diff --git a/mcp_server.py b/mcp_server.py
index 917a8f0c..8c2838ce 100644
--- a/mcp_server.py
+++ b/mcp_server.py
@@ -2377,7 +2377,7 @@ MEETING_ROLES = {
         "name": "巴菲特",
         "nickname": "唱多者",
         "role_type": "bull",
-        "avatar": "/avatars/buffett.png",
+        "avatar": "/images/agent/巴菲特.png",
         "model": "kimi-k2-thinking",
         "color": "#10B981",
         "description": "主观多头，善于分析事件的潜在利好和长期价值",
@@ -2403,7 +2403,7 @@ MEETING_ROLES = {
         "name": "大空头",
         "nickname": "大空头",
         "role_type": "bear",
-        "avatar": "/avatars/big_short.png",
+        "avatar": "/images/agent/大空头.png",
         "model": "kimi-k2-thinking",
         "color": "#EF4444",
         "description": "善于分析事件和财报中的风险因素",
@@ -2429,7 +2429,7 @@ MEETING_ROLES = {
         "name": "量化分析员",
         "nickname": "西蒙斯",
         "role_type": "quant",
-        "avatar": "/avatars/simons.png",
+        "avatar": "/images/agent/simons.png",
         "model": "deepseek",
         "color": "#3B82F6",
         "description": "中性立场，使用量化工具分析技术指标",
@@ -2454,7 +2454,7 @@ MEETING_ROLES = {
         "name": "韭菜",
         "nickname": "牢大",
         "role_type": "retail",
-        "avatar": "/avatars/leek.png",
+        "avatar": "/images/agent/牢大.png",
         "model": "deepmoney",
         "color": "#F59E0B",
         "description": "贪婪又讨厌亏损，热爱追涨杀跌",
@@ -2474,7 +2474,7 @@ MEETING_ROLES = {
         "name": "基金经理",
         "nickname": "决策者",
         "role_type": "manager",
-        "avatar": "/avatars/fund_manager.png",
+        "avatar": "/images/agent/基金经理.png",
         "model": "deepseek",
         "color": "#8B5CF6",
         "description": "综合分析做出最终决策",
@@ -2650,7 +2650,7 @@ async def stream_role_response(
             messages=messages,
             stream=True,
             temperature=0.7,
-            max_tokens=500,
+            max_tokens=2000,  # 增加 token 限制以避免输出被截断
         )
 
         full_content = ""
diff --git a/public/images/agent/基金经理.png b/public/images/agent/基金经理.png
index a5c69801..afc6c374 100644
Binary files a/public/images/agent/基金经理.png and b/public/images/agent/基金经理.png differ
diff --git a/src/views/AgentChat/components/ChatArea/MessageRenderer.js b/src/views/AgentChat/components/ChatArea/MessageRenderer.js
index aae36850..981107b6 100644
--- a/src/views/AgentChat/components/ChatArea/MessageRenderer.js
+++ b/src/views/AgentChat/components/ChatArea/MessageRenderer.js
@@ -84,6 +84,7 @@ const MessageRenderer = ({ message, userAvatar }) => {
         <Flex justify="flex-start">
           <HStack align="start" spacing={3} maxW="75%">
             <Avatar
+              src="/images/agent/基金经理.png"
               icon={<Cpu className="w-4 h-4" />}
               size="sm"
               bgGradient="linear(to-br, purple.500, pink.500)"
@@ -122,6 +123,7 @@ const MessageRenderer = ({ message, userAvatar }) => {
         <Flex justify="flex-start">
           <HStack align="start" spacing={3} maxW="75%">
             <Avatar
+              src="/images/agent/基金经理.png"
               icon={<Cpu className="w-4 h-4" />}
               size="sm"
               bgGradient="linear(to-br, purple.500, pink.500)"
diff --git a/src/views/AgentChat/components/MeetingRoom/MeetingMessageBubble.js b/src/views/AgentChat/components/MeetingRoom/MeetingMessageBubble.js
index bad737de..19845976 100644
--- a/src/views/AgentChat/components/MeetingRoom/MeetingMessageBubble.js
+++ b/src/views/AgentChat/components/MeetingRoom/MeetingMessageBubble.js
@@ -28,14 +28,63 @@ import {
   Copy,
   ThumbsUp,
   ChevronRight,
+  ChevronDown,
   Database,
   Check,
   Wrench,
   AlertCircle,
+  Brain,
 } from 'lucide-react';
 import { getRoleConfig, MEETING_ROLES } from '../../constants/meetingRoles';
 import { MarkdownWithCharts } from '@components/ChatBot/MarkdownWithCharts';
 
+/**
+ * 解析 deepmoney 格式的内容
+ * 格式: <think>思考过程</think><answer>回答内容</answer>
+ *
+ * @param {string} content - 原始内容
+ * @returns {{ thinking: string | null, answer: string }} 解析后的内容
+ */
+const parseDeepmoneyContent = (content) => {
+  if (!content) return { thinking: null, answer: '' };
+
+  // 匹配 <think>...</think> 标签
+  const thinkMatch = content.match(/<think>([\s\S]*?)<\/think>/i);
+  // 匹配 <answer>...</answer> 标签
+  const answerMatch = content.match(/<answer>([\s\S]*?)<\/answer>/i);
+
+  // 如果有 answer 标签，提取内容
+  if (answerMatch) {
+    return {
+      thinking: thinkMatch ? thinkMatch[1].trim() : null,
+      answer: answerMatch[1].trim(),
+    };
+  }
+
+  // 如果只有 think 标签但没有 answer 标签，可能正在流式输出中
+  if (thinkMatch && !answerMatch) {
+    // 检查 think 后面是否有其他内容
+    const afterThink = content.replace(/<think>[\s\S]*?<\/think>/i, '').trim();
+    // 如果 think 后面有内容但不是 answer 标签包裹的，可能是部分输出
+    if (afterThink && !afterThink.startsWith('<answer>')) {
+      return {
+        thinking: thinkMatch[1].trim(),
+        answer: afterThink.replace(/<\/?answer>/gi, '').trim(),
+      };
+    }
+    return {
+      thinking: thinkMatch[1].trim(),
+      answer: '',
+    };
+  }
+
+  // 如果没有特殊标签，返回原内容
+  return {
+    thinking: null,
+    answer: content,
+  };
+};
+
 /**
  * 获取角色图标
  */
@@ -281,6 +330,67 @@ const ToolCallsList = ({ toolCalls, roleColor }) => {
   );
 };
 
+/**
+ * 思考过程展示组件
+ * 用于显示 deepmoney 等模型的思考过程，默认折叠
+ */
+const ThinkingBlock = ({ thinking, roleColor }) => {
+  const [isExpanded, setIsExpanded] = useState(false);
+
+  if (!thinking) return null;
+
+  return (
+    <Box mb={3}>
+      <HStack
+        spacing={2}
+        cursor="pointer"
+        onClick={() => setIsExpanded(!isExpanded)}
+        p={2}
+        bg="rgba(255, 255, 255, 0.03)"
+        borderRadius="md"
+        border="1px solid"
+        borderColor="rgba(255, 255, 255, 0.1)"
+        _hover={{ borderColor: `${roleColor}30` }}
+        transition="all 0.2s"
+      >
+        <Brain className="w-3 h-3" style={{ color: roleColor }} />
+        <Text fontSize="xs" color="gray.400" flex={1}>
+          AI 思考过程
+        </Text>
+        <Box
+          color="gray.500"
+          transition="transform 0.2s"
+          transform={isExpanded ? 'rotate(180deg)' : 'rotate(0deg)'}
+        >
+          <ChevronDown className="w-3 h-3" />
+        </Box>
+      </HStack>
+
+      <Collapse in={isExpanded} animateOpacity>
+        <Box
+          mt={2}
+          p={3}
+          bg="rgba(0, 0, 0, 0.2)"
+          borderRadius="md"
+          borderLeft="2px solid"
+          borderColor={`${roleColor}50`}
+          maxH="200px"
+          overflowY="auto"
+          sx={{
+            '&::-webkit-scrollbar': { width: '4px' },
+            '&::-webkit-scrollbar-track': { bg: 'transparent' },
+            '&::-webkit-scrollbar-thumb': { bg: 'gray.600', borderRadius: 'full' },
+          }}
+        >
+          <Text fontSize="xs" color="gray.400" whiteSpace="pre-wrap" lineHeight="tall">
+            {thinking}
+          </Text>
+        </Box>
+      </Collapse>
+    </Box>
+  );
+};
+
 /**
  * MeetingMessageBubble - 会议消息气泡组件
  *
@@ -326,6 +436,7 @@ const MeetingMessageBubble = ({ message, isLatest }) => {
         >
           <Avatar
             size="sm"
+            src={roleConfig.avatar}
             icon={getRoleIcon(roleConfig.roleType)}
             bg={roleConfig.color}
             boxShadow={`0 0 12px ${roleConfig.color}40`}
@@ -444,51 +555,65 @@ const MeetingMessageBubble = ({ message, isLatest }) => {
               />
             )}
 
-            {/* 消息内容 */}
-            <Box
-              fontSize="sm"
-              color="gray.100"
-              lineHeight="tall"
-              sx={{
-                '& p': { mb: 2 },
-                '& h1, & h2, & h3': { color: 'gray.50', fontWeight: 'bold' },
-                '& ul, & ol': { pl: 4 },
-                '& li': { mb: 1 },
-                '& code': {
-                  bg: 'rgba(255,255,255,0.1)',
-                  px: 1,
-                  borderRadius: 'sm',
-                },
-                '& blockquote': {
-                  borderLeftWidth: '3px',
-                  borderLeftColor: roleConfig.color,
-                  pl: 3,
-                  color: 'gray.300',
-                  fontStyle: 'italic',
-                },
-                '& strong': { color: roleConfig.color },
-              }}
-            >
-              {message.content ? (
-                <MarkdownWithCharts content={message.content} variant="dark" />
-              ) : isStreaming ? (
-                <HStack spacing={2} color="gray.500">
-                  <Spinner size="sm" />
-                  <Text>正在思考...</Text>
-                </HStack>
-              ) : null}
+            {/* 解析 deepmoney 格式的内容 */}
+            {(() => {
+              const parsedContent = parseDeepmoneyContent(message.content);
+              return (
+                <>
+                  {/* 思考过程（可折叠） */}
+                  <ThinkingBlock
+                    thinking={parsedContent.thinking}
+                    roleColor={roleConfig.color}
+                  />
 
-              {/* 流式输出时的光标 */}
-              {isStreaming && message.content && (
-                <motion.span
-                  animate={{ opacity: [1, 0, 1] }}
-                  transition={{ duration: 0.8, repeat: Infinity }}
-                  style={{ color: roleConfig.color }}
-                >
-                  ▌
-                </motion.span>
-              )}
-            </Box>
+                  {/* 消息内容 */}
+                  <Box
+                    fontSize="sm"
+                    color="gray.100"
+                    lineHeight="tall"
+                    sx={{
+                      '& p': { mb: 2 },
+                      '& h1, & h2, & h3': { color: 'gray.50', fontWeight: 'bold' },
+                      '& ul, & ol': { pl: 4 },
+                      '& li': { mb: 1 },
+                      '& code': {
+                        bg: 'rgba(255,255,255,0.1)',
+                        px: 1,
+                        borderRadius: 'sm',
+                      },
+                      '& blockquote': {
+                        borderLeftWidth: '3px',
+                        borderLeftColor: roleConfig.color,
+                        pl: 3,
+                        color: 'gray.300',
+                        fontStyle: 'italic',
+                      },
+                      '& strong': { color: roleConfig.color },
+                    }}
+                  >
+                    {parsedContent.answer ? (
+                      <MarkdownWithCharts content={parsedContent.answer} variant="dark" />
+                    ) : isStreaming ? (
+                      <HStack spacing={2} color="gray.500">
+                        <Spinner size="sm" />
+                        <Text>正在思考...</Text>
+                      </HStack>
+                    ) : null}
+
+                    {/* 流式输出时的光标 */}
+                    {isStreaming && parsedContent.answer && (
+                      <motion.span
+                        animate={{ opacity: [1, 0, 1] }}
+                        transition={{ duration: 0.8, repeat: Infinity }}
+                        style={{ color: roleConfig.color }}
+                      >
+                        ▌
+                      </motion.span>
+                    )}
+                  </Box>
+                </>
+              );
+            })()}
 
             {/* 操作按钮 */}
             <Flex mt={3} pt={3} borderTop="1px solid" borderColor="whiteAlpha.100">
diff --git a/src/views/AgentChat/constants/meetingRoles.ts b/src/views/AgentChat/constants/meetingRoles.ts
index 5bf8bc5d..a4c2a3d3 100644
--- a/src/views/AgentChat/constants/meetingRoles.ts
+++ b/src/views/AgentChat/constants/meetingRoles.ts
@@ -122,7 +122,7 @@ export const MEETING_ROLES: Record<string, MeetingRoleConfig> = {
     name: '巴菲特',
     nickname: '唱多者',
     roleType: 'bull',
-    avatar: '/avatars/buffett.png',
+    avatar: '/images/agent/巴菲特.png',
     color: '#10B981',
     gradient: 'linear(to-br, green.400, emerald.600)',
     description: '主观多头，善于分析事件的潜在利好和长期价值',
@@ -133,7 +133,7 @@ export const MEETING_ROLES: Record<string, MeetingRoleConfig> = {
     name: '大空头',
     nickname: '大空头',
     roleType: 'bear',
-    avatar: '/avatars/big_short.png',
+    avatar: '/images/agent/大空头.png',
     color: '#EF4444',
     gradient: 'linear(to-br, red.400, rose.600)',
     description: '善于分析事件和财报中的风险因素，帮助投资者避雷',
@@ -144,7 +144,7 @@ export const MEETING_ROLES: Record<string, MeetingRoleConfig> = {
     name: '量化分析员',
     nickname: '西蒙斯',
     roleType: 'quant',
-    avatar: '/avatars/simons.png',
+    avatar: '/images/agent/simons.png',
     color: '#3B82F6',
     gradient: 'linear(to-br, blue.400, cyan.600)',
     description: '中性立场，使用量化分析工具分析技术指标',
@@ -155,7 +155,7 @@ export const MEETING_ROLES: Record<string, MeetingRoleConfig> = {
     name: '韭菜',
     nickname: '牢大',
     roleType: 'retail',
-    avatar: '/avatars/leek.png',
+    avatar: '/images/agent/牢大.png',
     color: '#F59E0B',
     gradient: 'linear(to-br, amber.400, yellow.600)',
     description: '贪婪又讨厌亏损，热爱追涨杀跌的典型散户',
@@ -166,7 +166,7 @@ export const MEETING_ROLES: Record<string, MeetingRoleConfig> = {
     name: '基金经理',
     nickname: '决策者',
     roleType: 'manager',
-    avatar: '/avatars/fund_manager.png',
+    avatar: '/images/agent/基金经理.png',
     color: '#8B5CF6',
     gradient: 'linear(to-br, purple.400, violet.600)',
     description: '总结其他人的发言做出最终决策',
diff --git a/src/views/AgentChat/constants/tools.ts b/src/views/AgentChat/constants/tools.ts
index 89930d60..5b14ee7e 100644
--- a/src/views/AgentChat/constants/tools.ts
+++ b/src/views/AgentChat/constants/tools.ts
@@ -220,15 +220,9 @@ export const TOOL_CATEGORIES: Record<ToolCategory, MCPTool[]> = {
 
 /**
  * 默认选中的工具 ID 列表
- * 这些工具在页面初始化时自动选中
+ * 所有工具在页面初始化时自动选中
  */
-export const DEFAULT_SELECTED_TOOLS: string[] = [
-  'search_news',
-  'search_china_news',
-  'search_concepts',
-  'search_limit_up_stocks',
-  'search_research_reports',
-];
+export const DEFAULT_SELECTED_TOOLS: string[] = MCP_TOOLS.map((tool) => tool.id);
 
 /**
  * 根据 ID 查找工具配置
diff --git a/src/views/AgentChat/hooks/useInvestmentMeeting.ts b/src/views/AgentChat/hooks/useInvestmentMeeting.ts
index f6959a24..3862d17f 100644
--- a/src/views/AgentChat/hooks/useInvestmentMeeting.ts
+++ b/src/views/AgentChat/hooks/useInvestmentMeeting.ts
@@ -357,11 +357,20 @@ export const useInvestmentMeeting = ({
               break;
 
             case 'message_complete':
-              if (data.role_id) {
-                // 后端可能发送 message 对象或直接 content
-                const finalContent = data.message?.content || data.content;
-                finishStreamingMessage(data.role_id, finalContent);
-                setSpeakingRoleId(null);
+              {
+                // 后端发送的是 message 对象，role_id 在 message 里
+                const roleId = data.role_id || data.message?.role_id;
+                if (roleId) {
+                  // 后端可能发送 message 对象或直接 content
+                  const finalContent = data.message?.content || data.content;
+                  finishStreamingMessage(roleId, finalContent);
+                  setSpeakingRoleId(null);
+
+                  // 如果是结论消息，记录下来
+                  if (data.message?.is_conclusion) {
+                    setConclusion(data.message);
+                  }
+                }
               }
               break;
 
@@ -562,11 +571,20 @@ export const useInvestmentMeeting = ({
               break;
 
             case 'message_complete':
-              if (data.role_id) {
-                // 后端可能发送 message 对象或直接 content
-                const finalContent = data.message?.content || data.content;
-                finishStreamingMessage(data.role_id, finalContent);
-                setSpeakingRoleId(null);
+              {
+                // 后端发送的是 message 对象，role_id 在 message 里
+                const roleId = data.role_id || data.message?.role_id;
+                if (roleId) {
+                  // 后端可能发送 message 对象或直接 content
+                  const finalContent = data.message?.content || data.content;
+                  finishStreamingMessage(roleId, finalContent);
+                  setSpeakingRoleId(null);
+
+                  // 如果是结论消息，记录下来
+                  if (data.message?.is_conclusion) {
+                    setConclusion(data.message);
+                  }
+                }
               }
               break;