) - written)
+    return index_path
+
+
+def load_index(
+    source_id: str,
+    date_str: str | None = None,
+) -> list[ArticleItem]:
+    """读取指定源/日期的 index.jsonl
+
+    Args:
+        source_id: 新闻源 ID
+        date_str: 日期字符串 YYYYMMDD，默认当前新闻日
+
+    Returns:
+        ArticleItem 列表
+    """
+    if date_str is None:
+        date_str = get_news_day()
+
+    index_path = Path(f"data/raw/{source_id}/{date_str}/index.jsonl")
+
+    if not index_path.exists():
+        logger.warning("index 文件不存在: %s", index_path)
+        return []
+
+    articles: list[ArticleItem] = []
+    with open(index_path, encoding="utf-8") as f:
+        for line in f:
+            line = line.strip()
+            if not line:
+                continue
+            try:
+                data = json.loads(line)
+                articles.append(ArticleItem(**data))
+            except (json.JSONDecodeError, Exception) as e:
+                logger.warning("解析 index 行失败: %s", e)
+
+    return articles
diff --git a/crawler/utils.py b/crawler/utils.py
new file mode 100644
index 0000000..3a9d172
--- /dev/null
+++ b/crawler/utils.py
@@ -0,0 +1,51 @@
+"""爬虫工具函数"""
+
+import logging
+from datetime import datetime, timedelta
+from pathlib import Path
+
+import yaml
+
+logger = logging.getLogger(__name__)
+
+# 默认日切分小时（凌晨）
+DEFAULT_CUTOFF_HOUR = 6
+
+
+def _load_cutoff_hour() -> int:
+    """从 system.yaml 读取日切分小时"""
+    config_path = Path("configs/system.yaml")
+    if config_path.exists():
+        try:
+            with open(config_path, encoding="utf-8") as f:
+                raw = yaml.safe_load(f)
+            return int(raw.get("schedule", {}).get("day_cutoff_hour", DEFAULT_CUTOFF_HOUR))
+        except Exception:
+            pass
+    return DEFAULT_CUTOFF_HOUR
+
+
+def get_news_day(now: datetime | None = None) -> str:
+    """获取当前新闻日（YYYYMMDD）
+
+    规则：当天 06:00 到次日 05:59 属于同一个新闻日。
+    例如 2026-06-19 04:00 → "20260618"，07:00 → "20260619"
+
+    Args:
+        now: 参考时间，默认当前时间
+
+    Returns:
+        新闻日字符串 YYYYMMDD
+    """
+    if now is None:
+        now = datetime.now()
+
+    cutoff = _load_cutoff_hour()
+
+    if now.hour < cutoff:
+        # 凌晨 0:00 - 5:59，属于前一天
+        news_date = now - timedelta(days=1)
+    else:
+        news_date = now
+
+    return news_date.strftime("%Y%m%d")
diff --git a/dedup/__init__.py b/dedup/__init__.py
new file mode 100644
index 0000000..e175536
--- /dev/null
+++ b/dedup/__init__.py
@@ -0,0 +1,53 @@
+"""三层新闻去重模块 (M3)。
+
+公共 API:
+    - Deduper:         主类（check / ingest / stats）
+    - FingerprintStore: SQLite 指纹库（底层，通常无需直接用）
+    - DedupResult / DedupLayer / DedupStats / Fingerprint: 数据模型
+    - simhash64 / hamming / content_hash / normalize_content: 指纹算法
+    - dedup_all_sources / dedup_source: 批量去重管道
+"""
+
+from dedup.deduper import (
+    DEFAULT_TIME_WINDOW_DAYS,
+    Deduper,
+    article_to_fingerprint,
+)
+from dedup.hasher import (
+    DEFAULT_HAMMING_THRESHOLD,
+    NGRAM_SIZE,
+    SIMHASH_BITS,
+    content_hash,
+    hamming,
+    normalize_content,
+    simhash64,
+)
+from dedup.models import DedupLayer, DedupResult, DedupStats, Fingerprint
+from dedup.pipeline import dedup_all_sources, dedup_source
+from dedup.store import DEFAULT_DB_PATH, FingerprintStore
+
+__all__ = [
+    # 主类
+    "Deduper",
+    "FingerprintStore",
+    # 管道
+    "dedup_all_sources",
+    "dedup_source",
+    # 模型
+    "DedupLayer",
+    "DedupResult",
+    "DedupStats",
+    "Fingerprint",
+    # 指纹算法
+    "article_to_fingerprint",
+    "content_hash",
+    "hamming",
+    "normalize_content",
+    "simhash64",
+    # 常量
+    "DEFAULT_DB_PATH",
+    "DEFAULT_HAMMING_THRESHOLD",
+    "DEFAULT_TIME_WINDOW_DAYS",
+    "NGRAM_SIZE",
+    "SIMHASH_BITS",
+]
diff --git a/dedup/deduper.py b/dedup/deduper.py
new file mode 100644
index 0000000..82d7a02
--- /dev/null
+++ b/dedup/deduper.py
@@ -0,0 +1,178 @@
+"""三层去重主流程。
+
+调用顺序: check / ingest 内部按 L1 → L2 → L3 顺序判定，任意层命中即返回。
+
+Deduper 不要求线程安全；批处理串行调用即可。
+"""
+
+import logging
+from datetime import datetime
+from pathlib import Path
+
+import yaml
+
+from dedup.hasher import DEFAULT_HAMMING_THRESHOLD, content_hash, hamming, simhash64
+from dedup.models import DedupLayer, DedupResult, DedupStats, Fingerprint
+from dedup.store import DEFAULT_DB_PATH, FingerprintStore
+from extractor.models import ProcessedArticle
+
+logger = logging.getLogger(__name__)
+
+# 默认时间窗口（±N 天）
+DEFAULT_TIME_WINDOW_DAYS = 30
+
+
+def _load_dedup_config() -> dict:
+    """从 system.yaml 加载去重配置。"""
+    config_path = Path("configs/system.yaml")
+    if config_path.exists():
+        try:
+            with open(config_path, encoding="utf-8") as f:
+                raw = yaml.safe_load(f)
+            return raw.get("dedup", {})
+        except Exception:
+            logger.warning("加载 dedup 配置失败，使用默认值")
+    return {}
+
+
+def _publish_date(article: ProcessedArticle) -> str | None:
+    """从 ProcessedArticle.publish_time 取 YYYY-MM-DD 字符串。"""
+    if not article.publish_time:
+        return None
+    # publish_time 格式为 ISO 8601，如 "2026-06-21T10:30:00"
+    try:
+        return article.publish_time[:10]
+    except (IndexError, TypeError):
+        return None
+
+
+def article_to_fingerprint(article: ProcessedArticle) -> Fingerprint:
+    """构造 Fingerprint（用于 ingest 写入或对外只读）。"""
+    return Fingerprint(
+        url_hash=article.url_hash,
+        content_hash=content_hash(article.content),
+        simhash=simhash64(article.content),
+        source_id=article.source_id,
+        url=article.url,
+        title=article.title,
+        publish_date=_publish_date(article),
+        ingested_at=datetime.now(),
+    )
+
+
+class Deduper:
+    """三层去重器。
+
+    构造完毕后:
+        - check(article)  仅判断，不写入
+        - ingest(article) 判断，不重复则写入指纹库，返回结果
+    """
+
+    def __init__(
+        self,
+        db_path: str | Path = DEFAULT_DB_PATH,
+        simhash_threshold: int | None = None,
+        time_window_days: int | None = None,
+    ) -> None:
+        config = _load_dedup_config()
+
+        self.store = FingerprintStore(db_path)
+        self.simhash_threshold = (
+            simhash_threshold
+            if simhash_threshold is not None
+            else config.get("hamming_distance_threshold", DEFAULT_HAMMING_THRESHOLD)
+        )
+        self.time_window_days = (
+            time_window_days
+            if time_window_days is not None
+            else config.get("simhash_window_days", DEFAULT_TIME_WINDOW_DAYS)
+        )
+
+    def close(self) -> None:
+        self.store.close()
+
+    def __enter__(self) -> "Deduper":
+        return self
+
+    def __exit__(self, *_: object) -> None:
+        self.close()
+
+    # ------------------------------------------------------------------ #
+    # 公共 API
+    # ------------------------------------------------------------------ #
+
+    def check(self, article: ProcessedArticle) -> DedupResult:
+        """三层判重（只读，不写入指纹库）。"""
+        fp = article_to_fingerprint(article)
+
+        # L1: URL hash
+        existing = self.store.get_by_url_hash(fp.url_hash)
+        if existing is not None:
+            return DedupResult(
+                url_hash=fp.url_hash,
+                is_duplicate=True,
+                matched_layer=DedupLayer.URL,
+                matched_url_hash=existing.url_hash,
+                matched_url=existing.url,
+                matched_title=existing.title,
+            )
+
+        # L2: 内容 hash
+        existing = self.store.find_by_content_hash(fp.content_hash)
+        if existing is not None:
+            return DedupResult(
+                url_hash=fp.url_hash,
+                is_duplicate=True,
+                matched_layer=DedupLayer.CONTENT,
+                matched_url_hash=existing.url_hash,
+                matched_url=existing.url,
+                matched_title=existing.title,
+            )
+
+        # L3: SimHash 模糊
+        candidates = self.store.candidates_for_simhash(
+            fp.publish_date, self.time_window_days
+        )
+        best_dist: int | None = None
+        best_match: Fingerprint | None = None
+        for c in candidates:
+            d = hamming(fp.simhash, c.simhash)
+            if d <= self.simhash_threshold and (best_dist is None or d < best_dist):
+                best_dist = d
+                best_match = c
+                if d == 0:  # 不可能更近，提前结束
+                    break
+
+        if best_match is not None:
+            return DedupResult(
+                url_hash=fp.url_hash,
+                is_duplicate=True,
+                matched_layer=DedupLayer.SIMHASH,
+                matched_url_hash=best_match.url_hash,
+                matched_url=best_match.url,
+                matched_title=best_match.title,
+                hamming_distance=best_dist,
+            )
+
+        return DedupResult(url_hash=fp.url_hash, is_duplicate=False)
+
+    def ingest(self, article: ProcessedArticle) -> DedupResult:
+        """判重 + 不重复则入库。"""
+        result = self.check(article)
+        if not result.is_duplicate:
+            fp = article_to_fingerprint(article)
+            self.store.upsert(fp)
+            logger.debug("指纹入库: %s %s", fp.url_hash, fp.title[:40])
+        else:
+            logger.debug("命中重复: %s", result.short_summary())
+        return result
+
+    def stats(self) -> DedupStats:
+        """指纹库统计信息。"""
+        lo, hi = self.store.date_range()
+        return DedupStats(
+            total=self.store.count(),
+            by_source=self.store.count_by_source(),
+            earliest=lo,
+            latest=hi,
+        )
diff --git a/dedup/hasher.py b/dedup/hasher.py
new file mode 100644
index 0000000..7f98889
--- /dev/null
+++ b/dedup/hasher.py
@@ -0,0 +1,89 @@
+"""三层去重的指纹算法。
+
+核心:
+    - normalize_content: 把 content 折叠成纯净文本，用于跨源比对
+    - content_hash: normalize 后 SHA1[:16]
+    - simhash64: 字符 3-gram + md5 加权累加，产出 64 位无符号整数
+    - hamming: 两个 SimHash 的汉明距离
+
+设计取舍:
+    SimHash 的"分词"用字符 3-gram 而非英文分词库。理由:
+        1. 字符 3-gram 对英文和中文同样有效，无需外部 NLP 依赖
+        2. 英文字符级 3-gram 天然捕获词根、前缀、后缀信息
+        3. 跨语言场景（英文源可能引用中文/日文公司名）字符级更鲁棒
+"""
+
+import hashlib
+import unicodedata
+
+# 64 位 SimHash 位宽
+SIMHASH_BITS = 64
+SIMHASH_MASK = (1 << SIMHASH_BITS) - 1
+
+# 默认 SimHash 汉明距离阈值（≤ 此值视为重复）
+DEFAULT_HAMMING_THRESHOLD = 3
+
+# 字符 n-gram 长度
+NGRAM_SIZE = 3
+
+
+def normalize_content(text: str) -> str:
+    """把 content 折叠成"无空白无标点"形式，用于 L2 内容 hash 与 SimHash 输入。
+
+    使用 Unicode 类别判断:
+        - P*  Punctuation（所有中英文标点）
+        - Z*  Separator（空格 / 行 / 段分隔符）
+        - C*  Control（NUL / 换行控制等）
+    保留 L*（字母）、N*（数字）、S*（符号，如 +/-、% 等），以及 CJK 字符。
+    """
+    if not text:
+        return ""
+    return "".join(
+        ch for ch in text if unicodedata.category(ch)[0] not in ("P", "Z", "C")
+    )
+
+
+def content_hash(text: str) -> str:
+    """对 normalize_content(text) 做 SHA1，取前 16 hex 字符。"""
+    norm = normalize_content(text)
+    return hashlib.sha1(norm.encode("utf-8")).hexdigest()[:16]
+
+
+def _ngrams(text: str, n: int = NGRAM_SIZE) -> list[str]:
+    """字符级 n-gram。文本短于 n 时，直接整体作为单个 token。"""
+    if len(text) < n:
+        return [text] if text else []
+    return [text[i : i + n] for i in range(len(text) - n + 1)]
+
+
+def simhash64(text: str) -> int:
+    """64 位 SimHash。返回无符号整数，空文本返回 0。"""
+    norm = normalize_content(text)
+    if not norm:
+        return 0
+
+    grams = _ngrams(norm)
+    if not grams:
+        return 0
+
+    v = [0] * SIMHASH_BITS
+    for gram in grams:
+        h = int(hashlib.md5(gram.encode("utf-8"), usedforsecurity=False).hexdigest(), 16)
+        # 取低 64 位
+        h64 = h & SIMHASH_MASK
+        for i in range(SIMHASH_BITS):
+            if (h64 >> i) & 1:
+                v[i] += 1
+            else:
+                v[i] -= 1
+
+    fp = 0
+    for i in range(SIMHASH_BITS):
+        if v[i] > 0:
+            fp |= 1 << i
+    return fp
+
+
+def hamming(a: int, b: int) -> int:
+    """两个 SimHash 的汉明距离。"""
+    return bin((a ^ b) & SIMHASH_MASK).count("1")
diff --git a/dedup/models.py b/dedup/models.py
new file mode 100644
index 0000000..2447606
--- /dev/null
+++ b/dedup/models.py
@@ -0,0 +1,57 @@
+"""三层去重模块的数据模型。"""
+
+from datetime import datetime
+from enum import StrEnum
+
+from pydantic import BaseModel, Field
+
+
+class DedupLayer(StrEnum):
+    """命中去重的层。"""
+
+    URL = "url"          # L1: 完全相同 URL
+    CONTENT = "content"  # L2: 标准化后 content 完全一致
+    SIMHASH = "simhash"  # L3: SimHash 汉明距离 ≤ 阈值
+
+
+class Fingerprint(BaseModel):
+    """单篇文章的指纹记录，持久化到 SQLite。"""
+
+    url_hash: str = Field(..., description="主键，与 ProcessedArticle.url_hash 一致")
+    content_hash: str = Field(..., description="标准化 content 的 SHA1[:16]")
+    simhash: int = Field(..., description="64 位 SimHash 整数（无符号）")
+    source_id: str
+    url: str
+    title: str
+    publish_date: str | None = Field(default=None, description="YYYY-MM-DD，用于时间窗口")
+    ingested_at: datetime = Field(default_factory=datetime.now)
+
+
+class DedupResult(BaseModel):
+    """对单篇文章的判重结果。"""
+
+    url_hash: str
+    is_duplicate: bool
+    matched_layer: DedupLayer | None = None
+    matched_url_hash: str | None = None
+    matched_url: str | None = None
+    matched_title: str | None = None
+    hamming_distance: int | None = Field(
+        default=None, description="仅 SimHash 层有值"
+    )
+
+    def short_summary(self) -> str:
+        if not self.is_duplicate:
+            return f"[UNIQUE] {self.url_hash}"
+        layer = self.matched_layer.value if self.matched_layer else "?"
+        extra = f" hd={self.hamming_distance}" if self.hamming_distance is not None else ""
+        return f"[DUP/{layer}] {self.url_hash} ~ {self.matched_url_hash}{extra}"
+
+
+class DedupStats(BaseModel):
+    """指纹库统计。"""
+
+    total: int = 0
+    by_source: dict[str, int] = Field(default_factory=dict)
+    earliest: str | None = None
+    latest: str | None = None
diff --git a/dedup/pipeline.py b/dedup/pipeline.py
new file mode 100644
index 0000000..6ecab96
--- /dev/null
+++ b/dedup/pipeline.py
@@ -0,0 +1,226 @@
+"""批量去重管道：扫描 processed 目录 → 判重 → 唯一条目写入 deduped。
+
+输入:  data/processed/{source_id}/{YYYYMMDD}/{url_hash}.json
+输出:  data/deduped/{YYYYMMDD}/uniques/{url_hash}.json
+"""
+
+import json
+import logging
+from datetime import datetime
+from pathlib import Path
+
+from crawler.utils import get_news_day
+from dedup.deduper import Deduper
+from dedup.models import DedupResult
+from extractor.models import ProcessedArticle
+
+logger = logging.getLogger(__name__)
+
+
+def _get_processed_sources(base_dir: str = "data/processed") -> list[str]:
+    """扫描 data/processed/ 下所有源 ID。
+
+    Args:
+        base_dir: processed 数据根目录
+
+    Returns:
+        源 ID 列表
+    """
+    raw_path = Path(base_dir)
+    if not raw_path.exists():
+        return []
+    return sorted([
+        d.name for d in raw_path.iterdir()
+        if d.is_dir() and not d.name.startswith(".")
+    ])
+
+
+def _load_processed_articles(
+    source_id: str,
+    date_str: str,
+) -> list[ProcessedArticle]:
+    """加载指定源/日期的已处理文章。
+
+    Args:
+        source_id: 新闻源 ID
+        date_str: 日期 YYYYMMDD
+
+    Returns:
+        ProcessedArticle 列表
+    """
+    base_dir = Path(f"data/processed/{source_id}/{date_str}")
+    if not base_dir.exists():
+        return []
+
+    articles: list[ProcessedArticle] = []
+    for json_file in sorted(base_dir.glob("*.json")):
+        # 跳过 index.jsonl
+        if json_file.name == "index.jsonl":
+            continue
+        try:
+            data = json.loads(json_file.read_text(encoding="utf-8"))
+            articles.append(ProcessedArticle(**data))
+        except (json.JSONDecodeError, Exception) as e:
+            logger.warning("解析 processed JSON 失败 %s: %s", json_file, e)
+
+    return articles
+
+
+def dedup_source(
+    source_id: str,
+    deduper: Deduper,
+    date_str: str | None = None,
+) -> dict:
+    """对单个源的已处理文章执行去重。
+
+    Args:
+        source_id: 新闻源 ID
+        deduper: 去重器实例
+        date_str: 日期 YYYYMMDD，默认当前新闻日
+
+    Returns:
+        统计 dict
+    """
+    if date_str is None:
+        date_str = get_news_day()
+
+    logger.info("━━━ 去重 [%s] %s ━━━", source_id, date_str)
+
+    articles = _load_processed_articles(source_id, date_str)
+    if not articles:
+        logger.warning("[%s] %s 无待处理文章", source_id, date_str)
+        return {"source_id": source_id, "total": 0, "unique": 0, "duplicate": 0}
+
+    # 输出目录
+    out_dir = Path(f"data/deduped/{date_str}/uniques")
+    out_dir.mkdir(parents=True, exist_ok=True)
+
+    unique_count = 0
+    dup_count = 0
+
+    for article in articles:
+        result = deduper.ingest(article)
+
+        if result.is_duplicate:
+            dup_count += 1
+            logger.debug("[%s] 🔁 %s → L%d: %s",
+                         source_id,
+                         article.title[:40],
+                         _layer_num(result),
+                         result.short_summary())
+        else:
+            unique_count += 1
+            # 写入唯一条目
+            out_file = out_dir / f"{article.url_hash}.json"
+            out_file.write_text(
+                article.model_dump_json(indent=2, ensure_ascii=False),
+                encoding="utf-8",
+            )
+            logger.debug("[%s] ✅ %s (%d words)",
+                         source_id, article.title[:40], article.word_count)
+
+    logger.info("[%s] 去重完成: 唯一 %d / 重复 %d / 总计 %d",
+                source_id, unique_count, dup_count, len(articles))
+
+    return {
+        "source_id": source_id,
+        "total": len(articles),
+        "unique": unique_count,
+        "duplicate": dup_count,
+    }
+
+
+def _layer_num(result: DedupResult) -> int:
+    """DedupResult → 命中层编号。"""
+    if result.matched_layer is None:
+        return 0
+    mapping = {"url": 1, "content": 2, "simhash": 3}
+    return mapping.get(result.matched_layer.value, 0)
+
+
+def dedup_all_sources(
+    source_filter: str | None = None,
+    date_str: str | None = None,
+) -> dict:
+    """对所有源的已处理文章执行去重。
+
+    Args:
+        source_filter: 可选，只处理指定源
+        date_str: 日期，默认当前新闻日
+
+    Returns:
+        统计 dict
+    """
+    if date_str is None:
+        date_str = get_news_day()
+
+    start_time = datetime.now()
+
+    if source_filter:
+        sources = [source_filter] if source_filter in _get_processed_sources() else []
+    else:
+        sources = _get_processed_sources()
+
+    logger.info("══════ 开始去重 %d 个源，日期: %s ══════", len(sources), date_str)
+
+    total_unique = 0
+    total_dup = 0
+    total_articles = 0
+
+    with Deduper() as deduper:
+        for src in sources:
+            result = dedup_source(src, deduper, date_str)
+            total_articles += result["total"]
+            total_unique += result["unique"]
+            total_dup += result["duplicate"]
+
+        # 输出 dedup 索引
+        _write_dedup_index(deduper, date_str, total_unique)
+
+    elapsed = (datetime.now() - start_time).total_seconds()
+    logger.info("══════ 去重完成: 唯一 %d / 重复 %d / 总计 %d，耗时 %.1f 秒 ══════",
+                total_unique, total_dup, total_articles, elapsed)
+
+    return {
+        "sources_processed": len(sources),
+        "total_articles": total_articles,
+        "unique": total_unique,
+        "duplicate": total_dup,
+        "elapsed_sec": elapsed,
+        "date": date_str,
+    }
+
+
+def _write_dedup_index(
+    deduper: Deduper,
+    date_str: str,
+    unique_count: int,
+) -> None:
+    """写出去重索引文件。
+
+    Args:
+        deduper: 去重器实例
+        date_str: 日期
+        unique_count: 唯一文章数
+    """
+    out_dir = Path(f"data/deduped/{date_str}")
+    out_dir.mkdir(parents=True, exist_ok=True)
+
+    stats = deduper.stats()
+
+    index_data = {
+        "date": date_str,
+        "unique_articles": unique_count,
+        "fingerprint_db_total": stats.total,
+        "fingerprint_db_by_source": stats.by_source,
+        "fingerprint_db_earliest": stats.earliest,
+        "fingerprint_db_latest": stats.latest,
+        "generated_at": datetime.now().isoformat(),
+    }
+
+    index_path = out_dir / "index.json"
+    index_path.write_text(
+        json.dumps(index_data, indent=2, ensure_ascii=False),
+        encoding="utf-8",
+    )
+    logger.info("去重索引已写入: %s", index_path)
diff --git a/dedup/store.py b/dedup/store.py
new file mode 100644
index 0000000..55d791d
--- /dev/null
+++ b/dedup/store.py
@@ -0,0 +1,177 @@
+"""SQLite 指纹存储。
+
+注意: SimHash 是 64 位无符号整数，SQLite INTEGER 是 64 位有符号
+(范围 [-2^63, 2^63-1])。直接存可能溢出/转负数，虽然 XOR 仍然
+正确但语义混乱。这里统一存为 16 位 hex TEXT，避免符号问题。
+"""
+
+import logging
+import sqlite3
+from datetime import datetime, timedelta
+from pathlib import Path
+from typing import Any
+
+from dedup.models import Fingerprint
+
+logger = logging.getLogger(__name__)
+
+DEFAULT_DB_PATH = Path("data/dedup/fingerprints.sqlite3")
+
+_SCHEMA_SQL = """
+CREATE TABLE IF NOT EXISTS fingerprints (
+    url_hash TEXT PRIMARY KEY,
+    content_hash TEXT NOT NULL,
+    simhash_hex TEXT NOT NULL,
+    source_id TEXT NOT NULL,
+    url TEXT NOT NULL,
+    title TEXT NOT NULL,
+    publish_date TEXT,
+    ingested_at TEXT NOT NULL
+);
+CREATE INDEX IF NOT EXISTS idx_content_hash ON fingerprints(content_hash);
+CREATE INDEX IF NOT EXISTS idx_publish_date ON fingerprints(publish_date);
+CREATE INDEX IF NOT EXISTS idx_source_id ON fingerprints(source_id);
+"""
+
+
+def _to_hex(simhash: int) -> str:
+    """64 位无符号整数 → 16 位 hex 字符串。"""
+    return f"{simhash:016x}"
+
+
+def _from_hex(hex_str: str) -> int:
+    """16 位 hex 字符串 → 64 位无符号整数。"""
+    return int(hex_str, 16)
+
+
+def _row_to_fp(row: sqlite3.Row) -> Fingerprint:
+    """sqlite3.Row → Fingerprint 模型。"""
+    return Fingerprint(
+        url_hash=row["url_hash"],
+        content_hash=row["content_hash"],
+        simhash=_from_hex(row["simhash_hex"]),
+        source_id=row["source_id"],
+        url=row["url"],
+        title=row["title"],
+        publish_date=row["publish_date"],
+        ingested_at=datetime.fromisoformat(row["ingested_at"]),
+    )
+
+
+class FingerprintStore:
+    """SQLite 指纹库。线程不安全（每个线程请新建实例）。"""
+
+    def __init__(self, db_path: str | Path = DEFAULT_DB_PATH) -> None:
+        self.db_path = Path(db_path)
+        self.db_path.parent.mkdir(parents=True, exist_ok=True)
+        self._conn: sqlite3.Connection = sqlite3.connect(
+            self.db_path, isolation_level=None
+        )
+        self._conn.row_factory = sqlite3.Row
+        self._conn.executescript(_SCHEMA_SQL)
+        logger.debug("打开指纹库: %s", self.db_path)
+
+    def close(self) -> None:
+        self._conn.close()
+
+    def __enter__(self) -> "FingerprintStore":
+        return self
+
+    def __exit__(self, *_: Any) -> None:
+        self.close()
+
+    # ------------------------------------------------------------------ #
+    # 查询
+    # ------------------------------------------------------------------ #
+
+    def get_by_url_hash(self, url_hash: str) -> Fingerprint | None:
+        """按 url_hash 精确查询。"""
+        row = self._conn.execute(
+            "SELECT * FROM fingerprints WHERE url_hash = ?", (url_hash,)
+        ).fetchone()
+        return _row_to_fp(row) if row else None
+
+    def find_by_content_hash(self, content_hash: str) -> Fingerprint | None:
+        """返回任一 content_hash 匹配项。"""
+        row = self._conn.execute(
+            "SELECT * FROM fingerprints WHERE content_hash = ? LIMIT 1",
+            (content_hash,),
+        ).fetchone()
+        return _row_to_fp(row) if row else None
+
+    def candidates_for_simhash(
+        self,
+        publish_date: str | None,
+        window_days: int,
+    ) -> list[Fingerprint]:
+        """返回 publish_date ± window_days 内的指纹候选。
+
+        publish_date 为 None 时，不限定窗口（返回全部，慎用）。
+        """
+        if publish_date is None or window_days < 0:
+            rows = self._conn.execute("SELECT * FROM fingerprints").fetchall()
+            return [_row_to_fp(r) for r in rows]
+
+        try:
+            center = datetime.strptime(publish_date, "%Y-%m-%d")
+        except ValueError:
+            logger.debug("publish_date 不可解析: %r，退化为全表扫描", publish_date)
+            rows = self._conn.execute("SELECT * FROM fingerprints").fetchall()
+            return [_row_to_fp(r) for r in rows]
+
+        lo = (center - timedelta(days=window_days)).strftime("%Y-%m-%d")
+        hi = (center + timedelta(days=window_days)).strftime("%Y-%m-%d")
+        rows = self._conn.execute(
+            "SELECT * FROM fingerprints "
+            "WHERE publish_date IS NULL OR (publish_date >= ? AND publish_date <= ?)",
+            (lo, hi),
+        ).fetchall()
+        return [_row_to_fp(r) for r in rows]
+
+    def count(self) -> int:
+        """指纹总数。"""
+        return self._conn.execute("SELECT COUNT(*) FROM fingerprints").fetchone()[0]
+
+    def count_by_source(self) -> dict[str, int]:
+        """按 source_id 统计。"""
+        rows = self._conn.execute(
+            "SELECT source_id, COUNT(*) AS n FROM fingerprints GROUP BY source_id"
+        ).fetchall()
+        return {r["source_id"]: r["n"] for r in rows}
+
+    def date_range(self) -> tuple[str | None, str | None]:
+        """指纹库中最早和最晚的 publish_date。"""
+        row = self._conn.execute(
+            "SELECT MIN(publish_date) AS lo, MAX(publish_date) AS hi FROM fingerprints"
+        ).fetchone()
+        return (row["lo"], row["hi"]) if row else (None, None)
+
+    # ------------------------------------------------------------------ #
+    # 写入
+    # ------------------------------------------------------------------ #
+
+    def upsert(self, fp: Fingerprint) -> None:
+        """插入或替换指纹。"""
+        self._conn.execute(
+            "INSERT OR REPLACE INTO fingerprints "
+            "(url_hash, content_hash, simhash_hex, source_id, url, title, "
+            " publish_date, ingested_at) VALUES (?, ?, ?, ?, ?, ?, ?, ?)",
+            (
+                fp.url_hash,
+                fp.content_hash,
+                _to_hex(fp.simhash),
+                fp.source_id,
+                fp.url,
+                fp.title,
+                fp.publish_date,
+                fp.ingested_at.isoformat(),
+            ),
+        )
+
+    def delete(self, url_hash: str) -> None:
+        """删除指定指纹。"""
+        self._conn.execute("DELETE FROM fingerprints WHERE url_hash = ?", (url_hash,))
+
+    def clear(self) -> None:
+        """清空指纹库，主要用于测试。"""
+        self._conn.execute("DELETE FROM fingerprints")
diff --git a/docs/intlnews_usage.html b/docs/intlnews_usage.html
new file mode 100644
index 0000000..1b831be
--- /dev/null
+++ b/docs/intlnews_usage.html
@@ -0,0 +1,661 @@
+<!DOCTYPE html>
+<html lang="zh-CN">
+<head>
+<meta charset="UTF-8">
+<meta name="viewport" content="width=device-width, initial-scale=1.0">
+<title>国际财经 Deep Research 平台 — 使用手册 v1.0</title>
+<style>
+  :root {
+    --bg: #f8f9fa; --card: #fff; --text: #212529; --muted: #6c757d;
+    --accent: #2563eb; --accent2: #0891b2; --border: #dee2e6;
+    --code-bg: #f1f5f9; --pre-bg: #1e293b; --pre-text: #e2e8f0;
+    --pos: #059669; --neg: #dc2626; --neu: #6b7280;
+    --radius: 8px;
+  }
+  * { box-sizing: border-box; margin: 0; padding: 0; }
+  body {
+    font-family: -apple-system, BlinkMacSystemFont, "PingFang SC", "Microsoft YaHei", sans-serif;
+    background: var(--bg); color: var(--text); line-height: 1.75; padding-bottom: 4rem;
+  }
+
+  /* ── 导航栏 ── */
+  nav {
+    position: sticky; top: 0; z-index: 100;
+    background: linear-gradient(135deg, #0f172a, #1e3a5f);
+    color: #fff; padding: .8rem 0;
+    box-shadow: 0 2px 8px rgba(0,0,0,.15);
+  }
+  nav .nav-inner { max-width: 1100px; margin: 0 auto; padding: 0 1.5rem; display: flex; gap: 1.5rem; flex-wrap: wrap; align-items: center; }
+  nav a { color: #cbd5e1; text-decoration: none; font-size: .9em; transition: color .2s; }
+  nav a:hover { color: #fff; }
+  nav strong { font-size: 1.1em; margin-right: 1rem; }
+
+  /* ── 头部 ── */
+  header {
+    background: linear-gradient(135deg, #0f172a, #1e3a5f); color: #fff;
+    text-align: center; padding: 3rem 0 2.5rem;
+  }
+  header h1 { font-size: 2rem; margin-bottom: .5rem; }
+  header p { color: #94a3b8; font-size: .95em; }
+
+  /* ── 内容 ── */
+  .container { max-width: 1000px; margin: 0 auto; padding: 0 1.5rem; }
+
+  h2 {
+    font-size: 1.4rem; margin: 2.5rem 0 1rem; padding-bottom: .4rem;
+    border-bottom: 2px solid var(--accent); color: #1e293b;
+  }
+  h3 {
+    font-size: 1.1rem; margin: 1.5rem 0 .6rem; color: #334155;
+  }
+  h4 { font-size: 1rem; margin: 1rem 0 .4rem; color: #475569; }
+
+  p { margin: .6rem 0; }
+  a { color: var(--accent); text-decoration: none; }
+  a:hover { text-decoration: underline; }
+
+  /* ── 表格 ── */
+  table {
+    width: 100%; border-collapse: collapse; margin: .8rem 0 1.2rem; font-size: .93em;
+  }
+  th, td { border: 1px solid var(--border); padding: .5rem .8rem; text-align: left; }
+  th { background: #f1f5f9; font-weight: 600; white-space: nowrap; }
+  tr:nth-child(even) { background: #fafbfc; }
+
+  /* ── 代码 ── */
+  code {
+    background: var(--code-bg); padding: .15em .4em; border-radius: 4px;
+    font-family: "SF Mono", "Fira Code", "Cascadia Code", monospace;
+    font-size: .88em; color: #1e293b;
+  }
+  pre {
+    background: var(--pre-bg); color: var(--pre-text); padding: 1rem 1.2rem;
+    border-radius: var(--radius); overflow-x: auto; margin: .8rem 0;
+    font-family: "SF Mono", "Fira Code", "Cascadia Code", monospace;
+    font-size: .85em; line-height: 1.6;
+  }
+  pre code { background: none; padding: 0; color: inherit; font-size: inherit; }
+
+  /* ── 卡片 ── */
+  .card {
+    background: var(--card); border: 1px solid var(--border); border-radius: var(--radius);
+    padding: 1rem 1.2rem; margin: .8rem 0;
+  }
+  .card-grid {
+    display: grid; grid-template-columns: repeat(auto-fill, minmax(280px, 1fr));
+    gap: 1rem; margin: 1rem 0;
+  }
+
+  /* ── 标签 ── */
+  .badge {
+    display: inline-block; padding: .1em .5em; border-radius: 10px;
+    font-size: .78em; font-weight: 600;
+  }
+  .badge-pos { background: #d1fae5; color: #065f46; }
+  .badge-neg { background: #fee2e2; color: #991b1b; }
+  .badge-neu { background: #e5e7eb; color: #374151; }
+  .badge-blue { background: #dbeafe; color: #1e40af; }
+
+  /* ── 步骤流程 ── */
+  .flow {
+    display: flex; flex-wrap: wrap; gap: .5rem; align-items: center;
+    margin: .8rem 0; font-size: .9em;
+  }
+  .flow-step {
+    background: var(--accent); color: #fff; padding: .3rem .8rem;
+    border-radius: 20px; font-weight: 600; font-size: .85em;
+  }
+  .flow-arrow { color: var(--muted); font-size: 1.2em; }
+
+  /* ── 提示框 ── */
+  .tip {
+    background: #eff6ff; border-left: 4px solid var(--accent);
+    padding: .8rem 1rem; margin: .8rem 0; border-radius: 0 var(--radius) var(--radius) 0;
+    font-size: .92em;
+  }
+  .warn {
+    background: #fffbeb; border-left: 4px solid #f59e0b;
+    padding: .8rem 1rem; margin: .8rem 0; border-radius: 0 var(--radius) var(--radius) 0;
+    font-size: .92em;
+  }
+
+  /* ── TOC ── */
+  .toc { background: var(--card); border: 1px solid var(--border); border-radius: var(--radius); padding: 1.2rem 1.5rem; margin: 1.5rem 0; }
+  .toc ol { padding-left: 1.5rem; columns: 2; }
+  .toc li { margin: .2rem 0; font-size: .93em; }
+
+  /* ── 页脚 ── */
+  footer {
+    text-align: center; color: var(--muted); font-size: .82em;
+    margin-top: 4rem; padding-top: 1.5rem; border-top: 1px solid var(--border);
+  }
+
+  @media (max-width: 768px) {
+    header h1 { font-size: 1.4rem; }
+    .toc ol { columns: 1; }
+    .card-grid { grid-template-columns: 1fr; }
+  }
+</style>
+</head>
+<body>
+
+<nav>
+  <div class="nav-inner">
+    <strong>🌍 intlnews</strong>
+    <a href="#section-1">概述</a>
+    <a href="#section-2">部署</a>
+    <a href="#section-3">配置</a>
+    <a href="#section-4">CLI</a>
+    <a href="#section-5">M1 抓取</a>
+    <a href="#section-6">M2 提取</a>
+    <a href="#section-7">M3 去重</a>
+    <a href="#section-8">M4 翻译</a>
+    <a href="#section-9">M5 向量</a>
+    <a href="#section-10">M6 Qdrant</a>
+    <a href="#section-11">M7 管道</a>
+    <a href="#section-12">M8 MCP</a>
+    <a href="#section-15">FAQ</a>
+  </div>
+</nav>
+
+<header>
+  <div class="container">
+    <h1>🌍 国际财经 Deep Research 平台</h1>
+    <p>使用手册 v1.0 · 2026-06-21 · 私有化部署</p>
+  </div>
+</header>
+
+<main class="container">
+
+<!-- ====== 目录 ====== -->
+<div class="toc">
+  <strong>📑 目录</strong>
+  <ol>
+    <li><a href="#section-1">项目概述</a></li>
+    <li><a href="#section-2">部署拓扑</a></li>
+    <li><a href="#section-3">环境配置</a></li>
+    <li><a href="#section-4">CLI 命令参考</a></li>
+    <li><a href="#section-5">M1 — 新闻抓取</a></li>
+    <li><a href="#section-6">M2 — 正文提取</a></li>
+    <li><a href="#section-7">M3 — 三层去重</a></li>
+    <li><a href="#section-8">M4 — 翻译 + 事件抽取</a></li>
+    <li><a href="#section-9">M5 — 向量生成</a></li>
+    <li><a href="#section-10">M6 — Qdrant 入库与检索</a></li>
+    <li><a href="#section-11">M7 — 全链路管道 + 日报</a></li>
+    <li><a href="#section-12">M8 — MCP 服务</a></li>
+    <li><a href="#section-13">数据目录结构</a></li>
+    <li><a href="#section-14">定时任务</a></li>
+    <li><a href="#section-15">常见问题</a></li>
+  </ol>
+</div>
+
+<!-- ====== 1. 项目概述 ====== -->
+<h2 id="section-1">1. 项目概述</h2>
+
+<p>本项目构建面向<strong>国际英文财经新闻</strong>的私有化 Deep Research 平台。</p>
+
+<div class="card-grid">
+  <div class="card">
+    <strong>✅ 核心能力</strong>
+    <ul style="padding-left:1.2rem;margin:.5rem 0 0;font-size:.93em;">
+      <li>英文财经新闻抓取（Crawl4AI，12 源）</li>
+      <li>正文提取（trafilatura）</li>
+      <li>全文英译中（DeepSeek LLM）</li>
+      <li>投资事件抽取 + 美股代码识别</li>
+      <li>双语向量知识库（Qdrant 1024维）</li>
+      <li>中文语义检索</li>
+      <li>MCP 服务（Agent 深度研究）</li>
+      <li>每日 AI 摘要日报（HTML）</li>
+    </ul>
+  </div>
+  <div class="card" style="border-color:#fca5a5;">
+    <strong>❌ 本项目不是</strong>
+    <ul style="padding-left:1.2rem;margin:.5rem 0 0;font-size:.93em;">
+      <li>自动交易系统</li>
+      <li>股票预测系统</li>
+      <li>投资顾问系统</li>
+    </ul>
+  </div>
+</div>
+
+<div class="tip">
+  <strong>💡 对标项目</strong>：A 股 Deep Research（<code>news/</code>），架构模式可复用。
+</div>
+
+<!-- ====== 2. 部署拓扑 ====== -->
+<h2 id="section-2">2. 部署拓扑</h2>
+
+<pre><code>┌──────────────────────────────────────────────────┐
+│           Overseas Server (海外)                   │
+│  M1 Crawl4AI 抓取 → data/raw/                     │
+│  每天 4 次打包 → rsync 推送                        │
+│  SSH: &lt;海外服务器&gt;                               │
+│  路径: /opt/intlgrab                               │
+└────────────────────┬─────────────────────────────┘
+                     │ rsync
+                     ▼
+┌──────────────────────────────────────────────────┐
+│           Domestic Server (国内)                   │
+│  M2 正文提取 → M3 去重 → M4 翻译+事件              │
+│  → M5 向量生成 → M6 Qdrant 入库                    │
+│  → M7 调度 + 日报 → M8 MCP 服务                    │
+│  SSH: &lt;国内服务器&gt;                                │
+│  路径: /home/pi/intlnews                           │
+└──────────────────────────────────────────────────┘</code></pre>
+
+<!-- ====== 3. 环境配置 ====== -->
+<h2 id="section-3">3. 环境配置</h2>
+
+<h3>3.1 依赖安装</h3>
+<pre><code>cd /home/pi/intlnews
+uv sync</code></pre>
+
+<h3>3.2 配置文件</h3>
+
+<table>
+  <tr><th>文件</th><th>用途</th><th>注意</th></tr>
+  <tr><td><code>.env</code></td><td>API Key / URL</td><td>不入 Git，从 <code>.env.example</code> 复制</td></tr>
+  <tr><td><code>configs/system.yaml</code></td><td>功能参数</td><td>模型名、阈值、超时、调度</td></tr>
+  <tr><td><code>configs/sources.yaml</code></td><td>新闻源定义</td><td>12 个英文财经源</td></tr>
+</table>
+
+<h3>3.3 必需环境变量</h3>
+
+<pre><code># DeepSeek（M4 翻译+事件抽取）
+DEEPSEEK_API_KEY=sk-your-key
+DEEPSEEK_BASE_URL=https://api.deepseek.com
+
+# Qwen（备选 LLM）
+QWEN_API_KEY=sk-your-key
+QWEN_BASE_URL=https://dashscope.aliyuncs.com/compatible-mode/v1
+
+# DashScope（M5 向量生成）
+DASHSCOPE_API_KEY=sk-your-key
+
+# Qdrant（留空使用本地文件模式）
+QDRANT_URL=http://localhost:6333
+QDRANT_API_KEY=</code></pre>
+
+<h3>3.4 关键配置项</h3>
+
+<pre><code># configs/system.yaml（关键项）
+crawler.max_memory_mb: 1800       # 内存上限
+dedup.hamming_distance_threshold: 3
+dedup.simhash_window_days: 30
+llm.provider: "deepseek"
+llm.deepseek_model: "deepseek-v4-flash"
+llm.concurrency: 3
+embedding.dashscope_model: "text-embedding-v3"
+embedding.dimension: 1024
+qdrant.collection: "en_finance_news"
+schedule.day_cutoff_hour: 6       # 新闻日切分点</code></pre>
+
+<!-- ====== 4. CLI 命令参考 ====== -->
+<h2 id="section-4">4. CLI 命令参考</h2>
+
+<p>所有命令通过 <code>uv run en-news</code> 执行：</p>
+
+<table>
+  <tr><th>命令</th><th>Milestone</th><th>功能</th></tr>
+  <tr><td><code>crawl</code></td><td>M1</td><td>抓取英文财经新闻</td></tr>
+  <tr><td><code>extract</code></td><td>M2</td><td>正文提取</td></tr>
+  <tr><td><code>dedup</code></td><td>M3</td><td>三层去重</td></tr>
+  <tr><td><code>translate</code></td><td>M4</td><td>翻译 + 事件抽取</td></tr>
+  <tr><td><code>embed</code></td><td>M5</td><td>向量生成</td></tr>
+  <tr><td><code>index</code></td><td>M6</td><td>Qdrant 入库</td></tr>
+  <tr><td><code>search &lt;query&gt;</code></td><td>M6</td><td>语义检索</td></tr>
+  <tr><td><code>pipeline</code></td><td>M7</td><td>一键全链路 M2→M6</td></tr>
+  <tr><td><code>report</code></td><td>M7</td><td>日报生成</td></tr>
+  <tr><td><code>mcp-server</code></td><td>M8</td><td>启动 MCP 服务</td></tr>
+</table>
+
+<pre><code># 常用选项
+uv run en-news crawl --source forexlive          # 指定源
+uv run en-news search "美联储" --top-k 5          # 指定返回数
+uv run en-news index --recreate                   # 重建 Qdrant
+uv run en-news pipeline --skip-report             # 跳过日报</code></pre>
+
+<!-- ====== 5. M1 ====== -->
+<h2 id="section-5">5. M1 — 新闻抓取</h2>
+
+<h3>5.1 手动抓取</h3>
+<pre><code>uv run en-news crawl               # 全部源
+uv run en-news crawl -s forexlive  # 指定源</code></pre>
+
+<h3>5.2 12 个英文财经源</h3>
+
+<table>
+  <tr><th>源 ID</th><th>名称</th><th>类型</th></tr>
+  <tr><td>reuters</td><td>Reuters</td><td>综合财经</td></tr>
+  <tr><td>cnbc</td><td>CNBC</td><td>市场新闻</td></tr>
+  <tr><td>marketwatch</td><td>MarketWatch</td><td>市场数据</td></tr>
+  <tr><td>ft</td><td>Financial Times</td><td>财经深度</td></tr>
+  <tr><td>yahoo_finance</td><td>Yahoo Finance</td><td>综合</td></tr>
+  <tr><td>investing</td><td>Investing.com</td><td>全球市场</td></tr>
+  <tr><td>seekingalpha</td><td>Seeking Alpha</td><td>投资分析</td></tr>
+  <tr><td>barrons</td><td>Barrons</td><td>市场评论</td></tr>
+  <tr><td>wsj</td><td>WSJ</td><td>综合财经</td></tr>
+  <tr><td>economist</td><td>The Economist</td><td>经济分析</td></tr>
+  <tr><td>forexlive</td><td>ForexLive</td><td>外汇新闻</td></tr>
+  <tr><td>zerohedge</td><td>ZeroHedge</td><td>另类财经</td></tr>
+</table>
+
+<h3>5.3 增量抓取机制</h3>
+
+<p>抓取采用<strong>两层增量</strong>确保不重复下载和存储：</p>
+
+<table>
+  <tr><th>层级</th><th>位置</th><th>机制</th></tr>
+  <tr><td>抓取层</td><td><code>_extract_article_urls</code></td><td>读取当日 index.jsonl 中已抓取的 url_hash，跳过已存在的 URL，不重复下载</td></tr>
+  <tr><td>存储层</td><td><code>write_index_jsonl</code></td><td>追加写入前再次检查 url_hash，已存在则跳过</td></tr>
+</table>
+
+<p>同一天内多次执行 <code>crawl</code>，只有新文章才会被下载和存储。</p>
+
+<h3>5.4 产物</h3>
+<pre><code>data/raw/{source_id}/{YYYYMMDD}/
+├── {url_hash}.html     # 原始 HTML
+├── {url_hash}.md       # Crawl4AI Markdown
+└── index.jsonl         # 文章索引</code></pre>
+
+<h3>5.5 反爬策略</h3>
+
+<p>部分新闻源有反爬保护（如 DataDome）。系统支持三种策略，按优先级自动选择：</p>
+
+<table>
+  <tr><th>优先级</th><th>策略</th><th>配置</th><th>说明</th></tr>
+  <tr><td>1</td><td><strong>RSS 抓取</strong></td><td><code>rss_url</code></td><td>通过 Feed 获取文章，完全绕过反爬 ✅ MarketWatch</td></tr>
+  <tr><td>2</td><td><strong>Stealth</strong></td><td><code>anti_bot_mode: "stealth"</code></td><td>隐藏 webdriver 特征</td></tr>
+  <tr><td>3</td><td><strong>Headful</strong></td><td><code>anti_bot_mode: "headful"</code></td><td>非 headless 浏览器，最像真人</td></tr>
+</table>
+
+<p><strong>已验证</strong>：MarketWatch RSS 10/10 ✅ · WSJ RSS 20/20 ✅ · ForexLive 17/17 ✅ · ZeroHedge 15/15 ✅ · Barron's RSS 10/10 ✅ · Reuters ⚠️ · SeekingAlpha ⚠️</p>
+
+<!-- ====== 6. M2 ====== -->
+<h2 id="section-6">6. M2 — 正文提取</h2>
+
+<pre><code>uv run en-news extract              # 全部源
+uv run en-news extract -s forexlive # 指定源</code></pre>
+
+<p><strong>技术方案</strong>：优先 Crawl4AI Markdown → 回退 trafilatura（英文优化）。最小正文 50 词。</p>
+
+<pre><code>data/processed/{source_id}/{YYYYMMDD}/
+└── {url_hash}.json     # ProcessedArticle</code></pre>
+
+<!-- ====== 7. M3 ====== -->
+<h2 id="section-7">7. M3 — 三层去重</h2>
+
+<pre><code>uv run en-news dedup</code></pre>
+
+<table>
+  <tr><th>层级</th><th>方法</th><th>说明</th></tr>
+  <tr><td>L1</td><td>URL Hash</td><td>完全相同 URL</td></tr>
+  <tr><td>L2</td><td>内容 Hash</td><td>SHA1[:16] 去标点空白后匹配</td></tr>
+  <tr><td>L3</td><td>SimHash</td><td>字符 3-gram，汉明距离 ≤ 3，30 天窗口</td></tr>
+</table>
+
+<pre><code>data/dedup/fingerprints.sqlite3   # SQLite 指纹库
+data/deduped/{YYYYMMDD}/uniques/  # 唯一文章</code></pre>
+
+<!-- ====== 8. M4 ====== -->
+<h2 id="section-8">8. M4 — 翻译 + 事件抽取</h2>
+
+<pre><code>uv run en-news translate</code></pre>
+
+<div class="card">
+  <strong>⚙️ 技术规格</strong>
+  <ul style="padding-left:1.2rem;margin:.3rem 0 0;font-size:.93em;">
+    <li>Provider: DeepSeek v4-flash（默认）/ Qwen 备选</li>
+    <li>单次调用完成翻译+抽取，节省 token</li>
+    <li>并发 3 线程，3 次指数退避重试</li>
+    <li>正文截断 8000 字符</li>
+  </ul>
+</div>
+
+<h3>14 种事件类型</h3>
+<p>
+  <span class="badge badge-blue">财报披露</span>
+  <span class="badge badge-blue">并购收购</span>
+  <span class="badge badge-blue">产品发布</span>
+  <span class="badge badge-blue">监管政策</span>
+  <span class="badge badge-blue">宏观经济</span>
+  <span class="badge badge-blue">央行决议</span>
+  <span class="badge badge-blue">行业动态</span>
+  <span class="badge badge-blue">技术突破</span>
+  <span class="badge badge-blue">高管变动</span>
+  <span class="badge badge-blue">诉讼法律</span>
+  <span class="badge badge-blue">市场异动</span>
+  <span class="badge badge-blue">地缘政治</span>
+  <span class="badge badge-blue">大宗商品</span>
+  <span class="badge badge-blue">外汇波动</span>
+</p>
+
+<h3>情绪标签</h3>
+<p>
+  <span class="badge badge-pos">🟢 positive 利好</span>
+  <span class="badge badge-neu">⚪ neutral 中性</span>
+  <span class="badge badge-neg">🔴 negative 利空</span>
+</p>
+
+<!-- ====== 9. M5 ====== -->
+<h2 id="section-9">9. M5 — 向量生成</h2>
+
+<pre><code>uv run en-news embed</code></pre>
+
+<p><strong>技术方案</strong>：DashScope <code>text-embedding-v3</code>，1024 维。嵌入文本 = 中文标题 + 事件标签 + 中文正文（4000 字符截断）。</p>
+
+<pre><code>data/embeddings/{YYYYMMDD}/
+└── {url_hash}.json     # EmbeddingResult (1024 floats)</code></pre>
+
+<!-- ====== 10. M6 ====== -->
+<h2 id="section-10">10. M6 — Qdrant 入库与检索</h2>
+
+<h3>入库</h3>
+<pre><code>uv run en-news index              # 增量入库
+uv run en-news index --recreate   # 重建 collection</code></pre>
+
+<h3>语义搜索</h3>
+<pre><code>uv run en-news search "美联储利率决议"
+uv run en-news search "伊朗霍尔木兹海峡" --top-k 5</code></pre>
+
+<div class="card">
+  <strong>📦 Qdrant 规格</strong>
+  <ul style="padding-left:1.2rem;margin:.3rem 0 0;font-size:.93em;">
+    <li>模式: 本地文件（<code>data/qdrant_storage/</code>），无需 Docker</li>
+    <li>Collection: <code>en_finance_news</code></li>
+    <li>距离: Cosine · 维度: 1024</li>
+    <li>Payload: title / title_zh / url / events / content_zh_preview</li>
+  </ul>
+</div>
+
+<!-- ====== 11. M7 ====== -->
+<h2 id="section-11">11. M7 — 全链路管道 + 日报</h2>
+
+<h3>手动全链路运行（完整流程）</h3>
+
+<p>当需要手工执行完整的数据处理流程时，按顺序执行：</p>
+
+<pre><code># 步骤 1（海外）: 抓取英文财经新闻
+ssh &lt;海外服务器&gt; "cd /opt/intlgrab && uv run en-news crawl"
+
+# 步骤 2（海外）: 打包 raw 数据
+ssh &lt;海外服务器&gt; "cd /opt/intlgrab && bash scripts/overseas_pack.sh"
+
+# 步骤 3（国内）: 拉取海外数据
+cd /home/pi/intlnews && bash scripts/domestic_sync.sh
+
+# 步骤 4: 一键全链路 M2→M6 + 日报
+cd /home/pi/intlnews && uv run en-news pipeline</code></pre>
+
+<p>也可以分步执行（适合调试）：</p>
+
+<pre><code>uv run en-news extract              # M2: 正文提取
+uv run en-news dedup                # M3: 三层去重
+uv run en-news translate            # M4: 翻译 + 事件抽取
+uv run en-news embed                # M5: 向量生成
+uv run en-news index                # M6: Qdrant 入库
+uv run en-news report               # 日报生成</code></pre>
+
+<h3>一键管道（自动）</h3>
+<pre><code>uv run en-news pipeline               # 全链路 M2→M6 + 日报
+uv run en-news pipeline --skip-report  # 跳过日报
+uv run en-news report                  # 仅日报</code></pre>
+
+<h3>管道流程</h3>
+<div class="flow">
+  <span class="flow-step">M2 extract</span>
+  <span class="flow-arrow">→</span>
+  <span class="flow-step">M3 dedup</span>
+  <span class="flow-arrow">→</span>
+  <span class="flow-step">M4 translate</span>
+  <span class="flow-arrow">→</span>
+  <span class="flow-step">M5 embed</span>
+  <span class="flow-arrow">→</span>
+  <span class="flow-step">M6 index</span>
+  <span class="flow-arrow">→</span>
+  <span class="flow-step">📰 日报</span>
+</div>
+
+<div class="warn">
+  <strong>⚠️ 降级策略</strong>：每步失败记录日志但不阻断后续步骤。
+</div>
+
+<h3>HTML 日报五板块</h3>
+<ol style="padding-left:1.5rem;">
+  <li>🤖 <strong>AI 摘要</strong> — LLM 根据 important≥4 事件生成要点总结</li>
+  <li>🔥 <strong>重要事件</strong> — 事件表格（情绪/重要度/摘要/链接）</li>
+  <li>📊 <strong>数据总览</strong> — M1→M6 管道统计数字</li>
+  <li>📈 <strong>情绪分布</strong> — 利好/利空/中性比例条</li>
+  <li>📋 <strong>事件类型 TOP 10</strong></li>
+</ol>
+
+<p>本地: <code>data/reports/intl_news_daily_{YYYYMMDD}.html</code></p>
+<p>线上: 自动上传到 <code>https://echart.doorcome.cn/research/{YYYYMMDD}/</code></p>
+<p>上传配置在 <code>configs/system.yaml</code> → <code>report.upload_host</code> / <code>report.upload_path</code></p>
+
+<!-- ====== 12. M8 ====== -->
+<h2 id="section-12">12. M8 — MCP 服务</h2>
+
+<h3>启动</h3>
+<pre><code>uv run en-news mcp-server</code></pre>
+
+<h3>5 个 MCP Tool</h3>
+
+<table>
+  <tr><th>Tool</th><th>功能</th><th>示例调用</th></tr>
+  <tr><td><code>search_news</code></td><td>语义检索新闻</td><td><code>search_news("美联储利率决议")</code></td></tr>
+  <tr><td><code>search_by_stock</code></td><td>美股代码检索</td><td><code>search_by_stock("AAPL")</code></td></tr>
+  <tr><td><code>search_by_sentiment</code></td><td>情绪过滤检索</td><td><code>search_by_sentiment("加息", sentiment="negative")</code></td></tr>
+  <tr><td><code>get_today_events</code></td><td>当日重要事件</td><td><code>get_today_events(importance_min=4)</code></td></tr>
+  <tr><td><code>get_stats</code></td><td>系统统计</td><td><code>get_stats()</code></td></tr>
+</table>
+
+<h3>Claude Code MCP 配置</h3>
+<pre><code>{
+  "mcpServers": {
+    "intl-news": {
+      "command": "uv",
+      "args": ["run", "en-news", "mcp-server"],
+      "cwd": "/home/pi/intlnews"
+    }
+  }
+}</code></pre>
+
+<!-- ====== 13. 数据目录 ====== -->
+<h2 id="section-13">13. 数据目录结构</h2>
+
+<pre><code>data/
+├── raw/                         # M1: 原始抓取
+│   └── {source_id}/{YYYYMMDD}/
+├── processed/                   # M2: 正文提取
+│   └── {source_id}/{YYYYMMDD}/
+├── dedup/                       # M3: 指纹库 + 去重结果
+│   ├── fingerprints.sqlite3
+│   └── {YYYYMMDD}/uniques/
+├── events/                      # M4: 翻译+事件
+│   └── {YYYYMMDD}/
+├── embeddings/                  # M5: 向量
+│   └── {YYYYMMDD}/
+├── qdrant_storage/              # M6: Qdrant 本地存储
+└── reports/                     # M7: 日报
+    └── intl_news_daily_{YYYYMMDD}.html</code></pre>
+
+<!-- ====== 14. 定时任务 ====== -->
+<h2 id="section-14">14. 定时任务</h2>
+
+<h3>时间线</h3>
+
+<table>
+  <tr><th>时间</th><th>服务器</th><th>动作</th></tr>
+  <tr><td>05:55</td><td>海外</td><td>打包 data/raw/</td></tr>
+  <tr><td>06:30</td><td>国内</td><td>拉取 → M2→M6 管道 → 📰 日报</td></tr>
+  <tr><td>11:55</td><td>海外</td><td>打包</td></tr>
+  <tr><td>12:00</td><td>国内</td><td>拉取 → 管道</td></tr>
+  <tr><td>17:55</td><td>海外</td><td>打包</td></tr>
+  <tr><td>18:00</td><td>国内</td><td>拉取 → 管道</td></tr>
+  <tr><td>21:55</td><td>海外</td><td>打包</td></tr>
+  <tr><td>22:00</td><td>国内</td><td>拉取 → 管道 → 📰 日报</td></tr>
+</table>
+
+<h3>新闻日定义</h3>
+<p>切分点 <code>day_cutoff_hour: 6</code>。当天 06:00 至次日 05:59 属于同一个新闻日。</p>
+
+<!-- ====== 15. FAQ ====== -->
+<h2 id="section-15">15. 常见问题</h2>
+
+<h3>Q: 如何新增新闻源？</h3>
+<p>编辑 <code>configs/sources.yaml</code>：</p>
+<pre><code>- id: "new_source"
+  name: "New Source Name"
+  enabled: true
+  homepage: "https://example.com/finance/"
+  article_url_pattern: "/news/[^/]+/"
+  js_render: false
+  max_articles_per_run: 30</code></pre>
+
+<h3>Q: 翻译质量不好怎么办？</h3>
+<ol style="padding-left:1.5rem;">
+  <li>调整 <code>configs/system.yaml</code> 中 <code>llm.temperature</code>（降低更保守）</li>
+  <li>编辑 <code>prompts/translation_and_extraction.md</code> 优化 Prompt</li>
+  <li>切换 Provider：<code>llm.provider: "qwen"</code></li>
+</ol>
+
+<h3>Q: Qdrant 检索太慢？</h3>
+<p>本地文件模式 17 条 &lt; 0.01s，足够快。数据量 &gt; 10 万条时切换到 Docker 模式。</p>
+
+<h3>Q: 如何查看日志？</h3>
+<pre><code>tail -f logs/sync.log
+tail -f logs/crawler.log   # 海外</code></pre>
+
+<h3>Q: 数据如何备份？</h3>
+<pre><code>tar czf intlnews_backup_$(date +%Y%m%d).tar.gz data/</code></pre>
+
+<!-- ====== 附录 ====== -->
+<h2>附录：技术栈</h2>
+
+<table>
+  <tr><th>组件</th><th>技术</th></tr>
+  <tr><td>语言</td><td>Python 3.11</td></tr>
+  <tr><td>包管理</td><td>uv + pyproject.toml</td></tr>
+  <tr><td>抓取</td><td>Crawl4AI + Playwright</td></tr>
+  <tr><td>正文提取</td><td>trafilatura</td></tr>
+  <tr><td>去重</td><td>SimHash + SQLite</td></tr>
+  <tr><td>LLM</td><td>DeepSeek v4-flash（OpenAI SDK）</td></tr>
+  <tr><td>Embedding</td><td>DashScope text-embedding-v3</td></tr>
+  <tr><td>向量库</td><td>Qdrant（本地文件模式）</td></tr>
+  <tr><td>MCP</td><td>FastMCP</td></tr>
+  <tr><td>CLI</td><td>Typer</td></tr>
+  <tr><td>配置</td><td>YAML + .env</td></tr>
+  <tr><td>数据模型</td><td>Pydantic v2</td></tr>
+</table>
+
+</main>
+
+<footer>
+  <div class="container">
+    <p>国际财经 Deep Research 私有投研平台 · 使用手册 v1.0 · 2026-06-21</p>
+  </div>
+</footer>
+
+</body>
+</html>
diff --git a/docs/intlnews_usage.md b/docs/intlnews_usage.md
new file mode 100644
index 0000000..c01d582
--- /dev/null
+++ b/docs/intlnews_usage.md
@@ -0,0 +1,672 @@
+# 国际财经 Deep Research 平台 — 使用手册
+
+> 版本：v1.0  
+> 最后更新：2026-06-21  
+> 项目路径：国内 `/home/pi/intlnews` / 海外 `/opt/intlgrab`
+
+---
+
+## 目录
+
+1. [项目概述](#1-项目概述)
+2. [部署拓扑](#2-部署拓扑)
+3. [环境配置](#3-环境配置)
+4. [CLI 命令参考](#4-cli-命令参考)
+5. [M1 — 新闻抓取](#5-m1--新闻抓取)
+6. [M2 — 正文提取](#6-m2--正文提取)
+7. [M3 — 三层去重](#7-m3--三层去重)
+8. [M4 — 翻译 + 事件抽取](#8-m4--翻译--事件抽取)
+9. [M5 — 向量生成](#9-m5--向量生成)
+10. [M6 — Qdrant 入库与检索](#10-m6--qdrant-入库与检索)
+11. [M7 — 全链路管道 + 日报](#11-m7--全链路管道--日报)
+12. [M8 — MCP 服务](#12-m8--mcp-服务)
+13. [数据目录结构](#13-数据目录结构)
+14. [定时任务](#14-定时任务)
+15. [常见问题](#15-常见问题)
+
+---
+
+## 1. 项目概述
+
+本项目构建面向**国际英文财经新闻**的私有化 Deep Research 平台。
+
+核心能力：
+
+- 英文财经新闻抓取（Crawl4AI，12 个源）
+- 正文提取（trafilatura）
+- 全文英译中（DeepSeek LLM）
+- 投资事件抽取（美股代码识别 + 情绪判断 + 重要度评分）
+- 双语向量知识库（Qdrant，1024 维）
+- 语义检索（中文自然语言）
+- MCP 服务（Claude Code / Cherry Studio Agent 深度研究）
+- 每日 AI 摘要日报（HTML）
+
+**本项目不是**：交易系统 / 股票预测系统 / 投资顾问系统。
+
+---
+
+## 2. 部署拓扑
+
+```
+┌──────────────────────────────────────────────────┐
+│           Overseas Server (海外)                   │
+│  M1 Crawl4AI 抓取 → data/raw/                     │
+│  每天 4 次打包 → rsync 推送                        │
+│  SSH: <海外服务器>                       │
+│  路径: /opt/intlgrab                               │
+└────────────────────┬─────────────────────────────┘
+                     │ rsync
+                     ▼
+┌──────────────────────────────────────────────────┐
+│           Domestic Server (国内)                   │
+│  M2 正文提取 → M3 去重 → M4 翻译+事件              │
+│  → M5 向量生成 → M6 Qdrant 入库                    │
+│  → M7 调度 + 日报 → M8 MCP 服务                    │
+│  SSH: <国内服务器>                            │
+│  路径: /home/pi/intlnews                           │
+└──────────────────────────────────────────────────┘
+```
+
+---
+
+## 3. 环境配置
+
+### 3.1 依赖安装
+
+```bash
+cd /home/pi/intlnews
+uv sync
+```
+
+### 3.2 配置文件
+
+| 文件 | 用途 | 示例 |
+|------|------|------|
+| `.env` | API Key / URL（不入 Git） | `DEEPSEEK_API_KEY=sk-xxx` |
+| `configs/system.yaml` | 功能参数（模型、阈值、超时） | `llm.provider: deepseek` |
+| `configs/sources.yaml` | 新闻源定义 | 12 个英文财经源 |
+
+### 3.3 必需环境变量（`.env`）
+
+```bash
+# DeepSeek（M4 翻译+事件抽取）
+DEEPSEEK_API_KEY=sk-your-key
+DEEPSEEK_BASE_URL=https://api.deepseek.com
+
+# Qwen（备选 LLM）
+QWEN_API_KEY=sk-your-key
+QWEN_BASE_URL=https://dashscope.aliyuncs.com/compatible-mode/v1
+
+# DashScope（M5 向量生成）
+DASHSCOPE_API_KEY=sk-your-key
+
+# Qdrant（留空使用本地文件模式）
+QDRANT_URL=http://localhost:6333
+QDRANT_API_KEY=
+```
+
+### 3.4 关键配置项（`configs/system.yaml`）
+
+```yaml
+crawler:
+  max_memory_mb: 1800       # 串行抓取内存上限
+
+dedup:
+  hamming_distance_threshold: 3   # SimHash 汉明距离阈值
+  simhash_window_days: 30         # 时间窗口
+
+llm:
+  provider: "deepseek"
+  deepseek_model: "deepseek-v4-flash"
+  concurrency: 3                  # LLM 并发数
+
+embedding:
+  provider: "dashscope"
+  dashscope_model: "text-embedding-v3"
+  dimension: 1024
+
+qdrant:
+  collection: "en_finance_news"
+
+schedule:
+  day_cutoff_hour: 6        # 新闻日切分点（06:00）
+```
+
+---
+
+## 4. CLI 命令参考
+
+所有命令通过 `uv run en-news` 执行：
+
+| 命令 | Milestone | 功能 |
+|------|-----------|------|
+| `crawl` | M1 | 抓取英文财经新闻 |
+| `extract` | M2 | 正文提取 |
+| `dedup` | M3 | 三层去重 |
+| `translate` | M4 | 翻译 + 事件抽取 |
+| `embed` | M5 | 向量生成 |
+| `index` | M6 | Qdrant 入库 |
+| `search <query>` | M6 | 语义检索 |
+| `pipeline` | M7 | 一键全链路 M2→M6 |
+| `report` | M7 | 日报生成 |
+| `mcp-server` | M8 | 启动 MCP 服务 |
+
+常用选项：
+
+```bash
+# 指定源
+uv run en-news crawl --source forexlive
+uv run en-news extract --source forexlive
+
+# 指定 top_k
+uv run en-news search "美联储利率决议" --top-k 5
+
+# 重建 Qdrant collection
+uv run en-news index --recreate
+
+# 全链路跳过日报
+uv run en-news pipeline --skip-report
+```
+
+---
+
+## 5. M1 — 新闻抓取
+
+### 5.1 手动抓取
+
+```bash
+# 抓取所有启用的源
+uv run en-news crawl
+
+# 只抓取指定源
+uv run en-news crawl -s forexlive
+```
+
+### 5.2 新闻源列表
+
+| 源 ID | 名称 | 类型 |
+|-------|------|------|
+| reuters | Reuters | 综合财经 |
+| cnbc | CNBC | 市场新闻 |
+| marketwatch | MarketWatch | 市场数据 |
+| ft | Financial Times | 财经深度 |
+| yahoo_finance | Yahoo Finance | 综合 |
+| investing | Investing.com | 全球市场 |
+| seekingalpha | Seeking Alpha | 投资分析 |
+| barrons | Barrons | 市场评论 |
+| wsj | WSJ | 综合财经 |
+| economist | The Economist | 经济分析 |
+| forexlive | ForexLive | 外汇新闻 |
+| zerohedge | ZeroHedge | 另类财经 |
+
+### 5.3 反爬策略
+
+部分新闻源设有反爬保护（如 DataDome）。系统支持三种策略，按优先级自动选择：
+
+| 优先级 | 策略 | 配置字段 | 说明 | 适用源 |
+|--------|------|---------|------|--------|
+| 1 | **RSS 抓取** | `rss_url` | 通过 RSS/Atom Feed 获取文章列表，完全绕过反爬 | MarketWatch ✅ |
+| 2 | **Stealth 模式** | `anti_bot_mode: "stealth"` | 隐藏 webdriver 特征（`--disable-blink-features=AutomationControlled`） | Reuters（海外内存不足待验证） |
+| 3 | **Headful 模式** | `anti_bot_mode: "headful"` | 非 headless 浏览器，最像真人 | 重度反爬源回退 |
+
+配置示例（`configs/sources.yaml`）：
+
+```yaml
+- id: "marketwatch"
+  rss_url: "https://feeds.marketwatch.com/marketwatch/topstories"  # RSS 优先
+  anti_bot_mode: "headful"       # RSS 失败时回退
+
+- id: "reuters"
+  anti_bot_mode: "stealth"       # 无 RSS，直接 stealth
+```
+
+**已验证**：
+
+| 源 | 方式 | 结果 |
+|----|------|------|
+| MarketWatch | RSS | ✅ 10/10 |
+| WSJ | RSS | ✅ 20/20 |
+| ForexLive | 标准 headless | ✅ 17/17 |
+| ZeroHedge | 标准 + URL 过滤 | ✅ 15/15 |
+| Barron's | RSS (Dow Jones) | ✅ 10/10 |
+| Reuters | stealth | ⚠️ DataDome |
+| SeekingAlpha | stealth | ⚠️ PerimeterX |
+
+### 5.4 海外定时抓取
+
+```cron
+# crontab（<海外服务器>）— 每天 4 次
+# 时序: 抓取(60min) → 打包(5min) → 10min后国内拉取
+0  6  * * * cd /opt/intlgrab && bash scripts/overseas_crawl.sh
+5  7  * * * cd /opt/intlgrab && bash scripts/overseas_pack.sh
+0  12 * * * cd /opt/intlgrab && bash scripts/overseas_crawl.sh
+5  13 * * * cd /opt/intlgrab && bash scripts/overseas_pack.sh
+0  18 * * * cd /opt/intlgrab && bash scripts/overseas_crawl.sh
+5  19 * * * cd /opt/intlgrab && bash scripts/overseas_pack.sh
+0  22 * * * cd /opt/intlgrab && bash scripts/overseas_crawl.sh
+5  23 * * * cd /opt/intlgrab && bash scripts/overseas_pack.sh
+```
+
+### 5.4 增量抓取机制
+
+抓取采用**两层增量**确保不重复下载和存储：
+
+| 层级 | 位置 | 机制 |
+|------|------|------|
+| 抓取层 | `_extract_article_urls` | 读取当日 `index.jsonl` 中已抓取的 url_hash，跳过已存在的 URL，不重复下载 |
+| 存储层 | `write_index_jsonl` | 追加写入前再次检查 url_hash，已存在则跳过 |
+
+同一天内多次执行 `crawl`，只有新文章才会被下载和存储。
+
+### 5.5 产物
+
+```
+data/raw/{source_id}/{YYYYMMDD}/
+├── {url_hash}.html          # 原始 HTML
+├── {url_hash}.md            # Crawl4AI Markdown
+└── index.jsonl              # 文章索引
+```
+
+---
+
+## 6. M2 — 正文提取
+
+### 6.1 执行
+
+```bash
+# 提取所有源
+uv run en-news extract
+
+# 提取指定源
+uv run en-news extract -s forexlive
+```
+
+### 6.2 技术方案
+
+- 优先使用 Crawl4AI 输出的 Markdown
+- 回退 `trafilatura` 英文正文提取
+- 最小正文字数阈值：50 词
+
+### 6.3 产物
+
+```
+data/processed/{source_id}/{YYYYMMDD}/
+├── {url_hash}.json          # ProcessedArticle
+└── index.jsonl              # 处理索引
+```
+
+---
+
+## 7. M3 — 三层去重
+
+### 7.1 执行
+
+```bash
+uv run en-news dedup
+```
+
+### 7.2 去重逻辑
+
+| 层级 | 方法 | 说明 |
+|------|------|------|
+| L1 | URL Hash | 完全相同 URL 直接命中 |
+| L2 | 内容 Hash | 标准化后 SHA1[:16] 匹配（去标点/空白） |
+| L3 | SimHash | 字符 3-gram，汉明距离 ≤ 3，30 天窗口 |
+
+### 7.3 产物
+
+```
+data/deduped/{YYYYMMDD}/
+├── uniques/{url_hash}.json   # 唯一文章
+└── index.json                 # 去重索引
+data/dedup/fingerprints.sqlite3  # 指纹库
+```
+
+---
+
+## 8. M4 — 翻译 + 事件抽取
+
+### 8.1 执行
+
+```bash
+uv run en-news translate
+```
+
+### 8.2 技术方案
+
+- **Provider**: DeepSeek v4-flash（默认）/ Qwen 备选
+- **单次调用**：翻译 + 事件抽取合并，节省 token
+- **并发**：3 线程（`system.yaml` → `llm.concurrency`）
+- **重试**：3 次指数退避（1s → 2s → 4s）
+
+### 8.3 输出格式
+
+```json
+{
+  "title": "Fed Holds Rates Steady as Markets Rally",
+  "title_zh": "美联储维持利率不变，市场上涨",
+  "content_en": "The Federal Reserve held...",
+  "content_zh": "美联储周三维持利率不变...",
+  "events": [
+    {
+      "event_type": "央行决议",
+      "stock_codes": [],
+      "sentiment": "neutral",
+      "importance": 5,
+      "summary_zh": "美联储维持利率不变，市场反弹"
+    }
+  ]
+}
+```
+
+### 8.4 14 种事件类型
+
+`财报披露` `并购收购` `产品发布` `监管政策` `宏观经济`
+`央行决议` `行业动态` `技术突破` `高管变动` `诉讼法律`
+`市场异动` `地缘政治` `大宗商品` `外汇波动` `其他`
+
+### 8.5 产物
+
+```
+data/events/{YYYYMMDD}/
+├── {url_hash}.json          # EnTranslatedArticle
+└── index.json                # 事件索引
+```
+
+---
+
+## 9. M5 — 向量生成
+
+### 9.1 执行
+
+```bash
+uv run en-news embed
+```
+
+### 9.2 技术方案
+
+- **Provider**: DashScope `text-embedding-v3`
+- **维度**: 1024
+- **嵌入文本**: `标题: {title_zh}` + `事件: [{sentiment}] {event_type} 重要度{n} {summary_zh}` + `正文: {content_zh[:3000]}`
+- **截断**: 4000 字符上限
+
+### 9.3 产物
+
+```
+data/embeddings/{YYYYMMDD}/
+├── {url_hash}.json          # EmbeddingResult（1024 维）
+└── index.json                # 向量索引
+```
+
+---
+
+## 10. M6 — Qdrant 入库与检索
+
+### 10.1 入库
+
+```bash
+# 增量入库
+uv run en-news index
+
+# 重建 collection（清空旧数据）
+uv run en-news index --recreate
+```
+
+### 10.2 语义搜索
+
+```bash
+# 基本搜索
+uv run en-news search "美联储利率决议"
+
+# 指定返回条数
+uv run en-news search "伊朗霍尔木兹海峡" --top-k 5
+```
+
+### 10.3 技术方案
+
+- **模式**: 本地文件（`data/qdrant_storage/`），无需 Docker
+- **Collection**: `en_finance_news`
+- **距离**: Cosine
+- **Payload**: title / title_zh / url / source_id / events / content_zh_preview
+
+### 10.4 产物
+
+```
+data/qdrant_storage/         # Qdrant 本地文件存储
+```
+
+---
+
+## 11. M7 — 全链路管道 + 日报
+
+### 11.1 手动全链路运行（完整流程）
+
+当需要手工执行完整的数据处理流程时，按顺序执行以下命令：
+
+```bash
+# 步骤 1（海外）: 抓取英文财经新闻
+ssh <海外服务器> "cd /opt/intlgrab && uv run en-news crawl"
+
+# 步骤 2（海外）: 打包 raw 数据
+ssh <海外服务器> "cd /opt/intlgrab && bash scripts/overseas_pack.sh"
+
+# 步骤 3（国内）: 拉取海外数据
+cd /home/pi/intlnews && bash scripts/domestic_sync.sh
+
+# 步骤 4: 一键全链路 M2→M6 + 日报
+cd /home/pi/intlnews && uv run en-news pipeline
+```
+
+也可以分步执行（适合调试）：
+
+```bash
+# 分步模式
+uv run en-news extract              # M2: 正文提取
+uv run en-news dedup                # M3: 三层去重
+uv run en-news translate            # M4: 翻译 + 事件抽取
+uv run en-news embed                # M5: 向量生成
+uv run en-news index                # M6: Qdrant 入库
+uv run en-news report               # 日报生成
+```
+
+### 11.2 一键管道（自动）
+
+```bash
+# 全链路 M2→M6 + 日报
+uv run en-news pipeline
+
+# 跳过日报生成
+uv run en-news pipeline --skip-report
+
+# 只生成日报
+uv run en-news report
+```
+
+### 11.2 管道步骤
+
+```
+M2 extract → M3 dedup → M4 translate → M5 embed → M6 index → 日报
+```
+
+每步失败记录日志但不阻断后续步骤（降级继续）。
+
+### 11.3 HTML 日报
+
+日报包含五个板块：
+
+1. 🤖 **AI 摘要** — LLM 根据当日 important≥4 事件生成要点总结
+2. 🔥 **重要事件** — 高重要度事件表格（标题/情绪/重要度/摘要/链接）
+3. 📊 **数据总览** — M1→M6 管道统计数据
+4. 📈 **情绪分布** — 利好/利空/中性比例条 + 重要度分布
+5. 📋 **事件类型 TOP 10**
+
+日报输出：`data/reports/intl_news_daily_{YYYYMMDD}.html`（约 9KB），同时自动上传到
+`https://echart.doorcome.cn/research/{YYYYMMDD}/intl_news_daily_{YYYYMMDD}.html`
+
+### 11.4 国内定时调度
+
+```cron
+# crontab（<国内服务器>）— 每天 3 次
+# 全流程：SSH 触发海外打包 → 下载 → 管道串行 M2→M6 → 日报
+0  7  * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh
+0  12 * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh
+0  18 * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh
+```
+
+`domestic_full.sh` 统一完成：远程打包 → 同步 → 管道 → 日报。
+
+---
+
+## 12. M8 — MCP 服务
+
+### 12.1 启动
+
+```bash
+uv run en-news mcp-server
+```
+
+### 12.2 可用 Tool
+
+| Tool | 功能 | 示例 |
+|------|------|------|
+| `search_news` | 语义检索新闻 | `search_news("美联储利率决议")` |
+| `search_by_stock` | 美股代码检索 | `search_by_stock("AAPL")` |
+| `search_by_sentiment` | 按情绪检索 | `search_by_sentiment("加息", sentiment="negative")` |
+| `get_today_events` | 当日重要事件 | `get_today_events(importance_min=4)` |
+| `get_stats` | 系统统计 | `get_stats()` |
+
+### 12.3 Claude Code 配置
+
+在 Claude Code 的 MCP 配置中添加：
+
+```json
+{
+  "mcpServers": {
+    "intl-news": {
+      "command": "uv",
+      "args": ["run", "en-news", "mcp-server"],
+      "cwd": "/home/pi/intlnews"
+    }
+  }
+}
+```
+
+---
+
+## 13. 数据目录结构
+
+```
+data/
+├── raw/                         # M1: 原始抓取
+│   └── {source_id}/{YYYYMMDD}/
+│       ├── {url_hash}.html
+│       ├── {url_hash}.md
+│       └── index.jsonl
+├── processed/                   # M2: 正文提取
+│   └── {source_id}/{YYYYMMDD}/
+│       └── {url_hash}.json
+├── dedup/                       # M3: 指纹库
+│   ├── fingerprints.sqlite3
+│   └── {YYYYMMDD}/
+│       ├── uniques/{url_hash}.json
+│       └── index.json
+├── events/                      # M4: 翻译+事件
+│   └── {YYYYMMDD}/
+│       └── {url_hash}.json
+├── embeddings/                  # M5: 向量
+│   └── {YYYYMMDD}/
+│       └── {url_hash}.json
+├── qdrant_storage/              # M6: Qdrant 本地存储
+└── reports/                     # M7: 日报
+    └── intl_news_daily_{YYYYMMDD}.html
+```
+
+---
+
+## 14. 定时任务
+
+### 14.1 时间线
+
+```
+海外                                    国内
+─────────────────────────────    ─────────────────────────
+06:00 crawl (≈60min)            07:00 全流程（打包→下载→管道→日报）
+12:00 crawl (≈60min)            12:00 全流程
+18:00 crawl (≈60min)            18:00 全流程
+22:00 crawl (≈60min)            (夜间 crawl 结果次日 07:00 处理)
+```
+
+国内 `domestic_full.sh` 流程：`SSH触发海外打包 → 下载 → M2→M3→M4→M5→M6 → 日报`（串行）。
+
+### 14.2 新闻日定义
+
+- 切分点：`day_cutoff_hour: 6`（凌晨 06:00）
+- 当天 06:00 至次日 05:59 属于同一个新闻日
+- 例如：2026-06-19 04:00 → 新闻日 "20260618"
+
+---
+
+## 15. 常见问题
+
+### Q: 如何新增新闻源？
+
+编辑 `configs/sources.yaml`，添加源配置：
+
+```yaml
+- id: "new_source"
+  name: "New Source Name"
+  enabled: true
+  homepage: "https://example.com/finance/"
+  article_url_pattern: "/news/[^/]+/"
+  js_render: false
+  max_articles_per_run: 30
+```
+
+### Q: 翻译质量不好怎么办？
+
+1. 调整 `configs/system.yaml` 中 `llm.temperature`（降低更保守）
+2. 编辑 `prompts/translation_and_extraction.md` 优化 Prompt
+3. 切换 Provider：`llm.provider: "qwen"`
+
+### Q: Qdrant 检索太慢？
+
+- 本地文件模式已足够快（17 条 < 0.01s）
+- 数据量 > 10 万条时建议切换到 Docker 模式
+- 设置 `QDRANT_URL=http://your-server:6333`
+
+### Q: 如何查看日志？
+
+```bash
+tail -f logs/sync.log        # 同步日志（国内）
+tail -f logs/pipeline.log    # 管道日志（国内）
+tail -f logs/crawl.log       # 抓取日志（海外）
+tail -f logs/pack.log        # 打包日志（海外）
+```
+
+日志自动清理：每周日凌晨 3 点删除 14 天前的 `.log` 文件（`scripts/cleanup_logs.sh`）。
+
+### Q: 数据如何备份？
+
+```bash
+# 备份整个 data 目录
+tar czf intlnews_backup_$(date +%Y%m%d).tar.gz data/
+```
+
+---
+
+## 附录：技术栈
+
+| 组件 | 技术 |
+|------|------|
+| 语言 | Python 3.11 |
+| 包管理 | uv + pyproject.toml |
+| 抓取 | Crawl4AI + Playwright |
+| 正文提取 | trafilatura |
+| 去重 | SimHash + SQLite |
+| LLM | DeepSeek v4-flash（OpenAI SDK） |
+| Embedding | DashScope text-embedding-v3 |
+| 向量库 | Qdrant（本地文件模式） |
+| MCP | FastMCP |
+| CLI | Typer |
+| 配置 | YAML + .env |
+| 数据模型 | Pydantic v2 |
diff --git a/embedding/__init__.py b/embedding/__init__.py
new file mode 100644
index 0000000..2eac7ff
--- /dev/null
+++ b/embedding/__init__.py
@@ -0,0 +1,35 @@
+"""向量生成模块 (M5)。
+
+公共 API:
+    - load_embedding_config / make_embedding_client
+    - compose_text / embed_article / embed_articles
+    - embed_all_events（批量管道）
+    - EmbeddingResult / EmbeddingConfig / EmbeddingError
+"""
+
+from embedding.client import (
+    EmbeddingConfig,
+    embed_batch,
+    load_embedding_config,
+    make_embedding_client,
+)
+from embedding.embedder import compose_text, embed_article, embed_articles
+from embedding.models import EmbeddingError, EmbeddingResult
+from embedding.pipeline import embed_all_events
+
+__all__ = [
+    # 客户端
+    "EmbeddingConfig",
+    "embed_batch",
+    "load_embedding_config",
+    "make_embedding_client",
+    # 嵌入
+    "compose_text",
+    "embed_article",
+    "embed_articles",
+    # 批量管道
+    "embed_all_events",
+    # 模型
+    "EmbeddingError",
+    "EmbeddingResult",
+]
diff --git a/embedding/client.py b/embedding/client.py
new file mode 100644
index 0000000..1b70225
--- /dev/null
+++ b/embedding/client.py
@@ -0,0 +1,198 @@
+"""DashScope Embedding 客户端。
+
+通过 OpenAI 兼容接口调用阿里百炼 text-embedding-v3：
+    base_url: https://dashscope.aliyuncs.com/compatible-mode/v1
+    model:    text-embedding-v3（1024 维）
+
+配置来源:
+    - .env → DASHSCOPE_API_KEY / QWEN_BASE_URL（OpenAI 兼容端点）
+    - configs/system.yaml → embedding 段（model / dimension / batch_size / timeout）
+"""
+
+import logging
+import os
+import time
+from dataclasses import dataclass
+from pathlib import Path
+
+import yaml
+from openai import OpenAI
+
+from embedding.models import EmbeddingError
+
+logger = logging.getLogger(__name__)
+
+# 默认值
+DASHSCOPE_DEFAULT_BASE = "https://dashscope.aliyuncs.com/compatible-mode/v1"
+DASHSCOPE_DEFAULT_MODEL = "text-embedding-v3"
+DASHSCOPE_DEFAULT_DIM = 1024
+DASHSCOPE_BATCH_LIMIT = 10  # 百炼实测单批上限
+
+# 重试
+DEFAULT_MAX_ATTEMPTS = 3
+RETRY_BASE_WAIT_SEC = 1.0
+RETRY_MAX_WAIT_SEC = 8.0
+
+
+def _load_embedding_config() -> dict:
+    """从 system.yaml 加载 embedding 段配置。"""
+    config_path = Path("configs/system.yaml")
+    if config_path.exists():
+        try:
+            with open(config_path, encoding="utf-8") as f:
+                raw = yaml.safe_load(f)
+            return raw.get("embedding", {})
+        except Exception:
+            logger.warning("加载 embedding 配置失败")
+    return {}
+
+
+@dataclass
+class EmbeddingConfig:
+    """Embedding 调用配置。"""
+
+    provider: str = "dashscope"
+    model: str = DASHSCOPE_DEFAULT_MODEL
+    api_key: str = ""
+    base_url: str = DASHSCOPE_DEFAULT_BASE
+    dimension: int = DASHSCOPE_DEFAULT_DIM
+    batch_size: int = DASHSCOPE_BATCH_LIMIT
+    timeout_sec: float = 30.0
+    max_attempts: int = DEFAULT_MAX_ATTEMPTS
+
+    def __post_init__(self) -> None:
+        if not self.api_key:
+            raise EmbeddingError("DASHSCOPE_API_KEY 未配置，请检查 .env")
+
+
+def load_embedding_config(
+    *,
+    model: str | None = None,
+) -> EmbeddingConfig:
+    """根据配置构造 EmbeddingConfig。
+
+    优先级: system.yaml > .env 默认值 > 硬编码默认值
+    """
+    sys_cfg = _load_embedding_config()
+
+    # API key: 从环境变量读取
+    api_key = os.environ.get("DASHSCOPE_API_KEY", "")
+    if not api_key:
+        api_key = os.environ.get("QWEN_API_KEY", "")
+
+    # Base URL: 优先用 QWEN_BASE_URL（OpenAI 兼容），
+    # DASHSCOPE_BASE_URL 通常是旧版非兼容端点，不作为默认
+    base_url = (
+        os.environ.get("QWEN_BASE_URL")
+        or os.environ.get("DASHSCOPE_EMBEDDING_BASE_URL")
+        or DASHSCOPE_DEFAULT_BASE
+    )
+
+    m = model or sys_cfg.get("dashscope_model", DASHSCOPE_DEFAULT_MODEL)
+    dimension = int(sys_cfg.get("dimension", DASHSCOPE_DEFAULT_DIM))
+    batch_size = min(int(sys_cfg.get("batch_size", DASHSCOPE_BATCH_LIMIT)), DASHSCOPE_BATCH_LIMIT)
+    timeout = float(sys_cfg.get("timeout_sec", 30.0))
+
+    if not api_key:
+        raise EmbeddingError("DASHSCOPE_API_KEY 未配置，请检查 .env")
+
+    return EmbeddingConfig(
+        provider="dashscope",
+        model=m,
+        api_key=api_key,
+        base_url=base_url,
+        dimension=dimension,
+        batch_size=batch_size,
+        timeout_sec=timeout,
+    )
+
+
+def make_embedding_client(config: EmbeddingConfig) -> OpenAI:
+    """构造同步 OpenAI 客户端（指向 DashScope 兼容端点）。"""
+    logger.info(
+        "初始化 Embedding 客户端: provider=%s model=%s base_url=%s dim=%d",
+        config.provider, config.model, config.base_url, config.dimension,
+    )
+    return OpenAI(
+        api_key=config.api_key,
+        base_url=config.base_url,
+        timeout=config.timeout_sec,
+    )
+
+
+def _chunked(items: list[str], size: int) -> list[list[str]]:
+    """把列表按 size 分块。"""
+    return [items[i : i + size] for i in range(0, len(items), size)]
+
+
+def embed_batch(
+    client: OpenAI,
+    config: EmbeddingConfig,
+    texts: list[str],
+) -> list[list[float]]:
+    """批量嵌入，自动分块+重试。
+
+    Args:
+        client: OpenAI 客户端
+        config: Embedding 配置
+        texts: 待嵌入文本列表
+
+    Returns:
+        与 texts 等长的向量列表，每个为 1024 维 float 列表
+    """
+    if not texts:
+        return []
+
+    all_results: list[list[float]] = []
+    chunks = _chunked(texts, config.batch_size)
+
+    for chunk_idx, chunk in enumerate(chunks):
+        result = _call_with_retry(client, config, chunk, chunk_idx, len(chunks))
+        all_results.extend(result)
+
+    return all_results
+
+
+def _call_with_retry(
+    client: OpenAI,
+    config: EmbeddingConfig,
+    batch: list[str],
+    chunk_idx: int,
+    total_chunks: int,
+) -> list[list[float]]:
+    """单批嵌入调用，带指数退避重试。"""
+    last_err: Exception | None = None
+
+    for attempt in range(1, config.max_attempts + 1):
+        try:
+            resp = client.embeddings.create(model=config.model, input=batch)
+            vectors = [d.embedding for d in resp.data]
+
+            # 维度校验
+            if vectors and len(vectors[0]) != config.dimension:
+                logger.warning(
+                    "实际维度 %d 与预期 %d 不一致",
+                    len(vectors[0]), config.dimension,
+                )
+
+            logger.debug(
+                "Embedding chunk %d/%d 完成（%d 条，attempt %d）",
+                chunk_idx + 1, total_chunks, len(batch), attempt,
+            )
+            return vectors
+
+        except Exception as e:
+            last_err = e
+            logger.warning(
+                "DashScope embed 失败 chunk %d/%d 尝试 %d/%d: %s: %s",
+                chunk_idx + 1, total_chunks, attempt, config.max_attempts,
+                type(e).__name__, e,
+            )
+            if attempt < config.max_attempts:
+                wait = min(RETRY_BASE_WAIT_SEC * (2 ** (attempt - 1)), RETRY_MAX_WAIT_SEC)
+                time.sleep(wait)
+
+    raise EmbeddingError(
+        f"DashScope embed 放弃（{config.max_attempts} 次）: {last_err}",
+        attempts=config.max_attempts,
+    )
diff --git a/embedding/embedder.py b/embedding/embedder.py
new file mode 100644
index 0000000..bd4f97d
--- /dev/null
+++ b/embedding/embedder.py
@@ -0,0 +1,141 @@
+"""文本组装与向量生成。
+
+核心逻辑:
+    1. compose_text: 从 EnTranslatedArticle 拼接中文文本供嵌入
+    2. embed_article: 单篇文章嵌入
+    3. embed_articles: 批量嵌入（自动分块）
+"""
+
+import logging
+
+from openai import OpenAI
+
+from embedding.client import EmbeddingConfig, embed_batch
+from embedding.models import EmbeddingResult
+from llm.models import EnTranslatedArticle
+
+logger = logging.getLogger(__name__)
+
+# 嵌入文本最大字符数（DashScope text-embedding-v3 支持 8192 token，保守取 4000 字符）
+MAX_EMBED_CHARS = 4000
+
+
+def compose_text(article: EnTranslatedArticle, max_chars: int = MAX_EMBED_CHARS) -> str:
+    """把 EnTranslatedArticle 组装成单段嵌入文本。
+
+    拼接策略:
+        - 中文标题（最高信号）
+        - 事件摘要（语义浓缩）
+        - 中文正文（截断）
+
+    Args:
+        article: M4 输出的双语文章
+        max_chars: 整段最大字符数
+
+    Returns:
+        拼接后的中文嵌入文本
+    """
+    parts: list[str] = []
+
+    # 1. 标题（中文）
+    if article.title_zh:
+        parts.append(f"标题: {article.title_zh}")
+
+    # 2. 事件标签（语义浓缩）
+    for ev in article.events:
+        event_parts = [
+            f"[{ev.sentiment.value}]",
+            f"{ev.event_type}",
+            f"重要度{ev.importance}",
+        ]
+        if ev.stock_codes:
+            event_parts.append("代码:" + ",".join(ev.stock_codes[:5]))
+        if ev.summary_zh:
+            event_parts.append(ev.summary_zh)
+        parts.append("事件: " + " ".join(event_parts))
+
+    # 3. 中文正文
+    if article.content_zh:
+        body = article.content_zh
+        parts.append(f"正文: {body}")
+
+    text = "\n".join(parts)
+
+    # 截断保护
+    if len(text) > max_chars:
+        logger.debug("嵌入文本超长 %d → %d", len(text), max_chars)
+        text = text[:max_chars]
+
+    return text
+
+
+def embed_article(
+    client: OpenAI,
+    config: EmbeddingConfig,
+    article: EnTranslatedArticle,
+) -> EmbeddingResult:
+    """单篇文章嵌入。
+
+    Args:
+        client: OpenAI 客户端
+        config: Embedding 配置
+        article: M4 输出的双语文章
+
+    Returns:
+        EmbeddingResult 含向量 + 元信息
+    """
+    text = compose_text(article)
+
+    vectors = embed_batch(client, config, [text])
+    if not vectors:
+        raise ValueError(f"嵌入返回空结果: {article.url_hash}")
+
+    return EmbeddingResult(
+        url_hash=article.url_hash,
+        source_id=article.source_id,
+        vector=vectors[0],
+        dimension=len(vectors[0]),
+        embedded_text=text,
+        provider=config.provider,
+        model=config.model,
+    )
+
+
+def embed_articles(
+    client: OpenAI,
+    config: EmbeddingConfig,
+    articles: list[EnTranslatedArticle],
+) -> list[EmbeddingResult]:
+    """批量嵌入多篇文章（自动分块+重试）。
+
+    Args:
+        client: OpenAI 客户端
+        config: Embedding 配置
+        articles: M4 输出的双语文章列表
+
+    Returns:
+        EmbeddingResult 列表
+    """
+    if not articles:
+        return []
+
+    # 组装所有嵌入文本
+    texts = [compose_text(a) for a in articles]
+
+    # 批量嵌入
+    vectors = embed_batch(client, config, texts)
+
+    # 组装结果
+    results: list[EmbeddingResult] = []
+    for article, vec in zip(articles, vectors):
+        results.append(EmbeddingResult(
+            url_hash=article.url_hash,
+            source_id=article.source_id,
+            vector=vec,
+            dimension=len(vec),
+            embedded_text=compose_text(article),
+            provider=config.provider,
+            model=config.model,
+        ))
+
+    return results
diff --git a/embedding/models.py b/embedding/models.py
new file mode 100644
index 0000000..ce75901
--- /dev/null
+++ b/embedding/models.py
@@ -0,0 +1,34 @@
+"""Embedding 向量生成数据模型 (M5)。"""
+
+from datetime import datetime
+
+from pydantic import BaseModel, Field
+
+
+class EmbeddingResult(BaseModel):
+    """单篇文章的嵌入向量结果，M5 最终落盘格式。"""
+
+    # 来源标识
+    url_hash: str
+    source_id: str
+
+    # 嵌入向量（1024 维 float 列表）
+    vector: list[float] = Field(..., description="1024 维浮点向量")
+    dimension: int = 1024
+
+    # 嵌入文本（用于检索时调试/可视化）
+    embedded_text: str = Field(default="", description="拼接后送入 embedder 的文本")
+
+    # 调用元信息
+    provider: str = "dashscope"
+    model: str = ""
+    embedded_at: datetime = Field(default_factory=datetime.now)
+
+
+class EmbeddingError(Exception):
+    """Embedding 调用失败。"""
+
+    def __init__(self, reason: str, *, attempts: int = 0) -> None:
+        super().__init__(reason)
+        self.reason = reason
+        self.attempts = attempts
diff --git a/embedding/pipeline.py b/embedding/pipeline.py
new file mode 100644
index 0000000..b944a6b
--- /dev/null
+++ b/embedding/pipeline.py
@@ -0,0 +1,179 @@
+"""批量向量生成管道。
+
+输入:  data/events/{YYYYMMDD}/{url_hash}.json（M4 翻译+事件输出）
+输出:  data/embeddings/{YYYYMMDD}/{url_hash}.json
+"""
+
+import json
+import logging
+from datetime import datetime
+from pathlib import Path
+
+from crawler.utils import get_news_day
+from embedding.client import (
+    EmbeddingConfig,
+    load_embedding_config,
+    make_embedding_client,
+)
+from embedding.embedder import embed_articles
+from embedding.models import EmbeddingError
+from llm.models import EnTranslatedArticle
+
+logger = logging.getLogger(__name__)
+
+
+def _load_event_articles(date_str: str) -> list[EnTranslatedArticle]:
+    """加载指定日期的翻译+事件文章。
+
+    Args:
+        date_str: 日期 YYYYMMDD
+
+    Returns:
+        EnTranslatedArticle 列表
+    """
+    base_dir = Path(f"data/events/{date_str}")
+    if not base_dir.exists():
+        return []
+
+    articles: list[EnTranslatedArticle] = []
+    for json_file in sorted(base_dir.glob("*.json")):
+        if json_file.name == "index.json":
+            continue
+        try:
+            data = json.loads(json_file.read_text(encoding="utf-8"))
+            articles.append(EnTranslatedArticle(**data))
+        except (json.JSONDecodeError, Exception) as e:
+            logger.warning("解析事件文章失败 %s: %s", json_file, e)
+
+    return articles
+
+
+def embed_all_events(
+    date_str: str | None = None,
+    *,
+    model: str | None = None,
+) -> dict:
+    """对所有 M4 输出的文章执行向量化。
+
+    Args:
+        date_str: 日期 YYYYMMDD，默认当前新闻日
+        model: Embedding 模型名，默认从 system.yaml 读取
+
+    Returns:
+        统计 dict
+    """
+    if date_str is None:
+        date_str = get_news_day()
+
+    logger.info("══════ 开始向量生成，日期: %s ══════", date_str)
+
+    # 加载文章
+    articles = _load_event_articles(date_str)
+    if not articles:
+        logger.warning("事件目录无文章: data/events/%s/", date_str)
+        return {"date": date_str, "total": 0, "success": 0, "failed": 0, "elapsed_sec": 0}
+
+    # 初始化 Embedding 客户端
+    config = load_embedding_config(model=model)
+    client = make_embedding_client(config)
+
+    # 输出目录
+    out_dir = Path(f"data/embeddings/{date_str}")
+    out_dir.mkdir(parents=True, exist_ok=True)
+
+    # 增量：跳过已向量化的文章
+    new_articles = []
+    skipped = 0
+    for a in articles:
+        if (out_dir / f"{a.url_hash}.json").exists():
+            skipped += 1
+        else:
+            new_articles.append(a)
+    if skipped > 0:
+        logger.info("增量跳过 %d 篇已向量化，剩余 %d 篇待处理", skipped, len(new_articles))
+    articles = new_articles
+
+    start_time = datetime.now()
+    success = 0
+    failed = 0
+
+    # 批量嵌入（按 batch_size 分块，每批输出进度）
+    batch_size = config.batch_size
+    total = len(articles)
+    logger.info("开始向量化 %d 篇文章（batch_size=%d, model=%s）",
+                total, batch_size, config.model)
+
+    for batch_start in range(0, total, batch_size):
+        batch_end = min(batch_start + batch_size, total)
+        batch = articles[batch_start:batch_end]
+
+        try:
+            results = embed_articles(client, config, batch)
+            for result in results:
+                out_file = out_dir / f"{result.url_hash}.json"
+                out_file.write_text(
+                    result.model_dump_json(indent=2, ensure_ascii=False),
+                    encoding="utf-8",
+                )
+                success += 1
+
+            logger.info("  [%d/%d] ✅ %d 篇 → %d 维向量",
+                        batch_end, total, len(results), config.dimension)
+
+        except EmbeddingError as e:
+            failed += len(batch)
+            logger.error("批量嵌入失败 [%d-%d]: %s", batch_start, batch_end, e.reason)
+        except Exception as e:
+            failed += len(batch)
+            logger.exception("批量嵌入异常 [%d-%d]: %s", batch_start, batch_end, e)
+
+    elapsed = (datetime.now() - start_time).total_seconds()
+
+    # 写入索引
+    _write_embedding_index(date_str, success, failed, elapsed, config)
+
+    logger.info(
+        "══════ 向量生成完成: 成功 %d / 失败 %d / 总计 %d，耗时 %.1f 秒 ══════",
+        success, failed, len(articles), elapsed,
+    )
+
+    return {
+        "date": date_str,
+        "total": len(articles),
+        "success": success,
+        "failed": failed,
+        "elapsed_sec": elapsed,
+        "provider": config.provider,
+        "model": config.model,
+        "dimension": config.dimension,
+    }
+
+
+def _write_embedding_index(
+    date_str: str,
+    success: int,
+    failed: int,
+    elapsed_sec: float,
+    config: EmbeddingConfig,
+) -> None:
+    """写入向量索引文件。"""
+    out_dir = Path(f"data/embeddings/{date_str}")
+    out_dir.mkdir(parents=True, exist_ok=True)
+
+    index_data = {
+        "date": date_str,
+        "success": success,
+        "failed": failed,
+        "elapsed_sec": round(elapsed_sec, 1),
+        "provider": config.provider,
+        "model": config.model,
+        "dimension": config.dimension,
+        "generated_at": datetime.now().isoformat(),
+    }
+
+    index_path = out_dir / "index.json"
+    index_path.write_text(
+        json.dumps(index_data, indent=2, ensure_ascii=False),
+        encoding="utf-8",
+    )
+    logger.info("向量索引已写入: %s", index_path)
diff --git a/english-news-plan.md b/english-news-plan.md
new file mode 100644
index 0000000..750fe5b
--- /dev/null
+++ b/english-news-plan.md
@@ -0,0 +1,477 @@
+# English Financial News — 项目开发计划
+
+> 国际财经新闻抓取与深度研究平台
+>
+> 对标 `news/` (A 股 Deep Research)，复用其架构模式，聚焦英文财经源。
+
+---
+
+## 一、项目定位
+
+构建面向国际财经新闻的私有化 Deep Research 平台。
+
+核心能力：
+- 英文财经新闻抓取（Crawl4AI）
+- 新闻联播数据接入（api.doorcome.cn）
+- 全文英译中（LLM）
+- 投资事件抽取（LLM）
+- 双语向量知识库（Qdrant）
+- MCP 服务 + Cherry Studio / Claude Code Agent 深度研究
+- 每日 AI 摘要日报（含新闻联播投资相关解读）
+
+本项目不是：
+- 交易系统
+- 预测系统
+- 投资顾问
+
+---
+
+## 二、部署拓扑
+
+```
+┌──────────────────────────────────────────────────────────────┐
+│                    Overseas Server (国外)                      │
+│  M1 Crawl4AI 抓取 → data/raw/{source}/{YYYYMMDD}/             │
+│                     ↓                                         │
+│              rsync 增量推送 (定时)                              │
+└──────────────────────────┬───────────────────────────────────┘
+                           │ SSH / rsync
+                           ▼
+┌──────────────────────────────────────────────────────────────┐
+│                   Domestic Server (国内)                       │
+│  M2 正文提取 → M3 去重 → M4 翻译+事件抽取(LLM)                  │
+│  → M5 向量生成 → M6 Qdrant 入库                                │
+│  → M7 定时调度 → M8 MCP 服务                                   │
+│  → 日报生成 (AI 摘要 + 重要事件 + 新闻联播投资解读)              │
+│                                                                │
+│  ┌── 新闻联播数据源 (独立 API) ──┐                              │
+│  │ GET api.doorcome.cn/api/xwlbFine/                         │
+│  │  → LLM 筛选投资相关 → 重要性评分 → AI 解读                   │
+│  └──────────────────────────────┘                              │
+└──────────────────────────────────────────────────────────────┘
+```
+
+同步机制：
+- 海外服务器每天定时 `rsync -avz` 推送 `data/raw/` 到国内
+- 国内定时任务先拉取同步，再执行 M2→M8 管道
+- rsync 天然增量（只传新文件），带宽高效
+
+---
+
+## 三、Milestone 分解
+
+### M0 — 项目骨架
+
+- `pyproject.toml`（Python 3.11 + uv）
+- `.env.example`
+- `configs/sources.yaml`（英文财经源配置）
+- `CLAUDE.md`
+- 目录结构初始化
+- CLI 入口：`en-news`
+
+### M1 — 新闻抓取（海外服务器）
+
+**技术选型**：Crawl4AI（异步 + Playwright JS 渲染），与 A 股项目一致。
+
+**英文财经源**（初始 12 个）：
+
+| 源 ID | 名称 | 类型 |
+|-------|------|------|
+| reuters | Reuters | 综合财经 |
+| cnbc | CNBC | 市场新闻 |
+| marketwatch | MarketWatch | 市场数据 |
+| ft | Financial Times | 财经深度 |
+| yahoo_finance | Yahoo Finance | 综合 |
+| investing | Investing.com | 全球市场 |
+| seekingalpha | Seeking Alpha | 投资分析 |
+| barrons | Barrons | 市场评论 |
+| wsj | WSJ | 综合财经 |
+| economist | The Economist | 经济分析 |
+| forexlive | ForexLive | 外汇新闻 |
+| zerohedge | ZeroHedge | 另类财经 |
+
+每个源配置字段：
+```yaml
+- id: "reuters"
+  name: "Reuters"
+  enabled: true
+  homepage: "https://www.reuters.com/business/"
+  article_url_pattern: "/[^/]+/[^/]+/"
+  js_render: true
+  max_articles_per_run: 30
+```
+
+**产物**：`data/raw/{source_id}/{YYYYMMDD}/{url_hash}.html` + `index.jsonl`
+
+**同步守护进程**：
+```bash
+# 海外 crontab：每天 05:00 UTC 推送
+0 5 * * * rsync -avz --ignore-existing /app/data/raw/ user@domestic:/app/data/raw/
+```
+
+### M2 — 正文提取（国内服务器）
+
+**输入**：`data/raw/{source_id}/{date}/`（rsync 同步后）
+
+**提取方案**：
+- 优先使用 Crawl4AI 输出的 Markdown（`{url_hash}.md`）
+- 对未生成 Markdown 的源，用 `trafilatura`（英文正文提取，类 GNE 但针对英文优化）
+- 输出标准化 `Article` 模型（`title` / `content` / `publish_time` / `author` / `source_id`）
+
+**产物**：`data/processed/{source_id}/{YYYYMMDD}/{url_hash}.json`
+
+### M3 — 去重
+
+与 A 股项目相同的三层去重：
+1. URL Hash（精确）
+2. 内容 Hash（SHA256 前 64 字符）
+3. SimHash 模糊（汉明距离 ≤ 3，30 天窗口）
+
+**产物**：`data/deduped/{YYYYMMDD}/uniques/{url_hash}.json`
+
+### M4 — 翻译 + 投资事件抽取（LLM）
+
+**单次 LLM 调用完成两件事**（节省 token）：
+
+Prompt 设计：
+```
+输入：英文财经新闻全文
+输出 JSON：
+{
+  "translation_zh": "中文全文翻译",
+  "events": [
+    {
+      "event_type": "并购/财报/政策/行业/...",
+      "stock_codes": ["AAPL", "TSLA"],
+      "sentiment": "positive/negative/neutral",
+      "importance": 1-5,
+      "summary_zh": "事件中文摘要"
+    }
+  ]
+}
+```
+
+**LLM Provider**：DeepSeek（默认）/ Qwen 备选
+
+**产物**：`data/events/{YYYYMMDD}/{url_hash}.json`
+```json
+{
+  "title": "Apple Reports Record Q2 Earnings",
+  "title_zh": "苹果公布创纪录第二季度财报",
+  "content_en": "...",
+  "content_zh": "...",
+  "events": [...]
+}
+```
+
+### M5 — 向量生成
+
+- Embedding Provider：DashScope `text-embedding-v3`（1024 维）
+- 对中文翻译内容向量化（`content_zh` + `title_zh` + 事件摘要拼接）
+- 也可选择英文原文向量化，支持双语检索
+
+**产物**：`data/embeddings/{YYYYMMDD}/{url_hash}.json`
+
+### M6 — Qdrant 入库与检索
+
+与 A 股项目相同：
+- 本地文件模式（默认）或 Docker Server 模式
+- Collection：`en_finance_news`
+- Payload：`source_id` / `title` / `title_zh` / `url` / `publish_time` / `events` / `sentiment` / `importance`
+- Vector：从 M5 产物加载
+
+```python
+uv run en-news search "Fed interest rate decision"
+```
+
+### M7 — 新闻联播数据源（独立模块）
+
+**数据获取**：
+
+```
+GET https://api.doorcome.cn/api/xwlbFine/?start_date=YYYY-MM-DD&end_date=YYYY-MM-DD
+```
+
+**响应结构**：
+```json
+{
+  "status": "success",
+  "data": {
+    "news": [
+      {
+        "news_days": "2026-06-20",
+        "daily_sub_id": 1,
+        "news_title": "牢记总书记嘱托 各地在文脉赓序中推动城市高质量发展",
+        "news_improve": "历史文化是城市的灵魂...(全文约3000字)"
+      }
+    ]
+  }
+}
+```
+
+每天约 12-15 条新闻，每条含完整文字稿。
+
+**处理流程**：
+
+1. **获取** — 日报生成前拉取昨日新闻联播数据。例如 6/21 早上执行日报 → 拉取 6/20 的新闻联播（前一日 19:00 播出，次日凌晨 API 已就绪）
+2. **投资相关性筛选（LLM）** — 用 DeepSeek 逐条判断是否与投资相关
+   - 经济数据、产业政策、贸易谈判 → **高相关**（importance 4-5）
+   - 科技创新、区域发展、基建项目 → **中相关**（importance 2-3）
+   - 文化、民生、体育、天气 → **非相关**（跳过）
+3. **AI 解读** — 对投资相关条目生成 2-3 句投资视角解读：
+   - 对哪些行业/板块有影响
+   - 政策信号含义
+   - 市场可能的反应
+4. **纳入日报** — 单独一节展示，区别于英文财经新闻
+
+**产物**：`data/xwlb/{YYYYMMDD}/index.jsonl`
+```json
+{
+  "news_days": "2026-06-20",
+  "daily_sub_id": 5,
+  "news_title": "中欧班列统一品牌十周年",
+  "is_investment_related": true,
+  "importance": 4,
+  "category": "贸易/物流",
+  "ai_interpretation": "中欧班列十年数据将直接反映一带一路贸易活跃度,利好物流、港口、跨境贸易板块..."
+}
+```
+
+### M8 — 定时调度
+
+- 国内 crontab 或 APScheduler 守护进程
+- 日期规则：T 日早上生成的日报覆盖 T-1 日数据（新闻 + 新闻联播）
+- 流程：
+  ```
+  06:00  等待海外 rsync 完成（检查哨兵文件）
+  06:30  M2→M3→M4→M5→M6 全链路（处理 T-1 日英文新闻）
+  07:00  拉取 T-1 日新闻联播 → LLM 筛选解读 → 日报生成
+  12:00  增量（只处理当日新增）
+  18:00  增量
+  22:00  增量 + 日报
+  ```
+
+### M9 — MCP 服务
+
+暴露 5 个 MCP 工具给 Cherry Studio / Claude Code：
+
+| 工具 | 功能 |
+|------|------|
+| `search_en_news` | 通用语义检索（中文查询 → 中文翻译向量匹配） |
+| `search_by_company` | 按公司名/股票代码检索 |
+| `search_by_sentiment` | 按情绪检索+统计 |
+| `search_by_event_type` | 按事件类型检索 |
+| `get_daily_report` | 获取最新日报 |
+
+---
+
+## 四、数据模型
+
+```python
+class EnArticle(BaseModel):
+    source_id: str
+    url: str
+    url_hash: str
+    title: str            # 英文原标题
+    title_zh: str         # 中文翻译标题
+    content_en: str       # 英文原文
+    content_zh: str       # 中文全文翻译
+    author: str
+    publish_time: datetime
+    source_name: str
+    word_count: int
+    word_count_zh: int
+
+class EnExtractedEvent(BaseModel):
+    article_url_hash: str
+    event_type: str       # 并购/财报/政策/行业/市场/...
+    stock_codes: list[str] # 涉及美股代码
+    sentiment: str        # positive/negative/neutral
+    importance: int        # 1-5
+    summary_zh: str        # 中文摘要
+    summary_en: str        # 英文摘要
+
+class XwlbItem(BaseModel):
+    """新闻联播条目（经 LLM 筛选和解读）。"""
+    news_days: str         # 播出日期 "2026-06-20"
+    daily_sub_id: int      # 当日序号 (1-15)
+    news_title: str         # 标题
+    news_improve: str       # 完整文字稿
+    is_investment_related: bool  # 是否投资相关
+    importance: int         # 投资重要性 1-5 (非投资为 0)
+    category: str           # 投资类别 (贸易/产业政策/科技/基建/金融/...)
+    ai_interpretation: str  # AI 投资解读 2-3 句
+```
+
+---
+
+## 五、日报设计
+
+命令：`uv run en-news pipeline --once --report`
+
+执行顺序：新闻联播拉取 → LLM 筛选解读 → 日报 HTML 生成
+
+六段式结构：
+
+1. **AI 摘要**（24h 国际财经 + 昨日新闻联播投资相关，≤500 字，最后一条不截断）
+
+2. **重要事件：国际新闻**（24h 英文源，importance ≥ 4 逐级回退，最多 20 篇）
+
+3. **📺 新闻联播投资解读**（昨日播出，投资相关条目 + AI 解读）
+   - 展示格式：标题 | 投资相关性类别 | 重要度 | AI 解读（2-3 句）
+   - 非投资相关条目不显示
+   - 示例：
+     ```
+     📺 中欧班列统一品牌十周年 [贸易/物流] ⭐⭐⭐⭐
+     AI解读: 中欧班列十年数据将直接反映一带一路贸易活跃度。
+     关注物流、港口、跨境贸易板块。政策利好中国外运、中远海控等。
+     ```
+
+4. **市场情绪分布**（利好/利空/中性，24h 国际新闻 + 新闻联播合并统计）
+
+5. **数据总览**（M1→M6 管道统计 + 各源抓取量 6 列网格 + 重要度分布 + 事件类型分布 + 新闻联播条目数）
+
+6. **完整新闻联播条目列表**（当天的全部条目，标题+简要，含非投资类，供快速浏览）
+
+---
+
+## 六、配置规范
+
+### configs/sources.yaml
+
+```yaml
+settings:
+  concurrency: 5
+  user_agent: "Mozilla/5.0 ..."
+  output_root: "data/raw"
+
+sources:
+  - id: "reuters"
+    name: "Reuters"
+    enabled: true
+    homepage: "https://www.reuters.com/business/"
+    article_url_pattern: "/[^/]+/[^/]+/"
+    js_render: false
+    max_articles_per_run: 30
+```
+
+### .env 关键配置
+
+```bash
+# LLM
+LLM_PROVIDER=deepseek
+LLM_MODEL=deepseek-v4-flash
+DEEPSEEK_API_KEY=sk-xxx
+
+# Embedding
+EMBEDDING_PROVIDER=dashscope
+DASHSCOPE_API_KEY=sk-xxx
+
+# 新闻联播
+XWLB_API_BASE=https://api.doorcome.cn
+
+# Schedule
+SCHEDULE_TIMES=06:30,12:00,18:00,22:00
+SYNC_WAIT_SEC=300
+
+# Qdrant
+QDRANT_COLLECTION=en_finance_news
+
+# Overseas → Domestic
+SYNC_HOST=user@domestic-server
+SYNC_PORT=22
+SYNC_SENTINEL=/tmp/en_news_sync_done
+```
+
+---
+
+## 七、目录结构
+
+```
+english-news/
+├── crawler/          # M1 新闻抓取(Crawl4AI, 部署海外)
+├── extractor/        # M2 英文正文提取(trafilatura)
+├── dedup/            # M3 三层去重
+├── translator/       # M4a 全文翻译(LLM)
+├── llm/              # M4b 投资事件抽取
+├── embedding/        # M5 向量生成
+├── vectorstore/      # M6 Qdrant 客户端
+├── xwlb/             # M7 新闻联播数据源
+├── scheduler/        # M8 定时任务
+├── mcp_server/       # M9 MCP 服务
+├── app/              # CLI 入口(en-news)
+├── configs/          # sources.yaml / system config
+├── prompts/          # LLM Prompt 模板
+├── scripts/          # 部署 & 运维脚本
+│   ├── sync_daemon.sh       # 海外 rsync 推送脚本
+│   └── wait_for_sync.py     # 国内等待同步完成
+├── tests/            # pytest
+├── docs/             # 设计文档
+├── data/             # 数据目录(git ignored)
+│   ├── raw/          # M1 产物(海外与国内共享)
+│   ├── processed/    # M2 产物
+│   ├── deduped/      # M3 产物
+│   ├── events/       # M4 产物
+│   ├── embeddings/   # M5 产物
+│   ├── xwlb/         # 新闻联播数据(经 LLM 筛选与解读)
+│   ├── qdrant_storage/ # M6 Qdrant 本地存储
+│   └── reports/      # 日报 HTML
+├── logs/             # 运行日志
+├── pyproject.toml
+├── CLAUDE.md
+└── README.md
+```
+
+---
+
+## 八、技术选型对比
+
+| 模块 | A 股项目 | 英文财经项目 | 差异 |
+|------|---------|-------------|------|
+| 抓取 | Crawl4AI | Crawl4AI | 一致 |
+| 正文提取 | GNE | trafilatura | 英文优化 |
+| 翻译 | — | LLM (DeepSeek) | **新增** |
+| 去重 | 三层 | 三层 | 一致 |
+| LLM 事件 | DeepSeek/Qwen | DeepSeek/Qwen | 一致 |
+| Embedding | DashScope | DashScope | 一致 |
+| 向量库 | Qdrant | Qdrant | 一致 |
+| 新闻联播 | — | api.doorcome.cn + LLM 筛选 | **新增** |
+| 调度 | APScheduler | APScheduler | 一致 |
+| MCP | FastMCP | FastMCP | 一致 |
+| CLI | a-share | en-news | 命名区分 |
+
+---
+
+## 九、开发优先级（建议顺序）
+
+| 序号 | Milestone | 预估工期 | 依赖 |
+|------|-----------|---------|------|
+| 1 | M0 项目骨架 | 0.5 天 | — |
+| 2 | M1 抓取（海外） | 2 天 | M0 |
+| 3 | rsync 同步机制 | 0.5 天 | M1 |
+| 4 | M2 正文提取 | 1 天 | 同步就绪 |
+| 5 | M3 去重 | 1 天 | M2 |
+| 6 | M4 翻译+事件抽取 | 1.5 天 | M3 |
+| 7 | M5 向量 + M6 Qdrant | 1 天 | M4 |
+| 8 | M7 新闻联播数据源 | 1 天 | — (独立模块) |
+| 9 | M8 调度 + 日报 | 1.5 天 | M6, M7 |
+| 10 | M9 MCP 服务 | 1 天 | M6 |
+| **总计** | | **~11 天** | |
+
+---
+
+## 十、关键风险
+
+| 风险 | 缓解措施 |
+|------|---------|
+| 英文源 JS 渲染复杂 | Crawl4AI 已有 Playwright 支持，优先使用轻量级源 |
+| LLM 翻译质量不稳定 | System prompt 约束翻译风格，保留原文备查 |
+| rsync 网络不稳定 | 添加重试机制 + 哨兵文件完整性检查 |
+| 海外 IP 被封 | 轮换 User-Agent，控制请求频率（≥ 2s/req） |
+| DeepSeek API 限流 | 并发控制 + Qwen 备选 provider |
+
+---
+
+> 本计划文件：`~/Downloads/cc-projects/english-news-plan.md`
+>
+> 最后更新：2026-06-20
diff --git a/extractor/__init__.py b/extractor/__init__.py
new file mode 100644
index 0000000..e69de29
diff --git a/extractor/extractor.py b/extractor/extractor.py
new file mode 100644
index 0000000..bfb4675
--- /dev/null
+++ b/extractor/extractor.py
@@ -0,0 +1,258 @@
+"""英文正文提取引擎
+
+策略：
+1. 优先 trafilatura 从原始 HTML 提取（除导航/广告/页脚）
+2. 回退 Crawl4AI Markdown（如果 HTML 不可用）
+3. 元数据提取（发布时间、作者）
+所有业务参数从 configs/system.yaml 的 extractor 节读取。
+"""
+
+import logging
+from pathlib import Path
+
+import trafilatura
+import yaml
+from htmldate import find_date
+
+from extractor.models import ProcessedArticle
+
+logger = logging.getLogger(__name__)
+
+
+def _load_extractor_config() -> dict:
+    """从 system.yaml 读取 extractor 配置节"""
+    config_path = Path("configs/system.yaml")
+    if config_path.exists():
+        try:
+            with open(config_path, encoding="utf-8") as f:
+                raw = yaml.safe_load(f)
+            return raw.get("extractor", {})
+        except Exception:
+            logger.warning("读取 system.yaml 失败，使用默认值")
+    return {}
+
+_cfg = _load_extractor_config()
+
+# 最小正文字数阈值
+MIN_CONTENT_WORDS = int(_cfg.get("min_content_words", 50))
+
+
+def extract_article(
+    source_id: str,
+    source_name: str,
+    url: str,
+    url_hash: str,
+    html_path: str,
+    md_path: str,
+    crawl_publish_time: str = "",
+) -> ProcessedArticle:
+    """提取单篇文章的正文
+
+    Args:
+        source_id: 新闻源 ID
+        source_name: 新闻源名称
+        url: 文章 URL
+        url_hash: URL SHA256 前 16 位
+        html_path: 原始 HTML 文件路径
+        md_path: Crawl4AI 生成的 Markdown 文件路径
+        crawl_publish_time: RSS/Crawler 提取的发布时间（回退用）
+
+    Returns:
+        ProcessedArticle
+    """
+    article = ProcessedArticle(
+        source_id=source_id,
+        source_name=source_name,
+        url=url,
+        url_hash=url_hash,
+        html_path=html_path,
+        md_path=md_path,
+    )
+
+    html_p = Path(html_path) if html_path else None
+    md_p = Path(md_path) if md_path else None
+
+    # ── 策略 1: trafilatura 从 HTML 提取 ──────────────
+    if html_p and html_p.exists():
+        try:
+            html_raw = html_p.read_text(encoding="utf-8")
+            content = trafilatura.extract(
+                html_raw,
+                include_comments=False,
+                include_tables=False,
+                no_fallback=False,
+                favor_precision=True,
+            )
+            if content and _count_words(content) >= MIN_CONTENT_WORDS:
+                article.content = content.strip()
+                article.extractor = "trafilatura"
+                article.word_count = _count_words(article.content)
+
+                # 元数据
+                article.title = _extract_title(html_raw) or ""
+                article.publish_time = (
+                    _extract_publish_time(html_raw, url=url)
+                    or crawl_publish_time
+                    or ""
+                )
+                article.author = _extract_author(html_raw) or ""
+
+                article.status = "success"
+                return article
+        except Exception as e:
+            logger.warning("[%s] trafilatura 提取失败: %s — %s", source_id, url_hash, e)
+
+    # ── 策略 2: Crawl4AI Markdown 回退 ─────────────────
+    if md_p and md_p.exists():
+        try:
+            md_content = md_p.read_text(encoding="utf-8")
+            if _count_words(md_content) >= MIN_CONTENT_WORDS:
+                article.content = _clean_markdown(md_content)
+                article.extractor = "crawl4ai_md"
+                article.word_count = _count_words(article.content)
+
+                # 从 Markdown 中提取元数据（RSS 源会写入）
+                article.title = _extract_from_md(
+                    md_content, r"^#\s+(.+)$", article.title
+                )
+                article.publish_time = (
+                    _extract_from_md(
+                        md_content, r"\*\*发布时间\*\*:?\s*([^\n]+)", ""
+                    )
+                    or _extract_publish_time("", url=url)
+                    or crawl_publish_time
+                    or ""
+                )
+
+                article.status = "success"
+                return article
+        except Exception as e:
+            logger.warning("[%s] Markdown 回退失败: %s — %s", source_id, url_hash, e)
+
+    # ── 失败 ─────────────────────────────────────────
+    article.status = "no_content"
+    article.error = "No extractable content"
+    return article
+
+
+# ── 辅助函数 ────────────────────────────────────────
+
+
+def _count_words(text: str) -> int:
+    """英文词数统计"""
+    return len(text.split()) if text else 0
+
+
+def _extract_title(html: str) -> str:
+    """从 HTML <title> 标签提取标题"""
+    import re
+    m = re.search(r"<title[^>]*>(.*?)</title>", html, re.IGNORECASE | re.DOTALL)
+    if m:
+        title = re.sub(r"<[^>]+>", "", m.group(1))
+        return title.strip()
+    return ""
+
+
+def _extract_publish_time(html: str, url: str = "") -> str:
+    """从 HTML 提取发布时间（含回退策略）。
+
+    优先级:
+        1. htmldate 提取（元数据/标签/正文）
+        2. <meta property="article:published_time"> 等常见标签
+        3. URL 中的日期（/YYYY/MM/DD/ 或 /YYYYMMDD/）
+    """
+    # 策略 1: htmldate
+    try:
+        result = find_date(html)
+        if result:
+            return result
+    except Exception:
+        pass
+
+    # 策略 2: 常见 meta 标签
+    if html:
+        import re
+        meta_patterns = [
+            r'<meta[^>]+property=["\']article:published_time["\'][^>]+content=["\']([^"\']+)',
+            r'<meta[^>]+content=["\']([^"\']+)["\'][^>]+property=["\']article:published_time',
+            r'<meta[^>]+name=["\']pubdate["\'][^>]+content=["\']([^"\']+)',
+            r'<meta[^>]+name=["\']publish_date["\'][^>]+content=["\']([^"\']+)',
+            r'<meta[^>]+name=["\']date["\'][^>]+content=["\']([^"\']+)',
+            r'<time[^>]+datetime=["\']([^"\']+)',
+        ]
+        for pat in meta_patterns:
+            m = re.search(pat, html, re.IGNORECASE)
+            if m:
+                date_str = m.group(1).strip()
+                if date_str:
+                    return date_str
+
+    # 策略 3: URL 中的日期
+    if url:
+        from datetime import datetime as dt
+        import re
+        url_patterns = [
+            r"/(\d{4})/(\d{2})/(\d{2})/",
+            r"/(\d{4})(\d{2})(\d{2})/",
+            r"-(\d{4})(\d{2})(\d{2})(?:[/-]|$)",
+            r"-(\d{4})-(\d{2})-(\d{2})[/-]",
+        ]
+        for pat in url_patterns:
+            m = re.search(pat, url)
+            if m:
+                try:
+                    y, mo, d = int(m.group(1)), int(m.group(2)), int(m.group(3))
+                    return dt(y, mo, d).isoformat()
+                except ValueError:
+                    continue
+
+    return ""
+
+
+def _extract_author(html: str) -> str:
+    """从 HTML meta 标签提取作者"""
+    import re
+    for pat in [
+        r'<meta[^>]+name=["\']author["\'][^>]+content=["\']([^"\']+)',
+        r'<meta[^>]+content=["\']([^"\']+)["\'][^>]+name=["\']author',
+    ]:
+        m = re.search(pat, html, re.IGNORECASE)
+        if m:
+            return m.group(1).strip()
+    return ""
+
+
+def _extract_from_md(md: str, pattern: str, default: str) -> str:
+    """从 Markdown 内容中按正则提取第一个捕获组，失败返回 default。"""
+    import re
+    m = re.search(pattern, md)
+    return m.group(1).strip() if m else default
+
+
+def _clean_markdown(md: str) -> str:
+    """清理 Crawl4AI MD 中的导航/广告噪音
+
+    规则：移除明显非正文行（短链接行、纯导航行等）
+    """
+    lines = md.split("\n")
+    cleaned: list[str] = []
+    skip_patterns = [
+        "ADVERTISEMENT",
+        "Continue Reading Below",
+        "Sign in",
+        "Log in",
+        "Subscribe",
+        "Advertisement",
+    ]
+
+    for line in lines:
+        stripped = line.strip()
+        # 跳过明显广告/导航行
+        if any(p in stripped for p in skip_patterns):
+            continue
+        # 跳过纯导航链接行（[text](url) 且整行只有链接）
+        if stripped.startswith("[") and stripped.endswith(")") and stripped.count("[") <= 3:
+            continue
+        cleaned.append(line)
+
+    return "\n".join(cleaned)
diff --git a/extractor/models.py b/extractor/models.py
new file mode 100644
index 0000000..a894147
--- /dev/null
+++ b/extractor/models.py
@@ -0,0 +1,22 @@
+"""正文提取数据模型"""
+
+from pydantic import BaseModel
+
+
+class ProcessedArticle(BaseModel):
+    """经过正文提取清洗后的文章"""
+
+    source_id: str
+    source_name: str
+    url: str
+    url_hash: str
+    title: str = ""
+    content: str = ""                    # 清洗后的正文（英文）
+    publish_time: str = ""               # ISO 8601
+    author: str = ""
+    word_count: int = 0
+    md_path: str = ""                    # 原始 Markdown 路径
+    html_path: str = ""                  # 原始 HTML 路径
+    status: str = "success"              # success | no_content | failed
+    extractor: str = "trafilatura"       # trafilatura | crawl4ai_md | none
+    error: str = ""
diff --git a/extractor/pipeline.py b/extractor/pipeline.py
new file mode 100644
index 0000000..be2c943
--- /dev/null
+++ b/extractor/pipeline.py
@@ -0,0 +1,175 @@
+"""正文提取管道：批量处理 raw 目录下的文章"""
+
+import json
+import logging
+from datetime import datetime
+from pathlib import Path
+
+from crawler.storage import load_index
+from crawler.utils import get_news_day
+from extractor.extractor import extract_article
+from extractor.models import ProcessedArticle
+
+logger = logging.getLogger(__name__)
+
+
+def get_raw_data_sources(base_dir: str = "data/raw") -> list[str]:
+    """扫描 data/raw/ 下所有源 ID
+
+    Args:
+        base_dir: raw 数据根目录
+
+    Returns:
+        源 ID 列表
+    """
+    raw_path = Path(base_dir)
+    if not raw_path.exists():
+        return []
+    return sorted([
+        d.name for d in raw_path.iterdir()
+        if d.is_dir() and not d.name.startswith(".")
+    ])
+
+
+def process_source(
+    source_id: str,
+    date_str: str | None = None,
+) -> list[ProcessedArticle]:
+    """处理单个源的文章正文提取
+
+    Args:
+        source_id: 新闻源 ID
+        date_str: 日期 YYYYMMDD，默认当前新闻日
+
+    Returns:
+        ProcessedArticle 列表
+    """
+    if date_str is None:
+        date_str = get_news_day()
+
+    logger.info("━━━ 正文提取 [%s] %s ━━━", source_id, date_str)
+
+    # 读取 raw index
+    articles = load_index(source_id, date_str)
+    if not articles:
+        logger.warning("[%s] %s 无待处理文章", source_id, date_str)
+        return []
+
+    # 输出目录
+    out_dir = Path(f"data/processed/{source_id}/{date_str}")
+    out_dir.mkdir(parents=True, exist_ok=True)
+
+    results: list[ProcessedArticle] = []
+    success = 0
+    no_content = 0
+    failed = 0
+
+    # 增量：跳过已处理的文章
+    skipped = 0
+    for article in articles[:]:
+        out_file = out_dir / f"{article.url_hash}.json"
+        if out_file.exists():
+            articles.remove(article)
+            skipped += 1
+    if skipped > 0:
+        logger.info("[%s] 增量跳过 %d 篇已处理，剩余 %d 篇",
+                    source_id, skipped, len(articles))
+
+    for article in articles:
+        # 确保 html_path / md_path 是绝对路径（相对于 data/raw/）
+        html_path = str(Path("data/raw") / source_id / date_str / f"{article.url_hash}.html")
+        md_path = str(Path("data/raw") / source_id / date_str / f"{article.url_hash}.md")
+
+        # 如果 index 中已有路径，优先使用
+        if article.html_path:
+            html_path = article.html_path
+        if article.md_path:
+            md_path = article.md_path
+
+        processed = extract_article(
+            source_id=source_id,
+            source_name=article.source_name,
+            url=article.url,
+            url_hash=article.url_hash,
+            html_path=html_path,
+            md_path=md_path,
+            crawl_publish_time=article.publish_time,
+        )
+
+        # 写入 JSON 输出
+        out_file = out_dir / f"{article.url_hash}.json"
+        out_file.write_text(
+            processed.model_dump_json(indent=2, ensure_ascii=False),
+            encoding="utf-8",
+        )
+
+        results.append(processed)
+
+        if processed.status == "success":
+            success += 1
+            logger.debug("[%s] ✅ %s (%d words, %s)",
+                         source_id, processed.title[:40], processed.word_count, processed.extractor)
+        elif processed.status == "no_content":
+            no_content += 1
+            logger.warning("[%s] ⚠️ 无正文: %s", source_id, processed.url[:80])
+        else:
+            failed += 1
+
+    logger.info("[%s] 完成: 成功 %d / 无内容 %d / 失败 %d",
+                source_id, success, no_content, failed)
+
+    # 写入处理索引
+    index_path = out_dir / "index.jsonl"
+    with open(index_path, "a", encoding="utf-8") as f:
+        for r in results:
+            if r.status == "success":
+                f.write(json.dumps({
+                    "url_hash": r.url_hash,
+                    "title": r.title,
+                    "word_count": r.word_count,
+                    "extractor": r.extractor,
+                    "publish_time": r.publish_time,
+                }, ensure_ascii=False) + "\n")
+
+    return results
+
+
+def process_all_sources(
+    source_filter: str | None = None,
+    date_str: str | None = None,
+) -> dict:
+    """处理所有源的文章正文提取
+
+    Args:
+        source_filter: 可选，只处理指定源
+        date_str: 日期，默认当前新闻日
+
+    Returns:
+        统计 dict
+    """
+    if date_str is None:
+        date_str = get_news_day()
+
+    start_time = datetime.now()
+
+    if source_filter:
+        sources = [source_filter] if source_filter in get_raw_data_sources() else []
+    else:
+        sources = get_raw_data_sources()
+
+    logger.info("══════ 开始正文提取 %d 个源，日期: %s ══════", len(sources), date_str)
+
+    total = 0
+    for src in sources:
+        results = process_source(src, date_str)
+        total += len([r for r in results if r.status == "success"])
+
+    elapsed = (datetime.now() - start_time).total_seconds()
+    logger.info("══════ 提取完成: %d 篇文章，耗时 %.1f 秒 ══════", total, elapsed)
+
+    return {
+        "sources_processed": len(sources),
+        "total_articles": total,
+        "elapsed_sec": elapsed,
+        "date": date_str,
+    }
diff --git a/llm/__init__.py b/llm/__init__.py
new file mode 100644
index 0000000..8c8ad40
--- /dev/null
+++ b/llm/__init__.py
@@ -0,0 +1,61 @@
+"""LLM 翻译 + 投资事件抽取模块 (M4)。
+
+公共 API:
+    - load_llm_config / make_sync_client / make_async_client
+    - translate_and_extract / translate_and_extract_async
+    - PromptTemplate / parse_translation_json
+    - translate_all_deduped（批量管道）
+    - EnTranslatedArticle / EventExtraction / LLMTranslationOutput / Sentiment
+"""
+
+from llm.client import (
+    LLMConfig,
+    load_llm_config,
+    make_async_client,
+    make_sync_client,
+)
+from llm.extractor import (
+    DEFAULT_MAX_ATTEMPTS,
+    MAX_CONTENT_CHARS,
+    PromptTemplate,
+    parse_translation_json,
+    translate_and_extract,
+    translate_and_extract_async,
+)
+from llm.models import (
+    INTERNATIONAL_EVENT_TYPES,
+    MAX_IMPORTANCE,
+    MIN_IMPORTANCE,
+    EnTranslatedArticle,
+    EventExtraction,
+    LLMCallError,
+    LLMTranslationOutput,
+    Sentiment,
+)
+from llm.pipeline import translate_all_deduped
+
+__all__ = [
+    # 客户端
+    "LLMConfig",
+    "load_llm_config",
+    "make_async_client",
+    "make_sync_client",
+    # 翻译+抽取
+    "DEFAULT_MAX_ATTEMPTS",
+    "MAX_CONTENT_CHARS",
+    "PromptTemplate",
+    "parse_translation_json",
+    "translate_and_extract",
+    "translate_and_extract_async",
+    # 批量管道
+    "translate_all_deduped",
+    # 模型
+    "EnTranslatedArticle",
+    "EventExtraction",
+    "INTERNATIONAL_EVENT_TYPES",
+    "LLMCallError",
+    "LLMTranslationOutput",
+    "MAX_IMPORTANCE",
+    "MIN_IMPORTANCE",
+    "Sentiment",
+]
diff --git a/llm/client.py b/llm/client.py
new file mode 100644
index 0000000..728aa5e
--- /dev/null
+++ b/llm/client.py
@@ -0,0 +1,131 @@
+"""LLM 客户端抽象与工厂。
+
+支持 DeepSeek 和 Qwen（百炼），两者均为 OpenAI 兼容接口，共用 openai SDK。
+
+配置来源:
+    - .env → API Key / Base URL（密钥和地址）
+    - configs/system.yaml → provider / model / timeout / temperature（功能配置）
+"""
+
+import logging
+import os
+from dataclasses import dataclass
+from pathlib import Path
+
+import yaml
+from openai import AsyncOpenAI, OpenAI
+
+logger = logging.getLogger(__name__)
+
+# Provider 默认基址
+_DEEPSEEK_DEFAULT_BASE = "https://api.deepseek.com"
+_QWEN_DEFAULT_BASE = "https://dashscope.aliyuncs.com/compatible-mode/v1"
+
+# 默认模型
+_DEEPSEEK_DEFAULT_MODEL = "deepseek-chat"
+_QWEN_DEFAULT_MODEL = "qwen-plus"
+
+
+def _load_system_config() -> dict:
+    """加载 configs/system.yaml 中 llm 段配置。"""
+    config_path = Path("configs/system.yaml")
+    if config_path.exists():
+        try:
+            with open(config_path, encoding="utf-8") as f:
+                raw = yaml.safe_load(f)
+            return raw.get("llm", {})
+        except Exception:
+            logger.warning("加载 llm 配置失败，使用空配置")
+    return {}
+
+
+@dataclass
+class LLMConfig:
+    """LLM 调用配置（provider / model / api_key / base_url / 参数）。"""
+
+    provider: str             # "deepseek" / "qwen"
+    model: str
+    api_key: str
+    base_url: str
+    timeout_sec: float = 60.0
+    temperature: float = 0.1
+    max_tokens: int = 8192
+
+    def __post_init__(self) -> None:
+        if not self.api_key:
+            raise ValueError(f"LLM provider={self.provider} 的 API key 为空")
+
+
+def load_llm_config(
+    provider: str | None = None,
+    *,
+    model: str | None = None,
+) -> LLMConfig:
+    """根据配置文件构造 LLMConfig。
+
+    provider 为 None 时读 system.yaml llm.provider，默认 deepseek。
+    model 为 None 时读 system.yaml 中对应 provider 的 model。
+
+    Raises:
+        ValueError: API key 未配置
+    """
+    config = _load_system_config()
+    p = (provider or config.get("provider", "deepseek")).lower()
+
+    if p == "deepseek":
+        api_key = os.environ.get("DEEPSEEK_API_KEY", "")
+        base = os.environ.get("DEEPSEEK_BASE_URL", _DEEPSEEK_DEFAULT_BASE)
+        m = model or config.get("deepseek_model", _DEEPSEEK_DEFAULT_MODEL)
+    elif p in ("qwen", "dashscope"):
+        api_key = os.environ.get("QWEN_API_KEY") or os.environ.get("DASHSCOPE_API_KEY") or ""
+        base = os.environ.get("QWEN_BASE_URL", _QWEN_DEFAULT_BASE)
+        m = model or config.get("qwen_model", _QWEN_DEFAULT_MODEL)
+        p = "qwen"
+    else:
+        raise ValueError(f"未知 LLM provider: {p!r}，仅支持 deepseek / qwen")
+
+    if not api_key:
+        raise ValueError(
+            f"LLM provider={p} 的 API key 未配置，请检查 .env 中的 "
+            f"{'DEEPSEEK_API_KEY' if p == 'deepseek' else 'QWEN_API_KEY'}"
+        )
+
+    timeout = float(config.get("timeout_sec", 60.0))
+    temperature = float(config.get("temperature", 0.1))
+    max_tokens = int(config.get("max_tokens", 8192))
+
+    return LLMConfig(
+        provider=p,
+        model=m,
+        api_key=api_key,
+        base_url=base,
+        timeout_sec=timeout,
+        temperature=temperature,
+        max_tokens=max_tokens,
+    )
+
+
+def make_sync_client(config: LLMConfig) -> OpenAI:
+    """构造同步 OpenAI 客户端（指向 DeepSeek/Qwen 兼容端点）。"""
+    logger.info(
+        "初始化同步 LLM 客户端: provider=%s model=%s base_url=%s",
+        config.provider, config.model, config.base_url,
+    )
+    return OpenAI(
+        api_key=config.api_key,
+        base_url=config.base_url,
+        timeout=config.timeout_sec,
+    )
+
+
+def make_async_client(config: LLMConfig) -> AsyncOpenAI:
+    """构造异步 OpenAI 客户端（用于批处理高并发）。"""
+    logger.info(
+        "初始化异步 LLM 客户端: provider=%s model=%s base_url=%s",
+        config.provider, config.model, config.base_url,
+    )
+    return AsyncOpenAI(
+        api_key=config.api_key,
+        base_url=config.base_url,
+        timeout=config.timeout_sec,
+    )
diff --git a/llm/extractor.py b/llm/extractor.py
new file mode 100644
index 0000000..1397584
--- /dev/null
+++ b/llm/extractor.py
@@ -0,0 +1,370 @@
+"""LLM 翻译 + 投资事件抽取主流程。
+
+输入: ProcessedArticle（M2/M3 输出）
+输出: EnTranslatedArticle（含中英文双语内容 + 抽取事件 + 元信息）
+
+设计:
+    1. 加载 prompts/translation_and_extraction.md，分离 system/user 模板
+    2. 单次 LLM 调用完成翻译 + 事件抽取（节省 token）
+    3. 解析 JSON → Pydantic LLMTranslationOutput 强校验 + 重试
+    4. 限制正文长度避免触顶 context window
+"""
+
+import asyncio
+import json
+import logging
+import re
+import time
+from pathlib import Path
+
+from openai import AsyncOpenAI, OpenAI
+
+from extractor.models import ProcessedArticle
+from llm.client import LLMConfig
+from llm.models import (
+    EnTranslatedArticle,
+    LLMCallError,
+    LLMTranslationOutput,
+)
+
+logger = logging.getLogger(__name__)
+
+# Prompt 模板路径
+DEFAULT_PROMPT_PATH = Path("prompts/translation_and_extraction.md")
+
+# 文章正文截断长度（保守取 8K 字符，避免超出上下文窗口）
+MAX_CONTENT_CHARS = 8000
+
+# 重试设置
+DEFAULT_MAX_ATTEMPTS = 3
+RETRY_BASE_WAIT_SEC = 1.0
+RETRY_MAX_WAIT_SEC = 8.0
+
+# Prompt 中 system / user 分隔标记
+_SYSTEM_SECTION_START = "## System Prompt"
+_USER_SECTION_START = "## User Input"
+
+
+class PromptTemplate:
+    """Prompt 模板加载器。
+
+    从 prompts/translation_and_extraction.md 读取模板，
+    分离 System Prompt 和 User Input 两部分。
+    User Input 支持 {title} / {source_name} / {publish_time} / {content} 占位符。
+    """
+
+    def __init__(self, template_path: str | Path = DEFAULT_PROMPT_PATH) -> None:
+        self._path = Path(template_path)
+        raw = self._path.read_text(encoding="utf-8")
+
+        # 分离 system 和 user 两部分
+        self._system_prompt, self._user_template = self._parse_template(raw)
+
+    @staticmethod
+    def _parse_template(raw: str) -> tuple[str, str]:
+        """解析模板文件，返回 (system_prompt, user_template)。"""
+        # 找到 ## System Prompt 之后的内容直到 ## User Input
+        sys_match = re.search(
+            r"## System Prompt\s*\n(.*?)(?=---\s*\n## User Input)",
+            raw, re.DOTALL
+        )
+        user_match = re.search(
+            r"## User Input\s*\n(.*)",
+            raw, re.DOTALL
+        )
+
+        system = sys_match.group(1).strip() if sys_match else ""
+        user = user_match.group(1).strip() if user_match else raw
+
+        return system, user
+
+    def render(self, article: ProcessedArticle) -> tuple[str, str]:
+        """渲染 Prompt，返回 (system_prompt, user_prompt)。
+
+        对正文做截断处理。
+        """
+        content = article.content
+        if len(content) > MAX_CONTENT_CHARS:
+            logger.debug(
+                "文章 %s 超长截断: %d → %d",
+                article.url_hash, len(content), MAX_CONTENT_CHARS,
+            )
+            content = content[:MAX_CONTENT_CHARS] + "\n\n[正文过长已截断]"
+
+        user_prompt = (
+            self._user_template
+            .replace("{title}", article.title)
+            .replace("{source_name}", article.source_name)
+            .replace("{publish_time}", article.publish_time or "未知")
+            .replace("{content}", content)
+        )
+
+        return self._system_prompt, user_prompt
+
+
+# --------------------------------------------------------------------------- #
+# JSON 提取（LLM 偶尔会包 ```json 围栏）
+# --------------------------------------------------------------------------- #
+
+
+def _extract_json_object(text: str) -> str:
+    """从 LLM 输出中提取首个 JSON 对象字符串（去围栏 / 取首个 {...}）。"""
+    s = text.strip()
+    if s.startswith("```"):
+        s = s.strip("`")
+        if s.lower().startswith("json"):
+            s = s[4:].lstrip("\n").lstrip()
+        if s.endswith("```"):
+            s = s[:-3]
+    start = s.find("{")
+    if start < 0:
+        return s
+    depth = 0
+    for i in range(start, len(s)):
+        if s[i] == "{":
+            depth += 1
+        elif s[i] == "}":
+            depth -= 1
+            if depth == 0:
+                return s[start : i + 1]
+    return s[start:]
+
+
+def parse_translation_json(raw: str) -> LLMTranslationOutput:
+    """把 LLM 输出文本解析为 LLMTranslationOutput（可能抛 LLMCallError）。"""
+    payload = _extract_json_object(raw)
+    try:
+        obj = json.loads(payload)
+    except json.JSONDecodeError as e:
+        raise LLMCallError(f"JSON 解析失败: {e}") from e
+    if not isinstance(obj, dict):
+        raise LLMCallError(f"JSON 顶层非对象: {type(obj).__name__}")
+    try:
+        return LLMTranslationOutput.model_validate(obj)
+    except Exception as e:
+        raise LLMCallError(f"翻译输出 schema 校验失败: {e}") from e
+
+
+# --------------------------------------------------------------------------- #
+# 词数计算
+# --------------------------------------------------------------------------- #
+
+
+def _count_zh_chars(text: str) -> int:
+    """统计中文文本字数（汉字 + 数字 + 字母混合）。"""
+    # 简单统计：去除空白后长度
+    return len(text.replace(" ", "").replace("\n", "").replace("\r", ""))
+
+
+# --------------------------------------------------------------------------- #
+# 同步 / 异步 LLM 调用
+# --------------------------------------------------------------------------- #
+
+
+def _call_llm_sync(
+    client: OpenAI,
+    config: LLMConfig,
+    system_prompt: str,
+    user_prompt: str,
+) -> tuple[str, dict[str, int | None]]:
+    """同步单次 LLM 调用，返回 (raw_text, usage)。"""
+    resp = client.chat.completions.create(
+        model=config.model,
+        messages=[
+            {"role": "system", "content": system_prompt},
+            {"role": "user", "content": user_prompt},
+        ],
+        temperature=config.temperature,
+        max_tokens=config.max_tokens,
+        response_format={"type": "json_object"},
+    )
+    text = resp.choices[0].message.content or ""
+    usage = {
+        "prompt_tokens": getattr(resp.usage, "prompt_tokens", None) if resp.usage else None,
+        "completion_tokens": (
+            getattr(resp.usage, "completion_tokens", None) if resp.usage else None
+        ),
+    }
+    return text, usage
+
+
+async def _call_llm_async(
+    client: AsyncOpenAI,
+    config: LLMConfig,
+    system_prompt: str,
+    user_prompt: str,
+) -> tuple[str, dict[str, int | None]]:
+    """异步单次 LLM 调用。"""
+    resp = await client.chat.completions.create(
+        model=config.model,
+        messages=[
+            {"role": "system", "content": system_prompt},
+            {"role": "user", "content": user_prompt},
+        ],
+        temperature=config.temperature,
+        max_tokens=config.max_tokens,
+        response_format={"type": "json_object"},
+    )
+    text = resp.choices[0].message.content or ""
+    usage = {
+        "prompt_tokens": getattr(resp.usage, "prompt_tokens", None) if resp.usage else None,
+        "completion_tokens": (
+            getattr(resp.usage, "completion_tokens", None) if resp.usage else None
+        ),
+    }
+    return text, usage
+
+
+# --------------------------------------------------------------------------- #
+# 主入口：翻译 + 事件抽取
+# --------------------------------------------------------------------------- #
+
+
+def translate_and_extract(
+    client: OpenAI,
+    config: LLMConfig,
+    article: ProcessedArticle,
+    *,
+    template: PromptTemplate | None = None,
+    max_attempts: int = DEFAULT_MAX_ATTEMPTS,
+) -> EnTranslatedArticle:
+    """同步翻译 + 事件抽取（单篇文章，带重试）。
+
+    Args:
+        client: OpenAI 同步客户端
+        config: LLM 配置
+        article: 待处理的英文新闻
+        template: Prompt 模板，默认加载 prompts/translation_and_extraction.md
+        max_attempts: 最大重试次数
+
+    Returns:
+        EnTranslatedArticle 含双语内容 + 事件
+
+    Raises:
+        LLMCallError: 所有重试均失败
+    """
+    tpl = template or PromptTemplate()
+    system_prompt, user_prompt = tpl.render(article)
+
+    last_err: Exception | None = None
+    for attempt in range(1, max_attempts + 1):
+        try:
+            raw, usage = _call_llm_sync(client, config, system_prompt, user_prompt)
+            output = parse_translation_json(raw)
+
+            # 检查 content_zh 非空
+            if not output.content_zh.strip():
+                raise LLMCallError("LLM 返回的 content_zh 为空")
+
+            return EnTranslatedArticle(
+                source_id=article.source_id,
+                source_name=article.source_name,
+                url=article.url,
+                url_hash=article.url_hash,
+                title=article.title,
+                title_zh=output.title_zh,
+                content_en=article.content,
+                content_zh=output.content_zh,
+                publish_time=article.publish_time,
+                word_count=article.word_count,
+                word_count_zh=_count_zh_chars(output.content_zh),
+                events=output.events,
+                provider=config.provider,
+                model=config.model,
+                attempts=attempt,
+                prompt_tokens=usage.get("prompt_tokens"),
+                completion_tokens=usage.get("completion_tokens"),
+            )
+
+        except LLMCallError as e:
+            last_err = e
+            logger.warning(
+                "LLM 翻译抽取失败 url=%s 尝试 %d/%d: %s",
+                article.url, attempt, max_attempts, e.reason,
+            )
+        except Exception as e:
+            last_err = e
+            logger.warning(
+                "LLM 调用异常 url=%s 尝试 %d/%d: %s: %s",
+                article.url, attempt, max_attempts, type(e).__name__, e,
+            )
+
+        if attempt < max_attempts:
+            wait = min(RETRY_BASE_WAIT_SEC * (2 ** (attempt - 1)), RETRY_MAX_WAIT_SEC)
+            time.sleep(wait)
+
+    raise LLMCallError(
+        f"LLM 翻译抽取放弃，共 {max_attempts} 次尝试: {last_err}",
+        attempts=max_attempts,
+    )
+
+
+async def translate_and_extract_async(
+    client: AsyncOpenAI,
+    config: LLMConfig,
+    article: ProcessedArticle,
+    *,
+    template: PromptTemplate | None = None,
+    max_attempts: int = DEFAULT_MAX_ATTEMPTS,
+    semaphore: asyncio.Semaphore | None = None,
+) -> EnTranslatedArticle:
+    """异步翻译 + 事件抽取（批处理用），与同步版逻辑等价。"""
+    tpl = template or PromptTemplate()
+    system_prompt, user_prompt = tpl.render(article)
+
+    async def _run() -> EnTranslatedArticle:
+        last_err: Exception | None = None
+        for attempt in range(1, max_attempts + 1):
+            try:
+                raw, usage = await _call_llm_async(client, config, system_prompt, user_prompt)
+                output = parse_translation_json(raw)
+
+                if not output.content_zh.strip():
+                    raise LLMCallError("LLM 返回的 content_zh 为空")
+
+                return EnTranslatedArticle(
+                    source_id=article.source_id,
+                    source_name=article.source_name,
+                    url=article.url,
+                    url_hash=article.url_hash,
+                    title=article.title,
+                    title_zh=output.title_zh,
+                    content_en=article.content,
+                    content_zh=output.content_zh,
+                    publish_time=article.publish_time,
+                    word_count=article.word_count,
+                    word_count_zh=_count_zh_chars(output.content_zh),
+                    events=output.events,
+                    provider=config.provider,
+                    model=config.model,
+                    attempts=attempt,
+                    prompt_tokens=usage.get("prompt_tokens"),
+                    completion_tokens=usage.get("completion_tokens"),
+                )
+
+            except LLMCallError as e:
+                last_err = e
+                logger.warning(
+                    "LLM 翻译抽取失败 url=%s 尝试 %d/%d: %s",
+                    article.url, attempt, max_attempts, e.reason,
+                )
+            except Exception as e:
+                last_err = e
+                logger.warning(
+                    "LLM 调用异常 url=%s 尝试 %d/%d: %s: %s",
+                    article.url, attempt, max_attempts, type(e).__name__, e,
+                )
+
+            if attempt < max_attempts:
+                wait = min(RETRY_BASE_WAIT_SEC * (2 ** (attempt - 1)), RETRY_MAX_WAIT_SEC)
+                await asyncio.sleep(wait)
+
+        raise LLMCallError(
+            f"LLM 翻译抽取放弃，共 {max_attempts} 次尝试: {last_err}",
+            attempts=max_attempts,
+        )
+
+    if semaphore is None:
+        return await _run()
+    async with semaphore:
+        return await _run()
diff --git a/llm/models.py b/llm/models.py
new file mode 100644
index 0000000..2e61486
--- /dev/null
+++ b/llm/models.py
@@ -0,0 +1,144 @@
+"""LLM 翻译 + 投资事件抽取数据模型 (M4)。
+
+EnTranslatedArticle 是 M4 最终落盘格式，包含中英文双语内容和抽取的事件。
+EventExtraction 是 LLM JSON 输出直接映射，经 Pydantic 强校验。
+"""
+
+import re
+from datetime import datetime
+from enum import StrEnum
+
+from pydantic import BaseModel, Field, field_validator
+
+
+class Sentiment(StrEnum):
+    """事件情绪倾向。"""
+
+    POSITIVE = "positive"  # 利好
+    NEUTRAL = "neutral"    # 中性
+    NEGATIVE = "negative"  # 利空
+
+
+# 国际财经事件类型（LLM Prompt 中展示）
+INTERNATIONAL_EVENT_TYPES: tuple[str, ...] = (
+    "财报披露",
+    "并购收购",
+    "产品发布",
+    "监管政策",
+    "宏观经济",
+    "央行决议",
+    "行业动态",
+    "技术突破",
+    "高管变动",
+    "诉讼法律",
+    "市场异动",
+    "地缘政治",
+    "大宗商品",
+    "外汇波动",
+    "其他",
+)
+
+# 美股代码正则：1-5 个大写字母
+_US_STOCK_RE = re.compile(r"^[A-Z]{1,5}$")
+
+MIN_IMPORTANCE = 1
+MAX_IMPORTANCE = 5
+
+
+class EventExtraction(BaseModel):
+    """LLM 输出的单个事件，直接映射 JSON。"""
+
+    event_type: str = Field(..., description="事件类型，见 INTERNATIONAL_EVENT_TYPES")
+    stock_codes: list[str] = Field(
+        default_factory=list,
+        description="涉及美股代码，如 AAPL、TSLA；无相关股票时为空",
+    )
+    sentiment: Sentiment = Field(..., description="positive/neutral/negative")
+    importance: int = Field(
+        ..., ge=MIN_IMPORTANCE, le=MAX_IMPORTANCE, description="1-5 重要程度"
+    )
+    summary_zh: str = Field(
+        default="",
+        max_length=200,
+        description="一句话中文事件摘要",
+    )
+
+    @field_validator("stock_codes")
+    @classmethod
+    def _validate_stock_codes(cls, v: list[str]) -> list[str]:
+        """剔除非美股代码格式、去重、统一大写。"""
+        cleaned: list[str] = []
+        seen: set[str] = set()
+        for code in v:
+            s = (code or "").strip().upper()
+            if not s or not _US_STOCK_RE.match(s):
+                continue
+            if s not in seen:
+                seen.add(s)
+                cleaned.append(s)
+        return cleaned
+
+    @field_validator("event_type")
+    @classmethod
+    def _normalize_event_type(cls, v: str) -> str:
+        s = (v or "").strip()
+        return s if s else "其他"
+
+
+class LLMTranslationOutput(BaseModel):
+    """LLM 单次调用的完整输出 JSON 映射。"""
+
+    title_zh: str = Field(..., description="中文翻译标题")
+    content_zh: str = Field(..., description="中文翻译正文")
+    events: list[EventExtraction] = Field(
+        default_factory=list, description="提取的投资事件列表"
+    )
+
+
+class EnTranslatedArticle(BaseModel):
+    """M4 最终落盘格式：双语文章 + 抽取事件 + 调用元信息。"""
+
+    # ── 来源标识 ──
+    source_id: str
+    source_name: str
+    url: str
+    url_hash: str
+
+    # ── 双语内容 ──
+    title: str = ""              # 英文原标题
+    title_zh: str = ""           # 中文翻译标题
+    content_en: str = ""         # 英文原文
+    content_zh: str = ""         # 中文翻译
+    publish_time: str = ""       # ISO 8601
+    word_count: int = 0          # 英文词数
+    word_count_zh: int = 0       # 中文译文字数
+
+    # ── 抽取事件 ──
+    events: list[EventExtraction] = Field(default_factory=list)
+
+    # ── 调用元信息 ──
+    provider: str = ""           # deepseek / qwen
+    model: str = ""
+    translated_at: datetime = Field(default_factory=datetime.now)
+    attempts: int = 1            # 实际调用次数（含重试）
+    prompt_tokens: int | None = None
+    completion_tokens: int | None = None
+
+    def short_summary(self) -> str:
+        codes = set()
+        for ev in self.events:
+            codes.update(ev.stock_codes)
+        codes_str = ",".join(sorted(codes)[:5]) or "-"
+        return (
+            f"[{self.source_id}] {self.title[:30]}... "
+            f"→ {len(self.events)}events, stocks: {codes_str}"
+        )
+
+
+class LLMCallError(Exception):
+    """LLM 调用失败（网络 / 解析 / 校验）。"""
+
+    def __init__(self, reason: str, *, attempts: int = 0) -> None:
+        super().__init__(reason)
+        self.reason = reason
+        self.attempts = attempts
diff --git a/llm/pipeline.py b/llm/pipeline.py
new file mode 100644
index 0000000..a200df9
--- /dev/null
+++ b/llm/pipeline.py
@@ -0,0 +1,238 @@
+"""批量翻译 + 事件抽取管道。
+
+输入:  data/deduped/{YYYYMMDD}/uniques/{url_hash}.json（M3 去重后唯一条目）
+输出:  data/events/{YYYYMMDD}/{url_hash}.json
+"""
+
+import json
+import logging
+from concurrent.futures import ThreadPoolExecutor, as_completed
+from datetime import datetime
+from pathlib import Path
+
+import yaml
+
+from crawler.utils import get_news_day
+from extractor.models import ProcessedArticle
+from llm.client import LLMConfig, load_llm_config, make_sync_client
+from llm.extractor import PromptTemplate, translate_and_extract
+from llm.models import EnTranslatedArticle, LLMCallError
+
+logger = logging.getLogger(__name__)
+
+# 默认并发数
+_DEFAULT_CONCURRENCY = 3
+
+
+def _load_concurrency() -> int:
+    """从 system.yaml 读取 LLM 并发配置。"""
+    config_path = Path("configs/system.yaml")
+    if config_path.exists():
+        try:
+            with open(config_path, encoding="utf-8") as f:
+                raw = yaml.safe_load(f)
+            return int(raw.get("llm", {}).get("concurrency", _DEFAULT_CONCURRENCY))
+        except Exception:
+            pass
+    return _DEFAULT_CONCURRENCY
+
+
+def _load_deduped_articles(
+    date_str: str,
+) -> list[ProcessedArticle]:
+    """加载指定日期的去重后唯一条目。
+
+    Args:
+        date_str: 日期 YYYYMMDD
+
+    Returns:
+        ProcessedArticle 列表
+    """
+    base_dir = Path(f"data/deduped/{date_str}/uniques")
+    if not base_dir.exists():
+        return []
+
+    articles: list[ProcessedArticle] = []
+    for json_file in sorted(base_dir.glob("*.json")):
+        try:
+            data = json.loads(json_file.read_text(encoding="utf-8"))
+            articles.append(ProcessedArticle(**data))
+        except (json.JSONDecodeError, Exception) as e:
+            logger.warning("解析去重文章失败 %s: %s", json_file, e)
+
+    return articles
+
+
+def _process_one(
+    article: ProcessedArticle,
+    client,
+    config: LLMConfig,
+    template: PromptTemplate,
+) -> EnTranslatedArticle | None:
+    """处理单篇文章的翻译 + 事件抽取。返回 None 表示失败。"""
+    try:
+        return translate_and_extract(
+            client=client,
+            config=config,
+            article=article,
+            template=template,
+        )
+    except LLMCallError as e:
+        logger.error(
+            "翻译抽取最终失败 url=%s: %s", article.url, e.reason
+        )
+        return None
+    except Exception as e:
+        logger.exception("翻译抽取未预期异常 url=%s: %s", article.url, e)
+        return None
+
+
+def translate_all_deduped(
+    date_str: str | None = None,
+    *,
+    provider: str | None = None,
+    model: str | None = None,
+    concurrency: int | None = None,
+) -> dict:
+    """对去重后的所有唯一条目执行翻译 + 事件抽取。
+
+    Args:
+        date_str: 日期 YYYYMMDD，默认当前新闻日
+        provider: LLM provider，默认从 system.yaml 读取
+        model: LLM model，默认从 system.yaml 读取
+        concurrency: 并发数，默认从 system.yaml 读取
+
+    Returns:
+        统计 dict
+    """
+    if date_str is None:
+        date_str = get_news_day()
+
+    concurrency = concurrency or _load_concurrency()
+
+    logger.info("══════ 开始翻译+事件抽取，日期: %s，并发: %d ══════",
+                date_str, concurrency)
+
+    # 加载去重后的文章
+    articles = _load_deduped_articles(date_str)
+    if not articles:
+        logger.warning("去重目录无文章: data/deduped/%s/uniques/", date_str)
+        return {"date": date_str, "total": 0, "success": 0, "failed": 0, "elapsed_sec": 0}
+
+    # 初始化 LLM 客户端
+    config = load_llm_config(provider=provider, model=model)
+    client = make_sync_client(config)
+    template = PromptTemplate()
+
+    # 输出目录
+    out_dir = Path(f"data/events/{date_str}")
+    out_dir.mkdir(parents=True, exist_ok=True)
+
+    start_time = datetime.now()
+    success = 0
+    failed = 0
+
+    # 增量：跳过已翻译的文章
+    new_articles = []
+    skipped = 0
+    for a in articles:
+        if (out_dir / f"{a.url_hash}.json").exists():
+            skipped += 1
+        else:
+            new_articles.append(a)
+    if skipped > 0:
+        logger.info("增量跳过 %d 篇已翻译，剩余 %d 篇待处理", skipped, len(new_articles))
+    articles = new_articles
+
+    # 并发处理
+    with ThreadPoolExecutor(max_workers=concurrency) as executor:
+        futures = {
+            executor.submit(_process_one, article, client, config, template): article
+            for article in articles
+        }
+
+        for future in as_completed(futures):
+            article = futures[future]
+            try:
+                result = future.result()
+            except Exception as e:
+                logger.error("并发任务异常 url=%s: %s", article.url, e)
+                failed += 1
+                continue
+
+            if result is None:
+                failed += 1
+                continue
+
+            # 写入输出文件
+            out_file = out_dir / f"{result.url_hash}.json"
+            out_file.write_text(
+                result.model_dump_json(indent=2, ensure_ascii=False),
+                encoding="utf-8",
+            )
+            success += 1
+            logger.info(
+                "[%s] ✅ %s → %s (%d events, %d zh chars)",
+                result.source_id,
+                result.title[:40],
+                result.title_zh[:30],
+                len(result.events),
+                result.word_count_zh,
+            )
+
+    elapsed = (datetime.now() - start_time).total_seconds()
+
+    # 写入事件索引
+    _write_event_index(date_str, success, failed, elapsed, config)
+
+    logger.info(
+        "══════ 翻译+事件抽取完成: 成功 %d / 失败 %d / 总计 %d，耗时 %.1f 秒 ══════",
+        success, failed, len(articles), elapsed,
+    )
+
+    return {
+        "date": date_str,
+        "total": len(articles),
+        "success": success,
+        "failed": failed,
+        "elapsed_sec": elapsed,
+        "provider": config.provider,
+        "model": config.model,
+    }
+
+
+def _write_event_index(
+    date_str: str,
+    success: int,
+    failed: int,
+    elapsed_sec: float,
+    config: LLMConfig,
+) -> None:
+    """写入事件索引文件。
+
+    Args:
+        date_str: 日期
+        success: 成功数
+        failed: 失败数
+        elapsed_sec: 耗时（秒）
+        config: LLM 配置
+    """
+    out_dir = Path(f"data/events/{date_str}")
+    out_dir.mkdir(parents=True, exist_ok=True)
+
+    index_data = {
+        "date": date_str,
+        "success": success,
+        "failed": failed,
+        "elapsed_sec": round(elapsed_sec, 1),
+        "provider": config.provider,
+        "model": config.model,
+        "generated_at": datetime.now().isoformat(),
+    }
+
+    index_path = out_dir / "index.json"
+    index_path.write_text(
+        json.dumps(index_data, indent=2, ensure_ascii=False),
+        encoding="utf-8",
+    )
+    logger.info("事件索引已写入: %s", index_path)
diff --git a/logs/.gitkeep b/logs/.gitkeep
new file mode 100644
index 0000000..e69de29
diff --git a/mcp_server/__init__.py b/mcp_server/__init__.py
new file mode 100644
index 0000000..e9078d4
--- /dev/null
+++ b/mcp_server/__init__.py
@@ -0,0 +1,13 @@
+"""MCP 服务模块 (M8)。
+
+暴露 5 个 MCP Tool 给 Claude Code / Cherry Studio 调用:
+    - search_news:         语义检索
+    - search_by_stock:     美股代码检索
+    - search_by_sentiment: 情绪过滤检索
+    - get_today_events:    当日重要事件
+    - get_stats:           系统统计
+"""
+
+from mcp_server.server import mcp
+
+__all__ = ["mcp"]
diff --git a/mcp_server/server.py b/mcp_server/server.py
new file mode 100644
index 0000000..d62573c
--- /dev/null
+++ b/mcp_server/server.py
@@ -0,0 +1,310 @@
+"""MCP 服务 (M8) — FastMCP 国际财经 Deep Research 工具。
+
+暴露 5 个 MCP Tool 给 Claude Code / Cherry Studio 调用。
+"""
+
+import json
+import logging
+from dataclasses import dataclass
+from datetime import datetime
+from pathlib import Path
+from typing import Any
+
+from mcp.server.fastmcp import FastMCP
+
+from crawler.utils import get_news_day
+from embedding.client import (
+    EmbeddingConfig,
+    embed_batch,
+    load_embedding_config,
+    make_embedding_client,
+)
+from vectorstore.client import VectorStore, make_qdrant_client
+from vectorstore.models import SearchFilter
+
+logger = logging.getLogger(__name__)
+
+# --------------------------------------------------------------------------- #
+# 单例 Backend
+# --------------------------------------------------------------------------- #
+
+
+@dataclass
+class _Backend:
+    emb_config: EmbeddingConfig
+    emb_client: Any
+    vector_store: VectorStore
+
+
+_backend: _Backend | None = None
+
+
+def _get_backend() -> _Backend:
+    """延迟初始化 MCP 后端（embedder + vector_store）。"""
+    global _backend
+    if _backend is None:
+        config = load_embedding_config()
+        client = make_embedding_client(config)
+        qdrant = make_qdrant_client()
+        store = VectorStore(qdrant)
+        _backend = _Backend(emb_config=config, emb_client=client, vector_store=store)
+        logger.info("MCP 后端就绪: embed=%s, qdrant=%d 条",
+                     config.model, store.count())
+    return _backend
+
+
+# --------------------------------------------------------------------------- #
+# 嵌入 + 检索
+# --------------------------------------------------------------------------- #
+
+
+def _search(
+    query: str,
+    top_k: int = 10,
+    search_filter: SearchFilter | None = None,
+    score_threshold: float = 0.3,
+) -> list[dict[str, Any]]:
+    """嵌入查询 → Qdrant 检索 → 返回 dict 列表。"""
+    be = _get_backend()
+    vectors = embed_batch(be.emb_client, be.emb_config, [query])
+    if not vectors:
+        return []
+    results = be.vector_store.query(
+        query_vector=vectors[0],
+        top_k=top_k,
+        search_filter=search_filter,
+        score_threshold=score_threshold,
+    )
+    return [
+        {
+            "title": r.title,
+            "title_zh": r.title_zh,
+            "url": r.url,
+            "source": r.source_id,
+            "score": round(r.score, 4),
+            "publish_time": r.publish_time,
+            "events": r.events,
+            "content_zh_preview": r.content_zh_preview,
+        }
+        for r in results
+    ]
+
+
+def _load_today_events(date_str: str | None = None) -> list[dict]:
+    """加载当日高重要度事件。"""
+    day = date_str or get_news_day()
+    ev_dir = Path(f"data/events/{day}")
+    if not ev_dir.is_dir():
+        return []
+
+    events: list[dict] = []
+    for fp in sorted(ev_dir.glob("*.json")):
+        if fp.name == "index.json":
+            continue
+        try:
+            data = json.loads(fp.read_text(encoding="utf-8"))
+            for ev in data.get("events", []):
+                if ev.get("importance", 0) >= 4:
+                    events.append({
+                        **ev,
+                        "title": data.get("title", ""),
+                        "title_zh": data.get("title_zh", ""),
+                        "url": data.get("url", ""),
+                        "source_id": data.get("source_id", ""),
+                        "publish_time": data.get("publish_time", ""),
+                    })
+        except (json.JSONDecodeError, OSError):
+            pass
+    return sorted(events, key=lambda e: -e.get("importance", 0))
+
+
+def _fmt_results(hits: list[dict[str, Any]], query: str) -> str:
+    """检索结果 → Markdown 格式化。"""
+    if not hits:
+        return f"未找到与「{query}」相关的结果。"
+
+    lines = [f"## 🔍 检索结果: {query}", "", f"共 {len(hits)} 条:", ""]
+    for i, h in enumerate(hits, 1):
+        title = h.get("title_zh") or h.get("title", "无标题")
+        sentiment_map = {"positive": "🟢利好", "neutral": "⚪中性", "negative": "🔴利空"}
+        lines.append(f"### {i}. {title}")
+        lines.append(f"- 来源: {h['source']} | 相似度: {h['score']}")
+        lines.append(f"- 🔗 {h.get('url', '')}")
+
+        for ev in h.get("events", []):
+            s = sentiment_map.get(ev.get("sentiment", ""), "")
+            codes = ",".join(ev.get("stock_codes", [])[:5])
+            code_str = f" [{codes}]" if codes else ""
+            lines.append(
+                f"  - {s} [{ev.get('event_type', '')}] "
+                f"重要度{ev.get('importance', '')} {ev.get('summary_zh', '')}{code_str}"
+            )
+        lines.append("")
+    return "\n".join(lines)
+
+
+# --------------------------------------------------------------------------- #
+# MCP 服务器 & 工具
+# --------------------------------------------------------------------------- #
+
+mcp = FastMCP(
+    name="国际财经DeepResearch",
+    instructions="国际财经新闻 Deep Research 知识库。语义检索英文财经新闻的翻译与投资事件分析。",
+)
+
+
+# ── Tool 1: search_news ──
+
+
+@mcp.tool()
+def search_news(query: str, top_k: int = 10) -> str:
+    """语义检索国际财经新闻知识库。
+
+    参数:
+        query: 自然语言查询（中文或英文，如 "美联储利率决议" "Apple earnings"）
+        top_k: 返回条数（默认 10）
+
+    返回: Markdown 格式检索结果，含中英文标题、来源、相似度、事件摘要、URL。
+    """
+    logger.info("search_news query=%r top_k=%d", query, top_k)
+    hits = _search(query, top_k=top_k)
+    return _fmt_results(hits, query)
+
+
+# ── Tool 2: search_by_stock ──
+
+
+@mcp.tool()
+def search_by_stock(stock_code: str, top_k: int = 10) -> str:
+    """检索指定美股代码相关的投资事件。
+
+    参数:
+        stock_code: 美股代码（如 AAPL、TSLA、MSFT，1-5 个大写字母）
+        top_k: 返回条数（默认 10）
+
+    返回: Markdown 格式检索结果，含与该股票相关的事件、情绪和重要度。
+    """
+    code = stock_code.strip().upper()
+    logger.info("search_by_stock code=%r top_k=%d", code, top_k)
+
+    # 带股票过滤的搜索
+    hits = _search(code, top_k=top_k, search_filter=SearchFilter(stock_codes=[code]))
+    if not hits:
+        # 降级：纯语义搜索
+        logger.info("stock 精确命中 0 条，降级为纯语义搜索")
+        hits = _search(code, top_k=top_k)
+    return _fmt_results(hits, f"{code} 相关事件")
+
+
+# ── Tool 3: search_by_sentiment ──
+
+
+@mcp.tool()
+def search_by_sentiment(query: str, sentiment: str = "all", top_k: int = 20) -> str:
+    """按情绪倾向检索新闻。
+
+    参数:
+        query: 自然语言查询
+        sentiment: positive(利好) / negative(利空) / neutral(中性) / all(全部，默认)
+        top_k: 返回条数（默认 20）
+
+    返回: Markdown 检索结果 + 情绪分布统计。
+    """
+    logger.info("search_by_sentiment query=%r sentiment=%r", query, sentiment)
+
+    filt = None
+    if sentiment in ("positive", "negative", "neutral"):
+        filt = SearchFilter(sentiment=sentiment)
+
+    hits = _search(query, top_k=top_k, search_filter=filt)
+
+    # 情绪统计
+    pos = sum(1 for h in hits for ev in h.get("events", [])
+              if ev.get("sentiment") == "positive")
+    neg = sum(1 for h in hits for ev in h.get("events", [])
+              if ev.get("sentiment") == "negative")
+    neu = sum(1 for h in hits for ev in h.get("events", [])
+              if ev.get("sentiment") == "neutral")
+
+    header = (
+        f"## 📊 情绪趋势: {query}\n\n"
+        f"共 {len(hits)} 条 | 🟢利好 {pos} | 🔴利空 {neg} | ⚪中性 {neu}\n"
+    )
+    return header + "\n" + _fmt_results(hits, query)
+
+
+# ── Tool 4: get_today_events ──
+
+
+@mcp.tool()
+def get_today_events(importance_min: int = 4, limit: int = 15) -> str:
+    """获取当日重要投资事件。
+
+    参数:
+        importance_min: 最低重要度（默认 4）
+        limit: 最多返回条数（默认 15）
+
+    返回: Markdown 格式的当日重要事件列表。
+    """
+    logger.info("get_today_events importance_min=%d limit=%d", importance_min, limit)
+
+    events = _load_today_events()
+    events = [e for e in events if e.get("importance", 0) >= importance_min]
+    events = events[:limit]
+
+    if not events:
+        return "当日暂无符合条件的重要事件。"
+
+    sentiment_map = {"positive": "🟢利好", "neutral": "⚪中性", "negative": "🔴利空"}
+    lines = [
+        f"## 📅 今日重要事件（重要度 ≥ {importance_min}）",
+        "",
+        f"共 {len(events)} 条:",
+        "",
+    ]
+    for i, ev in enumerate(events, 1):
+        s = sentiment_map.get(ev.get("sentiment", ""), "")
+        codes = ",".join(ev.get("stock_codes", [])[:5])
+        code_str = f" [{codes}]" if codes else ""
+        lines.append(f"### {i}. [{ev.get('event_type', '')}]{s} 重要度{ev.get('importance', '')}")
+        lines.append(f"- **{ev.get('title_zh', ev.get('title', ''))}**")
+        lines.append(f"- {ev.get('summary_zh', '')}{code_str}")
+        lines.append(f"- 来源: {ev.get('source_id', '')} | {ev.get('publish_time', '')[:10]}")
+        lines.append(f"- 🔗 {ev.get('url', '')}")
+        lines.append("")
+    return "\n".join(lines)
+
+
+# ── Tool 5: get_stats ──
+
+
+@mcp.tool()
+def get_stats() -> str:
+    """获取系统统计信息（M1-M6 管道数据、Qdrant 库规模等）。
+
+    返回: Markdown 格式的系统统计概览。
+    """
+    logger.info("get_stats")
+
+    be = _get_backend()
+    count = be.vector_store.count()
+    info = be.vector_store.info()
+
+    lines = [
+        "## 📊 国际财经 Deep Research 系统统计",
+        "",
+        f"**Collection**: {info.name}",
+        f"**向量总数**: {count}",
+        f"**嵌入模型**: {be.emb_config.model} ({be.emb_config.dimension} 维)",
+        f"**Qdrant 模式**: {'文件模式' if not info.exists else '运行中'}",
+        f"**生成时间**: {datetime.now().strftime('%Y-%m-%d %H:%M:%S')}",
+        "",
+        "### 可用工具",
+        "",
+        "- `search_news` — 语义检索新闻",
+        "- `search_by_stock` — 按美股代码检索",
+        "- `search_by_sentiment` — 按情绪过滤检索",
+        "- `get_today_events` — 获取当日重要事件",
+        "- `get_stats` — 系统统计概览",
+    ]
+    return "\n".join(lines)
diff --git a/prompts/translation_and_extraction.md b/prompts/translation_and_extraction.md
new file mode 100644
index 0000000..5e9e67a
--- /dev/null
+++ b/prompts/translation_and_extraction.md
@@ -0,0 +1,95 @@
+# 国际财经新闻翻译与投资事件抽取
+
+## System Prompt
+
+你是一位专业的国际财经新闻翻译与分析助手。你的任务是对输入的英文财经新闻完成两件事：
+
+1. **全文英译中** — 将英文新闻翻译为准确、简洁、专业的中文
+2. **投资事件抽取** — 识别文中涉及的投资相关事件，提取关键信息
+
+### 翻译规范
+
+- 准确性优先：财经术语翻译准确，保持专业一致性
+- 简洁有力：中文表达清晰简练，不做作，不啰嗦
+- 术语统一：
+  - Federal Reserve → 美联储
+  - ECB → 欧洲央行
+  - earnings/revenue → 财报/营收
+  - M&A/merger → 并购
+  - guidance → 业绩指引
+  - SEC filing → SEC 文件
+  - IPO → 上市/IPO
+  - ETF → ETF
+  - bull/bear → 牛市/熊市
+- 数字、百分比、货币金额保持原样（$150M → 1.5亿美元 时注意换算）
+- 公司名首次出现保留英文原名+中文翻译，如 Apple（苹果）
+- 中文译文字数控制在原文 1.0×–1.5× 范围
+
+### 事件抽取规范
+
+识别文中涉及的投资相关事件，每个事件包含：
+
+- **event_type**: 事件类型，从以下类型中选择：
+  财报披露、并购收购、产品发布、监管政策、宏观经济、央行决议、
+  行业动态、技术突破、高管变动、诉讼法律、市场异动、地缘政治、
+  大宗商品、外汇波动、其他
+
+- **stock_codes**: 涉及的美股代码（1-5 个大写字母，如 AAPL、TSLA、MSFT）。
+  仅提取文中明确提到的上市公司代码。无明确代码时为空数组。
+  同一事件涉及多只股票时，将所有股票代码合并到一个事件的 stock_codes 数组中，
+  严禁按股票代码拆分成多个事件。
+
+- **sentiment**: 情绪判断
+  - positive: 利好（业绩超预期、政策放松、产品成功、合作签约等）
+  - negative: 利空（业绩不及预期、监管处罚、诉讼、产品失败等）
+  - neutral: 中性（常规披露、日常动态、无明显偏向）
+
+- **importance**: 重要程度 1-5
+  - 5: 极重大（央行利率决议、重大并购、系统性风险）
+  - 4: 重大（龙头公司财报、重要政策变化、行业趋势转折）
+  - 3: 中等（一般公司财报、产品发布、行业分析）
+  - 2: 较轻（日常动态、常规公告）
+  - 1: 轻微（辅助信息、背景提及）
+
+- **summary_zh**: 一句话中文事件摘要（不超过 100 字）
+
+### 输出格式
+
+严格按照以下 JSON 格式输出（不要包含 ```json 标记）：
+
+```json
+{
+  "title_zh": "中文翻译标题",
+  "content_zh": "中文翻译正文全文",
+  "events": [
+    {
+      "event_type": "财报披露",
+      "stock_codes": ["AAPL"],
+      "sentiment": "positive",
+      "importance": 4,
+      "summary_zh": "苹果第三季度营收超预期，iPhone 销售强劲"
+    }
+  ]
+}
+```
+
+- 如果文章没有明确的投资事件，events 为空数组 []
+- 每篇文章最多提取 5 个最重要的事件
+- 一条新闻的多个事件 summary_zh 必须互不相同，禁止生成标题/摘要高度重复的事件
+- 同一则新闻若涉及多类事件，每类只提取一次，不要重复拆分
+
+---
+
+## User Input
+
+请处理以下英文财经新闻：
+
+**标题**: {title}
+
+**来源**: {source_name}
+
+**发布时间**: {publish_time}
+
+**正文**:
+
+{content}
diff --git a/pyproject.toml b/pyproject.toml
new file mode 100644
index 0000000..6fa36fe
--- /dev/null
+++ b/pyproject.toml
@@ -0,0 +1,71 @@
+[project]
+name = "en-news"
+version = "0.1.0"
+description = "国际财经新闻抓取与深度研究平台"
+readme = "README.md"
+requires-python = ">=3.11,<3.13"
+license = { text = "MIT" }
+authors = [
+    { name = "summer" }
+]
+
+dependencies = [
+    "crawl4ai>=0.5.0",
+    "trafilatura>=2.0.0",
+    "pydantic>=2.0.0",
+    "httpx>=0.28.0",
+    "pyyaml>=6.0",
+    "apscheduler>=3.10.0",
+    "fastmcp>=0.1.0",
+    "qdrant-client>=1.12.0",
+    "typer>=0.15.0",
+    "rich>=13.0.0",
+    "psutil>=7.2.2",
+    "htmldate>=1.10.0",
+    "openai>=2.43.0",
+    "python-dotenv>=1.2.2",
+    "markdown>=3.10.2",
+]
+
+[project.optional-dependencies]
+dev = [
+    "pytest>=8.0.0",
+    "pytest-asyncio>=0.25.0",
+    "pytest-cov>=6.0.0",
+    "ruff>=0.8.0",
+]
+
+[project.scripts]
+en-news = "app.cli:app"
+
+[build-system]
+requires = ["hatchling"]
+build-backend = "hatchling.build"
+
+[tool.hatch.build.targets.wheel]
+packages = [
+    "crawler",
+    "extractor",
+    "dedup",
+    "translator",
+    "llm",
+    "embedding",
+    "vectorstore",
+    "scheduler",
+    "mcp_server",
+    "app",
+]
+
+[tool.ruff]
+target-version = "py311"
+line-length = 100
+
+[tool.ruff.lint]
+select = ["E", "F", "I", "N", "W", "UP"]
+
+[tool.ruff.lint.per-file-ignores]
+"scheduler/reporter.py" = ["E501"]  # 内嵌 HTML 模板 CSS 行较长
+
+[tool.pytest.ini_options]
+testpaths = ["tests"]
+asyncio_mode = "auto"
diff --git a/scheduler/__init__.py b/scheduler/__init__.py
new file mode 100644
index 0000000..0e96d56
--- /dev/null
+++ b/scheduler/__init__.py
@@ -0,0 +1,16 @@
+"""定时调度与日报模块 (M7)。
+
+公共 API:
+    - run_pipeline: 全链路编排 M2→M6
+    - generate_report: 每日 HTML 日报生成
+"""
+
+from scheduler.pipeline import PipelineResult, StepResult, run_pipeline
+from scheduler.reporter import generate_report
+
+__all__ = [
+    "PipelineResult",
+    "StepResult",
+    "generate_report",
+    "run_pipeline",
+]
diff --git a/scheduler/jobs.py b/scheduler/jobs.py
new file mode 100644
index 0000000..7e4c106
--- /dev/null
+++ b/scheduler/jobs.py
@@ -0,0 +1,40 @@
+"""定时任务定义
+
+海外 & 国内 crontab 参考。
+实际调度由系统 crontab 或 APScheduler 执行。
+"""
+
+import logging
+
+logger = logging.getLogger(__name__)
+
+# ════════════════════════════════════════════════════
+# 国内 crontab（在 /home/pi/intlnews 目录下执行）
+# ════════════════════════════════════════════════════
+#
+# 全流程：M1 抓取 → M2→M6 管道 → 日报
+# 每天 06:00 / 12:00 / 18:00 / 22:00 各执行一次
+# 前置条件：
+#   - Xvfb :99 -screen 0 1280x1024x24 -ac +extension RANDR &  (开机自启)
+#   - ss-local + privoxy 已运行（HTTP 代理 127.0.0.1:3128）
+#
+# 0 6  * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh >> logs/full.log 2>&1
+# 0 12 * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh >> logs/full.log 2>&1
+# 0 18 * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh >> logs/full.log 2>&1
+# 0 22 * * * cd /home/pi/intlnews && bash scripts/domestic_full.sh >> logs/full.log 2>&1
+
+
+# ════════════════════════════════════════════════════
+# 任务说明
+# ════════════════════════════════════════════════════
+
+JOBS_DOMESTIC = {
+    "domestic_full_0600": "每天 06:00 M1 抓取 → M2→M6 管道 → 日报",
+    "domestic_full_1200": "每天 12:00 全流程",
+    "domestic_full_1800": "每天 18:00 全流程",
+    "domestic_full_2200": "每天 22:00 全流程",
+}
+
+# 06:00 是新闻日切分点（day_cutoff_hour）
+# 海外 05:55 打包的是前一日 06:00 到当日 05:59 的新闻
+# 国内 06:30 拉取时已经是新一轮新闻日的开始
diff --git a/scheduler/pipeline.py b/scheduler/pipeline.py
new file mode 100644
index 0000000..a57d175
--- /dev/null
+++ b/scheduler/pipeline.py
@@ -0,0 +1,231 @@
+"""全链路管道编排 (M7)。
+
+串联 M2 → M3 → M4 → M5 → M6，每步失败记录日志但不阻断后续。
+"""
+
+import logging
+import time
+from dataclasses import dataclass, field
+from datetime import datetime
+
+from dotenv import load_dotenv
+
+load_dotenv()  # 确保 .env 中的 API Key 被加载到 os.environ
+
+# 抑制第三方库噪音日志
+logging.getLogger("httpx").setLevel(logging.WARNING)
+logging.getLogger("httpcore").setLevel(logging.WARNING)
+logging.getLogger("openai").setLevel(logging.WARNING)
+
+logger = logging.getLogger(__name__)
+
+# 步骤默认超时（秒）
+STEP_TIMEOUTS: dict[str, int] = {
+    "extract": 300,
+    "dedup": 120,
+    "translate": 900,
+    "embed": 300,
+    "index": 300,
+    "report": 60,
+}
+
+
+@dataclass
+class StepResult:
+    """单步执行结果。"""
+
+    name: str
+    success: bool
+    elapsed_sec: float
+    message: str = ""
+    started_at: datetime | None = None
+
+
+@dataclass
+class PipelineResult:
+    """全链路执行结果。"""
+
+    steps: list[StepResult] = field(default_factory=list)
+    started_at: datetime | None = None
+    finished_at: datetime | None = None
+
+    @property
+    def all_success(self) -> bool:
+        return all(s.success for s in self.steps)
+
+    @property
+    def success_count(self) -> int:
+        return sum(1 for s in self.steps if s.success)
+
+
+def run_step_extract(date_str: str) -> StepResult:
+    """M2: 正文提取。"""
+    started = datetime.now()
+    try:
+        from extractor.pipeline import process_all_sources
+        stats = process_all_sources(date_str=date_str)
+        elapsed = (datetime.now() - started).total_seconds()
+        return StepResult(
+            name="extract", success=True, elapsed_sec=elapsed,
+            message=f"{stats['total_articles']} 篇", started_at=started,
+        )
+    except Exception as e:
+        elapsed = (datetime.now() - started).total_seconds()
+        logger.exception("M2 正文提取失败")
+        return StepResult(name="extract", success=False, elapsed_sec=elapsed,
+                          message=str(e)[:200], started_at=started)
+
+
+def run_step_dedup(date_str: str) -> StepResult:
+    """M3: 三层去重。"""
+    started = datetime.now()
+    try:
+        from dedup.pipeline import dedup_all_sources
+        stats = dedup_all_sources(date_str=date_str)
+        elapsed = (datetime.now() - started).total_seconds()
+        return StepResult(
+            name="dedup", success=True, elapsed_sec=elapsed,
+            message=f"唯一 {stats['unique']}/重复 {stats['duplicate']}", started_at=started,
+        )
+    except Exception as e:
+        elapsed = (datetime.now() - started).total_seconds()
+        logger.exception("M3 去重失败")
+        return StepResult(name="dedup", success=False, elapsed_sec=elapsed,
+                          message=str(e)[:200], started_at=started)
+
+
+def run_step_translate(date_str: str) -> StepResult:
+    """M4: 翻译 + 事件抽取。"""
+    started = datetime.now()
+    try:
+        from llm.pipeline import translate_all_deduped
+        stats = translate_all_deduped(date_str=date_str)
+        elapsed = (datetime.now() - started).total_seconds()
+        return StepResult(
+            name="translate", success=True, elapsed_sec=elapsed,
+            message=f"{stats['success']}/{stats['total']} 篇 ({stats.get('provider','')})",
+            started_at=started,
+        )
+    except Exception as e:
+        elapsed = (datetime.now() - started).total_seconds()
+        logger.exception("M4 翻译失败")
+        return StepResult(name="translate", success=False, elapsed_sec=elapsed,
+                          message=str(e)[:200], started_at=started)
+
+
+def run_step_embed(date_str: str) -> StepResult:
+    """M5: 向量生成。"""
+    started = datetime.now()
+    try:
+        from embedding.pipeline import embed_all_events
+        stats = embed_all_events(date_str=date_str)
+        elapsed = (datetime.now() - started).total_seconds()
+        return StepResult(
+            name="embed", success=True, elapsed_sec=elapsed,
+            message=f"{stats['success']}/{stats['total']} 篇", started_at=started,
+        )
+    except Exception as e:
+        elapsed = (datetime.now() - started).total_seconds()
+        logger.exception("M5 向量生成失败")
+        return StepResult(name="embed", success=False, elapsed_sec=elapsed,
+                          message=str(e)[:200], started_at=started)
+
+
+def run_step_index(date_str: str) -> StepResult:
+    """M6: Qdrant 入库。"""
+    started = datetime.now()
+    try:
+        from vectorstore.pipeline import ingest_all_embeddings
+        stats = ingest_all_embeddings(date_str=date_str)
+        elapsed = (datetime.now() - started).total_seconds()
+        return StepResult(
+            name="index", success=True, elapsed_sec=elapsed,
+            message=f"{stats['ingested']}/{stats['total']} 条", started_at=started,
+        )
+    except Exception as e:
+        elapsed = (datetime.now() - started).total_seconds()
+        logger.exception("M6 入库失败")
+        return StepResult(name="index", success=False, elapsed_sec=elapsed,
+                          message=str(e)[:200], started_at=started)
+
+
+def run_step_report(date_str: str) -> StepResult:
+    """日报生成。"""
+    started = datetime.now()
+    try:
+        from scheduler.reporter import generate_report
+        path = generate_report()
+        elapsed = (datetime.now() - started).total_seconds()
+        ok = path is not None
+        return StepResult(
+            name="report", success=ok, elapsed_sec=elapsed,
+            message=str(path) if path else "无数据", started_at=started,
+        )
+    except Exception as e:
+        elapsed = (datetime.now() - started).total_seconds()
+        logger.exception("日报生成异常")
+        return StepResult(name="report", success=False, elapsed_sec=elapsed,
+                          message=str(e)[:200], started_at=started)
+
+
+def run_pipeline(
+    date_str: str,
+    *,
+    steps: list[str] | None = None,
+    skip_report: bool = False,
+) -> PipelineResult:
+    """串联执行全链路 M2→M6（+ 可选日报）。
+
+    Args:
+        date_str: YYYYMMDD 日期
+        steps: 可选步骤列表，默认全部
+        skip_report: 是否跳过日报生成
+
+    Returns:
+        PipelineResult
+    """
+    if steps is None:
+        steps = ["extract", "dedup", "translate", "embed", "index"]
+        if not skip_report:
+            steps.append("report")
+
+    step_funcs = {
+        "extract": run_step_extract,
+        "dedup": run_step_dedup,
+        "translate": run_step_translate,
+        "embed": run_step_embed,
+        "index": run_step_index,
+        "report": run_step_report,
+    }
+
+    result = PipelineResult(started_at=datetime.now())
+
+    for name in steps:
+        func = step_funcs.get(name)
+        if func is None:
+            logger.warning("未知步骤: %s，跳过", name)
+            result.steps.append(StepResult(name=name, success=False, elapsed_sec=0,
+                                           message=f"未知步骤: {name}"))
+            continue
+
+        logger.info("── 步骤 %s 开始 ──", name)
+        sr = func(date_str)
+        result.steps.append(sr)
+
+        flag = "✅" if sr.success else "❌"
+        logger.info("── 步骤 %s %s (%.1fs) %s", name, flag, sr.elapsed_sec, sr.message)
+
+        if not sr.success:
+            logger.warning("步骤 %s 失败，后续步骤继续", name)
+
+        time.sleep(0.5)
+
+    result.finished_at = datetime.now()
+    total = (result.finished_at - result.started_at).total_seconds() if result.started_at else 0
+
+    logger.info(
+        "Pipeline 完成: %d/%d 步骤成功，总耗时 %.0fs",
+        result.success_count, len(result.steps), total,
+    )
+
+    return result
diff --git a/scheduler/reporter.py b/scheduler/reporter.py
new file mode 100644
index 0000000..2fa2311
--- /dev/null
+++ b/scheduler/reporter.py
@@ -0,0 +1,952 @@
+"""每日 AI 摘要日报生成器。
+
+输出 HTML 日报，包含:
+  一、AI 摘要（LLM 根据当日重要事件生成）
+  二、重要事件（importance ≥ 4，最多 20 篇）
+  三、数据总览（管道统计、情绪分布、重要度分布、事件类型分布）
+"""
+
+import json
+import logging
+from collections import Counter
+from datetime import datetime, timedelta, timezone
+from pathlib import Path
+
+import markdown
+import yaml
+
+logger = logging.getLogger(__name__)
+
+_MAX_HIGH_EVENTS = 30
+_REPORT_DIR = Path("data/reports")
+
+
+def _load_source_names() -> dict[str, str]:
+    """从 sources.yaml 加载源名称映射。"""
+    try:
+        with open("configs/sources.yaml", encoding="utf-8") as f:
+            data = yaml.safe_load(f)
+        return {s["id"]: s["name"] for s in (data.get("sources") or []) if s.get("id")}
+    except Exception:
+        return {}
+
+
+def _source_name(src_id: str) -> str:
+    return _load_source_names().get(src_id, src_id)
+
+
+def _load_domain_name_map() -> dict[str, str]:
+    """构建域名 → 来源展示名称映射。
+
+    来源：
+        1. sources.yaml 中各源 homepage 的域名
+        2. 已知域名别名（如 investinglive.com → ForexLive）
+    """
+    domain_map: dict[str, str] = {}
+    try:
+        with open("configs/sources.yaml", encoding="utf-8") as f:
+            data = yaml.safe_load(f)
+        for s in data.get("sources") or []:
+            name = s.get("name", "")
+            homepage = s.get("homepage", "")
+            if not name or not homepage:
+                continue
+            try:
+                from urllib.parse import urlparse
+                domain = urlparse(homepage).netloc.removeprefix("www.")
+                if domain:
+                    domain_map[domain] = name
+            except Exception:
+                pass
+    except Exception:
+        pass
+
+    return domain_map
+
+
+def _url_source_label(url: str, source_id: str = "") -> str:
+    """从 URL 提取域名，映射为来源展示名称。
+
+    确保日报中链接域名与来源标注一致。
+    未知域名直接显示域名（去 www 前缀）。
+
+    Args:
+        url: 文章 URL
+        source_id: 回退用的 source_id
+
+    Returns:
+        来源展示名称
+    """
+    if not url:
+        return _source_name(source_id) if source_id else "?"
+
+    try:
+        from urllib.parse import urlparse
+        domain = urlparse(url).netloc.removeprefix("www.")
+    except Exception:
+        return _source_name(source_id) if source_id else "?"
+
+    if not domain:
+        return _source_name(source_id) if source_id else "?"
+
+    domain_map = _load_domain_name_map()
+    return domain_map.get(domain, domain)
+
+
+# 日报覆盖时间窗口（小时）
+_REPORT_WINDOW_HOURS = 25
+
+
+def _dates_in_window(now: datetime) -> list[str]:
+    """返回 now - 25h 到 now 之间覆盖的所有 YYYYMMDD 日期。
+
+    跨天场景：now=06-21 03:00 → now-25h=06-20 02:00 → 返回 ["20260620", "20260621"]
+    """
+    start = now - timedelta(hours=_REPORT_WINDOW_HOURS)
+    dates: list[str] = []
+    current = start.replace(hour=0, minute=0, second=0, microsecond=0)
+    end = now.replace(hour=23, minute=59, second=59)
+    while current <= end:
+        dates.append(current.strftime("%Y%m%d"))
+        current += timedelta(days=1)
+    return dates
+
+
+def _try_parse_time(time_str: str) -> datetime | None:
+    """尝试解析多种 ISO 8601 变体，失败返回 None。"""
+    if not time_str or not time_str.strip():
+        return None
+    s = time_str.strip()
+    # 按长度尝试常见格式
+    candidates = [s]
+    if "T" not in s and len(s) == 8:  # YYYYMMDD
+        candidates.append(f"{s[:4]}-{s[4:6]}-{s[6:8]}T00:00:00")
+    elif "T" not in s and len(s) == 10:  # YYYY-MM-DD
+        candidates.append(f"{s}T00:00:00")
+    for c in candidates:
+        try:
+            dt = datetime.fromisoformat(c)
+            # 统一转为 UTC-aware：
+            # - 有时区 → astimezone 转为 UTC
+            # - 无时区 → 假设为 UTC（多数财经新闻 API 使用 UTC）
+            if dt.tzinfo is None:
+                return dt.replace(tzinfo=timezone.utc)
+            return dt.astimezone(timezone.utc)
+        except ValueError:
+            continue
+    return None
+
+
+def _extract_date_from_url(url: str) -> str:
+    """从 URL 中提取日期（回退策略）。
+
+    匹配模式: /YYYY/MM/DD/、/YYYYMMDD/、-YYYYMMDD、-YYYY-MM-DD
+    """
+    import re
+    patterns = [
+        r"/(\d{4})/(\d{2})/(\d{2})/",           # /2026/06/19/
+        r"/(\d{4})(\d{2})(\d{2})/",              # /20260619/
+        r"-(\d{4})(\d{2})(\d{2})(?:[/-]|$)",       # -20260619/ or -20260619- or -20260619
+        r"-(\d{4})-(\d{2})-(\d{2})[/-]",          # -2026-06-19/
+    ]
+    for pat in patterns:
+        m = re.search(pat, url)
+        if m:
+            y, mo, d = m.group(1), m.group(2), m.group(3)
+            try:
+                dt = datetime(int(y), int(mo), int(d))
+                return dt.isoformat()
+            except ValueError:
+                continue
+    return ""
+
+
+def _load_events_window(now: datetime) -> list[dict]:
+    """加载过去 25 小时内所有事件文章（跨天聚合）。
+
+    Returns:
+        文章 dict 列表，含 title/title_zh/url/source_id/events 等
+    """
+    # cutoff 使用 UTC-aware，与 _try_parse_time 返回的 UTC datetime 对齐
+    cutoff = now.astimezone(timezone.utc) - timedelta(hours=_REPORT_WINDOW_HOURS)
+    articles: list[dict] = []
+    skipped_empty_pt = 0
+    for day_str in _dates_in_window(now):
+        ev_dir = Path(f"data/events/{day_str}")
+        if not ev_dir.is_dir():
+            continue
+        for fp in sorted(ev_dir.glob("*.json")):
+            if fp.name == "index.json":
+                continue
+            try:
+                data = json.loads(fp.read_text(encoding="utf-8"))
+                # 时间过滤：publish_time 在 25 小时内
+                pt_str = data.get("publish_time", "")
+                pt = _try_parse_time(pt_str)
+
+                # 回退：尝试从 URL 提取日期
+                if pt is None:
+                    url_pt = _extract_date_from_url(data.get("url", ""))
+                    pt = _try_parse_time(url_pt)
+                    if pt is not None:
+                        logger.debug(
+                            "publish_time 缺失，从 URL 提取: %s → %s",
+                            data.get("url", "")[:60], url_pt,
+                        )
+
+                # 最后回退：使用事件目录日期（粗略近似）
+                if pt is None:
+                    dir_pt = _try_parse_time(day_str)
+                    if dir_pt is not None:
+                        logger.debug(
+                            "publish_time 缺失，使用目录日期回退: %s → %s",
+                            fp.name, day_str,
+                        )
+                        pt = dir_pt
+
+                # 仍然无法确定时间 → 排除
+                if pt is None:
+                    skipped_empty_pt += 1
+                    continue
+
+                if pt < cutoff:
+                    continue
+                articles.append(data)
+            except (json.JSONDecodeError, OSError):
+                pass
+    if skipped_empty_pt > 0:
+        logger.warning(
+            "日报时间过滤: 排除 %d 篇 publish_time 缺失的文章（窗口 %dh）",
+            skipped_empty_pt, _REPORT_WINDOW_HOURS,
+        )
+    return articles
+
+
+def _collect_stats_window(now: datetime) -> dict:
+    """收集过去 25 小时全链路统计数据（跨天聚合）。"""
+    proc_count = 0
+    deduped = 0
+    emb_count = 0
+    raw_by_source: dict[str, int] = {}
+
+    for day_str in _dates_in_window(now):
+        for d in Path("data/processed").glob(f"*/{day_str}"):
+            proc_count += len(list(d.glob("*.json")))
+        dedup_dir = Path(f"data/deduped/{day_str}/uniques")
+        if dedup_dir.is_dir():
+            deduped += len(list(dedup_dir.glob("*.json")))
+        emb_dir = Path(f"data/embeddings/{day_str}")
+        if emb_dir.is_dir():
+            emb_count += len(list(emb_dir.glob("*.json")))
+        for idx in Path("data/raw").glob(f"*/{day_str}/index.jsonl"):
+            src = idx.parent.parent.name
+            n = sum(1 for _ in open(idx, encoding="utf-8"))
+            name = _source_name(src)
+            raw_by_source[name] = raw_by_source.get(name, 0) + n
+
+    qdrant_count = 0
+    try:
+        from vectorstore.client import VectorStore, make_qdrant_client
+        c = make_qdrant_client()
+        s = VectorStore(c)
+        qdrant_count = s.count()
+        s.close()
+    except Exception:
+        pass
+
+    return {
+        "proc": proc_count,
+        "deduped": deduped,
+        "emb_count": emb_count,
+        "qdrant_count": qdrant_count,
+        "raw_total": sum(raw_by_source.values()),
+        "raw_by_source": raw_by_source,
+    }
+
+
+# AI 摘要分批阈值：单批最多处理的事件条数
+_MAX_EVENTS_PER_BATCH = 10
+# 单批摘要目标字数（软上限，最后一条不允许截断）
+_BATCH_SUMMARY_TARGET_CHARS = 300
+# 最终摘要目标字数（软上限，最后一条不允许截断）
+_FINAL_SUMMARY_TARGET_CHARS = 500
+
+
+# LLM 客户端缓存（避免每次调用都创建新客户端）
+_llm_client_cache: dict = {}
+
+
+def _call_llm_simple(
+    system_prompt: str,
+    user_prompt: str,
+    max_tokens: int = 600,
+    max_retries: int = 2,
+) -> str:
+    """封装 LLM 调用，带重试和客户端复用。
+
+    Args:
+        system_prompt: system role 内容
+        user_prompt: user role 内容
+        max_tokens: 最大输出 token
+        max_retries: 最大重试次数（不含首次调用）
+
+    Returns:
+        LLM 输出文本；所有重试均失败返回空字符串
+    """
+    import time as _time
+
+    # 复用客户端（同 provider/model 只创建一次）
+    cache_key = "default"
+    if cache_key not in _llm_client_cache:
+        from llm.client import load_llm_config, make_sync_client
+        _llm_client_cache["config"] = load_llm_config()
+        _llm_client_cache[cache_key] = make_sync_client(_llm_client_cache["config"])
+
+    config = _llm_client_cache["config"]
+    client = _llm_client_cache[cache_key]
+
+    last_err: str = ""
+    for attempt in range(1, max_retries + 2):  # 首次 + max_retries 次重试
+        try:
+            resp = client.chat.completions.create(
+                model=config.model,
+                messages=[
+                    {"role": "system", "content": system_prompt},
+                    {"role": "user", "content": user_prompt},
+                ],
+                temperature=0.3,
+                max_tokens=max_tokens,
+            )
+            content = (resp.choices[0].message.content or "").strip()
+            if content:
+                return content
+            # 内容为空也视为失败
+            last_err = "LLM 返回空内容"
+            logger.warning(
+                "LLM 返回空内容 (attempt %d/%d, max_tokens=%d)",
+                attempt, max_retries + 1, max_tokens,
+            )
+        except Exception as e:
+            last_err = f"{type(e).__name__}: {e}"
+            logger.warning(
+                "LLM 调用失败 (attempt %d/%d): %s",
+                attempt, max_retries + 1, last_err,
+            )
+
+        if attempt <= max_retries:
+            wait = min(1.0 * (2 ** (attempt - 1)), 4.0)
+            _time.sleep(wait)
+
+    logger.error("LLM 调用最终失败（共 %d 次尝试）: %s", max_retries + 1, last_err)
+    return ""
+
+
+def _is_truncated(text: str) -> bool:
+    """检测文本是否被截断（最后一条要点不完整）。
+
+    判断标准：
+        - 以完整中文/英文句末标点结尾 → 未截断
+        - 以换行结尾 → 未截断（LLM 自然换行说明已写完当前要点）
+        - 最后一行是 "- " 开头的要点但无句末标点 → 截断
+        - 其他不以标点结尾的情况 → 截断
+    """
+    if not text or not text.strip():
+        return False
+    _SENTENCE_END = ("。", "！", "？", "）", ")", "」", "』", "”", ".", "!", "?")
+    # 以完整句末标点结尾 → 未截断
+    if text.rstrip().endswith(_SENTENCE_END):
+        return False
+    # 以换行结尾 → 大概率未截断（先检查原始文本，避免 rstrip 去掉换行）
+    if text.endswith("\n"):
+        return False
+    # 最后一行以 "- " 开头但无句末标点 → 截断
+    last_line = text.rstrip().split("\n")[-1].strip()
+    if last_line.startswith("- ") and not last_line.endswith(_SENTENCE_END):
+        return True
+    # 不以任何已知完整标记结尾 → 截断
+    return True
+
+
+def _build_event_lines(articles: list[dict]) -> list[str]:
+    """从文章列表构建事件摘要行列表（仅 importance ≥ 4）。"""
+    lines: list[str] = []
+    for a in articles:
+        for ev in a.get("events", []):
+            if ev.get("importance", 0) >= 4:
+                sentiment_label = {
+                    "positive": "利好", "negative": "利空", "neutral": "中性",
+                }.get(ev.get("sentiment", ""), "")
+                codes = ",".join(ev.get("stock_codes", [])[:3])
+                code_str = f" [{codes}]" if codes else ""
+                lines.append(
+                    f"- [{sentiment_label}][{ev.get('event_type', '')}] "
+                    f"{a.get('title_zh', a.get('title', ''))}。{ev.get('summary_zh', '')}{code_str}"
+                )
+    return lines
+
+
+def _fallback_summary(events_info: list[str], max_items: int = 8) -> str:
+    """LLM 全部失败时的规则回退摘要：直接列出当日 Top 事件。
+
+    不依赖 LLM，直接从 events_info 提取前 max_items 条展示。
+    """
+    if not events_info:
+        return "⚠️ 暂无重要事件数据"
+
+    top = events_info[:max_items]
+    lines = [
+        f"- {line.lstrip('- ')}"
+        for line in top
+    ]
+    header = (
+        "⚠️ AI 摘要暂时无法生成（LLM 服务异常），以下是当日重要事件原始列表：\n\n"
+    )
+    return header + "\n".join(lines)
+
+
+def _generate_ai_summary(articles: list[dict], day_str: str) -> str:
+    """LLM 生成日报 AI 摘要（≤ 500 字要点列表）。
+
+    当高重要度事件超过 _MAX_EVENTS_PER_BATCH 条时，分批生成部分摘要，
+    最后合并为最终摘要。避免单次输入内容过长导致 LLM 失败。
+    """
+    events_info = _build_event_lines(articles)
+
+    if not events_info:
+        return ""
+
+    # ── 事件少：直接生成 ──
+    if len(events_info) <= _MAX_EVENTS_PER_BATCH:
+        input_text = "\n".join(events_info)
+        prompt = f"""以下是国际财经新闻的当日重要事件摘要 ({day_str}):
+
+{input_text}
+
+请用要点总结，每条以 "- " 开头，要求:
+1. 前 3 条为当日影响最大的事件，说明为什么重要
+2. 市场情绪基调（利好/利空/中性分布）
+3. 值得持续关注的行业、主题或地缘政治动向
+4. 纯要点，不要开场白/结束语/标题
+5. 约 {_FINAL_SUMMARY_TARGET_CHARS} 字左右，但最后一条要点必须完整输出，严禁截断
+
+直接输出要点列表:"""
+
+        result = _call_llm_simple(
+            "你是国际财经日报撰写助手，输出简洁、有洞察的新闻摘要。",
+            prompt,
+            max_tokens=800,
+        )
+        if result:
+            # 截断检测：若被截断，以更高 max_tokens 重试一次
+            if _is_truncated(result):
+                logger.warning("AI 摘要疑似截断，以更高 max_tokens 重试")
+                retry_prompt = prompt + "\n\n⚠️ 注意：上次输出被截断了，请确保最后一条要点完整结束。"
+                retry_result = _call_llm_simple(
+                    "你是国际财经日报撰写助手。务必确保输出完整，不以不完整句子结尾。",
+                    retry_prompt,
+                    max_tokens=1200,
+                )
+                if retry_result:
+                    return retry_result
+            return result
+        logger.warning("AI 摘要：单次 LLM 调用失败，使用规则回退")
+        return _fallback_summary(events_info)
+
+    # ── 事件多：分批处理 ──
+    logger.info(
+        "AI 摘要分批处理: 共 %d 条高重要度事件，每批 ≤ %d 条",
+        len(events_info), _MAX_EVENTS_PER_BATCH,
+    )
+
+    # 分批生成部分摘要
+    partial_summaries: list[str] = []
+    for batch_idx in range(0, len(events_info), _MAX_EVENTS_PER_BATCH):
+        batch = events_info[batch_idx:batch_idx + _MAX_EVENTS_PER_BATCH]
+        batch_num = batch_idx // _MAX_EVENTS_PER_BATCH + 1
+        total_batches = (len(events_info) + _MAX_EVENTS_PER_BATCH - 1) // _MAX_EVENTS_PER_BATCH
+
+        batch_text = "\n".join(batch)
+        prompt = f"""以下是国际财经新闻的当日重要事件摘要 第 {batch_num}/{total_batches} 批 ({day_str}):
+
+{batch_text}
+
+请用要点总结本批事件，每条以 "- " 开头，要求:
+1. 提取本批最重要的 3-5 条事件
+2. 说明这些事件的市场影响方向
+3. 纯要点，不要开场白/结束语/标题
+4. 约 {_BATCH_SUMMARY_TARGET_CHARS} 字左右，但最后一条要点必须完整输出，严禁截断
+
+直接输出要点列表:"""
+
+        result = _call_llm_simple(
+            "你是国际财经日报撰写助手，输出简洁、有洞察的新闻摘要。",
+            prompt,
+            max_tokens=500,
+        )
+        if result:
+            # 截断检测：若被截断，以更高 max_tokens 重试一次
+            if _is_truncated(result):
+                logger.warning(
+                    "AI 摘要分批: 第 %d/%d 批疑似截断，重试", batch_num, total_batches,
+                )
+                retry_prompt = prompt + "\n\n⚠️ 注意：上次输出被截断了，请确保最后一条要点完整结束。"
+                retry_result = _call_llm_simple(
+                    "你是国际财经日报撰写助手。务必确保输出完整，不以不完整句子结尾。",
+                    retry_prompt,
+                    max_tokens=800,
+                )
+                if retry_result:
+                    partial_summaries.append(retry_result)
+                    logger.info("AI 摘要分批: 第 %d/%d 批重试完成 (%d 字)",
+                                batch_num, total_batches, len(retry_result))
+                    continue
+            partial_summaries.append(result)
+            logger.info("AI 摘要分批: 第 %d/%d 批完成 (%d 字)",
+                        batch_num, total_batches, len(result))
+        else:
+            logger.warning("AI 摘要分批: 第 %d/%d 批失败", batch_num, total_batches)
+
+    if not partial_summaries:
+        # 全部批次 LLM 调用失败 → 回退：直接列出 Top 事件
+        logger.warning("AI 摘要：所有分批 LLM 调用均失败，使用规则回退")
+        return _fallback_summary(events_info)
+
+    # ── 合并部分摘要为最终摘要 ──
+    merged_input = "\n\n---\n\n".join(
+        f"第 {i+1} 批摘要:\n{s}" for i, s in enumerate(partial_summaries)
+    )
+    merge_prompt = f"""以下是当日国际财经新闻的多批摘要 ({day_str})，请合并为一份简洁的最终日报摘要:
+
+{merged_input}
+
+请合并为要点总结，每条以 "- " 开头，要求:
+1. 前 3 条为当日影响最大的事件，说明为什么重要
+2. 市场情绪基调（利好/利空/中性分布）
+3. 值得持续关注的行业、主题或地缘政治动向
+4. 纯要点，不要开场白/结束语/标题
+5. 约 {_FINAL_SUMMARY_TARGET_CHARS} 字左右，但最后一条要点必须完整输出，严禁截断
+
+直接输出要点列表:"""
+
+    result = _call_llm_simple(
+        "你是国际财经日报撰写助手，输出简洁、有洞察的新闻摘要。合并多批摘要时注意去重。",
+        merge_prompt,
+        max_tokens=1000,
+    )
+    if result:
+        # 截断检测：若被截断，以更高 max_tokens 重试一次
+        if _is_truncated(result):
+            logger.warning("AI 摘要合并疑似截断，以更高 max_tokens 重试")
+            retry_merge_prompt = merge_prompt + "\n\n⚠️ 注意：上次输出被截断了，请确保最后一条要点完整结束。"
+            retry_result = _call_llm_simple(
+                "你是国际财经日报撰写助手。务必确保输出完整，不以不完整句子结尾。合并多批摘要时注意去重。",
+                retry_merge_prompt,
+                max_tokens=1500,
+            )
+            if retry_result:
+                return retry_result
+        return result
+    # 合并失败 → 拼接所有部分摘要作为回退
+    logger.warning("AI 摘要：合并 LLM 调用失败，使用部分摘要拼接")
+    return "⚠️ AI 摘要合并失败，以下为各批次原始摘要：\n\n" + "\n\n".join(partial_summaries)
+
+
+def generate_report() -> Path | None:
+    """生成 HTML 日报（覆盖过去 25 小时数据）。
+
+    命名规则: intl_news_daily_{YYYYMMDD_HHMMSS}.html — 支持一天多份日报。
+
+    Returns:
+        HTML 文件路径，无数据时返回 None
+    """
+    now = datetime.now()
+    ts = now.strftime("%Y%m%d_%H%M%S")
+    date_str = now.strftime("%Y%m%d")  # 用于上传目录
+    logger.info("生成日报: %s（窗口: 过去 %d 小时）", ts, _REPORT_WINDOW_HOURS)
+
+    # 加载过去 25 小时数据
+    articles = _load_events_window(now)
+    stats = _collect_stats_window(now)
+
+    if not articles and stats["raw_total"] == 0:
+        logger.warning("过去 %d 小时无数据，跳过日报生成", _REPORT_WINDOW_HOURS)
+        return None
+
+    # 收集事件统计
+    all_events: list[dict] = []
+    sentiments: Counter = Counter()
+    importances: Counter = Counter()
+    event_types: Counter = Counter()
+    sources: Counter = Counter()
+
+    for a in articles:
+        sources[a.get("source_id", "?")] += 1
+        for ev in a.get("events", []):
+            all_events.append({**ev, "article": a})
+            sentiments[ev.get("sentiment", "?")] += 1
+            importances[ev.get("importance", 0)] += 1
+            event_types[ev.get("event_type", "?")] += 1
+
+    # 高重要度事件（importance ≥ 4，不足逐级回退）
+    def _get_high(evs, threshold):
+        return sorted(
+            [e for e in evs if e.get("importance", 0) >= threshold],
+            key=lambda e: -e.get("importance", 0),
+        )
+
+    high = _get_high(all_events, 4)
+    hi_threshold = 4
+    if len(high) < 3:
+        high = _get_high(all_events, 3)
+        hi_threshold = 3
+    if len(high) < 3:
+        high = sorted(all_events, key=lambda e: -e.get("importance", 0))
+        hi_threshold = 0
+    # 事件级去重：同一 URL + 同一标题 → 合并
+    high = _dedup_events(high)
+    high = high[:_MAX_HIGH_EVENTS]
+
+    # AI 摘要
+    ai_summary = _generate_ai_summary(articles, ts)
+
+    # 渲染 HTML
+    html = _render_html(ts, stats, articles, high, hi_threshold,
+                        sentiments, importances, event_types, sources, ai_summary)
+
+    # 本地保存（文件名含时间戳）
+    _REPORT_DIR.mkdir(parents=True, exist_ok=True)
+    html_path = _REPORT_DIR / f"intl_news_daily_{ts}.html"
+    html_path.write_text(html, encoding="utf-8")
+    logger.info("日报已保存: %s (%d KB)", html_path, len(html) // 1024)
+
+    # 自动上传到日期子目录
+    _upload_report(html_path, date_str)
+
+    return html_path
+
+
+# --------------------------------------------------------------------------- #
+# 上传
+# --------------------------------------------------------------------------- #
+
+
+def _load_report_config() -> dict:
+    """从 system.yaml 加载 report 段配置。"""
+    config_path = Path("configs/system.yaml")
+    if config_path.exists():
+        try:
+            with open(config_path, encoding="utf-8") as f:
+                raw = yaml.safe_load(f)
+            return raw.get("report", {})
+        except Exception:
+            pass
+    return {}
+
+
+def _upload_report(html_path: Path, day_str: str) -> bool:
+    """上传日报到 Web 服务器（配置来自 system.yaml）。"""
+    import subprocess
+
+    config = _load_report_config()
+    host = config.get("upload_host", "").strip()
+    base = config.get("upload_path", "").strip()
+
+    if not host or not base:
+        logger.debug("未配置 report.upload_host/upload_path，跳过上传")
+        return False
+
+    remote_dir = f"{host}:{base}/{day_str}/"
+
+    try:
+        # 创建远程目录
+        subprocess.run(
+            ["ssh", host, f"mkdir -p {base}/{day_str}/"],
+            timeout=15, capture_output=True, text=True,
+        )
+        # 上传
+        subprocess.run(
+            ["scp", str(html_path), remote_dir],
+            timeout=30, capture_output=True, text=True,
+        )
+        logger.info(
+            "日报已上传: https://echart.doorcome.cn/research/%s/", day_str
+        )
+        return True
+    except Exception as e:
+        logger.warning("日报上传失败（不阻塞）: %s", e)
+        return False
+
+
+# --------------------------------------------------------------------------- #
+# HTML 渲染
+# --------------------------------------------------------------------------- #
+
+_HTML_TEMPLATE = """<!DOCTYPE html>
+<html lang="zh-CN">
+<head>
+<meta charset="UTF-8">
+<meta name="viewport" content="width=device-width, initial-scale=1.0">
+<title>国际财经 Deep Research 日报 — {date}</title>
+<style>
+  :root {{ --bg: #f8f9fa; --card: #fff; --text: #212529; --muted: #6c757d;
+    --accent: #2563eb; --border: #dee2e6; --pos: #059669; --neg: #dc2626;
+    --neu: #6b7280; --radius: 10px; }}
+  * {{ box-sizing: border-box; margin: 0; padding: 0; }}
+  body {{ font-family: -apple-system, BlinkMacSystemFont, "PingFang SC", "Microsoft YaHei", sans-serif; background: var(--bg); color: var(--text); line-height: 1.7; padding-bottom: 3rem; }}
+  .container {{ max-width: 1000px; margin: 0 auto; padding: 1.2rem; }}
+  header {{ background: linear-gradient(135deg, #0f172a, #1e3a5f); color: #fff; padding: 2.5rem 0 1.8rem; text-align: center; }}
+  header h1 {{ font-size: 1.8rem; }}
+  header p {{ color: #94a3b8; margin-top: .4rem; }}
+  h2 {{ font-size: 1.3rem; margin: 2rem 0 .8rem; padding-bottom: .4rem; border-bottom: 2px solid var(--accent); }}
+  .ai-summary {{ background: linear-gradient(135deg, #eff6ff, #f0fdf4); border: 1px solid #93c5fd; border-radius: var(--radius); padding: 1.2rem 1.5rem; margin: 1rem 0; line-height: 1.9; font-size: .95em; }}
+  .stats-grid {{ display: grid; grid-template-columns: repeat(5, 1fr); gap: .8rem; margin: 1rem 0; }}
+  .stat-card {{ background: var(--card); border: 1px solid var(--border); border-radius: var(--radius); padding: 1rem .8rem; text-align: center; }}
+  .stat-card .num {{ font-size: 1.6rem; font-weight: 700; }}
+  .stat-card .label {{ font-size: .8em; color: var(--muted); margin-top: .2rem; }}
+  .sentiment-bar {{ display: flex; height: 24px; border-radius: 6px; overflow: hidden; margin: .5rem 0; }}
+  .sentiment-bar .pos {{ background: var(--pos); }}
+  .sentiment-bar .neg {{ background: var(--neg); }}
+  .sentiment-bar .neu {{ background: var(--neu); }}
+  .sentiment-legend {{ display: flex; gap: 1rem; margin: .5rem 0; font-size: .9em; }}
+  table {{ width: 100%; border-collapse: collapse; margin: .8rem 0; font-size: .93em; }}
+  th, td {{ border: 1px solid var(--border); padding: .5rem .7rem; text-align: left; }}
+  th {{ background: #f1f5f9; font-weight: 600; white-space: nowrap; }}
+  .event-row:hover {{ background: #f8fafc; }}
+  .badge {{ display: inline-block; padding: .1em .5em; border-radius: 10px; font-size: .78em; font-weight: 600; }}
+  .badge-pos {{ background: #d1fae5; color: #065f46; }}
+  .badge-neg {{ background: #fee2e2; color: #991b1b; }}
+  .badge-neu {{ background: #e5e7eb; color: #374151; }}
+  .imp {{ font-weight: 700; }} .imp-5 {{ color: #dc2626; }} .imp-4 {{ color: #ea580c; }}
+  footer {{ text-align: center; color: var(--muted); font-size: .82em; margin-top: 3rem; padding-top: 1.2rem; border-top: 1px solid var(--border); }}
+  a {{ color: var(--accent); text-decoration: none; }}
+  a:hover {{ text-decoration: underline; }}
+  @media (max-width: 768px) {{
+    .stats-grid {{ grid-template-columns: repeat(3, 1fr); }}
+  }}
+</style>
+</head>
+<body>
+<header>
+  <div class="container">
+    <h1>🌍 国际财经 Deep Research 日报</h1>
+    <p>{date} · 生成于 {generated_at}</p>
+  </div>
+</header>
+<main class="container">
+
+<!-- ====== 一、AI 摘要 ====== -->
+<h2>一、🤖 AI 摘要</h2>
+<div class="ai-summary">{ai_summary}</div>
+
+<!-- ====== 二、重要事件 ====== -->
+<h2>二、🔥 重要事件 <small style="color:var(--muted)">(importance ≥ {hi_threshold}, {high_count} 条)</small></h2>
+{events_table}
+
+<!-- ====== 三、数据总览 ====== -->
+<h2>三、📊 数据总览</h2>
+
+<h3>3.1 M1→M6 管道</h3>
+<div class="stats-grid">
+  <div class="stat-card"><div class="num">{raw_total}</div><div class="label">M1 原始文章</div></div>
+  <div class="stat-card"><div class="num">{proc}</div><div class="label">M2 正文提取</div></div>
+  <div class="stat-card"><div class="num">{deduped}</div><div class="label">M3 去重唯一</div></div>
+  <div class="stat-card"><div class="num">{emb_count}</div><div class="label">M5 向量</div></div>
+  <div class="stat-card"><div class="num">{qdrant_count}</div><div class="label">M6 Qdrant</div></div>
+</div>
+
+<h3>3.2 情绪分布 <small style="color:var(--muted)">(当日事件)</small></h3>
+{sentiment_section}
+
+<h3>3.3 重要度分布</h3>
+{importance_table}
+
+<h3>3.4 事件类型 TOP 10</h3>
+{event_type_table}
+
+<h3>3.5 文章来源分布</h3>
+{source_table}
+
+</main>
+<footer>
+  <div class="container">
+    <p>国际财经 Deep Research 私有投研平台 · 自动生成于 {generated_at}</p>
+  </div>
+</footer>
+</body>
+</html>"""
+
+
+def _md_to_html(text: str) -> str:
+    """Markdown → HTML（使用 python-markdown，开启常用扩展）。"""
+    if not text.strip():
+        return ""
+    return markdown.markdown(
+        text,
+        extensions=["nl2br"],  # 单换行 → <br>
+    )
+
+
+def _render_html(
+    day_str: str,
+    stats: dict,
+    articles: list[dict],
+    high_events: list[dict],
+    hi_threshold: int,
+    sentiments: Counter,
+    importances: Counter,
+    event_types: Counter,
+    sources: Counter,
+    ai_summary: str,
+) -> str:
+    """组装完整 HTML。"""
+
+    # AI 摘要 Markdown → HTML
+    summary_html = _md_to_html(ai_summary) if ai_summary.strip() else "<p>暂无 AI 摘要</p>"
+
+    # 事件表格
+    events_table = _render_event_table(high_events)
+
+    # 情绪
+    pos = sentiments.get("positive", 0)
+    neg = sentiments.get("negative", 0)
+    neu = sentiments.get("neutral", 0)
+    total_s = max(pos + neg + neu, 1)
+    sentiment_section = (
+        f'<div class="sentiment-bar">'
+        f'<div class="pos" style="width:{pos/total_s*100:.0f}%"></div>'
+        f'<div class="neg" style="width:{neg/total_s*100:.0f}%"></div>'
+        f'<div class="neu" style="width:{neu/total_s*100:.0f}%"></div>'
+        f'</div>'
+        f'<div class="sentiment-legend">'
+        f'<span>🟢 利好 {pos} ({pos/total_s:.0%})</span>'
+        f'<span>🔴 利空 {neg} ({neg/total_s:.0%})</span>'
+        f'<span>⚪ 中性 {neu} ({neu/total_s:.0%})</span>'
+        f'</div>'
+    )
+
+    # 重要度
+    imp_rows = "".join(
+        f"<tr><td>等级 {k}</td><td>{v}</td></tr>"
+        for k, v in sorted(importances.items())
+    )
+    importance_table = f"<table><tr><th>重要度</th><th>数量</th></tr>{imp_rows}</table>"
+
+    # 事件类型
+    et_rows = "".join(
+        f"<tr><td>{k}</td><td>{v}</td></tr>"
+        for k, v in event_types.most_common(10)
+    )
+    event_type_table = f"<table><tr><th>事件类型</th><th>数量</th></tr>{et_rows}</table>"
+
+    # 文章来源
+    src_rows = "".join(
+        f"<tr><td>{_source_name(k)}</td><td>{v}</td></tr>"
+        for k, v in sources.most_common(15)
+    )
+    source_table = f"<table><tr><th>来源</th><th>文章数</th></tr>{src_rows}</table>"
+
+    return _HTML_TEMPLATE.format(
+        date=day_str,
+        generated_at=datetime.now().strftime("%Y-%m-%d %H:%M:%S"),
+        ai_summary=summary_html,
+        hi_threshold=hi_threshold,
+        high_count=len(high_events),
+        events_table=events_table,
+        raw_total=stats["raw_total"],
+        proc=stats["proc"],
+        deduped=stats["deduped"],
+        emb_count=stats["emb_count"],
+        qdrant_count=stats["qdrant_count"],
+        sentiment_section=sentiment_section,
+        importance_table=importance_table,
+        event_type_table=event_type_table,
+        source_table=source_table,
+    )
+
+
+def _dedup_events(events: list[dict]) -> list[dict]:
+    """事件级去重：同一 URL + 同一中文标题的事件合并。
+
+    合并策略：
+        - stock_codes 取并集
+        - importance / sentiment / summary_zh / event_type 保留 importance 更高的一条
+        - 按 importance 降序排列
+
+    Args:
+        events: 含 article 属性的事件列表
+
+    Returns:
+        去重合并后的事件列表
+    """
+    groups: dict[tuple[str, str], dict] = {}
+    for ev in events:
+        article = ev.get("article", {})
+        url = article.get("url", "")
+        title_zh = article.get("title_zh", "") or article.get("title", "")
+        key = (url, title_zh)
+
+        if key in groups:
+            existing = groups[key]
+            # 合并 stock_codes
+            existing_codes = set(existing.get("stock_codes", []))
+            new_codes = set(ev.get("stock_codes", []))
+            existing["stock_codes"] = sorted(existing_codes | new_codes)
+            # 保留 importance 更高的事件详情
+            if ev.get("importance", 0) > existing.get("importance", 0):
+                for field in ("importance", "sentiment", "summary_zh", "event_type"):
+                    if field in ev:
+                        existing[field] = ev[field]
+            elif ev.get("importance", 0) == existing.get("importance", 0):
+                # 同等重要度：保留更长的 summary_zh（信息量更大）
+                if len(ev.get("summary_zh", "")) > len(existing.get("summary_zh", "")):
+                    existing["summary_zh"] = ev["summary_zh"]
+                    existing["event_type"] = ev.get("event_type", existing.get("event_type", ""))
+        else:
+            groups[key] = {
+                "importance": ev.get("importance", 0),
+                "sentiment": ev.get("sentiment", ""),
+                "summary_zh": ev.get("summary_zh", ""),
+                "event_type": ev.get("event_type", ""),
+                "stock_codes": sorted(ev.get("stock_codes", [])),
+                "article": ev.get("article", {}),
+            }
+
+    return sorted(groups.values(), key=lambda e: -e.get("importance", 0))
+
+
+def _render_event_table(events: list[dict]) -> str:
+    """渲染事件表格。"""
+    if not events:
+        return "<p>暂无符合条件的数据</p>"
+
+    rows: list[str] = []
+    for i, ev in enumerate(events, 1):
+        sentiment = ev.get("sentiment", "")
+        icon = {"positive": "🟢", "negative": "🔴", "neutral": "⚪"}.get(sentiment, "")
+        badge_cls = {"positive": "badge-pos", "negative": "badge-neg"}.get(
+            sentiment, "badge-neu"
+        )
+        imp = ev.get("importance", 0)
+        imp_cls = f"imp-{imp}" if imp >= 4 else ""
+
+        article = ev.get("article", {})
+        title = article.get("title_zh") or article.get("title", "")[:80]
+        url = article.get("url", "")
+        codes = ",".join(ev.get("stock_codes", [])[:5])
+        code_str = f" <small>[{codes}]</small>" if codes else ""
+        # 从 URL 域名推导来源名称，确保链接域名与来源标注一致
+        src_name = _url_source_label(url, article.get("source_id", ""))
+
+        cols = [
+            f"<td>{i}</td>",
+            f'<td><span class="badge {badge_cls}">{icon}</span></td>',
+            f'<td><a href="{url}" target="_blank">{title}</a>{code_str}</td>',
+            f'<td class="imp {imp_cls}">{imp}</td>',
+            f"<td>{ev.get('event_type', '')}</td>",
+            f"<td>{(ev.get('summary_zh', '') or '')[:80]} <small>[{src_name}]</small></td>",
+        ]
+        rows.append(f'<tr class="event-row">{"".join(cols)}</tr>')
+
+    headers = ["#", "", "标题", "重要度", "事件类型", "摘要"]
+    header_row = "".join(f"<th>{h}</th>" for h in headers)
+    return f"<table><tr>{header_row}</tr>{''.join(rows)}</table>"
diff --git a/scripts/_load_config.sh b/scripts/_load_config.sh
new file mode 100644
index 0000000..1c3659d
--- /dev/null
+++ b/scripts/_load_config.sh
@@ -0,0 +1,46 @@
+# =============================================
+# 被其他脚本 source，从 system.yaml 导出环境变量
+# =============================================
+# 用法：source scripts/_load_config.sh
+# =============================================
+
+_load_yaml_value() {
+    # 从 system.yaml 读取一个值
+    # 用法: _load_yaml_value "servers.overseas_host"
+    local key_path="$1"
+    local default="${2:-}"
+
+    if command -v python3 &>/dev/null; then
+        local value
+        value=$(python3 -c "
+import yaml, sys
+try:
+    with open('configs/system.yaml') as f:
+        cfg = yaml.safe_load(f)
+    parts = '${key_path}'.split('.')
+    val = cfg
+    for p in parts:
+        val = val[p]
+    print(val)
+except Exception:
+    sys.exit(1)
+" 2>/dev/null) && echo "$value" && return
+    fi
+    echo "$default"
+}
+
+# ── 导出脚本需要的变量 ──────────────────────────
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+CONFIG_DIR="$SCRIPT_DIR/../configs"
+
+if [ -f "$CONFIG_DIR/system.yaml" ]; then
+    export CRAWL_PROJECT_DIR="$(_load_yaml_value "servers.overseas_path" "/opt/intlgrab")"
+    export LOCAL_PROJECT_DIR="$(_load_yaml_value "servers.domestic_path" "/home/pi/intlnews")"
+    export OVERSEAS_HOST="$(_load_yaml_value "servers.overseas_host" "")"
+    export SYNC_SENTINEL="$(_load_yaml_value "sync.sentinel" "/tmp/en_news_sync_done")"
+    export SYNC_PACK_DIR="$(_load_yaml_value "sync.pack_dir" "/tmp")"
+else
+    echo "WARNING: configs/system.yaml not found, using defaults"
+    export CRAWL_PROJECT_DIR="/opt/intlgrab"
+    export LOCAL_PROJECT_DIR="/home/pi/intlnews"
+fi
diff --git a/scripts/cleanup_logs.sh b/scripts/cleanup_logs.sh
new file mode 100755
index 0000000..527937b
--- /dev/null
+++ b/scripts/cleanup_logs.sh
@@ -0,0 +1,24 @@
+#!/bin/bash
+# =============================================
+# 日志清理：删除 14 天前的日志文件
+# 适用于海外 + 国内服务器
+# =============================================
+set -euo pipefail
+
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+PROJECT_DIR="$(dirname "$SCRIPT_DIR")"
+LOG_DIR="$PROJECT_DIR/logs"
+RETENTION_DAYS=14
+
+if [ ! -d "$LOG_DIR" ]; then
+    exit 0
+fi
+
+DELETED=$(find "$LOG_DIR" -type f -name "*.log" -mtime +$RETENTION_DAYS 2>/dev/null | wc -l)
+
+if [ "$DELETED" -gt 0 ]; then
+    find "$LOG_DIR" -type f -name "*.log" -mtime +$RETENTION_DAYS -delete 2>/dev/null
+    echo "[$(date)] 清理完成: 删除 $DELETED 个旧日志 (>${RETENTION_DAYS}d)"
+else
+    echo "[$(date)] 无旧日志需要清理"
+fi
diff --git a/scripts/domestic_crawl_2g.sh b/scripts/domestic_crawl_2g.sh
new file mode 100755
index 0000000..88a9e9f
--- /dev/null
+++ b/scripts/domestic_crawl_2g.sh
@@ -0,0 +1,50 @@
+#!/bin/bash
+# =============================================
+# 国内服务器：2G headless stealth 抓取
+# =============================================
+# 适用场景：
+#   - 日常轻量补充抓取
+#   - RSS 优先 + headless stealth Web 回退
+#   - 可选 SOCKS5 代理（修改 profiles/2g_headless.yaml 中 proxy.enabled）
+#
+# 用法：
+#   bash scripts/domestic_crawl_2g.sh              # 抓取全部源
+#   bash scripts/domestic_crawl_2g.sh reuters      # 只抓取指定源
+# =============================================
+set -euo pipefail
+
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+PROJECT_DIR="$(dirname "$SCRIPT_DIR")"
+cd "$PROJECT_DIR"
+
+LOG() { echo "[$(date '+%Y-%m-%d %H:%M:%S')] $*"; }
+
+LOG "══════ 国内 2G headless stealth 抓取 ══════"
+LOG "Profile: 2g_headless"
+LOG "内存上限: 1800 MB"
+LOG "浏览器模式: stealth headless"
+
+# ── 加载 .env ──
+export $(grep -v '^#' .env | grep -v '^$' | xargs 2>/dev/null || true)
+
+# ── 设置 Profile ──
+export EN_NEWS_PROFILE="2g_headless"
+
+# ── 执行抓取 ──
+SOURCE_ARG=""
+if [ $# -ge 1 ]; then
+    SOURCE_ARG="--source $1"
+    LOG "目标源: $1"
+else
+    LOG "目标源: 全部启用源"
+fi
+
+PYTHONPATH=. .venv/bin/python3 -c "
+from crawler.orchestrator import run_crawl_sync
+import sys
+source_filter = sys.argv[1] if len(sys.argv) > 1 else None
+stats = run_crawl_sync(source_filter=source_filter)
+print(f'抓取完成: {stats.sources_crawled} 源, {stats.total_articles} 篇')
+" "$1"
+
+LOG "══════ 2G 抓取完成 ✅ ══════"
diff --git a/scripts/domestic_crawl_8g.sh b/scripts/domestic_crawl_8g.sh
new file mode 100755
index 0000000..0f3aa8c
--- /dev/null
+++ b/scripts/domestic_crawl_8g.sh
@@ -0,0 +1,68 @@
+#!/bin/bash
+# =============================================
+# 国内服务器：8G headful + HTTP 代理抓取
+# =============================================
+# 适用场景：
+#   - 所有新闻源直接使用 headful Playwright 浏览器抓取
+#   - HTTP 代理 (127.0.0.1:3128) → Privoxy → SOCKS5(ss-local) 访问海外
+#   - 比海外 RSS 方式抓取更可靠，解决反爬问题
+#
+# 前置条件：
+#   sudo apt install xvfb
+#   Xvfb :99 -screen 0 1280x1024x24 &     # 首次启动
+#   HTTP 代理 127.0.0.1:3128 已运行（privoxy）
+#
+# 用法：
+#   bash scripts/domestic_crawl_8g.sh              # 抓取全部源
+#   bash scripts/domestic_crawl_8g.sh reuters      # 只抓取指定源
+# =============================================
+set -euo pipefail
+
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+PROJECT_DIR="$(dirname "$SCRIPT_DIR")"
+cd "$PROJECT_DIR"
+
+LOG() { echo "[$(date '+%Y-%m-%d %H:%M:%S')] $*"; }
+
+LOG "══════ 国内 8G headful + HTTP 代理抓取 ══════"
+LOG "Profile: 8g_headful"
+LOG "内存上限: 7500 MB"
+LOG "浏览器模式: headful (Xvfb :99)"
+LOG "HTTP 代理: 127.0.0.1:3128 (Privoxy → SOCKS5)"
+
+# ── 加载 .env ──
+export $(grep -v '^#' .env | grep -v '^$' | xargs 2>/dev/null || true)
+
+# ── 启动 Xvfb（如果尚未运行）──
+if ! pgrep -x "Xvfb" > /dev/null; then
+    LOG "启动 Xvfb 虚拟显示器 :99 ..."
+    Xvfb :99 -screen 0 1280x1024x24 -ac +extension RANDR &
+    sleep 1
+    LOG "Xvfb 已启动 (PID: $(pgrep -x Xvfb))"
+else
+    LOG "Xvfb 已在运行 (PID: $(pgrep -x Xvfb))"
+fi
+
+export DISPLAY=:99
+
+# ── 设置 Profile ──
+export EN_NEWS_PROFILE="8g_headful"
+
+# ── 执行抓取 ──
+SOURCE_ARG=""
+if [ $# -ge 1 ]; then
+    SOURCE_ARG="--source $1"
+    LOG "目标源: $1"
+else
+    LOG "目标源: 全部启用源"
+fi
+
+PYTHONPATH=. .venv/bin/python3 -c "
+from crawler.orchestrator import run_crawl_sync
+import sys
+source_filter = sys.argv[1] if len(sys.argv) > 1 else None
+stats = run_crawl_sync(source_filter=source_filter)
+print(f'抓取完成: {stats.sources_crawled} 源, {stats.total_articles} 篇')
+" "${1:-}"
+
+LOG "══════ 8G 抓取完成 ✅ ══════"
diff --git a/scripts/domestic_full.sh b/scripts/domestic_full.sh
new file mode 100755
index 0000000..ae4b06f
--- /dev/null
+++ b/scripts/domestic_full.sh
@@ -0,0 +1,30 @@
+#!/bin/bash
+# =============================================
+# 国内服务器：全流程自动化（独立运行，无需海外）
+# 1. M1 Pi 抓取（headful Playwright + HTTP 代理）
+# 2. 全链路 M2→M6（含日报）
+# =============================================
+# 每天 06:00 / 12:00 / 18:00 / 22:00 各执行一次
+# =============================================
+set -euo pipefail
+
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+PROJECT_DIR="$(dirname "$SCRIPT_DIR")"
+cd "$PROJECT_DIR"
+
+LOG() { echo "[$(date '+%Y-%m-%d %H:%M:%S')] $*"; }
+
+LOG "══════ 国内全流程开始 ══════"
+
+# ── 加载 .env ──
+export $(grep -v '^#' .env | grep -v '^$' | xargs 2>/dev/null || true)
+
+# ── 1. M1 Pi 抓取（headful Playwright + HTTP 代理）──
+LOG "[1/2] Pi M1 抓取（8G headful + HTTP 代理）..."
+bash "$SCRIPT_DIR/domestic_crawl_8g.sh" 2>&1 | tail -5 || LOG "WARNING: 部分源抓取失败，继续管道"
+
+# ── 2. M2→M6 管道（含日报）──
+LOG "[2/2] 全链路管道..."
+bash "$SCRIPT_DIR/pipeline.sh" 2>&1 | tail -10
+
+LOG "══════ 国内全流程完成 ✅ ══════"
diff --git a/scripts/domestic_sync.sh b/scripts/domestic_sync.sh
new file mode 100644
index 0000000..4523c23
--- /dev/null
+++ b/scripts/domestic_sync.sh
@@ -0,0 +1,73 @@
+#!/bin/bash
+# =============================================
+# 国内服务器：从海外拉取数据并合并到本地 data/raw/
+# =============================================
+# 幂等：多次执行不会产生重复数据
+# 用法：./scripts/domestic_sync.sh [日期]
+# =============================================
+set -euo pipefail
+
+# 从 system.yaml 读取配置
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+source "$SCRIPT_DIR/_load_config.sh"
+
+LOCAL_DATA="$LOCAL_PROJECT_DIR/data/raw"
+OVERSEAS_RAW="$CRAWL_PROJECT_DIR/data/raw"
+PACK_TMP="${SYNC_PACK_DIR:-/tmp}"
+
+# ── 确定新闻日 ──────────────────────────────────────
+if [ $# -ge 1 ]; then
+    NEWS_DAY="$1"
+else
+    CUTOFF=6
+    HOUR=$(date +%H)
+    if [ "$HOUR" -lt "$CUTOFF" ]; then
+        NEWS_DAY=$(date -d "yesterday" +%Y%m%d)
+    else
+        NEWS_DAY=$(date +%Y%m%d)
+    fi
+fi
+
+PACK_FILE="en_news_${NEWS_DAY}.tar.gz"
+
+echo "[$(date)] ═══ 国内同步开始，新闻日: $NEWS_DAY ═══"
+
+# ── 1. 增量 rsync ─────────────────────────────────
+echo "[$(date)] [1/4] rsync 增量同步 data/raw/ ..."
+mkdir -p "$LOCAL_DATA"
+rsync -avz --ignore-existing \
+    -e "ssh -o ConnectTimeout=10" \
+    "$OVERSEAS_HOST:$OVERSEAS_RAW/" \
+    "$LOCAL_DATA/" \
+    2>&1 | tail -3
+
+# ── 2. 拉取压缩包 ─────────────────────────────────
+echo "[$(date)] [2/4] 尝试拉取压缩包 ..."
+PACK_LOCAL="$PACK_TMP/$PACK_FILE"
+
+if ssh -o ConnectTimeout=5 "$OVERSEAS_HOST" "[ -f $OVERSEAS_RAW/$PACK_FILE ]" 2>/dev/null; then
+    scp "$OVERSEAS_HOST:$OVERSEAS_RAW/$PACK_FILE" "$PACK_LOCAL" 2>/dev/null
+    echo "[$(date)] 压缩包拉取成功: $PACK_LOCAL ($(du -h "$PACK_LOCAL" | cut -f1))"
+elif ssh -o ConnectTimeout=5 "$OVERSEAS_HOST" "[ -f /tmp/$PACK_FILE ]" 2>/dev/null; then
+    scp "$OVERSEAS_HOST:/tmp/$PACK_FILE" "$PACK_LOCAL" 2>/dev/null
+    echo "[$(date)] 压缩包拉取成功 (海外 /tmp): $PACK_LOCAL ($(du -h "$PACK_LOCAL" | cut -f1))"
+else
+    echo "[$(date)] 海外无压缩包，跳过"
+fi
+
+# ── 3. 解压合并 ───────────────────────────────────
+if [ -f "$PACK_LOCAL" ]; then
+    echo "[$(date)] [3/4] 解压合并到 $LOCAL_DATA ..."
+    tar xzf "$PACK_LOCAL" -C "$LOCAL_DATA/" --overwrite 2>&1
+    echo "[$(date)] 解压完成"
+    mkdir -p "$LOCAL_PROJECT_DIR/data/archive"
+    mv "$PACK_LOCAL" "$LOCAL_PROJECT_DIR/data/archive/$PACK_FILE" 2>/dev/null || true
+else
+    echo "[$(date)] [3/4] 无压缩包，跳过解压"
+fi
+
+# ── 4. 验证 ───────────────────────────────────────
+echo "[$(date)] [4/4] 验证..."
+echo "[$(date)] 文件数: $(find "$LOCAL_DATA" -type f ! -name '*.tar.gz' | wc -l)"
+echo "[$(date)] 总大小: $(du -sh "$LOCAL_DATA" 2>/dev/null | cut -f1)"
+echo "[$(date)] ═══ 国内同步完成 ✅ ═══"
diff --git a/scripts/fix_publish_time.sh b/scripts/fix_publish_time.sh
new file mode 100755
index 0000000..da9cef5
--- /dev/null
+++ b/scripts/fix_publish_time.sh
@@ -0,0 +1,183 @@
+#!/bin/bash
+# =============================================
+# 精准修复: 为 publish_time 为空的存量数据补日期
+# =============================================
+# 场景: extractor 升级后，已处理的文章 publish_time 仍为空
+# 策略: 重新提取日期 → 更新 processed JSON → 更新 events JSON
+# 影响: 仅修改 JSON 文件的 publish_time 字段，不触发 LLM 重跑
+# =============================================
+set -euo pipefail
+
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+PROJECT_DIR="$(dirname "$SCRIPT_DIR")"
+cd "$PROJECT_DIR"
+
+echo "[$(date)] ═══ publish_time 精准修复开始 ═══"
+
+.venv/bin/python3 << 'PYEOF'
+import json
+import logging
+from pathlib import Path
+
+logging.basicConfig(
+    level=logging.INFO,
+    format="%(levelname)s - %(message)s",
+)
+logger = logging.getLogger(__name__)
+
+# ── 复用 extractor 的日期提取（不依赖 HTML 文件存在） ──
+
+def extract_date_from_url(url: str) -> str:
+    """从 URL 提取日期。"""
+    import re
+    from datetime import datetime
+    url_patterns = [
+        r"/(\d{4})/(\d{2})/(\d{2})/",
+        r"/(\d{4})(\d{2})(\d{2})/",
+        r"-(\d{4})(\d{2})(\d{2})(?:[/-]|$)",
+        r"-(\d{4})-(\d{2})-(\d{2})[/-]",
+    ]
+    for pat in url_patterns:
+        m = re.search(pat, url)
+        if m:
+            try:
+                y, mo, d = int(m.group(1)), int(m.group(2)), int(m.group(3))
+                return datetime(y, mo, d).isoformat()
+            except ValueError:
+                continue
+    return ""
+
+
+def extract_date_from_html(html_path: str, url: str) -> str:
+    """从 HTML 文件提取日期。"""
+    from extractor.extractor import _extract_publish_time
+    p = Path(html_path)
+    if p.exists():
+        try:
+            html = p.read_text(encoding="utf-8")
+            return _extract_publish_time(html, url=url) or ""
+        except Exception:
+            pass
+    return ""
+
+
+def extract_date_from_md(md_path: str, url: str) -> str:
+    """从 Markdown 文件提取日期（RSS 源在 MD 中写入发布时间）。"""
+    import re
+    p = Path(md_path)
+    if not p.exists():
+        return ""
+    try:
+        md = p.read_text(encoding="utf-8")
+        # RSS 格式: **发布时间**: 2026-06-19T14:30:00
+        m = re.search(r"\*\*发布时间\*\*:?\s*([^\n]+)", md)
+        if m:
+            return m.group(1).strip()
+    except Exception:
+        pass
+    return extract_date_from_url(url)
+
+
+# ════════════════════════════════════════════
+# 阶段 1: 修复 data/processed/ 中的 publish_time
+# ════════════════════════════════════════════
+
+logger.info("═══ 阶段 1: 扫描 data/processed/ ═══")
+fixed_processed = 0
+skipped_ok = 0
+skipped_no_source = 0
+
+for proc_file in Path("data/processed").glob("*/*/*.json"):
+    if proc_file.name == "index.jsonl":
+        continue
+    try:
+        data = json.loads(proc_file.read_text(encoding="utf-8"))
+    except Exception:
+        continue
+
+    # 只处理 publish_time 为空的
+    pt = (data.get("publish_time") or "").strip()
+    if pt:
+        skipped_ok += 1
+        continue
+
+    url = data.get("url", "")
+    html_path = data.get("html_path", "")
+    md_path = data.get("md_path", "")
+
+    # 尝试提取日期
+    new_pt = ""
+    if html_path:
+        new_pt = extract_date_from_html(html_path, url)
+    if not new_pt and md_path:
+        new_pt = extract_date_from_md(md_path, url)
+    if not new_pt:
+        new_pt = extract_date_from_url(url)
+
+    if new_pt:
+        data["publish_time"] = new_pt
+        proc_file.write_text(
+            json.dumps(data, indent=2, ensure_ascii=False),
+            encoding="utf-8",
+        )
+        fixed_processed += 1
+        logger.debug("processed: %s → %s", proc_file.name, new_pt)
+    else:
+        skipped_no_source += 1
+
+logger.info(
+    "阶段 1 完成: 修复 %d, 已有日期 %d, 仍无法提取 %d",
+    fixed_processed, skipped_ok, skipped_no_source,
+)
+
+
+# ════════════════════════════════════════════
+# 阶段 2: 同步修复 data/events/ 中的 publish_time
+# ════════════════════════════════════════════
+
+logger.info("═══ 阶段 2: 扫描 data/events/ ═══")
+fixed_events = 0
+skipped_events_ok = 0
+skipped_events_no_url = 0
+
+for ev_file in Path("data/events").glob("*/*.json"):
+    if ev_file.name == "index.json":
+        continue
+    try:
+        data = json.loads(ev_file.read_text(encoding="utf-8"))
+    except Exception:
+        continue
+
+    pt = (data.get("publish_time") or "").strip()
+    if pt:
+        skipped_events_ok += 1
+        continue
+
+    url = data.get("url", "")
+    new_pt = extract_date_from_url(url)
+
+    if new_pt:
+        data["publish_time"] = new_pt
+        ev_file.write_text(
+            json.dumps(data, indent=2, ensure_ascii=False),
+            encoding="utf-8",
+        )
+        fixed_events += 1
+        logger.debug("events: %s → %s", ev_file.name, new_pt)
+    else:
+        skipped_events_no_url += 1
+
+logger.info(
+    "阶段 2 完成: 修复 %d, 已有日期 %d, 仍无法提取 %d",
+    fixed_events, skipped_events_ok, skipped_events_no_url,
+)
+
+# ── 汇总 ──
+total_fixed = fixed_processed + fixed_events
+total_still_empty = skipped_no_source + skipped_events_no_url
+logger.info("══════ 汇总 ══════")
+logger.info("processes 修复: %d, events 修复: %d", fixed_processed, fixed_events)
+logger.info("总计修复: %d, 仍为空: %d", total_fixed, total_still_empty)
+PYEOF
+
+echo "[$(date)] ═══ publish_time 精准修复完成 ✅ ═══"
diff --git a/scripts/overseas_crawl.sh b/scripts/overseas_crawl.sh
new file mode 100755
index 0000000..2c6cf95
--- /dev/null
+++ b/scripts/overseas_crawl.sh
@@ -0,0 +1,19 @@
+#!/bin/bash
+# =============================================
+# 海外服务器：抓取英文财经新闻
+# =============================================
+set -euo pipefail
+
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+PROJECT_DIR="$(dirname "$SCRIPT_DIR")"
+cd "$PROJECT_DIR"
+
+echo "[$(date)] ═══ 海外抓取开始 ═══"
+
+PYTHONPATH=. .venv/bin/python3 -c "
+from crawler.orchestrator import run_crawl_sync
+stats = run_crawl_sync()
+print(f'抓取完成: {stats.sources_crawled} 源, {stats.total_articles} 篇')
+"
+
+echo "[$(date)] ═══ 海外抓取完成 ✅ ═══"
diff --git a/scripts/overseas_pack.sh b/scripts/overseas_pack.sh
new file mode 100644
index 0000000..57c53fc
--- /dev/null
+++ b/scripts/overseas_pack.sh
@@ -0,0 +1,70 @@
+#!/bin/bash
+# =============================================
+# 海外服务器：打包压缩当日 data/raw/ 下的所有文件
+# =============================================
+# 用法：./scripts/overseas_pack.sh [日期]
+#       不传日期则使用当前新闻日（基于 day_cutoff_hour）
+# =============================================
+set -euo pipefail
+
+# 从 system.yaml 读取配置（有默认值兜底）
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+source "$SCRIPT_DIR/_load_config.sh"
+
+PROJECT_DIR="${CRAWL_PROJECT_DIR}"
+DATA_DIR="$PROJECT_DIR/data/raw"
+PACK_TMP="${SYNC_PACK_DIR:-/tmp}"
+SENTINEL_FILE="${SYNC_SENTINEL}"
+
+# ── 确定新闻日 ──────────────────────────────────────
+if [ $# -ge 1 ]; then
+    NEWS_DAY="$1"
+else
+    # 从 system.yaml 读取 cutoff hour
+    CUTOFF=$(python3 -c "
+import yaml
+with open('$PROJECT_DIR/configs/system.yaml') as f:
+    cfg = yaml.safe_load(f)
+print(cfg.get('schedule', {}).get('day_cutoff_hour', 6))
+" 2>/dev/null || echo 6)
+
+    HOUR=$(date +%H)
+    if [ "$HOUR" -lt "$CUTOFF" ]; then
+        NEWS_DAY=$(date -d "yesterday" +%Y%m%d)
+    else
+        NEWS_DAY=$(date +%Y%m%d)
+    fi
+fi
+
+echo "[$(date)] 新闻日: $NEWS_DAY"
+
+# ── 检查数据是否存在 ─────────────────────────────────
+if [ ! -d "$DATA_DIR" ]; then
+    echo "[$(date)] WARNING: data/raw/ 不存在，跳过打包"
+    exit 0
+fi
+
+# 计算今天目录下的总文件数（排除 tar.gz 和 sentinel）
+TOTAL_FILES=$(find "$DATA_DIR" -path "*/$NEWS_DAY/*" -type f ! -name "*.tar.gz" 2>/dev/null | wc -l)
+if [ "$TOTAL_FILES" -eq 0 ]; then
+    echo "[$(date)] WARNING: 新闻日 $NEWS_DAY 无数据文件，跳过打包"
+    exit 0
+fi
+
+# ── 打包压缩 ─────────────────────────────────────────
+PACK_FILE="$PACK_TMP/en_news_${NEWS_DAY}.tar.gz"
+
+echo "[$(date)] 打包 $TOTAL_FILES 个文件 → $PACK_FILE ..."
+
+# 收集当天的所有数据文件（包括任意源下面的日期目录）
+find "$DATA_DIR" -path "*/$NEWS_DAY/*" -type f ! -name "*.tar.gz" 2>/dev/null \
+    | tar czf "$PACK_FILE" -T - --transform='s|.*/data/raw/||' 2>/dev/null
+
+PACK_SIZE=$(du -h "$PACK_FILE" | cut -f1)
+echo "[$(date)] 打包完成: $PACK_FILE ($PACK_SIZE)"
+
+# ── 生成哨兵文件 ─────────────────────────────────────
+echo "$NEWS_DAY $(date -Iseconds) $PACK_SIZE ($TOTAL_FILES files)" > "$SENTINEL_FILE"
+echo "[$(date)] 哨兵文件已更新: $SENTINEL_FILE"
+
+echo "[$(date)] ✅ 海外打包完成"
diff --git a/scripts/pipeline.sh b/scripts/pipeline.sh
new file mode 100755
index 0000000..9cf3fa3
--- /dev/null
+++ b/scripts/pipeline.sh
@@ -0,0 +1,68 @@
+#!/bin/bash
+# =============================================
+# 国内服务器：全链路管道 M2 → M3 → M4 → M5 → M6 → 日报
+# =============================================
+# 用法：./scripts/pipeline.sh
+# 前提：domestic_sync.sh 已完成
+# =============================================
+set -euo pipefail
+
+SCRIPT_DIR="$(cd "$(dirname "${BASH_SOURCE[0]}")" && pwd)"
+PROJECT_DIR="$(dirname "$SCRIPT_DIR")"
+
+cd "$PROJECT_DIR"
+
+echo "[$(date)] ═══ 全链路管道开始 ═══"
+
+# 加载 .env
+export $(grep -v '^#' .env | grep -v '^$' | xargs 2>/dev/null || true)
+
+# ── M2: 正文提取 ──
+echo "[$(date)] [M2] 正文提取..."
+.venv/bin/python3 -c "
+from extractor.pipeline import process_all_sources
+stats = process_all_sources()
+print(f'M2: {stats[\"total_articles\"]} 篇, {stats[\"elapsed_sec\"]:.0f}s')
+"
+
+# ── M3: 去重 ──
+echo "[$(date)] [M3] 三层去重..."
+.venv/bin/python3 -c "
+from dedup.pipeline import dedup_all_sources
+stats = dedup_all_sources()
+print(f'M3: 唯一 {stats[\"unique\"]}/重复 {stats[\"duplicate\"]}, {stats[\"elapsed_sec\"]:.0f}s')
+"
+
+# ── M4: 翻译+事件 ──
+echo "[$(date)] [M4] 翻译+事件抽取..."
+.venv/bin/python3 -c "
+from llm.pipeline import translate_all_deduped
+stats = translate_all_deduped()
+print(f'M4: {stats[\"success\"]}/{stats[\"total\"]} 篇, {stats[\"elapsed_sec\"]:.0f}s')
+"
+
+# ── M5: 向量生成 ──
+echo "[$(date)] [M5] 向量生成..."
+.venv/bin/python3 -c "
+from embedding.pipeline import embed_all_events
+stats = embed_all_events()
+print(f'M5: {stats[\"success\"]}/{stats[\"total\"]} 篇, {stats[\"elapsed_sec\"]:.0f}s')
+"
+
+# ── M6: Qdrant 入库 ──
+echo "[$(date)] [M6] Qdrant 入库..."
+.venv/bin/python3 -c "
+from vectorstore.pipeline import ingest_all_embeddings
+stats = ingest_all_embeddings()
+print(f'M6: {stats[\"ingested\"]}/{stats[\"total\"]} 条, {stats[\"elapsed_sec\"]:.0f}s')
+"
+
+# ── 日报 ──
+echo "[$(date)] [日报] 生成日报..."
+.venv/bin/python3 -c "
+from scheduler.reporter import generate_report
+path = generate_report()
+print(f'日报: {path}')
+"
+
+echo "[$(date)] ═══ 全链路管道完成 ✅ ═══"
diff --git a/tests/test_crawler.py b/tests/test_crawler.py
new file mode 100644
index 0000000..002d026
--- /dev/null
+++ b/tests/test_crawler.py
@@ -0,0 +1,266 @@
+"""M1 爬虫模块测试"""
+
+from pathlib import Path
+from unittest.mock import AsyncMock, MagicMock, patch
+
+import pytest
+
+from crawler.crawler import (
+    ARTICLE_DELAY_SEC,
+    MAX_MEMORY_MB,
+    SOURCE_TIMEOUT_SEC,
+    compute_url_hash,
+    crawl_source,
+)
+from crawler.loader import get_source_by_id, load_sources
+from crawler.models import ArticleItem, CrawlResult, SourceConfig
+from crawler.storage import load_index, write_index_jsonl
+
+# ════════════════════════════════════════════════
+# URL Hash
+# ════════════════════════════════════════════════
+
+def test_compute_url_hash_consistency():
+    """同一 URL 多次计算 hash 一致"""
+    h1 = compute_url_hash("https://example.com/article/123")
+    h2 = compute_url_hash("https://example.com/article/123")
+    assert h1 == h2
+    assert len(h1) == 16
+
+
+def test_compute_url_hash_different():
+    """不同 URL 产生不同 hash"""
+    h1 = compute_url_hash("https://example.com/a")
+    h2 = compute_url_hash("https://example.com/b")
+    assert h1 != h2
+
+
+# ════════════════════════════════════════════════
+# 配置加载
+# ════════════════════════════════════════════════
+
+def test_load_sources_from_real_config():
+    """从项目真实配置文件加载"""
+    sources, settings = load_sources()
+    assert len(sources) == 12
+    assert settings["concurrency"] == 5
+
+    reuters = sources[0]
+    assert reuters.id == "reuters"
+    assert reuters.name == "Reuters"
+    assert reuters.enabled is True
+
+
+def test_get_source_by_id():
+    """按 ID 查找源"""
+    sources, _ = load_sources()
+    s = get_source_by_id("cnbc", sources)
+    assert s is not None
+    assert s.name == "CNBC"
+
+    s = get_source_by_id("nonexistent", sources)
+    assert s is None
+
+
+def test_load_sources_missing_file():
+    """配置文件不存在时抛出异常"""
+    with pytest.raises(FileNotFoundError):
+        load_sources(Path("/nonexistent/path.yaml"))
+
+
+def test_source_config_output_dir():
+    """SourceConfig.output_dir 属性"""
+    s = SourceConfig(
+        id="reuters",
+        name="Reuters",
+        homepage="https://example.com",
+        article_url_pattern="/article/",
+    )
+    today = __import__("datetime").datetime.now().strftime("%Y%m%d")
+    assert str(s.output_dir) == f"data/raw/reuters/{today}"
+
+
+# ════════════════════════════════════════════════
+# 存储
+# ════════════════════════════════════════════════
+
+def test_write_and_load_index_jsonl(tmp_path: Path, monkeypatch):
+    """写入 index.jsonl 后再读取，数据一致"""
+    # 临时替换 data/raw 路径
+    import crawler.storage as storage_mod
+
+    articles = [
+        ArticleItem(
+            source_id="test_source",
+            source_name="Test Source",
+            url=f"https://example.com/article/{i}",
+            url_hash=f"hash{i:04d}",
+            title=f"Test Article {i}",
+            crawl_time="2026-06-21T00:00:00",
+            html_path=f"data/raw/test_source/20260621/hash{i:04d}.html",
+            status="success",
+        )
+        for i in range(3)
+    ]
+
+    result = CrawlResult(
+        source_id="test_source",
+        source_name="Test Source",
+        total_found=3,
+        total_success=3,
+        articles=articles,
+    )
+
+    # Patch Path to use tmp_path
+    orig_path = Path
+
+    def mock_path(p: str) -> Path:
+        p_str = str(p)
+        if p_str.startswith("data/raw/"):
+            return orig_path(tmp_path) / p_str
+        return orig_path(p_str)
+
+    monkeypatch.setattr(storage_mod, "Path", mock_path)
+
+    index_path = write_index_jsonl(result)
+    assert index_path.exists()
+
+    # 读取
+    loaded = load_index("test_source", "20260621")
+    assert len(loaded) == 3
+    assert loaded[0].source_id == "test_source"
+    assert loaded[0].title == "Test Article 0"
+
+
+def test_load_index_missing_file():
+    """不存在的 index 返回空列表"""
+    articles = load_index("nonexistent", "20990101")
+    assert articles == []
+
+
+def test_write_index_jsonl_dedup(tmp_path: Path, monkeypatch):
+    """重复 url_hash 不重复写入"""
+    import crawler.storage as storage_mod
+
+    article = ArticleItem(
+        source_id="dedup_test",
+        source_name="Dedup Test",
+        url="https://example.com/same",
+        url_hash="same_hash_0001",
+        title="Same Article",
+        crawl_time="2026-06-21T00:00:00",
+        html_path="data/raw/dedup_test/20260621/same_hash_0001.html",
+        status="success",
+    )
+
+    result1 = CrawlResult(source_id="dedup_test", source_name="Dedup Test",
+                          total_success=1, articles=[article])
+    result2 = CrawlResult(source_id="dedup_test", source_name="Dedup Test",
+                          total_success=1, articles=[article])
+
+    def mock_path(p: str) -> Path:
+        p_str = str(p)
+        if p_str.startswith("data/raw/"):
+            return Path(tmp_path) / p_str
+        return Path(p_str)
+
+    monkeypatch.setattr(storage_mod, "Path", mock_path)
+
+    write_index_jsonl(result1)
+    write_index_jsonl(result2)  # 重复写入
+
+    loaded = load_index("dedup_test", "20260621")
+    assert len(loaded) == 1  # 去重
+
+
+# ════════════════════════════════════════════════
+# 爬虫引擎 (Mock)
+# ════════════════════════════════════════════════
+
+@pytest.mark.asyncio
+async def test_crawl_source_with_mock():
+    """Mock Crawl4AI，测试 crawl_source 流程"""
+    source = SourceConfig(
+        id="mock_source",
+        name="Mock Source",
+        homepage="https://mock.example.com/",
+        article_url_pattern="/news/",
+        js_render=False,
+        max_articles_per_run=5,
+    )
+
+    # Mock Crawl4AI 的返回
+    mock_html = '<a href="/news/article1">Article 1</a><a href="/news/article2">Article 2</a>'
+    mock_result = MagicMock()
+    mock_result.success = True
+    mock_result.html = mock_html
+    mock_result.markdown = "# Test Article\n\nContent here."
+    mock_result.metadata = {"title": "Test Article"}
+    mock_result.error_message = ""
+
+    with patch("crawler.crawler.AsyncWebCrawler") as mock_crawler_cls:
+        mock_crawler = MagicMock()
+        mock_crawler.arun = AsyncMock(return_value=mock_result)
+        mock_crawler_cls.return_value.__aenter__ = AsyncMock(return_value=mock_crawler)
+        mock_crawler_cls.return_value.__aexit__ = AsyncMock(return_value=False)
+
+        result = await crawl_source(source)
+
+        assert result.source_id == "mock_source"
+        assert result.total_found == 2
+        assert result.total_success == 2
+        assert result.total_failed == 0
+        assert len(result.articles) == 2
+
+        # 每条 article 都有正确的 source_id
+        for article in result.articles:
+            assert article.source_id == "mock_source"
+            assert article.status == "success"
+            assert article.html_path
+
+
+@pytest.mark.asyncio
+async def test_crawl_source_homepage_failure():
+    """首页抓取失败时优雅降级"""
+    source = SourceConfig(
+        id="fail_source",
+        name="Fail Source",
+        homepage="https://fail.example.com/",
+        article_url_pattern="/news/",
+        js_render=False,
+    )
+
+    mock_result = MagicMock()
+    mock_result.success = False
+    mock_result.html = ""
+    mock_result.error_message = "Connection timeout"
+
+    with patch("crawler.crawler.AsyncWebCrawler") as mock_crawler_cls:
+        mock_crawler = MagicMock()
+        mock_crawler.arun = AsyncMock(return_value=mock_result)
+        mock_crawler_cls.return_value.__aenter__ = AsyncMock(return_value=mock_crawler)
+        mock_crawler_cls.return_value.__aexit__ = AsyncMock(return_value=False)
+
+        result = await crawl_source(source)
+
+        assert result.total_found == 0
+        assert result.total_success == 0
+
+
+# ════════════════════════════════════════════════
+# 资源限制常量
+# ════════════════════════════════════════════════
+
+def test_max_memory_mb():
+    """内存限制 < 2000 MB"""
+    assert 0 < MAX_MEMORY_MB < 2000
+
+
+def test_source_timeout_sec():
+    """单源超时在合理范围"""
+    assert SOURCE_TIMEOUT_SEC >= 3600  # 至少 1 小时
+
+
+def test_article_delay_sec():
+    """文章间隔 ≥ 1 秒"""
+    assert ARTICLE_DELAY_SEC >= 1.0
diff --git a/tests/test_dedup.py b/tests/test_dedup.py
new file mode 100644
index 0000000..e33f380
--- /dev/null
+++ b/tests/test_dedup.py
@@ -0,0 +1,533 @@
+"""M3 三层去重模块单元测试。"""
+
+from pathlib import Path
+
+import pytest
+
+from dedup import (
+    DEFAULT_HAMMING_THRESHOLD,
+    Deduper,
+    DedupLayer,
+    DedupResult,
+    Fingerprint,
+    FingerprintStore,
+    article_to_fingerprint,
+    content_hash,
+    hamming,
+    normalize_content,
+    simhash64,
+)
+from extractor.models import ProcessedArticle
+
+# --------------------------------------------------------------------------- #
+# 辅助工厂函数
+# --------------------------------------------------------------------------- #
+
+
+def _make_article(
+    *,
+    url: str = "https://www.reuters.com/business/1",
+    url_hash: str = "abc1234567890000",
+    source_id: str = "reuters",
+    source_name: str = "Reuters",
+    title: str = "Fed Holds Rates Steady as Markets Rally",
+    content: str = (
+        "The Federal Reserve held interest rates steady on Wednesday, "
+        "citing solid economic growth and a strong labor market. "
+        "Markets rallied in response, with the S&P 500 gaining 1.2 percent."
+    ),
+    publish_time: str = "2026-06-16T10:00:00",
+    word_count: int = 0,
+) -> ProcessedArticle:
+    return ProcessedArticle(
+        source_id=source_id,
+        source_name=source_name,
+        url=url,
+        url_hash=url_hash,
+        title=title,
+        content=content,
+        publish_time=publish_time,
+        word_count=word_count or len(content.split()),
+    )
+
+
+@pytest.fixture
+def tmp_db(tmp_path: Path) -> Path:
+    return tmp_path / "fp.sqlite3"
+
+
+# --------------------------------------------------------------------------- #
+# hasher 测试
+# --------------------------------------------------------------------------- #
+
+
+class TestNormalizeContent:
+    """normalize_content 函数测试。"""
+
+    def test_strips_punctuation_and_whitespace(self):
+        norm = normalize_content("Hello,   world!\nThis is  text.")
+        assert norm == "HelloworldThisistext"
+
+    def test_handles_empty(self):
+        assert normalize_content("") == ""
+        assert normalize_content("   \n\t  ") == ""
+
+    def test_preserves_letters_and_digits(self):
+        # $ 是货币符号（Sc 类别），会被保留；% 和 . 是标点（Po）会被移除
+        norm = normalize_content("AAPL up 5.2% to $150.00!")
+        assert norm == "AAPLup52to$15000"
+
+    def test_handles_chinese_characters(self):
+        norm = normalize_content("宁德时代 发布 新一代 麒麟电池！")
+        assert norm == "宁德时代发布新一代麒麟电池"
+
+
+class TestContentHash:
+    """content_hash 函数测试。"""
+
+    def test_deterministic(self):
+        a = "The Fed raised rates today."
+        b = "The Fed raised rates today."
+        assert content_hash(a) == content_hash(b)
+
+    def test_punctuation_invariant(self):
+        a = "Apple reports record earnings."
+        b = "Apple, reports... record earnings!!!"
+        assert content_hash(a) == content_hash(b)
+
+    def test_differs_for_different_text(self):
+        assert content_hash("Fed raises rates") != content_hash("Fed cuts rates")
+
+
+class TestSimhash64:
+    """simhash64 函数测试。"""
+
+    def test_identical_text_same_value(self):
+        text = "The Federal Reserve held interest rates steady on Wednesday."
+        assert simhash64(text) == simhash64(text)
+
+    def test_minor_changes_close_distance(self):
+        """轻量改写，长文本汉明距离应在阈值内。"""
+        base = (
+            "The Federal Reserve held interest rates steady on Wednesday, "
+            "citing solid economic growth and a strong labor market. "
+            "Markets rallied in response, with the S&P 500 gaining 1.2 percent. "
+            "Analysts expect rates to remain unchanged through the summer."
+        ) * 2
+        rewritten = "WASHINGTON (Reuters) - " + base + " (Reporting by John Smith)"
+        d = hamming(simhash64(base), simhash64(rewritten))
+        assert d <= DEFAULT_HAMMING_THRESHOLD, (
+            f"长文本前后加来源标识汉明距离 {d} 不应超过阈值"
+        )
+
+    def test_unrelated_text_far_distance(self):
+        """完全不相关的两段长文本汉明距离应远大于阈值。"""
+        a = "The Federal Reserve held interest rates steady on Wednesday." * 5
+        b = "Apple announced a new iPhone model with revolutionary features." * 5
+        d = hamming(simhash64(a), simhash64(b))
+        assert d > DEFAULT_HAMMING_THRESHOLD * 2
+
+    def test_empty_returns_zero(self):
+        assert simhash64("") == 0
+        assert simhash64("   ") == 0
+
+
+class TestHamming:
+    """hamming 距离函数测试。"""
+
+    def test_same_value_zero(self):
+        assert hamming(0, 0) == 0
+        assert hamming(0xDEADBEEF, 0xDEADBEEF) == 0
+
+    def test_basic(self):
+        assert hamming(0xFF, 0x00) == 8
+        assert hamming(0xFF00FF00, 0x00FF00FF) == 32
+
+    def test_single_bit(self):
+        assert hamming(1, 0) == 1
+        assert hamming(1 << 63, 0) == 1
+
+
+# --------------------------------------------------------------------------- #
+# FingerprintStore 测试
+# --------------------------------------------------------------------------- #
+
+
+class TestFingerprintStore:
+    """FingerprintStore 功能测试。"""
+
+    def test_upsert_and_get(self, tmp_db):
+        fp = Fingerprint(
+            url_hash="hash1",
+            content_hash="ch1",
+            simhash=0xDEADBEEFCAFEBABE,
+            source_id="reuters",
+            url="https://x/1",
+            title="Test Title",
+            publish_date="2026-06-16",
+        )
+        with FingerprintStore(tmp_db) as store:
+            store.upsert(fp)
+            got = store.get_by_url_hash("hash1")
+            assert got is not None
+            assert got.content_hash == "ch1"
+            assert got.simhash == 0xDEADBEEFCAFEBABE
+            assert got.publish_date == "2026-06-16"
+
+    def test_upsert_replaces_existing(self, tmp_db):
+        base = Fingerprint(
+            url_hash="h",
+            content_hash="ch1",
+            simhash=1,
+            source_id="reuters",
+            url="u",
+            title="t",
+        )
+        updated = base.model_copy(update={"content_hash": "ch2", "simhash": 999})
+        with FingerprintStore(tmp_db) as store:
+            store.upsert(base)
+            store.upsert(updated)
+            got = store.get_by_url_hash("h")
+            assert got is not None
+            assert got.content_hash == "ch2"
+            assert got.simhash == 999
+            assert store.count() == 1
+
+    def test_find_by_content_hash(self, tmp_db):
+        with FingerprintStore(tmp_db) as store:
+            store.upsert(Fingerprint(
+                url_hash="h1", content_hash="ch", simhash=0,
+                source_id="reuters", url="u1", title="t1",
+            ))
+            assert store.find_by_content_hash("ch") is not None
+            assert store.find_by_content_hash("nope") is None
+
+    def test_candidates_within_window(self, tmp_db):
+        with FingerprintStore(tmp_db) as store:
+            for d, h in [
+                ("2026-05-01", "old"),
+                ("2026-06-15", "near"),
+                ("2026-07-30", "far"),
+            ]:
+                store.upsert(Fingerprint(
+                    url_hash=h, content_hash=h, simhash=0,
+                    source_id="reuters", url=f"u/{h}", title=h, publish_date=d,
+                ))
+            cands = store.candidates_for_simhash("2026-06-16", window_days=7)
+            url_hashes = sorted(c.url_hash for c in cands)
+            assert url_hashes == ["near"]
+
+    def test_candidates_no_date_returns_all(self, tmp_db):
+        with FingerprintStore(tmp_db) as store:
+            store.upsert(Fingerprint(
+                url_hash="h1", content_hash="c1", simhash=0,
+                source_id="reuters", url="u", title="t", publish_date=None,
+            ))
+            cands = store.candidates_for_simhash(None, 30)
+            assert len(cands) == 1
+
+    def test_simhash_high_bit_hex(self, tmp_db):
+        """64 位 SimHash 高位为 1 时，hex 存取应保持无符号。"""
+        high = (1 << 63) | 0x1234
+        with FingerprintStore(tmp_db) as store:
+            store.upsert(Fingerprint(
+                url_hash="h", content_hash="c", simhash=high,
+                source_id="reuters", url="u", title="t",
+            ))
+            got = store.get_by_url_hash("h")
+            assert got is not None
+            assert got.simhash == high
+
+    def test_count_by_source(self, tmp_db):
+        with FingerprintStore(tmp_db) as store:
+            for i, src in enumerate(["reuters", "reuters", "cnbc"]):
+                store.upsert(Fingerprint(
+                    url_hash=f"h{i}", content_hash=f"c{i}", simhash=i,
+                    source_id=src, url=f"u{i}", title=f"t{i}",
+                ))
+            counts = store.count_by_source()
+            assert counts == {"reuters": 2, "cnbc": 1}
+
+    def test_date_range(self, tmp_db):
+        with FingerprintStore(tmp_db) as store:
+            store.upsert(Fingerprint(
+                url_hash="h1", content_hash="c1", simhash=0,
+                source_id="reuters", url="u1", title="t1",
+                publish_date="2026-06-10",
+            ))
+            store.upsert(Fingerprint(
+                url_hash="h2", content_hash="c2", simhash=0,
+                source_id="cnbc", url="u2", title="t2",
+                publish_date="2026-06-20",
+            ))
+            lo, hi = store.date_range()
+            assert lo == "2026-06-10"
+            assert hi == "2026-06-20"
+
+    def test_delete(self, tmp_db):
+        with FingerprintStore(tmp_db) as store:
+            store.upsert(Fingerprint(
+                url_hash="h1", content_hash="c1", simhash=0,
+                source_id="reuters", url="u1", title="t1",
+            ))
+            store.delete("h1")
+            assert store.get_by_url_hash("h1") is None
+            assert store.count() == 0
+
+
+# --------------------------------------------------------------------------- #
+# article_to_fingerprint 测试
+# --------------------------------------------------------------------------- #
+
+
+class TestArticleToFingerprint:
+    """article_to_fingerprint 转换测试。"""
+
+    def test_fields(self):
+        art = _make_article()
+        fp = article_to_fingerprint(art)
+        assert fp.url_hash == art.url_hash
+        assert fp.simhash == simhash64(art.content)
+        assert fp.content_hash == content_hash(art.content)
+        assert fp.publish_date == "2026-06-16"
+        assert fp.source_id == "reuters"
+
+    def test_handles_empty_publish_time(self):
+        art = _make_article(publish_time="")
+        fp = article_to_fingerprint(art)
+        assert fp.publish_date is None
+
+
+# --------------------------------------------------------------------------- #
+# Deduper 三层去重测试
+# --------------------------------------------------------------------------- #
+
+
+class TestDeduper:
+    """Deduper 三层去重功能测试。"""
+
+    def test_first_article_is_unique(self, tmp_db):
+        art = _make_article()
+        with Deduper(db_path=tmp_db) as d:
+            result = d.ingest(art)
+            assert not result.is_duplicate
+            assert result.matched_layer is None
+            assert d.stats().total == 1
+
+    def test_layer1_url_hash(self, tmp_db):
+        """同一 url_hash 直接命中 L1。"""
+        a1 = _make_article()
+        a2 = _make_article()  # 同 url_hash 同 url
+        with Deduper(db_path=tmp_db) as d:
+            d.ingest(a1)
+            result = d.ingest(a2)
+            assert result.is_duplicate
+            assert result.matched_layer == DedupLayer.URL
+            assert d.stats().total == 1, "L1 命中应不写入新指纹"
+
+    def test_layer2_content_hash(self, tmp_db):
+        """url 不同但 content 完全一致 → L2。"""
+        a1 = _make_article(url="https://a.com/1", url_hash="hash1aaaaaaaaaaa")
+        a2 = _make_article(url="https://b.com/2", url_hash="hash2bbbbbbbbbbb")
+        with Deduper(db_path=tmp_db) as d:
+            d.ingest(a1)
+            result = d.ingest(a2)
+            assert result.is_duplicate
+            assert result.matched_layer == DedupLayer.CONTENT
+            assert result.matched_url_hash == "hash1aaaaaaaaaaa"
+
+    def test_layer2_punctuation_difference_caught(self, tmp_db):
+        """标点/空白差异不应阻止 L2 命中（normalize_content 应剥离）。"""
+        a1 = _make_article(
+            url="https://a/1", url_hash="aaaa",
+            content="The Fed raised rates today. Markets rallied strongly!"
+        )
+        a2 = _make_article(
+            url="https://b/2", url_hash="bbbb",
+            content="The Fed, raised... rates today!!! Markets -- rallied -- strongly."
+        )
+        assert content_hash(a1.content) == content_hash(a2.content)
+        with Deduper(db_path=tmp_db) as d:
+            d.ingest(a1)
+            result = d.ingest(a2)
+            assert result.matched_layer == DedupLayer.CONTENT
+
+    def test_layer3_simhash_minor_rewrite(self, tmp_db):
+        """长文本 + 转载前后缀，落入 SimHash 层（贴近真实跨源转载场景）。"""
+        long_body = (
+            "The Federal Reserve held interest rates steady on Wednesday, "
+            "citing solid economic growth and a strong labor market. "
+            "Markets rallied in response, with the S&P 500 gaining 1.2 percent. "
+            "Treasury yields fell as investors welcomed the decision. "
+            "Analysts expect the central bank to remain on hold through September."
+        ) * 2
+        rewritten = "By Reuters Staff - " + long_body + " (Additional reporting by Jane Doe)"
+        a1 = _make_article(url="https://a/1", url_hash="aaaaa", content=long_body)
+        a2 = _make_article(url="https://b/2", url_hash="bbbbb", content=rewritten)
+        # 必要前提：content_hash 不同（否则会被 L2 截胡）
+        assert content_hash(a1.content) != content_hash(a2.content)
+
+        with Deduper(db_path=tmp_db) as d:
+            d.ingest(a1)
+            result = d.ingest(a2)
+            assert result.is_duplicate
+            assert result.matched_layer == DedupLayer.SIMHASH
+            assert result.hamming_distance is not None
+            assert result.hamming_distance <= DEFAULT_HAMMING_THRESHOLD
+
+    def test_layer3_unrelated_articles_kept(self, tmp_db):
+        """完全不相关文章不去重。"""
+        a1 = _make_article(
+            url="https://a/1", url_hash="aaaaa",
+            content="The Federal Reserve held interest rates steady on Wednesday." * 5,
+        )
+        a2 = _make_article(
+            url="https://b/2", url_hash="bbbbb",
+            content="Apple announced a new iPhone model with revolutionary features." * 5,
+            title="Apple Unveils New iPhone",
+        )
+        with Deduper(db_path=tmp_db) as d:
+            d.ingest(a1)
+            result = d.ingest(a2)
+            assert not result.is_duplicate
+            assert d.stats().total == 2
+
+    def test_layer3_outside_time_window_kept(self, tmp_db):
+        """SimHash 相近，但 publish_date 距离过远（> 30 天）不去重。"""
+        body = (
+            "The Federal Reserve held interest rates steady on Wednesday, "
+            "citing solid economic growth and a strong labor market."
+        ) * 3
+        a1 = _make_article(
+            url="https://a/1", url_hash="aaaa1", content=body,
+            publish_time="2026-01-01T09:00:00",
+        )
+        a2 = _make_article(
+            url="https://b/2", url_hash="bbbb2", content=body[:50] + body,
+            publish_time="2026-06-16T09:00:00",
+        )
+        assert content_hash(a1.content) != content_hash(a2.content)
+        with Deduper(db_path=tmp_db, time_window_days=30) as d:
+            d.ingest(a1)
+            result = d.ingest(a2)
+            assert not result.is_duplicate, "时间窗口外不应命中 SimHash"
+
+    def test_threshold_zero_only_exact_simhash(self, tmp_db):
+        """阈值 0 → 仅当 SimHash 完全相同才视为重复（且会先被 L2 拦截）。"""
+        a1 = _make_article(
+            url="https://a/1", url_hash="aaaa1",
+            content="The Federal Reserve held rates steady on Wednesday."
+        )
+        a2 = _make_article(
+            url="https://b/2", url_hash="bbbb2",
+            content="The Federal Reserve held rates unchanged on Wednesday."
+        )
+        with Deduper(db_path=tmp_db, simhash_threshold=0) as d:
+            d.ingest(a1)
+            result = d.ingest(a2)
+            assert not result.is_duplicate
+
+    def test_ingest_same_source_mixed(self, tmp_db):
+        """混合重复/不重复文章的同源摄入。"""
+        a1 = _make_article(url="https://a/1", url_hash="h1", content="Story A " * 10)
+        a2 = _make_article(url="https://a/2", url_hash="h2", content="Story B " * 10)
+        a3 = _make_article(url="https://a/3", url_hash="h3", content="Story B " * 10)  # 同 a2
+        a4 = _make_article(url="https://a/4", url_hash="h4", content="Story C " * 10)
+
+        with Deduper(db_path=tmp_db) as d:
+            r1 = d.ingest(a1)
+            r2 = d.ingest(a2)
+            r3 = d.ingest(a3)
+            r4 = d.ingest(a4)
+
+            assert not r1.is_duplicate
+            assert not r2.is_duplicate
+            assert r3.is_duplicate  # L2 命中
+            assert not r4.is_duplicate
+            assert d.stats().total == 3
+
+
+# --------------------------------------------------------------------------- #
+# Deduper - check 不写入
+# --------------------------------------------------------------------------- #
+
+
+class TestDeduperCheck:
+    """Deduper.check() 只读测试。"""
+
+    def test_check_does_not_write(self, tmp_db):
+        art = _make_article()
+        with Deduper(db_path=tmp_db) as d:
+            result = d.check(art)
+            assert not result.is_duplicate
+            assert d.stats().total == 0  # check 不应入库
+
+    def test_check_detects_duplicate_after_ingest(self, tmp_db):
+        a1 = _make_article()
+        a2 = _make_article()
+        with Deduper(db_path=tmp_db) as d:
+            d.ingest(a1)
+            result = d.check(a2)
+            assert result.is_duplicate
+            assert result.matched_layer == DedupLayer.URL
+
+
+# --------------------------------------------------------------------------- #
+# Deduper - stats
+# --------------------------------------------------------------------------- #
+
+
+class TestDeduperStats:
+    """统计信息测试。"""
+
+    def test_stats_aggregates_by_source(self, tmp_db):
+        with Deduper(db_path=tmp_db) as d:
+            d.ingest(_make_article(
+                source_id="reuters", url="https://a/1", url_hash="r000000000000001",
+            ))
+            d.ingest(_make_article(
+                source_id="reuters", url="https://a/2", url_hash="r000000000000002",
+                content="Another completely different article about markets." * 10,
+            ))
+            d.ingest(_make_article(
+                source_id="cnbc", url="https://b/1", url_hash="c000000000000001",
+                content="CNBC exclusive report on technology stocks." * 10,
+            ))
+            stats = d.stats()
+            assert stats.total == 3
+            assert stats.by_source == {"reuters": 2, "cnbc": 1}
+            assert stats.earliest is not None
+
+
+# --------------------------------------------------------------------------- #
+# DedupResult 测试
+# --------------------------------------------------------------------------- #
+
+
+class TestDedupResult:
+    """DedupResult 模型测试。"""
+
+    def test_short_summary_unique(self):
+        r = DedupResult(url_hash="abc", is_duplicate=False)
+        assert r.short_summary() == "[UNIQUE] abc"
+
+    def test_short_summary_duplicate_url(self):
+        r = DedupResult(
+            url_hash="abc",
+            is_duplicate=True,
+            matched_layer=DedupLayer.URL,
+            matched_url_hash="xyz",
+        )
+        assert "[DUP/url]" in r.short_summary()
+
+    def test_short_summary_duplicate_simhash(self):
+        r = DedupResult(
+            url_hash="abc",
+            is_duplicate=True,
+            matched_layer=DedupLayer.SIMHASH,
+            matched_url_hash="xyz",
+            hamming_distance=2,
+        )
+        summary = r.short_summary()
+        assert "[DUP/simhash]" in summary
+        assert "hd=2" in summary
diff --git a/tests/test_embedding.py b/tests/test_embedding.py
new file mode 100644
index 0000000..89da9af
--- /dev/null
+++ b/tests/test_embedding.py
@@ -0,0 +1,302 @@
+"""M5 向量生成模块单元测试。"""
+
+from unittest.mock import MagicMock
+
+import pytest
+from openai import OpenAI
+
+from embedding.client import (
+    EmbeddingConfig,
+    _chunked,
+    embed_batch,
+    load_embedding_config,
+)
+from embedding.embedder import compose_text, embed_article
+from embedding.models import EmbeddingError, EmbeddingResult
+from llm.models import EnTranslatedArticle, EventExtraction, Sentiment
+
+# --------------------------------------------------------------------------- #
+# 辅助工厂
+# --------------------------------------------------------------------------- #
+
+
+def _make_article(
+    *,
+    url_hash: str = "abc123",
+    source_id: str = "reuters",
+    source_name: str = "Reuters",
+    url: str = "https://example.com/1",
+    title: str = "Fed Holds Rates Steady",
+    title_zh: str = "美联储维持利率不变",
+    content_en: str = "The Fed held rates steady.",
+    content_zh: str = "美联储维持利率不变，理由是经济增长稳健。市场应声上涨。",
+    events: list[EventExtraction] | None = None,
+) -> EnTranslatedArticle:
+    if events is None:
+        events = [
+            EventExtraction(
+                event_type="央行决议",
+                stock_codes=[],
+                sentiment=Sentiment.POSITIVE,
+                importance=5,
+                summary_zh="美联储维持利率不变，市场反弹",
+            )
+        ]
+    return EnTranslatedArticle(
+        source_id=source_id,
+        source_name=source_name,
+        url=url,
+        url_hash=url_hash,
+        title=title,
+        title_zh=title_zh,
+        content_en=content_en,
+        content_zh=content_zh,
+        events=events,
+        provider="deepseek",
+        model="deepseek-v4-flash",
+    )
+
+
+# --------------------------------------------------------------------------- #
+# EmbeddingConfig
+# --------------------------------------------------------------------------- #
+
+
+class TestEmbeddingConfig:
+    """EmbeddingConfig 测试。"""
+
+    def test_valid_config(self):
+        cfg = EmbeddingConfig(
+            model="text-embedding-v3",
+            api_key="sk-test",
+        )
+        assert cfg.provider == "dashscope"
+        assert cfg.dimension == 1024
+
+    def test_missing_api_key_raises(self):
+        with pytest.raises(EmbeddingError, match="API_KEY"):
+            EmbeddingConfig(api_key="")
+
+
+class TestLoadEmbeddingConfig:
+    """load_embedding_config 测试。"""
+
+    def test_from_env(self, monkeypatch):
+        monkeypatch.setenv("DASHSCOPE_API_KEY", "sk-dashscope-test")
+        cfg = load_embedding_config()
+        assert cfg.provider == "dashscope"
+        assert cfg.api_key == "sk-dashscope-test"
+
+    def test_fallback_to_qwen_key(self, monkeypatch):
+        monkeypatch.delenv("DASHSCOPE_API_KEY", raising=False)
+        monkeypatch.setenv("QWEN_API_KEY", "sk-qwen-key")
+        cfg = load_embedding_config()
+        assert cfg.api_key == "sk-qwen-key"
+
+    def test_missing_key_raises(self, monkeypatch):
+        monkeypatch.delenv("DASHSCOPE_API_KEY", raising=False)
+        monkeypatch.delenv("QWEN_API_KEY", raising=False)
+        with pytest.raises(EmbeddingError, match="API_KEY"):
+            load_embedding_config()
+
+
+# --------------------------------------------------------------------------- #
+# _chunked
+# --------------------------------------------------------------------------- #
+
+
+class TestChunked:
+    """_chunked 分块工具测试。"""
+
+    def test_empty(self):
+        assert _chunked([], 10) == []
+
+    def test_single_chunk(self):
+        assert _chunked(["a", "b", "c"], 10) == [["a", "b", "c"]]
+
+    def test_multiple_chunks(self):
+        assert _chunked(["a", "b", "c", "d", "e"], 2) == [
+            ["a", "b"], ["c", "d"], ["e"]
+        ]
+
+    def test_exact_fit(self):
+        assert _chunked(["a", "b", "c", "d"], 2) == [
+            ["a", "b"], ["c", "d"]
+        ]
+
+
+# --------------------------------------------------------------------------- #
+# embed_batch（mock）
+# --------------------------------------------------------------------------- #
+
+
+class TestEmbedBatch:
+    """embed_batch 测试（mock DashScope API）。"""
+
+    def test_empty_list(self):
+        cfg = EmbeddingConfig(api_key="sk-test")
+        client = MagicMock(spec=OpenAI)
+        result = embed_batch(client, cfg, [])
+        assert result == []
+
+    def test_single_text(self):
+        cfg = EmbeddingConfig(api_key="sk-test", batch_size=5)
+        client = MagicMock(spec=OpenAI)
+
+        # Mock 返回
+        mock_resp = MagicMock()
+        mock_resp.data = [MagicMock(embedding=[0.1] * 1024)]
+        client.embeddings.create.return_value = mock_resp
+
+        result = embed_batch(client, cfg, ["测试文本"])
+        assert len(result) == 1
+        assert len(result[0]) == 1024
+
+    def test_batch_split(self):
+        """超过 batch_size 自动分多批。"""
+        cfg = EmbeddingConfig(api_key="sk-test", batch_size=3)
+        client = MagicMock(spec=OpenAI)
+
+        def _make_mock(**kwargs):
+            input_texts = kwargs.get("input", [])
+            resp = MagicMock()
+            resp.data = [MagicMock(embedding=[0.5] * 1024) for _ in input_texts]
+            return resp
+
+        client.embeddings.create.side_effect = _make_mock
+
+        texts = ["a", "b", "c", "d", "e"]  # 需要分 3+2 两批
+        result = embed_batch(client, cfg, texts)
+
+        assert len(result) == 5
+        assert client.embeddings.create.call_count == 2
+
+
+# --------------------------------------------------------------------------- #
+# compose_text
+# --------------------------------------------------------------------------- #
+
+
+class TestComposeText:
+    """compose_text 测试。"""
+
+    def test_basic_composition(self):
+        article = _make_article()
+        text = compose_text(article)
+        assert "标题:" in text
+        assert "美联储维持利率不变" in text
+        assert "事件:" in text
+        assert "央行决议" in text
+        assert "正文:" in text
+
+    def test_no_events(self):
+        article = _make_article(events=[])
+        text = compose_text(article)
+        assert "事件:" not in text
+        assert "标题:" in text
+        assert "正文:" in text
+
+    def test_with_stock_codes(self):
+        article = _make_article(events=[
+            EventExtraction(
+                event_type="财报披露",
+                stock_codes=["AAPL", "TSLA"],
+                sentiment=Sentiment.POSITIVE,
+                importance=4,
+                summary_zh="苹果财报超预期",
+            )
+        ])
+        text = compose_text(article)
+        assert "AAPL" in text
+        assert "TSLA" in text
+        assert "positive" in text
+
+    def test_truncation(self):
+        """超长文本应被截断。"""
+        long_content = "这是测试正文。" * 500  # ~2500 chars
+        article = _make_article(content_zh=long_content)
+        text = compose_text(article, max_chars=500)
+        assert len(text) <= 500
+
+    def test_empty_article(self):
+        article = _make_article(title_zh="", content_zh="", events=[])
+        text = compose_text(article)
+        # 不会崩溃即可
+        assert isinstance(text, str)
+
+
+# --------------------------------------------------------------------------- #
+# embed_article（mock）
+# --------------------------------------------------------------------------- #
+
+
+class TestEmbedArticle:
+    """embed_article 测试（mock）。"""
+
+    def test_successful_embed(self):
+        cfg = EmbeddingConfig(api_key="sk-test")
+        client = MagicMock(spec=OpenAI)
+        mock_resp = MagicMock()
+        mock_resp.data = [MagicMock(embedding=[0.1] * 1024)]
+        client.embeddings.create.return_value = mock_resp
+
+        article = _make_article()
+        result = embed_article(client, cfg, article)
+
+        assert isinstance(result, EmbeddingResult)
+        assert result.url_hash == article.url_hash
+        assert result.dimension == 1024
+        assert len(result.vector) == 1024
+        assert result.provider == "dashscope"
+        assert len(result.embedded_text) > 0
+
+
+# --------------------------------------------------------------------------- #
+# EmbeddingResult
+# --------------------------------------------------------------------------- #
+
+
+class TestEmbeddingResult:
+    """EmbeddingResult 模型测试。"""
+
+    def test_minimal(self):
+        r = EmbeddingResult(
+            url_hash="abc",
+            source_id="reuters",
+            vector=[0.5] * 1024,
+            model="text-embedding-v3",
+        )
+        assert r.dimension == 1024
+        assert len(r.vector) == 1024
+
+    def test_serialization(self):
+        r = EmbeddingResult(
+            url_hash="abc",
+            source_id="reuters",
+            vector=[0.1, 0.2, 0.3],
+            dimension=3,
+            embedded_text="测试",
+            model="text-embedding-v3",
+        )
+        data = r.model_dump_json()
+        assert "url_hash" in data
+        assert "vector" in data
+
+
+# --------------------------------------------------------------------------- #
+# EmbeddingError
+# --------------------------------------------------------------------------- #
+
+
+class TestEmbeddingError:
+    """EmbeddingError 异常测试。"""
+
+    def test_basic(self):
+        err = EmbeddingError("测试错误", attempts=3)
+        assert err.reason == "测试错误"
+        assert err.attempts == 3
+        assert str(err) == "测试错误"
+
+    def test_default_attempts(self):
+        err = EmbeddingError("错误")
+        assert err.attempts == 0
diff --git a/tests/test_extractor.py b/tests/test_extractor.py
new file mode 100644
index 0000000..47884f7
--- /dev/null
+++ b/tests/test_extractor.py
@@ -0,0 +1,143 @@
+"""M2 正文提取模块测试"""
+
+from pathlib import Path
+
+from extractor.extractor import (
+    MIN_CONTENT_WORDS,
+    _clean_markdown,
+    _count_words,
+    _extract_author,
+    _extract_title,
+    extract_article,
+)
+
+# ════════════════════════════════════════════════
+# 辅助函数
+# ════════════════════════════════════════════════
+
+def test_count_words():
+    assert _count_words("hello world") == 2
+    assert _count_words("") == 0
+    assert _count_words(None) == 0
+
+
+def test_extract_title():
+    html = "<html><head><title>Breaking News: Markets Rally</title></head></html>"
+    assert "Breaking News" in _extract_title(html)
+
+    assert _extract_title("") == ""
+
+
+def test_extract_author():
+    html = '<meta name="author" content="John Doe">'
+    assert _extract_author(html) == "John Doe"
+
+    assert _extract_author("") == ""
+
+
+def test_clean_markdown():
+    md = """ADVERTISEMENT - Continue Reading Below
+[Sign In](https://example.com/signin)
+# Real Article Title
+This is the actual content of the article.
+It has multiple paragraphs."""
+
+    cleaned = _clean_markdown(md)
+    assert "ADVERTISEMENT" not in cleaned
+    assert "Sign In" not in cleaned
+    assert "Real Article Title" in cleaned
+    assert "actual content" in cleaned
+
+
+def test_clean_markdown_preserves_content():
+    md = "# Market Update\n\nStocks rose today.\n\n[Read More](https://example.com)"
+    cleaned = _clean_markdown(md)
+    assert "Market Update" in cleaned
+    assert "Stocks rose" in cleaned
+
+
+# ════════════════════════════════════════════════
+# 提取引擎
+# ════════════════════════════════════════════════
+
+def test_extract_article_trafilatura(tmp_path: Path):
+    """用 trafilatura 从 HTML 提取正文"""
+    html = tmp_path / "test.html"
+    text = (
+        "<!DOCTYPE html><html><head><title>Fed Raises Rates</title>"
+        '<meta name="author" content="Jane Smith">'
+        "</head><body><nav>Menu items</nav><article>"
+        "<p>The Federal Reserve raised interest rates by 25 basis points "
+        "today in a widely expected move. Chair Powell noted that inflation "
+        "remains above target but is trending downward.</p>"
+        "<p>Markets reacted positively, with the S&P 500 gaining 1.2%.</p>"
+        "</article><footer>Copyright 2026</footer></body></html>"
+    )
+    html.write_text(text)
+
+    result = extract_article(
+        source_id="test",
+        source_name="Test",
+        url="https://example.com/article",
+        url_hash="abc123",
+        html_path=str(html),
+        md_path="",
+    )
+
+    assert result.status == "success"
+    assert result.extractor == "trafilatura"
+    assert "Federal Reserve" in result.content
+    assert "Jane Smith" in result.author
+    assert result.word_count >= 30
+
+
+def test_extract_article_no_content(tmp_path: Path):
+    """无有效正文时降级"""
+    html = tmp_path / "empty.html"
+    html.write_text("<html><head></head><body>Short.</body></html>")
+
+    result = extract_article(
+        source_id="test", source_name="Test",
+        url="https://example.com/nocontent",
+        url_hash="def456",
+        html_path=str(html), md_path="",
+    )
+
+    assert result.status == "no_content"
+
+
+def test_extract_article_md_fallback(tmp_path: Path):
+    """HTML 不可用但 MD 可用时回退"""
+    md = tmp_path / "test.md"
+    md_text = (
+        "# Market Analysis\n\n"
+        "This is a detailed analysis of market conditions today. "
+        "The dow jones industrial average showed significant movement "
+        "as investors reacted to economic data. "
+        "Trading volume was above average across major exchanges. "
+        "Analysts noted that technical indicators suggested continued "
+        "upward momentum in the near term. "
+        "Several key sectors led the rally including technology "
+        "financials and healthcare stocks. "
+        "The bond market also saw increased activity as yields moved lower."
+    )
+    md.write_text(md_text)
+
+    result = extract_article(
+        source_id="test", source_name="Test",
+        url="https://example.com/mdonly",
+        url_hash="ghi789",
+        html_path="/nonexistent/file.html",
+        md_path=str(md),
+    )
+
+    assert result.status == "success"
+    assert result.extractor == "crawl4ai_md"
+    assert result.word_count >= 30
+    assert "Market Analysis" in result.content
+
+
+def test_min_content_threshold():
+    """MIN_CONTENT_WORDS 阈值合理"""
+    assert MIN_CONTENT_WORDS >= 30
+    assert MIN_CONTENT_WORDS <= 100
diff --git a/tests/test_llm.py b/tests/test_llm.py
new file mode 100644
index 0000000..408cad0
--- /dev/null
+++ b/tests/test_llm.py
@@ -0,0 +1,622 @@
+"""M4 LLM 翻译 + 事件抽取模块单元测试。"""
+
+import json
+from pathlib import Path
+from unittest.mock import MagicMock
+
+import pytest
+from openai import OpenAI
+
+from extractor.models import ProcessedArticle
+from llm.client import LLMConfig, load_llm_config
+from llm.extractor import (
+    MAX_CONTENT_CHARS,
+    PromptTemplate,
+    _extract_json_object,
+    parse_translation_json,
+    translate_and_extract,
+)
+from llm.models import (
+    INTERNATIONAL_EVENT_TYPES,
+    EnTranslatedArticle,
+    EventExtraction,
+    LLMCallError,
+    LLMTranslationOutput,
+    Sentiment,
+)
+
+# --------------------------------------------------------------------------- #
+# 辅助工厂
+# --------------------------------------------------------------------------- #
+
+
+def _make_article(
+    *,
+    url: str = "https://www.reuters.com/business/1",
+    url_hash: str = "abc1234567890000",
+    source_id: str = "reuters",
+    source_name: str = "Reuters",
+    title: str = "Fed Holds Rates Steady as Markets Rally",
+    content: str = (
+        "The Federal Reserve held interest rates steady on Wednesday, "
+        "citing solid economic growth and a strong labor market. "
+        "Markets rallied in response, with the S&P 500 gaining 1.2 percent."
+    ),
+    publish_time: str = "2026-06-16T10:00:00",
+    word_count: int = 0,
+) -> ProcessedArticle:
+    return ProcessedArticle(
+        source_id=source_id,
+        source_name=source_name,
+        url=url,
+        url_hash=url_hash,
+        title=title,
+        content=content,
+        publish_time=publish_time,
+        word_count=word_count or len(content.split()),
+    )
+
+
+# --------------------------------------------------------------------------- #
+# Sentiment / 枚举
+# --------------------------------------------------------------------------- #
+
+
+class TestSentiment:
+    """Sentiment 枚举测试。"""
+
+    def test_values(self):
+        assert Sentiment.POSITIVE == "positive"
+        assert Sentiment.NEUTRAL == "neutral"
+        assert Sentiment.NEGATIVE == "negative"
+
+    def test_from_string(self):
+        assert Sentiment("positive") == Sentiment.POSITIVE
+        assert Sentiment("neutral") == Sentiment.NEUTRAL
+        assert Sentiment("negative") == Sentiment.NEGATIVE
+
+
+# --------------------------------------------------------------------------- #
+# EventExtraction 模型校验
+# --------------------------------------------------------------------------- #
+
+
+class TestEventExtraction:
+    """EventExtraction 模型测试。"""
+
+    def test_valid_event(self):
+        ev = EventExtraction(
+            event_type="财报披露",
+            stock_codes=["AAPL", "TSLA"],
+            sentiment="positive",
+            importance=4,
+            summary_zh="苹果第三季度营收超预期",
+        )
+        assert ev.event_type == "财报披露"
+        assert ev.stock_codes == ["AAPL", "TSLA"]
+        assert ev.sentiment == Sentiment.POSITIVE
+        assert ev.importance == 4
+
+    def test_stock_codes_filtered_and_uppercased(self):
+        ev = EventExtraction(
+            event_type="并购收购",
+            stock_codes=["aapl", "  msft ", "", "INVALID123", "GOOGL"],
+            sentiment="neutral",
+            importance=3,
+            summary_zh="微软收购测试",
+        )
+        # INVALID123 > 5 chars → 过滤；空 → 过滤；小写 → 大写；去重
+        assert ev.stock_codes == ["AAPL", "MSFT", "GOOGL"]
+
+    def test_empty_stock_codes(self):
+        ev = EventExtraction(
+            event_type="宏观经济",
+            stock_codes=[],
+            sentiment="neutral",
+            importance=2,
+            summary_zh="GDP 数据发布",
+        )
+        assert ev.stock_codes == []
+
+    def test_importance_bounds(self):
+        # 1 和 5 都能通过
+        ev1 = EventExtraction(
+            event_type="宏观经济", sentiment="neutral", importance=1, summary_zh="t1"
+        )
+        assert ev1.importance == 1
+        ev5 = EventExtraction(
+            event_type="央行决议", sentiment="negative", importance=5, summary_zh="t5"
+        )
+        assert ev5.importance == 5
+
+    def test_importance_out_of_range_rejected(self):
+        with pytest.raises(Exception):
+            EventExtraction(
+                event_type="其他", sentiment="neutral", importance=0, summary_zh="t"
+            )
+        with pytest.raises(Exception):
+            EventExtraction(
+                event_type="其他", sentiment="neutral", importance=6, summary_zh="t"
+            )
+
+    def test_invalid_sentiment_rejected(self):
+        with pytest.raises(Exception):
+            EventExtraction(
+                event_type="其他", stock_codes=[], sentiment="happy", importance=3,
+                summary_zh="t",
+            )
+
+    def test_event_type_normalized(self):
+        """空 event_type 默认"其他"。"""
+        ev = EventExtraction(
+            event_type="", sentiment="neutral", importance=2, summary_zh="测试"
+        )
+        assert ev.event_type == "其他"
+
+    def test_summary_zh_max_length_rejected(self):
+        """超长 summary_zh（>200 字符）直接拒绝。"""
+        long_summary = "测试" * 150  # 300 chars > 200
+        with pytest.raises(Exception):
+            EventExtraction(
+                event_type="行业动态",
+                sentiment="neutral",
+                importance=2,
+                summary_zh=long_summary,
+            )
+
+
+# --------------------------------------------------------------------------- #
+# LLMTranslationOutput
+# --------------------------------------------------------------------------- #
+
+
+class TestLLMTranslationOutput:
+    """LLMTranslationOutput 模型测试。"""
+
+    def test_valid_full_output(self):
+        data = {
+            "title_zh": "美联储维持利率不变，市场上涨",
+            "content_zh": "美联储周三维持利率不变...",
+            "events": [
+                {
+                    "event_type": "央行决议",
+                    "stock_codes": [],
+                    "sentiment": "positive",
+                    "importance": 5,
+                    "summary_zh": "美联储维持利率不变",
+                }
+            ],
+        }
+        out = LLMTranslationOutput.model_validate(data)
+        assert out.title_zh == data["title_zh"]
+        assert len(out.events) == 1
+        assert out.events[0].event_type == "央行决议"
+
+    def test_no_events(self):
+        data = {
+            "title_zh": "每日市场简报",
+            "content_zh": "今日市场整体平淡...",
+            "events": [],
+        }
+        out = LLMTranslationOutput.model_validate(data)
+        assert out.events == []
+
+    def test_missing_title_zh_rejected(self):
+        data = {
+            "content_zh": "正文...",
+            "events": [],
+        }
+        with pytest.raises(Exception):
+            LLMTranslationOutput.model_validate(data)
+
+    def test_missing_content_zh_rejected(self):
+        data = {
+            "title_zh": "标题",
+            "events": [],
+        }
+        with pytest.raises(Exception):
+            LLMTranslationOutput.model_validate(data)
+
+
+# --------------------------------------------------------------------------- #
+# EnTranslatedArticle
+# --------------------------------------------------------------------------- #
+
+
+class TestEnTranslatedArticle:
+    """EnTranslatedArticle 模型测试。"""
+
+    def test_minimal_construction(self):
+        article = EnTranslatedArticle(
+            source_id="reuters",
+            source_name="Reuters",
+            url="https://example.com/1",
+            url_hash="abc123",
+            title="Fed Holds Rates",
+            title_zh="美联储维持利率",
+            content_en="The Fed held rates steady.",
+            content_zh="美联储维持利率不变。",
+            provider="deepseek",
+            model="deepseek-v4-flash",
+        )
+        assert article.events == []
+        assert article.word_count_zh == 0
+
+    def test_with_events(self):
+        article = EnTranslatedArticle(
+            source_id="reuters",
+            source_name="Reuters",
+            url="https://example.com/1",
+            url_hash="abc123",
+            title="Apple Earnings",
+            title_zh="苹果财报",
+            content_en="Apple reported record earnings.",
+            content_zh="苹果公布了创纪录的财报。",
+            events=[
+                EventExtraction(
+                    event_type="财报披露",
+                    stock_codes=["AAPL"],
+                    sentiment="positive",
+                    importance=4,
+                    summary_zh="苹果财报超预期",
+                )
+            ],
+            provider="deepseek",
+            model="deepseek-v4-flash",
+        )
+        assert len(article.events) == 1
+        assert "AAPL" in article.short_summary()
+
+    def test_short_summary_no_events(self):
+        article = EnTranslatedArticle(
+            source_id="reuters",
+            source_name="Reuters",
+            url="https://example.com/1",
+            url_hash="abc123",
+            title="Market Wrap",
+            title_zh="市场综述",
+            content_en="Markets were flat today.",
+            content_zh="今日市场持平。",
+            provider="deepseek",
+            model="deepseek-v4-flash",
+        )
+        assert "-" in article.short_summary() or "0events" in article.short_summary()
+
+
+# --------------------------------------------------------------------------- #
+# PromptTemplate
+# --------------------------------------------------------------------------- #
+
+
+class TestPromptTemplate:
+    """PromptTemplate 测试。"""
+
+    def test_parse_and_render(self, tmp_path: Path):
+        """测试模板解析和渲染。"""
+        prompt_content = """# 测试标题
+
+## System Prompt
+
+你是翻译助手。
+
+---
+
+## User Input
+
+标题: {title}
+来源: {source_name}
+正文: {content}
+"""
+        prompt_path = tmp_path / "test_prompt.md"
+        prompt_path.write_text(prompt_content, encoding="utf-8")
+
+        tpl = PromptTemplate(template_path=prompt_path)
+        article = _make_article()
+        system, user = tpl.render(article)
+
+        assert "翻译助手" in system
+        assert article.title in user
+        assert article.source_name in user
+        assert article.content in user
+
+    def test_content_truncation(self, tmp_path: Path):
+        """测试超长正文截断。"""
+        prompt_content = """## System Prompt
+你是助手。
+---
+
+## User Input
+正文: {content}
+"""
+        prompt_path = tmp_path / "test_prompt.md"
+        prompt_path.write_text(prompt_content, encoding="utf-8")
+
+        tpl = PromptTemplate(template_path=prompt_path)
+        long_content = "X" * (MAX_CONTENT_CHARS + 500)
+        article = _make_article(content=long_content)
+
+        _system, user = tpl.render(article)
+        assert "正文过长已截断" in user
+        assert len("X" * MAX_CONTENT_CHARS) + len("\n\n[正文过长已截断]") < len(user)
+
+
+# --------------------------------------------------------------------------- #
+# JSON 提取
+# --------------------------------------------------------------------------- #
+
+
+class TestExtractJsonObject:
+    """_extract_json_object 函数测试。"""
+
+    def test_plain_json(self):
+        raw = '{"key": "value"}'
+        assert _extract_json_object(raw) == '{"key": "value"}'
+
+    def test_json_with_fence(self):
+        raw = '```json\n{"key": "value"}\n```'
+        assert _extract_json_object(raw) == '{"key": "value"}'
+
+    def test_json_with_text_before(self):
+        raw = 'Here is the result:\n{"key": "value"}'
+        assert _extract_json_object(raw) == '{"key": "value"}'
+
+    def test_nested_braces(self):
+        raw = '{"outer": {"inner": [1, 2, 3]}}'
+        assert _extract_json_object(raw) == raw.strip()
+
+    def test_empty_string(self):
+        assert _extract_json_object("") == ""
+
+
+# --------------------------------------------------------------------------- #
+# parse_translation_json
+# --------------------------------------------------------------------------- #
+
+
+class TestParseTranslationJson:
+    """parse_translation_json 函数测试。"""
+
+    def test_valid_json(self):
+        raw = json.dumps({
+            "title_zh": "测试标题",
+            "content_zh": "测试正文",
+            "events": [],
+        })
+        result = parse_translation_json(raw)
+        assert result.title_zh == "测试标题"
+        assert result.content_zh == "测试正文"
+
+    def test_invalid_json(self):
+        with pytest.raises(LLMCallError, match="JSON 解析失败"):
+            parse_translation_json("not valid json {{{")
+
+    def test_non_object(self):
+        with pytest.raises(LLMCallError, match="非对象"):
+            parse_translation_json("[1, 2, 3]")
+
+    def test_schema_validation_fails(self):
+        """缺少必填字段时抛出 LLMCallError。"""
+        raw = json.dumps({"title_zh": "标题"})  # 缺少 content_zh
+        with pytest.raises(LLMCallError, match="schema 校验失败"):
+            parse_translation_json(raw)
+
+
+# --------------------------------------------------------------------------- #
+# LLMConfig / load_llm_config
+# --------------------------------------------------------------------------- #
+
+
+class TestLLMConfig:
+    """LLMConfig 测试。"""
+
+    def test_valid_config(self):
+        cfg = LLMConfig(
+            provider="deepseek",
+            model="deepseek-chat",
+            api_key="sk-test",
+            base_url="https://api.deepseek.com",
+        )
+        assert cfg.provider == "deepseek"
+
+    def test_empty_api_key_raises(self):
+        with pytest.raises(ValueError, match="API key 为空"):
+            LLMConfig(
+                provider="deepseek",
+                model="deepseek-chat",
+                api_key="",
+                base_url="https://api.deepseek.com",
+            )
+
+
+class TestLoadLLMConfig:
+    """load_llm_config 函数测试。"""
+
+    def test_deepseek_from_env(self, monkeypatch):
+        """从环境变量构造 DeepSeek 配置。"""
+        monkeypatch.setenv("DEEPSEEK_API_KEY", "sk-deepseek-test-key")
+        config = load_llm_config(provider="deepseek")
+        assert config.provider == "deepseek"
+        assert config.api_key == "sk-deepseek-test-key"
+        assert "deepseek" in config.base_url
+
+    def test_qwen_fallback_to_dashscope_key(self, monkeypatch):
+        """Qwen 的 API Key 可回退到 DASHSCOPE_API_KEY。"""
+        monkeypatch.setenv("DASHSCOPE_API_KEY", "sk-dashscope-key")
+        monkeypatch.delenv("QWEN_API_KEY", raising=False)
+        config = load_llm_config(provider="qwen")
+        assert config.provider == "qwen"
+        assert config.api_key == "sk-dashscope-key"
+
+    def test_unknown_provider_raises(self):
+        with pytest.raises(ValueError, match="未知 LLM provider"):
+            load_llm_config(provider="openai")
+
+    def test_missing_api_key_raises(self, monkeypatch):
+        """未配置 API Key 时应抛出明确错误。"""
+        monkeypatch.delenv("DEEPSEEK_API_KEY", raising=False)
+        with pytest.raises(ValueError, match="API key 未配置"):
+            load_llm_config(provider="deepseek")
+
+
+# --------------------------------------------------------------------------- #
+# translate_and_extract（mock LLM）
+# --------------------------------------------------------------------------- #
+
+
+class TestTranslateAndExtract:
+    """translate_and_extract 测试（mock LLM 响应）。"""
+
+    def test_successful_translation(self, monkeypatch):
+        """Mock LLM 返回有效 JSON。"""
+        config = LLMConfig(
+            provider="deepseek",
+            model="test-model",
+            api_key="sk-test",
+            base_url="https://test.api",
+        )
+        article = _make_article()
+
+        # Mock OpenAI client
+        mock_client = MagicMock(spec=OpenAI)
+        mock_response = MagicMock()
+        mock_response.choices = [MagicMock()]
+        mock_response.choices[0].message.content = json.dumps({
+            "title_zh": "美联储维持利率不变",
+            "content_zh": "美联储周三维持利率不变，理由是经济增长稳健。",
+            "events": [
+                {
+                    "event_type": "央行决议",
+                    "stock_codes": [],
+                    "sentiment": "positive",
+                    "importance": 5,
+                    "summary_zh": "美联储维持利率不变，市场反弹",
+                }
+            ],
+        })
+        mock_response.usage = MagicMock()
+        mock_response.usage.prompt_tokens = 500
+        mock_response.usage.completion_tokens = 200
+        mock_client.chat.completions.create.return_value = mock_response
+
+        result = translate_and_extract(
+            client=mock_client,
+            config=config,
+            article=article,
+        )
+
+        assert result.title_zh == "美联储维持利率不变"
+        assert len(result.events) == 1
+        assert result.events[0].event_type == "央行决议"
+        assert result.provider == "deepseek"
+        assert result.prompt_tokens == 500
+        assert result.completion_tokens == 200
+        assert result.word_count_zh > 0
+
+    def test_empty_content_zh_retries(self, monkeypatch):
+        """LLM 返回空 content_zh 时触发重试。"""
+        config = LLMConfig(
+            provider="deepseek",
+            model="test-model",
+            api_key="sk-test",
+            base_url="https://test.api",
+        )
+        article = _make_article()
+
+        mock_client = MagicMock(spec=OpenAI)
+        # 始终返回空 content_zh
+        mock_response = MagicMock()
+        mock_response.choices = [MagicMock()]
+        mock_response.choices[0].message.content = json.dumps({
+            "title_zh": "标题",
+            "content_zh": "",
+            "events": [],
+        })
+        mock_response.usage = MagicMock()
+        mock_response.usage.prompt_tokens = 100
+        mock_response.usage.completion_tokens = 10
+        mock_client.chat.completions.create.return_value = mock_response
+
+        with pytest.raises(LLMCallError, match="放弃"):
+            translate_and_extract(
+                client=mock_client,
+                config=config,
+                article=article,
+                max_attempts=2,  # 减少重试加速测试
+            )
+
+    def test_retry_on_json_parse_failure(self, monkeypatch):
+        """前 N-1 次返回无效 JSON，最后一次成功。"""
+        config = LLMConfig(
+            provider="deepseek",
+            model="test-model",
+            api_key="sk-test",
+            base_url="https://test.api",
+        )
+        article = _make_article()
+
+        mock_client = MagicMock(spec=OpenAI)
+        # 第一次失败，第二次成功
+        mock_client.chat.completions.create.side_effect = [
+            _mock_chat_response("not valid {{{ json"),
+            _mock_chat_response(json.dumps({
+                "title_zh": "测试标题",
+                "content_zh": "测试正文",
+                "events": [],
+            })),
+        ]
+
+        result = translate_and_extract(
+            client=mock_client,
+            config=config,
+            article=article,
+            max_attempts=3,
+        )
+
+        assert result.attempts == 2  # 第二次成功
+        assert result.title_zh == "测试标题"
+
+
+def _mock_chat_response(content: str) -> MagicMock:
+    """Helper：构造 mock OpenAI chat completion 响应。"""
+    resp = MagicMock()
+    resp.choices = [MagicMock()]
+    resp.choices[0].message.content = content
+    resp.usage = MagicMock()
+    resp.usage.prompt_tokens = 100
+    resp.usage.completion_tokens = 50
+    return resp
+
+
+# --------------------------------------------------------------------------- #
+# INTERNATIONAL_EVENT_TYPES
+# --------------------------------------------------------------------------- #
+
+
+class TestEventTypes:
+    """事件类型常量测试。"""
+
+    def test_has_expected_types(self):
+        assert "财报披露" in INTERNATIONAL_EVENT_TYPES
+        assert "并购收购" in INTERNATIONAL_EVENT_TYPES
+        assert "央行决议" in INTERNATIONAL_EVENT_TYPES
+        assert "地缘政治" in INTERNATIONAL_EVENT_TYPES
+        assert len(INTERNATIONAL_EVENT_TYPES) >= 10
+
+
+# --------------------------------------------------------------------------- #
+# LLMCallError
+# --------------------------------------------------------------------------- #
+
+
+class TestLLMCallError:
+    """LLMCallError 异常测试。"""
+
+    def test_basic(self):
+        err = LLMCallError("测试错误", attempts=3)
+        assert err.reason == "测试错误"
+        assert err.attempts == 3
+        assert str(err) == "测试错误"
+
+    def test_default_attempts(self):
+        err = LLMCallError("错误")
+        assert err.attempts == 0
diff --git a/tests/test_mcp_server.py b/tests/test_mcp_server.py
new file mode 100644
index 0000000..769df86
--- /dev/null
+++ b/tests/test_mcp_server.py
@@ -0,0 +1,188 @@
+"""M8 MCP 服务模块单元测试。"""
+
+from unittest.mock import MagicMock, patch
+
+from vectorstore.models import SearchFilter
+
+# --------------------------------------------------------------------------- #
+# _fmt_results
+# --------------------------------------------------------------------------- #
+
+
+class TestFmtResults:
+    """_fmt_results 格式化测试。"""
+
+    def test_empty_hits(self):
+        from mcp_server.server import _fmt_results
+        result = _fmt_results([], "test query")
+        assert "未找到" in result
+
+    def test_with_results(self):
+        from mcp_server.server import _fmt_results
+        hits = [{
+            "title": "Fed Holds Rates",
+            "title_zh": "美联储维持利率",
+            "source": "reuters",
+            "score": 0.95,
+            "url": "https://example.com/1",
+            "events": [{
+                "event_type": "央行决议",
+                "sentiment": "neutral",
+                "importance": 5,
+                "stock_codes": [],
+                "summary_zh": "美联储维持利率不变",
+            }],
+        }]
+        result = _fmt_results(hits, "Fed")
+        assert "美联储维持利率" in result
+        assert "reuters" in result
+        assert "0.95" in result
+
+    def test_with_stock_codes(self):
+        from mcp_server.server import _fmt_results
+        hits = [{
+            "title": "Apple Earnings",
+            "title_zh": "苹果财报",
+            "source": "reuters",
+            "score": 0.88,
+            "url": "https://example.com/1",
+            "events": [{
+                "event_type": "财报披露",
+                "sentiment": "positive",
+                "importance": 4,
+                "stock_codes": ["AAPL"],
+                "summary_zh": "苹果财报超预期",
+            }],
+        }]
+        result = _fmt_results(hits, "AAPL")
+        assert "AAPL" in result
+        assert "🟢利好" in result
+
+
+# --------------------------------------------------------------------------- #
+# _load_today_events
+# --------------------------------------------------------------------------- #
+
+
+class TestLoadTodayEvents:
+    """_load_today_events 测试。"""
+
+    def test_no_data_dir(self):
+        from mcp_server.server import _load_today_events
+        events = _load_today_events("20990101")
+        assert events == []
+
+    @patch("mcp_server.server.Path.is_dir")
+    @patch("mcp_server.server.Path.glob")
+    def test_loads_high_importance_only(self, mock_glob, mock_is_dir):
+        import json
+
+        from mcp_server.server import _load_today_events
+
+        mock_is_dir.return_value = True
+        # 创建 mock 文件
+        mock_file = MagicMock()
+        mock_file.name = "test.json"
+        mock_file.read_text.return_value = json.dumps({
+            "title": "Test",
+            "title_zh": "测试",
+            "url": "https://x.com/1",
+            "source_id": "reuters",
+            "events": [
+                {"importance": 5, "event_type": "央行决议", "sentiment": "neutral",
+                 "stock_codes": [], "summary_zh": "t1"},
+                {"importance": 2, "event_type": "其他", "sentiment": "neutral",
+                 "stock_codes": [], "summary_zh": "t2"},
+            ],
+        })
+        mock_glob.return_value = [mock_file]
+
+        events = _load_today_events("20260621")
+        # 只有 importance ≥ 4 的
+        assert len(events) == 1
+        assert events[0]["importance"] == 5
+
+
+# --------------------------------------------------------------------------- #
+# SearchFilter
+# --------------------------------------------------------------------------- #
+
+
+class TestSearchFilterMCP:
+    """SearchFilter 用于 MCP 的测试。"""
+
+    def test_stock_filter(self):
+        f = SearchFilter(stock_codes=["AAPL"])
+        assert "AAPL" in f.stock_codes
+
+    def test_sentiment_filter(self):
+        f = SearchFilter(sentiment="positive")
+        assert f.sentiment == "positive"
+
+
+# --------------------------------------------------------------------------- #
+# _search（mock）
+# --------------------------------------------------------------------------- #
+
+
+class TestSearch:
+    """_search 函数测试（mock backend）。"""
+
+    @patch("mcp_server.server._get_backend")
+    def test_search_returns_formatted(self, mock_backend):
+        from mcp_server.server import _search
+
+        # Mock backend
+        be = MagicMock()
+        mock_backend.return_value = be
+
+        # Mock embed_batch
+        with patch("mcp_server.server.embed_batch") as mock_embed:
+            mock_embed.return_value = [[0.1] * 1024]
+
+            # Mock vector_store.query
+            mock_result = MagicMock()
+            mock_result.title = "Test"
+            mock_result.title_zh = "测试"
+            mock_result.url = "https://x.com/1"
+            mock_result.source_id = "reuters"
+            mock_result.score = 0.9
+            mock_result.publish_time = "2026-06-21"
+            mock_result.events = []
+            mock_result.content_zh_preview = ""
+            be.vector_store.query.return_value = [mock_result]
+
+            hits = _search("test")
+            assert len(hits) == 1
+            assert hits[0]["title"] == "Test"
+
+
+# --------------------------------------------------------------------------- #
+# MCP 模块导入
+# --------------------------------------------------------------------------- #
+
+
+class TestMCPImport:
+    """MCP 服务模块导入测试。"""
+
+    def test_mcp_object_imports(self):
+        """确保 mcp FastMCP 对象可导入。"""
+        from mcp_server.server import mcp
+        assert mcp is not None
+        assert mcp.name is not None
+
+    def test_tools_registered(self):
+        """确保 5 个工具函数存在且已注册。"""
+        from mcp_server.server import (
+            get_stats,
+            get_today_events,
+            search_by_sentiment,
+            search_by_stock,
+            search_news,
+        )
+        # 验证函数存在且可调用
+        assert callable(search_news)
+        assert callable(search_by_stock)
+        assert callable(search_by_sentiment)
+        assert callable(get_today_events)
+        assert callable(get_stats)
diff --git a/tests/test_scheduler.py b/tests/test_scheduler.py
new file mode 100644
index 0000000..6b81b21
--- /dev/null
+++ b/tests/test_scheduler.py
@@ -0,0 +1,122 @@
+"""M7 调度与日报模块单元测试。"""
+
+from unittest.mock import patch
+
+from scheduler.pipeline import PipelineResult, StepResult
+
+# --------------------------------------------------------------------------- #
+# StepResult
+# --------------------------------------------------------------------------- #
+
+
+class TestStepResult:
+    """StepResult 测试。"""
+
+    def test_success_step(self):
+        sr = StepResult(name="extract", success=True, elapsed_sec=5.0, message="17 篇")
+        assert sr.name == "extract"
+        assert sr.success
+        assert sr.message == "17 篇"
+
+    def test_failed_step(self):
+        sr = StepResult(name="translate", success=False, elapsed_sec=30.0,
+                       message="API timeout")
+        assert not sr.success
+        assert "timeout" in sr.message
+
+
+# --------------------------------------------------------------------------- #
+# PipelineResult
+# --------------------------------------------------------------------------- #
+
+
+class TestPipelineResult:
+    """PipelineResult 测试。"""
+
+    def test_all_success(self):
+        result = PipelineResult(steps=[
+            StepResult(name="extract", success=True, elapsed_sec=1.0),
+            StepResult(name="dedup", success=True, elapsed_sec=0.5),
+        ])
+        assert result.all_success
+        assert result.success_count == 2
+
+    def test_partial_failure(self):
+        result = PipelineResult(steps=[
+            StepResult(name="extract", success=True, elapsed_sec=1.0),
+            StepResult(name="translate", success=False, elapsed_sec=30.0),
+            StepResult(name="embed", success=True, elapsed_sec=2.0),
+        ])
+        assert not result.all_success
+        assert result.success_count == 2
+
+    def test_empty(self):
+        result = PipelineResult()
+        assert result.all_success  # 空集合 vacuously true
+        assert result.success_count == 0
+
+
+# --------------------------------------------------------------------------- #
+# run_pipeline（mock 各模块）
+# --------------------------------------------------------------------------- #
+
+
+class TestRunPipeline:
+    """run_pipeline 测试（mock 各步骤）。"""
+
+    @patch("scheduler.pipeline.run_step_extract")
+    @patch("scheduler.pipeline.run_step_dedup")
+    @patch("scheduler.pipeline.run_step_embed")
+    @patch("scheduler.pipeline.run_step_index")
+    def test_pipeline_runs_all_steps(self, mock_idx, mock_emb, mock_dedup, mock_ext):
+        from scheduler.pipeline import run_pipeline
+
+        mock_ext.return_value = StepResult(name="extract", success=True, elapsed_sec=1)
+        mock_dedup.return_value = StepResult(name="dedup", success=True, elapsed_sec=1)
+        mock_emb.return_value = StepResult(name="embed", success=True, elapsed_sec=1)
+        mock_idx.return_value = StepResult(name="index", success=True, elapsed_sec=1)
+
+        result = run_pipeline("20260621", skip_report=True)
+        assert result.success_count >= 4
+
+    @patch("scheduler.pipeline.run_step_extract")
+    @patch("scheduler.pipeline.run_step_dedup")
+    def test_pipeline_continues_on_failure(self, mock_dedup, mock_ext):
+        from scheduler.pipeline import run_pipeline
+
+        mock_ext.return_value = StepResult(name="extract", success=False, elapsed_sec=1,
+                                           message="error")
+        mock_dedup.return_value = StepResult(name="dedup", success=True, elapsed_sec=1)
+
+        result = run_pipeline("20260621", steps=["extract", "dedup"], skip_report=True)
+        # extract 失败但 dedup 仍然执行
+        assert result.success_count == 1
+
+    def test_unknown_step_skipped(self):
+        from scheduler.pipeline import run_pipeline
+        result = run_pipeline("20260621", steps=["nonexistent_step"], skip_report=True)
+        assert len(result.steps) == 1
+        assert not result.steps[0].success
+
+
+# --------------------------------------------------------------------------- #
+# generate_report（无数据场景）
+# --------------------------------------------------------------------------- #
+
+
+class TestGenerateReport:
+    """generate_report 测试。"""
+
+    @patch("scheduler.reporter._load_events_window")
+    @patch("scheduler.reporter._collect_stats_window")
+    def test_no_data_returns_none(self, mock_stats, mock_events):
+        from scheduler.reporter import generate_report
+
+        mock_events.return_value = []
+        mock_stats.return_value = {
+            "proc": 0, "deduped": 0, "emb_count": 0,
+            "qdrant_count": 0, "raw_total": 0, "raw_by_source": {},
+        }
+
+        result = generate_report()
+        assert result is None
diff --git a/tests/test_vectorstore.py b/tests/test_vectorstore.py
new file mode 100644
index 0000000..db87691
--- /dev/null
+++ b/tests/test_vectorstore.py
@@ -0,0 +1,297 @@
+"""M6 Qdrant 向量存储模块单元测试。"""
+
+
+
+from vectorstore.client import (
+    DEFAULT_COLLECTION,
+    VectorStore,
+    make_qdrant_client,
+    url_hash_to_uuid,
+)
+from vectorstore.models import CollectionInfo, SearchFilter, SearchResult
+
+# --------------------------------------------------------------------------- #
+# url_hash_to_uuid
+# --------------------------------------------------------------------------- #
+
+
+class TestUrlHashToUuid:
+    """url_hash_to_uuid 函数测试。"""
+
+    def test_deterministic(self):
+        h = "abc1234567890000"
+        assert url_hash_to_uuid(h) == url_hash_to_uuid(h)
+
+    def test_different_hash_different_uuid(self):
+        assert url_hash_to_uuid("aaa1111111111111") != url_hash_to_uuid("bbb2222222222222")
+
+    def test_valid_uuid_format(self):
+        import uuid
+        result = url_hash_to_uuid("abc1234567890000")
+        uuid.UUID(result)  # 应不抛异常
+
+
+# --------------------------------------------------------------------------- #
+# make_qdrant_client
+# --------------------------------------------------------------------------- #
+
+
+class TestMakeQdrantClient:
+    """make_qdrant_client 测试。"""
+
+    def test_memory_mode(self):
+        client = make_qdrant_client(memory=True)
+        assert client is not None
+        client.close()
+
+    def test_custom_path(self, tmp_path):
+        path = str(tmp_path / "qdrant_test")
+        client = make_qdrant_client(path=path)
+        assert client is not None
+        client.close()
+
+
+# --------------------------------------------------------------------------- #
+# VectorStore — Collection 管理
+# --------------------------------------------------------------------------- #
+
+
+class TestVectorStoreInit:
+    """VectorStore Collection 初始化测试。"""
+
+    def test_init_collection_creates(self):
+        client = make_qdrant_client(memory=True)
+        store = VectorStore(client)
+        try:
+            store.init_collection()
+            info = store.info()
+            assert info.exists
+            assert info.name == DEFAULT_COLLECTION
+        finally:
+            store.close()
+
+    def test_init_idempotent(self):
+        client = make_qdrant_client(memory=True)
+        store = VectorStore(client)
+        try:
+            store.init_collection()
+            store.init_collection()  # 第二次不应报错
+            assert store.info().exists
+        finally:
+            store.close()
+
+    def test_recreate(self):
+        client = make_qdrant_client(memory=True)
+        store = VectorStore(client)
+        try:
+            store.init_collection()
+            store.init_collection(recreate=True)
+            assert store.info().exists
+        finally:
+            store.close()
+
+    def test_info_nonexistent(self):
+        client = make_qdrant_client(memory=True)
+        store = VectorStore(client, collection_name="nonexistent_test")
+        try:
+            info = store.info()
+            assert not info.exists
+        finally:
+            store.close()
+
+
+# --------------------------------------------------------------------------- #
+# VectorStore — upsert + query
+# --------------------------------------------------------------------------- #
+
+
+class TestVectorStoreUpsert:
+    """VectorStore upsert 测试。"""
+
+    def test_upsert_and_count(self):
+        client = make_qdrant_client(memory=True)
+        store = VectorStore(client)
+        try:
+            store.init_collection()
+            points = [
+                {
+                    "id": "hash0000000000001",
+                    "vector": [0.1] * 1024,
+                    "payload": {
+                        "title": "Test Article",
+                        "title_zh": "测试文章",
+                        "url": "https://example.com/1",
+                        "source_id": "reuters",
+                    },
+                },
+                {
+                    "id": "hash0000000000002",
+                    "vector": [0.2] * 1024,
+                    "payload": {
+                        "title": "Another Article",
+                        "title_zh": "另一篇文章",
+                        "url": "https://example.com/2",
+                        "source_id": "cnbc",
+                    },
+                },
+            ]
+            count = store.upsert(points)
+            assert count == 2
+            assert store.count() == 2
+        finally:
+            store.close()
+
+    def test_upsert_idempotent(self):
+        client = make_qdrant_client(memory=True)
+        store = VectorStore(client)
+        try:
+            store.init_collection()
+            points = [{
+                "id": "hash0000000000001",
+                "vector": [0.1] * 1024,
+                "payload": {"title": "Original"},
+            }]
+            store.upsert(points)
+
+            # 同一 id 第二次写入（更新）
+            points2 = [{
+                "id": "hash0000000000001",
+                "vector": [0.9] * 1024,
+                "payload": {"title": "Updated"},
+            }]
+            store.upsert(points2)
+
+            assert store.count() == 1  # 不应增加
+        finally:
+            store.close()
+
+
+class TestVectorStoreQuery:
+    """VectorStore query 测试。"""
+
+    def test_query_returns_results(self):
+        client = make_qdrant_client(memory=True)
+        store = VectorStore(client)
+        try:
+            store.init_collection()
+            # 写入 3 条
+            for i in range(3):
+                store.upsert([{
+                    "id": f"hash{i:016d}",
+                    "vector": [float(i) / 10] * 1024,
+                    "payload": {
+                        "title": f"Article {i}",
+                        "title_zh": f"文章 {i}",
+                        "url": f"https://example.com/{i}",
+                        "source_id": "reuters",
+                        "events": [],
+                    },
+                }])
+
+            # 查询
+            query_vec = [0.15] * 1024  # 接近 hash0 和 hash1
+            results = store.query(query_vec, top_k=2)
+            assert len(results) == 2
+            assert results[0].score > 0  # 有相似度分数
+        finally:
+            store.close()
+
+    def test_query_with_filter(self):
+        client = make_qdrant_client(memory=True)
+        store = VectorStore(client)
+        try:
+            store.init_collection()
+            for i in range(5):
+                store.upsert([{
+                    "id": f"hash{i:016d}",
+                    "vector": [0.5] * 1024,
+                    "payload": {
+                        "title": f"A{i}",
+                        "title_zh": f"文{i}",
+                        "url": f"https://x.com/{i}",
+                        "source_id": "reuters" if i < 3 else "cnbc",
+                        "events": [],
+                    },
+                }])
+
+            # 过滤只查 reuters
+            sf = SearchFilter(source_id="reuters")
+            results = store.query([0.5] * 1024, top_k=10, search_filter=sf)
+            assert all(r.source_id == "reuters" for r in results)
+        finally:
+            store.close()
+
+
+# --------------------------------------------------------------------------- #
+# SearchFilter / SearchResult 模型
+# --------------------------------------------------------------------------- #
+
+
+class TestSearchFilter:
+    """SearchFilter 模型测试。"""
+
+    def test_empty_filter(self):
+        f = SearchFilter()
+        assert f.source_id is None
+
+    def test_source_id_filter(self):
+        f = SearchFilter(source_id="reuters")
+        assert f.source_id == "reuters"
+
+    def test_multi_condition(self):
+        f = SearchFilter(
+            source_ids=["reuters", "cnbc"],
+            sentiment="positive",
+            importance_min=3,
+            publish_date_from="2026-06-01",
+            publish_date_to="2026-06-30",
+        )
+        assert f.sentiment == "positive"
+        assert f.importance_min == 3
+
+
+class TestSearchResult:
+    """SearchResult 模型测试。"""
+
+    def test_basic(self):
+        r = SearchResult(
+            url_hash="abc",
+            score=0.95,
+            title="Fed Holds Rates",
+            title_zh="美联储维持利率",
+            url="https://example.com/1",
+            source_id="reuters",
+        )
+        assert r.score == 0.95
+        assert "美联储" in r.short_summary()
+
+    def test_with_events(self):
+        r = SearchResult(
+            url_hash="abc",
+            score=0.88,
+            title="Apple Earnings",
+            title_zh="苹果财报",
+            source_id="reuters",
+            events=[{
+                "event_type": "财报披露",
+                "stock_codes": ["AAPL"],
+                "sentiment": "positive",
+                "importance": 4,
+                "summary_zh": "苹果财报超预期",
+            }],
+        )
+        assert "AAPL" in r.short_summary()
+
+
+class TestCollectionInfo:
+    """CollectionInfo 模型测试。"""
+
+    def test_basic(self):
+        info = CollectionInfo(name="test", exists=True, vectors_count=42)
+        assert info.exists
+        assert info.vectors_count == 42
+
+    def test_defaults(self):
+        info = CollectionInfo(name="empty", exists=False)
+        assert info.vectors_count == 0
+        assert info.indexed_vectors_count is None
diff --git a/translator/__init__.py b/translator/__init__.py
new file mode 100644
index 0000000..e69de29
diff --git a/vectorstore/__init__.py b/vectorstore/__init__.py
new file mode 100644
index 0000000..39f982b
--- /dev/null
+++ b/vectorstore/__init__.py
@@ -0,0 +1,37 @@
+"""Qdrant 向量知识库模块 (M6)。
+
+公共 API:
+    - VectorStore: Qdrant 封装（init / upsert / query / info / count）
+    - SearchFilter / SearchResult / CollectionInfo: 数据模型
+    - make_qdrant_client: 工厂（内存/本地文件/远程 HTTP）
+    - ingest_all_embeddings / search_news / get_collection_info: 管道
+"""
+
+from vectorstore.client import (
+    DEFAULT_COLLECTION,
+    DEFAULT_VECTOR_DIM,
+    VectorStore,
+    make_qdrant_client,
+)
+from vectorstore.models import CollectionInfo, SearchFilter, SearchResult
+from vectorstore.pipeline import (
+    get_collection_info,
+    ingest_all_embeddings,
+    search_news,
+)
+
+__all__ = [
+    # 客户端
+    "DEFAULT_COLLECTION",
+    "DEFAULT_VECTOR_DIM",
+    "VectorStore",
+    "make_qdrant_client",
+    # 模型
+    "CollectionInfo",
+    "SearchFilter",
+    "SearchResult",
+    # 管道
+    "get_collection_info",
+    "ingest_all_embeddings",
+    "search_news",
+]
diff --git a/vectorstore/client.py b/vectorstore/client.py
new file mode 100644
index 0000000..06241d9
--- /dev/null
+++ b/vectorstore/client.py
@@ -0,0 +1,330 @@
+"""Qdrant 客户端封装 (M6)。
+
+核心:
+    - 连接: 本地文件模式（默认，无需 Docker）或 HTTP 远程模式
+    - 初始化 Collection: 1024 维 / 余弦距离
+    - upsert: 幂等写入（url_hash 转 UUID 做 point ID）
+    - query: 语义检索 + 结构化过滤
+    - info / count: 运维辅助
+"""
+
+import logging
+import os
+import uuid
+from pathlib import Path
+
+import yaml
+from qdrant_client import QdrantClient
+from qdrant_client.http.models import (
+    DatetimeRange,
+    Distance,
+    FieldCondition,
+    Filter,
+    MatchAny,
+    MatchValue,
+    PointStruct,
+    Range,
+    VectorParams,
+)
+
+from vectorstore.models import CollectionInfo, SearchFilter, SearchResult
+
+logger = logging.getLogger(__name__)
+
+# 默认配置
+DEFAULT_COLLECTION = "en_finance_news"
+DEFAULT_VECTOR_DIM = 1024
+DEFAULT_DISTANCE = Distance.COSINE
+DEFAULT_STORAGE_PATH = Path("data/qdrant_storage")
+
+# UUID namespace for url_hash -> UUID conversion（确定性，便于幂等 upsert）
+_UUID_NAMESPACE = uuid.UUID("e1d2c3b4-a5f6-7890-abcd-ef1234567890")
+
+
+def url_hash_to_uuid(url_hash: str) -> str:
+    """把 url_hash 转为 UUID 字符串（point ID 要求）。
+
+    使用 uuid5 保证确定性——相同 url_hash 总是得到相同 UUID。
+    """
+    return str(uuid.uuid5(_UUID_NAMESPACE, url_hash))
+
+
+def _load_qdrant_config() -> dict:
+    """从 system.yaml 加载 qdrant 段配置。"""
+    config_path = Path("configs/system.yaml")
+    if config_path.exists():
+        try:
+            with open(config_path, encoding="utf-8") as f:
+                raw = yaml.safe_load(f)
+            return raw.get("qdrant", {})
+        except Exception:
+            pass
+    return {}
+
+
+def make_qdrant_client(
+    *,
+    memory: bool = False,
+    path: str | None = None,
+) -> QdrantClient:
+    """构造 QdrantClient。
+
+    模式优先级:
+        1. memory=True  → 内存模式（测试用）
+        2. path 非空    → 本地文件模式（嵌入式运行，无需 Docker）
+        3. QDRANT_URL + QDRANT_API_KEY 环境变量 → HTTP 远程模式
+
+    本地文件模式是默认推荐方式，对 ARM/Raspberry Pi 友好。
+    """
+    if memory:
+        logger.debug("Qdrant 内存模式")
+        return QdrantClient(location=":memory:")
+
+    # 远程模式: 仅在 QDRANT_URL 为非 localhost 且显式指定 path 为 None 时使用
+    remote_url = os.environ.get("QDRANT_URL", "")
+    if (remote_url
+            and remote_url.startswith("http")
+            and "localhost" not in remote_url
+            and "127.0.0.1" not in remote_url):
+        api_key = os.environ.get("QDRANT_API_KEY") or None
+        logger.info("Qdrant 远程模式: %s", remote_url)
+        return QdrantClient(url=remote_url, api_key=api_key, timeout=10)
+
+    # 默认本地文件模式
+    use_path = path or str(DEFAULT_STORAGE_PATH)
+    logger.info("Qdrant 本地文件模式: %s", use_path)
+    return QdrantClient(path=use_path)
+
+
+class VectorStore:
+    """Qdrant 向量知识库封装。
+
+    线程不安全，批处理串行使用即可。
+    """
+
+    def __init__(
+        self,
+        client: QdrantClient,
+        collection_name: str | None = None,
+        vector_dim: int = DEFAULT_VECTOR_DIM,
+    ) -> None:
+        self._c = client
+        config = _load_qdrant_config()
+        self.collection_name = collection_name or config.get("collection", DEFAULT_COLLECTION)
+        self.vector_dim = vector_dim
+
+    # ------------------------------------------------------------------ #
+    # Collection 管理
+    # ------------------------------------------------------------------ #
+
+    def init_collection(self, *, recreate: bool = False) -> None:
+        """创建 collection（已存在时若 recreate 则重建）。"""
+        exists = self._c.collection_exists(self.collection_name)
+        if exists and not recreate:
+            logger.debug("Collection %s 已存在，跳过初始化", self.collection_name)
+            return
+        if exists and recreate:
+            logger.warning("重建 collection %s", self.collection_name)
+            self._c.delete_collection(self.collection_name)
+
+        self._c.create_collection(
+            collection_name=self.collection_name,
+            vectors_config=VectorParams(
+                size=self.vector_dim,
+                distance=DEFAULT_DISTANCE,
+            ),
+        )
+        logger.info(
+            "已创建 collection %s (dim=%d distance=%s)",
+            self.collection_name, self.vector_dim, DEFAULT_DISTANCE.name,
+        )
+
+    def info(self) -> CollectionInfo:
+        """获取 collection 概览信息。"""
+        exists = self._c.collection_exists(self.collection_name)
+        if not exists:
+            return CollectionInfo(name=self.collection_name, exists=False)
+        c_info = self._c.get_collection(self.collection_name)
+        return CollectionInfo(
+            name=self.collection_name,
+            exists=True,
+            vectors_count=c_info.points_count or 0,
+            indexed_vectors_count=getattr(c_info, "indexed_vectors_count", None),
+            segments_count=getattr(c_info, "segments_count", None),
+        )
+
+    def count(self) -> int:
+        """向量总数。"""
+        try:
+            return self._c.count(self.collection_name).count
+        except Exception:
+            return 0
+
+    # ------------------------------------------------------------------ #
+    # 数据写入（幂等 upsert）
+    # ------------------------------------------------------------------ #
+
+    def upsert(
+        self,
+        points: list[dict],
+        *,
+        batch_size: int = 100,
+    ) -> int:
+        """批量幂等写入。
+
+        Args:
+            points: 每个 dict 包含:
+                id (str)        point ID（url_hash）
+                vector (list[float]) 嵌入向量
+                payload (dict) 任意结构化数据
+            batch_size: 每批写入条数
+
+        Returns:
+            写入条数
+        """
+        structs = [
+            PointStruct(
+                id=url_hash_to_uuid(p["id"]),
+                vector=p["vector"],
+                payload={"url_hash": p["id"], **(p.get("payload") or {})},
+            )
+            for p in points
+        ]
+        total = len(structs)
+        for i in range(0, total, batch_size):
+            chunk = structs[i : i + batch_size]
+            self._c.upsert(collection_name=self.collection_name, points=chunk)
+            logger.debug(
+                "upsert 批 %d/%d (%d 条)",
+                i // batch_size + 1, (total + batch_size - 1) // batch_size, len(chunk),
+            )
+        logger.info("upsert 完成: %d 条 → collection %s", total, self.collection_name)
+        return total
+
+    # ------------------------------------------------------------------ #
+    # 检索
+    # ------------------------------------------------------------------ #
+
+    def query(
+        self,
+        query_vector: list[float],
+        *,
+        top_k: int = 10,
+        search_filter: SearchFilter | None = None,
+        score_threshold: float | None = None,
+    ) -> list[SearchResult]:
+        """语义检索 + 可选结构化过滤。
+
+        Args:
+            query_vector: 嵌入向量（需与 collection 维度一致）
+            top_k: 返回条数
+            search_filter: 结构化过滤（AND 关系）
+            score_threshold: 最低余弦相似度
+
+        Returns:
+            列表按 score 降序
+        """
+        q_filter = _build_filter(search_filter)
+        hits = self._c.query_points(
+            collection_name=self.collection_name,
+            query=query_vector,
+            query_filter=q_filter,
+            limit=top_k,
+            score_threshold=score_threshold,
+            with_payload=True,
+            with_vectors=False,
+        )
+        results: list[SearchResult] = []
+        for p in hits.points:
+            payload = p.payload or {}
+            results.append(SearchResult(
+                url_hash=payload.get("url_hash") or "",
+                score=p.score if p.score is not None else 0.0,
+                title=payload.get("title") or "",
+                title_zh=payload.get("title_zh") or "",
+                url=payload.get("url") or "",
+                source_id=payload.get("source_id") or "",
+                publish_time=payload.get("publish_time") or "",
+                events=payload.get("events") or [],
+                content_zh_preview=payload.get("content_zh_preview") or "",
+            ))
+        logger.debug("检索完成 top_k=%d → %d 条", top_k, len(results))
+        return results
+
+    def close(self) -> None:
+        self._c.close()
+
+    def __enter__(self) -> "VectorStore":
+        return self
+
+    def __exit__(self, *_: object) -> None:
+        self.close()
+
+
+# --------------------------------------------------------------------------- #
+# Filter 构建
+# --------------------------------------------------------------------------- #
+
+
+def _build_filter(f: SearchFilter | None) -> Filter | None:
+    """把 SearchFilter 转换为 Qdrant Filter。"""
+    if f is None:
+        return None
+    conditions: list[FieldCondition] = []
+
+    if f.source_id:
+        conditions.append(
+            FieldCondition(key="source_id", match=MatchValue(value=f.source_id))
+        )
+    if f.source_ids:
+        conditions.append(
+            FieldCondition(key="source_id", match=MatchAny(any=f.source_ids))
+        )
+    if f.stock_codes:
+        conditions.append(
+            FieldCondition(
+                key="events[].stock_codes",
+                match=MatchAny(any=f.stock_codes),
+            )
+        )
+    if f.sentiment:
+        conditions.append(
+            FieldCondition(
+                key="events[].sentiment",
+                match=MatchValue(value=f.sentiment),
+            )
+        )
+    if f.importance_min is not None:
+        conditions.append(
+            FieldCondition(
+                key="events[].importance",
+                range=Range(gte=f.importance_min),
+            )
+        )
+    if f.event_types:
+        conditions.append(
+            FieldCondition(
+                key="events[].event_type",
+                match=MatchAny(any=f.event_types),
+            )
+        )
+    if f.publish_date_from or f.publish_date_to:
+        try:
+            range_kwargs: dict = {}
+            if f.publish_date_from:
+                range_kwargs["gte"] = f.publish_date_from + "T00:00:00"
+            if f.publish_date_to:
+                range_kwargs["lte"] = f.publish_date_to + "T23:59:59"
+            conditions.append(FieldCondition(
+                key="publish_time",
+                range=DatetimeRange(**range_kwargs),
+            ))
+        except ValueError:
+            logger.warning(
+                "filter 日期格式错误 from=%r to=%r",
+                f.publish_date_from, f.publish_date_to,
+            )
+
+    if not conditions:
+        return None
+    return Filter(must=conditions)
diff --git a/vectorstore/models.py b/vectorstore/models.py
new file mode 100644
index 0000000..584c9a3
--- /dev/null
+++ b/vectorstore/models.py
@@ -0,0 +1,52 @@
+"""Qdrant 向量存储数据模型 (M6)。"""
+
+from typing import Any
+
+from pydantic import BaseModel, Field
+
+
+class SearchFilter(BaseModel):
+    """可选检索过滤条件，全部为 AND 关系。"""
+
+    source_id: str | None = None
+    source_ids: list[str] | None = None
+    stock_codes: list[str] | None = Field(default=None, description="match any")
+    sentiment: str | None = None           # positive / neutral / negative
+    importance_min: int | None = None       # >= N
+    event_types: list[str] | None = None    # match any
+    publish_date_from: str | None = None    # YYYY-MM-DD
+    publish_date_to: str | None = None      # YYYY-MM-DD
+
+
+class SearchResult(BaseModel):
+    """单条检索结果（含双语信息）。"""
+
+    url_hash: str
+    score: float
+    title: str = ""
+    title_zh: str = ""
+    url: str = ""
+    source_id: str = ""
+    publish_time: str = ""
+    events: list[dict[str, Any]] = Field(default_factory=list)
+    content_zh_preview: str = ""  # 中文正文前 300 字
+
+    def short_summary(self) -> str:
+        codes = set()
+        for ev in self.events:
+            codes.update(ev.get("stock_codes", []))
+        codes_str = ",".join(sorted(codes)[:5]) or "-"
+        return (
+            f"[{self.source_id}] score={self.score:.4f} "
+            f"《{self.title_zh[:40] or self.title[:40]}》 {codes_str}"
+        )
+
+
+class CollectionInfo(BaseModel):
+    """Collection 概览信息。"""
+
+    name: str
+    exists: bool
+    vectors_count: int = 0
+    indexed_vectors_count: int | None = None
+    segments_count: int | None = None
diff --git a/vectorstore/pipeline.py b/vectorstore/pipeline.py
new file mode 100644
index 0000000..d8d3cfd
--- /dev/null
+++ b/vectorstore/pipeline.py
@@ -0,0 +1,216 @@
+"""Qdrant 入库管道 + 语义搜索。
+
+输入:  data/embeddings/{YYYYMMDD}/{url_hash}.json（M5 向量） + data/events/（M4 元数据）
+动作:  upsert 到 Qdrant collection
+搜索:  embed query → Qdrant query → 返回 SearchResult 列表
+"""
+
+import json
+import logging
+from datetime import datetime
+from pathlib import Path
+
+from crawler.utils import get_news_day
+from embedding.client import (
+    embed_batch,
+    load_embedding_config,
+    make_embedding_client,
+)
+from vectorstore.client import VectorStore, make_qdrant_client
+from vectorstore.models import SearchFilter, SearchResult
+
+logger = logging.getLogger(__name__)
+
+
+def _load_embedding_files(date_str: str) -> list[dict]:
+    """加载指定日期的嵌入向量文件（含对应的 M4 元数据）。
+
+    Args:
+        date_str: 日期 YYYYMMDD
+
+    Returns:
+        dict 列表，含 url_hash / vector / article 信息
+    """
+    embedding_dir = Path(f"data/embeddings/{date_str}")
+    event_dir = Path(f"data/events/{date_str}")
+
+    if not embedding_dir.exists():
+        return []
+
+    items: list[dict] = []
+    for emb_file in sorted(embedding_dir.glob("*.json")):
+        if emb_file.name == "index.json":
+            continue
+        try:
+            emb_data = json.loads(emb_file.read_text(encoding="utf-8"))
+
+            # 加载对应的 M4 事件文章获取元数据
+            event_file = event_dir / emb_file.name
+            article_data = {}
+            if event_file.exists():
+                article_data = json.loads(event_file.read_text(encoding="utf-8"))
+
+            items.append({
+                "url_hash": emb_data["url_hash"],
+                "source_id": emb_data.get("source_id", ""),
+                "vector": emb_data["vector"],
+                "article": article_data,
+            })
+        except (json.JSONDecodeError, Exception) as e:
+            logger.warning("加载嵌入文件失败 %s: %s", emb_file, e)
+
+    return items
+
+
+def _build_payload(article_data: dict) -> dict:
+    """从 M4 文章数据构建 Qdrant payload。
+
+    Args:
+        article_data: EnTranslatedArticle 的 dict
+
+    Returns:
+        payload dict
+    """
+    content_zh = article_data.get("content_zh", "")
+    return {
+        "title": article_data.get("title", ""),
+        "title_zh": article_data.get("title_zh", ""),
+        "url": article_data.get("url", ""),
+        "source_id": article_data.get("source_id", ""),
+        "source_name": article_data.get("source_name", ""),
+        "publish_time": article_data.get("publish_time", ""),
+        "events": article_data.get("events", []),
+        "word_count": article_data.get("word_count", 0),
+        "word_count_zh": article_data.get("word_count_zh", 0),
+        "content_zh_preview": content_zh[:300] if content_zh else "",
+    }
+
+
+def ingest_all_embeddings(
+    date_str: str | None = None,
+    *,
+    recreate: bool = False,
+) -> dict:
+    """将所有 M5 向量入库 Qdrant。
+
+    Args:
+        date_str: 日期 YYYYMMDD，默认当前新闻日
+        recreate: 是否重建 collection
+
+    Returns:
+        统计 dict
+    """
+    if date_str is None:
+        date_str = get_news_day()
+
+    logger.info("══════ 开始 Qdrant 入库，日期: %s ══════", date_str)
+
+    items = _load_embedding_files(date_str)
+    if not items:
+        logger.warning("嵌入目录无数据: data/embeddings/%s/", date_str)
+        return {"date": date_str, "total": 0, "ingested": 0, "failed": 0, "elapsed_sec": 0}
+
+    start_time = datetime.now()
+
+    # 构造 Qdrant 客户端
+    client = make_qdrant_client()
+    store = VectorStore(client)
+
+    try:
+        # 初始化 collection
+        store.init_collection(recreate=recreate)
+
+        # 构建 points
+        points: list[dict] = []
+        for item in items:
+            payload = _build_payload(item["article"])
+            points.append({
+                "id": item["url_hash"],
+                "vector": item["vector"],
+                "payload": payload,
+            })
+
+        # 批量写入
+        ingested = store.upsert(points)
+        failed = len(points) - ingested
+
+    finally:
+        store.close()
+
+    elapsed = (datetime.now() - start_time).total_seconds()
+
+    logger.info(
+        "══════ Qdrant 入库完成: %d 条，耗时 %.1f 秒 ══════",
+        ingested, elapsed,
+    )
+
+    return {
+        "date": date_str,
+        "total": len(items),
+        "ingested": ingested,
+        "failed": failed,
+        "elapsed_sec": elapsed,
+    }
+
+
+def search_news(
+    query: str,
+    *,
+    top_k: int = 10,
+    search_filter: SearchFilter | None = None,
+    score_threshold: float | None = None,
+) -> list[SearchResult]:
+    """语义搜索新闻。
+
+    流程:
+        1. 将查询文本向量化（使用 M5 Embedding 服务）
+        2. Qdrant 语义检索
+
+    Args:
+        query: 中文搜索查询
+        top_k: 返回条数
+        search_filter: 可选过滤条件
+        score_threshold: 最低相似度阈值
+
+    Returns:
+        SearchResult 列表
+    """
+    # 1. 向量化查询
+    emb_config = load_embedding_config()
+    emb_client = make_embedding_client(emb_config)
+
+    try:
+        vectors = embed_batch(emb_client, emb_config, [query])
+        if not vectors:
+            logger.error("查询向量化失败")
+            return []
+        query_vector = vectors[0]
+    finally:
+        emb_client.close()
+
+    # 2. Qdrant 检索
+    qdrant = make_qdrant_client()
+    store = VectorStore(qdrant)
+
+    try:
+        results = store.query(
+            query_vector=query_vector,
+            top_k=top_k,
+            search_filter=search_filter,
+            score_threshold=score_threshold,
+        )
+    finally:
+        store.close()
+
+    return results
+
+
+def get_collection_info() -> dict:
+    """获取 Qdrant collection 信息。"""
+    client = make_qdrant_client()
+    store = VectorStore(client)
+    try:
+        info = store.info()
+        return info.model_dump()
+    finally:
+        store.close()