diff --git a/src/views/Company/MarketDataView.js b/src/views/Company/MarketDataView.js
index 7a9e9595..0e9d77e7 100644
--- a/src/views/Company/MarketDataView.js
+++ b/src/views/Company/MarketDataView.js
@@ -1358,17 +1358,8 @@ const MarketDataView = ({ stockCode: propStockCode }) => {
                                               </MarkdownRenderer>
                                             </Box>
                                           )}
-                                          
-                                          {analysis.news_summary && (
-                                            <Box p={4} bg={colorMode === 'light' ? 'green.50' : 'green.900'} borderRadius="md">
-                                              <Heading size="sm" mb={2} color={theme.primary}>相关新闻</Heading>
-                                              <MarkdownRenderer theme={theme} colorMode={colorMode}>
-                                                {analysis.news_summary}
-                                              </MarkdownRenderer>
-                                            </Box>
-                                          )}
-                                          
-                                          {analysis.announcements && (
+
+                                          {analysis.announcements && analysis.announcements !== '[]' && (
                                             <Box p={4} bg={colorMode === 'light' ? 'orange.50' : 'orange.900'} borderRadius="md">
                                               <Heading size="sm" mb={2} color={theme.primary}>相关公告</Heading>
                                               <MarkdownRenderer theme={theme} colorMode={colorMode}>
@@ -1376,21 +1367,93 @@ const MarketDataView = ({ stockCode: propStockCode }) => {
                                               </MarkdownRenderer>
                                             </Box>
                                           )}
-                                          
-                                          {analysis.guba_sentiment && (
-                                            <Box p={4} bg={colorMode === 'light' ? 'red.50' : 'red.900'} borderRadius="md">
-                                              <Heading size="sm" mb={2} color={theme.primary}>股吧情绪</Heading>
-                                              <MarkdownRenderer theme={theme} colorMode={colorMode}>
-                                                {analysis.guba_sentiment}
-                                              </MarkdownRenderer>
+
+                                          {/* 研报引用展示 */}
+                                          {analysis.verification_reports && analysis.verification_reports.length > 0 && (
+                                            <Box p={4} bg={colorMode === 'light' ? 'blue.50' : 'blue.900'} borderRadius="md">
+                                              <Heading size="sm" mb={3} color={theme.primary}>
+                                                <HStack spacing={2}>
+                                                  <Icon as={ExternalLinkIcon} />
+                                                  <Text>研报引用 ({analysis.verification_reports.length})</Text>
+                                                </HStack>
+                                              </Heading>
+                                              <VStack spacing={3} align="stretch">
+                                                {analysis.verification_reports.map((report, reportIdx) => (
+                                                  <Box
+                                                    key={reportIdx}
+                                                    p={3}
+                                                    bg={colorMode === 'light' ? 'white' : 'gray.800'}
+                                                    borderRadius="md"
+                                                    border="1px solid"
+                                                    borderColor={theme.border}
+                                                  >
+                                                    <HStack justify="space-between" mb={2}>
+                                                      <HStack spacing={2}>
+                                                        <Badge colorScheme="blue" fontSize="xs">
+                                                          {report.publisher || '未知机构'}
+                                                        </Badge>
+                                                        {report.match_score && (
+                                                          <Badge
+                                                            colorScheme={report.match_score === '好' ? 'green' : report.match_score === '中' ? 'yellow' : 'gray'}
+                                                            fontSize="xs"
+                                                          >
+                                                            匹配度: {report.match_score}
+                                                          </Badge>
+                                                        )}
+                                                        {report.match_ratio != null && report.match_ratio > 0 && (
+                                                          <Badge colorScheme="purple" fontSize="xs">
+                                                            {(report.match_ratio * 100).toFixed(0)}%
+                                                          </Badge>
+                                                        )}
+                                                      </HStack>
+                                                      {report.declare_date && (
+                                                        <Text fontSize="xs" color={theme.textMuted}>
+                                                          {report.declare_date.substring(0, 10)}
+                                                        </Text>
+                                                      )}
+                                                    </HStack>
+
+                                                    {report.report_title && (
+                                                      <Text fontWeight="bold" fontSize="sm" color={theme.textPrimary} mb={1}>
+                                                        《{report.report_title}》
+                                                      </Text>
+                                                    )}
+
+                                                    {report.author && (
+                                                      <Text fontSize="xs" color={theme.textMuted} mb={2}>
+                                                        分析师: {report.author}
+                                                      </Text>
+                                                    )}
+
+                                                    {report.verification_item && (
+                                                      <Box
+                                                        p={2}
+                                                        bg={colorMode === 'light' ? 'yellow.50' : 'yellow.900'}
+                                                        borderRadius="sm"
+                                                        mb={2}
+                                                      >
+                                                        <Text fontSize="xs" color={theme.textMuted}>
+                                                          <strong>验证项:</strong> {report.verification_item}
+                                                        </Text>
+                                                      </Box>
+                                                    )}
+
+                                                    {report.content && (
+                                                      <Text fontSize="sm" color={theme.textSecondary} noOfLines={4}>
+                                                        {report.content}
+                                                      </Text>
+                                                    )}
+                                                  </Box>
+                                                ))}
+                                              </VStack>
                                             </Box>
                                           )}
                                           
                                           <Box mt={4}>
                                             <Text fontSize="sm" color={theme.textMuted}>
-                                              成交量: {formatUtils.formatNumber(analysis.volume)} | 
-                                              成交额: {formatUtils.formatNumber(analysis.amount)} | 
-                                              分析时间: {analysis.analysis_time || '-'}
+                                              成交量: {formatUtils.formatNumber(analysis.volume)} |
+                                              成交额: {formatUtils.formatNumber(analysis.amount)} |
+                                              更新时间: {analysis.update_time || analysis.create_time || '-'}
                                             </Text>
                                           </Box>
                                         </VStack>