feat: 导出 SproutClaw .sproutclaw 配置

包含 extensions、skills、prompts、settings、auth、models、mcp 等配置。排除 node_modules、npm 缓存、sessions 等运行时数据。
2026-06-26 15:48:56 +08:00
commit 50edff80f5
13904 changed files with 411646 additions and 0 deletions
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/README.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/README.md
@@ -0,0 +1,15 @@
+# global_ai_capital_2026_ppt169_20260516
+
+- Canvas format: ppt169
+- Created: 20260516
+
+## Directories
+
+- `svg_output/`: raw SVG output
+- `svg_final/`: finalized SVG output
+- `images/`: presentation assets
+- `notes/`: speaker notes
+- `templates/`: project templates
+- `sources/`: source materials and normalized markdown
+- `exports/`: main native pptx (timestamped); `_svg.pptx` sibling added when exported with `--svg-snapshot`
+- `backup/<timestamp>/`: svg_output/ archive (always written in default-flow mode; safe to delete old timestamps)
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/animations.json
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/animations.json
@@ -0,0 +1,242 @@
+{
+  "version": 1,
+  "defaults": {
+    "transition": { "effect": "fade", "duration": 0.35 },
+    "animation": { "effect": "fade", "duration": 0.40, "stagger": 0.18, "trigger": "after-previous" }
+  },
+  "slides": {
+    "01_cover": {
+      "transition": { "effect": "fade", "duration": 0.55 },
+      "animation": { "duration": 0.65, "stagger": 0.30 },
+      "groups": {
+        "background": { "effect": "none" },
+        "cover-chrome": { "effect": "none" },
+        "cover-title": { "effect": "fade", "order": 1, "duration": 0.75 },
+        "cover-meta": { "effect": "fade", "order": 2, "delay": 0.20, "duration": 0.55 },
+        "cover-footer": { "effect": "none" }
+      }
+    },
+    "02_editor_note": {
+      "animation": { "duration": 0.50, "stagger": 0.24 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "big-quote": { "effect": "fade", "order": 1, "duration": 0.45 },
+        "lede": { "effect": "fade", "order": 2, "duration": 0.60 },
+        "point-1": { "effect": "fade", "order": 3, "delay": 0.10 },
+        "point-2": { "effect": "fade", "order": 4 },
+        "point-3": { "effect": "fade", "order": 5 },
+        "body-text": { "effect": "fade", "order": 6, "delay": 0.15, "duration": 0.55 },
+        "signature": { "effect": "fade", "order": 7, "delay": 0.10 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "03_contents": {
+      "animation": { "duration": 0.35, "stagger": 0.12 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "toc-left": { "effect": "fade", "order": 1, "duration": 0.50 },
+        "toc-right": { "effect": "fade", "order": 2, "duration": 0.50 },
+        "bottom-meta": { "effect": "fade", "order": 3, "delay": 0.15 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "04_q1_vc_landscape": {
+      "animation": { "duration": 0.35, "stagger": 0.14 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "card-1": { "effect": "fade", "order": 1 },
+        "card-2": { "effect": "fade", "order": 2 },
+        "card-3": { "effect": "fade", "order": 3 },
+        "card-4": { "effect": "fade", "order": 4 },
+        "callout-right": { "effect": "fade", "order": 5, "delay": 0.20, "duration": 0.50 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "05_hyperscaler_capex": {
+      "animation": { "duration": 0.35, "stagger": 0.16 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "chartArea": { "effect": "wipe", "order": 1, "duration": 0.60 },
+        "callout-right": { "effect": "fade", "order": 2, "delay": 0.20, "duration": 0.50 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "06_big_three_valuation_leap": {
+      "animation": { "duration": 0.40, "stagger": 0.18 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "chartArea": { "effect": "wipe", "order": 1, "duration": 0.70 },
+        "insight-strip": { "effect": "fade", "order": 2, "delay": 0.25, "duration": 0.55 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "07_valuation_vs_revenue_bubble": {
+      "animation": { "duration": 0.40, "stagger": 0.16 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "chartArea": { "effect": "zoom", "order": 1, "duration": 0.65 },
+        "insight-right": { "effect": "fade", "order": 2, "delay": 0.20, "duration": 0.50 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "08_openai_investor_donut": {
+      "animation": { "duration": 0.45, "stagger": 0.20 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "donutChart": { "effect": "wheel", "order": 1, "duration": 0.75 },
+        "investor-list": { "effect": "fade", "order": 2, "delay": 0.20, "duration": 0.55 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "09_big_three_comparison": {
+      "animation": { "duration": 0.40, "stagger": 0.18 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "col-openai": { "effect": "fade", "order": 1, "duration": 0.50 },
+        "col-anthropic": { "effect": "fade", "order": 2, "duration": 0.50 },
+        "col-xai": { "effect": "fade", "order": 3, "duration": 0.50 },
+        "bottom-summary": { "effect": "fade", "order": 4, "delay": 0.20, "duration": 0.50 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "10_china_five_ranking": {
+      "animation": { "duration": 0.35, "stagger": 0.14 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "chartArea": { "effect": "wipe", "order": 1, "duration": 0.65 },
+        "callout-bottom": { "effect": "fade", "order": 2, "delay": 0.20, "duration": 0.45 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "11_us_china_dual_track": {
+      "animation": { "duration": 0.40, "stagger": 0.18 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "table": { "effect": "fade", "order": 1, "duration": 0.65 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "12_second_tier": {
+      "animation": { "duration": 0.35, "stagger": 0.14 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "card-ssi": { "effect": "fade", "order": 1 },
+        "card-perplexity": { "effect": "fade", "order": 2 },
+        "card-mistral": { "effect": "fade", "order": 3 },
+        "card-cohere": { "effect": "fade", "order": 4 },
+        "bottom-strip": { "effect": "fade", "order": 5, "delay": 0.20, "duration": 0.50 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "13_chapter_nvidia": {
+      "transition": { "effect": "fade", "duration": 0.55 },
+      "animation": { "duration": 0.65, "stagger": 0.30 },
+      "groups": {
+        "background": { "effect": "none" },
+        "chapter-chrome": { "effect": "none" },
+        "chapter-mark": { "effect": "fade", "order": 1, "duration": 0.75 },
+        "chapter-title": { "effect": "fade", "order": 2, "delay": 0.20, "duration": 0.65 },
+        "lede-points": { "effect": "fade", "order": 3, "delay": 0.25, "duration": 0.55 },
+        "chapter-footer": { "effect": "none" }
+      }
+    },
+    "14_nvidia_sankey": {
+      "animation": { "duration": 0.40, "stagger": 0.16 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "column-labels": { "effect": "fade", "order": 1, "duration": 0.35 },
+        "source-node": { "effect": "fade", "order": 2, "duration": 0.45 },
+        "flows-left": { "effect": "wipe", "order": 3, "duration": 0.60 },
+        "recipient-nodes": { "effect": "fade", "order": 4, "duration": 0.45 },
+        "flows-right": { "effect": "wipe", "order": 5, "duration": 0.60 },
+        "sink-node": { "effect": "fade", "order": 6, "duration": 0.50 },
+        "callout-bottom": { "effect": "fade", "order": 7, "delay": 0.20, "duration": 0.50 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "15_nvidia_pareto": {
+      "animation": { "duration": 0.40, "stagger": 0.16 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "chartArea": { "effect": "wipe", "order": 1, "duration": 0.75 },
+        "callout-right": { "effect": "fade", "order": 2, "delay": 0.25, "duration": 0.55 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "16_stargate_hub": {
+      "animation": { "duration": 0.40, "stagger": 0.16 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "stargate-network": { "effect": "fade", "order": 1, "duration": 0.70 },
+        "sidebar-right": { "effect": "fade", "order": 2, "delay": 0.25, "duration": 0.55 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "17_chapter_bubble": {
+      "transition": { "effect": "fade", "duration": 0.55 },
+      "animation": { "duration": 0.65, "stagger": 0.30 },
+      "groups": {
+        "background": { "effect": "none" },
+        "chapter-chrome": { "effect": "none" },
+        "chapter-mark": { "effect": "fade", "order": 1, "duration": 0.75 },
+        "chapter-title": { "effect": "fade", "order": 2, "delay": 0.20, "duration": 0.65 },
+        "lede-points": { "effect": "fade", "order": 3, "delay": 0.25, "duration": 0.55 },
+        "chapter-footer": { "effect": "none" }
+      }
+    },
+    "18_capex_vs_revenue": {
+      "animation": { "duration": 0.45, "stagger": 0.20 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "chartArea": { "effect": "wipe", "order": 1, "duration": 0.85 },
+        "legend": { "effect": "fade", "order": 2, "delay": 0.25, "duration": 0.50 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "19_four_risks_quadrant": {
+      "animation": { "duration": 0.40, "stagger": 0.18 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "quadrant-axes": { "effect": "fade", "order": 1, "duration": 0.35 },
+        "q1-capex-gap": { "effect": "fade", "order": 2 },
+        "q2-roi": { "effect": "fade", "order": 3 },
+        "q3-concentration": { "effect": "fade", "order": 4 },
+        "q4-financing": { "effect": "fade", "order": 5 },
+        "center-mark": { "effect": "fade", "order": 6, "delay": 0.15, "duration": 0.40 },
+        "page-footer": { "effect": "none" }
+      }
+    },
+    "20_closing": {
+      "transition": { "effect": "fade", "duration": 0.55 },
+      "animation": { "duration": 0.45, "stagger": 0.18 },
+      "groups": {
+        "background": { "effect": "none" },
+        "page-header": { "effect": "none" },
+        "take-1": { "effect": "fade", "order": 1 },
+        "take-2": { "effect": "fade", "order": 2 },
+        "take-3": { "effect": "fade", "order": 3 },
+        "take-4": { "effect": "fade", "order": 4 },
+        "take-5": { "effect": "fade", "order": 5 },
+        "take-6": { "effect": "fade", "order": 6 },
+        "bottom-callout": { "effect": "fade", "order": 7, "delay": 0.30, "duration": 0.65 },
+        "sources-strip": { "effect": "fade", "order": 8, "delay": 0.15, "duration": 0.45 }
+      }
+    }
+  }
+}
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/design_spec.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/design_spec.md
@@ -0,0 +1,477 @@
+# global_ai_capital_2026 - Design Spec
+
+## I. Project Information
+
+| Item | Value |
+| ---- | ----- |
+| **Project Name** | global_ai_capital_2026 |
+| **Canvas Format** | PPT 16:9 (1280×720) |
+| **Page Count** | 18 |
+| **Design Style** | B) General Consulting + Bloomberg/Economist 新闻信息图风 |
+| **Target Audience** | 科技/金融行业研究者、AI 从业者、风险投资圈、媒体编辑 |
+| **Use Case** | 行业洞察分享 / 投资简报 / 媒体解读专栏 |
+| **Created Date** | 2026-05-16 |
+
+---
+
+## II. Canvas Specification
+
+| Property | Value |
+| -------- | ----- |
+| **Format** | PPT 16:9 |
+| **Dimensions** | 1280×720 |
+| **viewBox** | `0 0 1280 720` |
+| **Margins** | 左右 60px / 上下 50px |
+| **Content Area** | 1160×620（页眉 80 + 主体 560 + 页脚 30） |
+
+---
+
+## III. Visual Theme
+
+### Theme Style
+
+- **Style**: B) General Consulting + Bloomberg/Economist 新闻信息图风
+- **Theme**: Dark theme
+- **Tone**: 冷静、克制、出版级、数据导向；不是 keynote 冲击力，而是夜读财经长稿的深思感
+
+### Color Scheme
+
+| Role | HEX | Purpose |
+| ---- | --- | ------- |
+| **Background** | `#0E1116` | 深石墨黑（不是纯黑） |
+| **Secondary bg** | `#1A1F26` | 卡片 / 分区底色 |
+| **Primary** | `#E8E6E1` | 报纸暖白 — 主文字、标题 |
+| **Accent** | `#E63946` | 财经红 — 风险、警示、关键数字 |
+| **Secondary accent** | `#F4A261` | 琥珀金 — 次级强调（中国 / 二线公司） |
+| **Body** | `#C9C5BE` | 暖灰白 — 正文 |
+| **Secondary text** | `#8A857E` | 注释 / 页脚 |
+| **Tertiary text** | `#5C5852` | 极轻信息 / 来源行 |
+| **Border** | `#2A2F36` | 极细分割线 |
+| **Success** | `#52B788` | 正向趋势（绿涨） |
+| **Warning** | `#E63946` | 复用 accent |
+
+### AI Image Strategy
+
+- **Image Rendering**: editorial
+- **Image Palette**: dark-cinematic
+
+### Gradient Scheme
+
+```xml
+<linearGradient id="scrim_v" x1="0%" y1="0%" x2="0%" y2="100%">
+  <stop offset="0%" stop-color="#0E1116" stop-opacity="0.3"/>
+  <stop offset="100%" stop-color="#0E1116" stop-opacity="0.92"/>
+</linearGradient>
+
+<linearGradient id="accentLine" x1="0%" y1="0%" x2="100%" y2="0%">
+  <stop offset="0%" stop-color="#E63946" stop-opacity="1"/>
+  <stop offset="100%" stop-color="#E63946" stop-opacity="0"/>
+</linearGradient>
+```
+
+---
+
+## IV. Typography System
+
+**Typography direction**: 报刊编辑派 — 西文衬线 Cambria 扛标题与大字 hero number，中文走 Microsoft YaHei，正文 Latin 用 Arial 走数字精度
+
+| Role | Chinese | English | Fallback tail |
+| ---- | ------- | ------- | ------------- |
+| **Title** | `"Microsoft YaHei"` | `Cambria` | `serif` |
+| **Body** | `"Microsoft YaHei", "PingFang SC"` | `Arial` | `sans-serif` |
+| **Emphasis** | `"Microsoft YaHei"` | `Georgia` | `serif` |
+| **Code** | — | `Consolas, "Courier New"` | `monospace` |
+
+**Per-role font stacks**:
+
+- Title: `Cambria, "Microsoft YaHei", serif`
+- Body: `"Microsoft YaHei", "PingFang SC", Arial, sans-serif`
+- Emphasis: `Georgia, "Microsoft YaHei", serif`
+- Code: `Consolas, "Courier New", monospace`
+
+### Font Size Hierarchy
+
+**Baseline**: Body font size = **16px**（chart-heavy 高密度）
+
+| Purpose | Ratio to body | Px @ 16 | Weight |
+| ------- | ------------- | ------- | ------ |
+| Cover title (hero headline) | 4-5x | 64-80px | Bold |
+| Chapter / section opener | 2.5-3x | 40-48px | Bold |
+| Page title | 1.5-2x | 24-32px | Bold |
+| Hero number (大数字) | 4-6x | 64-96px | Bold（Cambria） |
+| Subtitle | 1.2-1.5x | 19-24px | SemiBold |
+| **Body content** | **1x** | **16px** | Regular |
+| Annotation / caption | 0.7-0.85x | 11-14px | Regular |
+| Page number / footnote | 0.6-0.7x | 10-11px | Regular |
+
+---
+
+## V. Layout Principles
+
+### Page Structure
+
+- **Header area**: 上 50px — 章节番号 + 章节名（左对齐，11px tertiary） + 极细分割线
+- **Content area**: 中 560px — 主可视化 / hero number / chart
+- **Footer area**: 下 30px — 页码 + Sources 注脚 + 极细顶部分割线
+
+### Layout Pattern Library
+
+> 本 deck 主导布局：**Asymmetric split（3:7 chart vs 注解）/ Single column centered（封面 / 章节）/ Three-column（KPI cards）/ Top-bottom split（带 hero band 的图表 + 注脚）/ Full-bleed + floating text（3 张氛围图章节页）**。Z-pattern 与 Matrix grid 出现在 quadrant_text_bullets 页。
+
+### Spacing Specification
+
+**Universal**:
+
+| Element | Range | This Deck |
+| ------- | ----- | --------- |
+| Safe margin | 40-60px | 60px |
+| Content block gap | 24-40px | 28px |
+| Icon-text gap | 8-16px | 10px |
+
+**Card-based**:
+
+| Element | Range | This Deck |
+| ------- | ----- | --------- |
+| Card gap | 20-32px | 24px |
+| Card padding | 20-32px | 22px |
+| Card border radius | 8-16px | 6px（克制，不要圆胖） |
+
+**Non-card** (breathing 页 / 氛围底图):
+- Line-height: 1.5× body
+- Full-bleed text 用 `scrim_v` 渐变扛 legibility
+- 不强行列宽对齐，按报刊导语自由 inset
+
+---
+
+## VI. Icon Usage Specification
+
+### Source
+
+- **Library**: `tabler-outline`（stroke 1.5）
+- **Brand-logo library**: `simple-icons`（用于 OpenAI / Anthropic / xAI / Nvidia / Google / Microsoft / Amazon / Meta / Oracle / SoftBank 等 logo 标识）
+- **Usage**: `<use data-icon="library/icon-name" .../>`
+
+### Recommended Icon List
+
+| Purpose | Icon Path | Page |
+| ------- | --------- | ---- |
+| Trending up（资本流入） | `tabler-outline/trending-up` | P04, P05, P11 |
+| Currency dollar（估值） | `tabler-outline/currency-dollar` | P04, P06, P09 |
+| Building（公司） | `tabler-outline/building` | P06, P09 |
+| Chart bar（数据） | `tabler-outline/chart-bar` | P05, P15 |
+| Server（基建） | `tabler-outline/server` | P14, P15 |
+| Bolt（电力） | `tabler-outline/bolt` | P05, P14 |
+| Alert triangle（风险） | `tabler-outline/alert-triangle` | P15, P16, P17 |
+| Globe（全球） | `tabler-outline/globe` | P04, P09 |
+| Cpu（芯片） | `tabler-outline/cpu` | P12, P13 |
+| Trending down（衰减） | `tabler-outline/trending-down` | P15, P16 |
+| Arrow right（流向） | `tabler-outline/arrow-right` | P12, P14 |
+| Bookmark（章节标志） | `tabler-outline/bookmark` | 章节页 |
+| OpenAI 品牌 | `simple-icons/openai` | P06, P08, P14 |
+| Anthropic | `simple-icons/anthropic` | P06 |
+| Nvidia | `simple-icons/nvidia` | P12, P13 |
+| Google | `simple-icons/google` | P05, P06 |
+| Microsoft | `simple-icons/microsoft` | P05 |
+| Amazon | `simple-icons/amazon` | P05 |
+| Meta | `simple-icons/meta` | P05 |
+| Oracle | `simple-icons/oracle` | P14 |
+| SoftBank | `simple-icons/softbank` | P14 |
+
+---
+
+## VII. Visualization Reference List
+
+Catalog read: 71 templates
+
+| Page | Template | Path | Summary-quote (verbatim) | Usage |
+| ---- | -------- | ---- | ------------------------ | ----- |
+| P04 | kpi_cards | `templates/charts/kpi_cards.svg` | "Pick for 4-8 standalone numeric metrics shown as overview cards (2x2 or 1x4) — exec summary opener, " | Q1 风投总盘子四大 KPI（VC 总额 / AI 占比 / 三笔大单 / 集中度） |
+| P05 | bar_chart | `templates/charts/bar_chart.svg` | "Pick for single-series category value comparison, 3-8 categories. Skip for >12 long-label items (use" | Amazon / Microsoft / Google / Meta 四家 capex 对比 |
+| P07 | dumbbell_chart | `templates/charts/dumbbell_chart.svg` | "Pick for before-vs-after or two-state difference across 5-10 items. Skip for single snapshot (use ba" | OpenAI/Anthropic/xAI 估值前后对比（年初 vs Q2） |
+| P08 | bubble_chart | `templates/charts/bubble_chart.svg` | "Pick for 3-axis data (x position, y position, size). Skip for plain x-y correlation (use scatter_cha" | 三巨头 估值 × ARR × 投资人数 散点 |
+| P09 | donut_chart | `templates/charts/donut_chart.svg` | "Pick for 3-6 part proportions where a center KPI/total deserves emphasis. Skip if no center value to" | OpenAI $122B 投资人构成（Amazon/Nvidia/SoftBank/MSFT/其他） |
+| P10 | horizontal_bar_chart | `templates/charts/horizontal_bar_chart.svg` | "Pick for ranking 5-12 items, especially with long labels. Skip if <=8 short-label items (use bar_cha" | 中国阵营 5 家估值排名（DeepSeek/Zhipu/MiniMax/Moonshot/StepFun） |
+| P11 | comparison_table | `templates/charts/comparison_table.svg` | "Pick for 2-4 plans/products compared across many feature rows (dense matrix). Skip for pricing-tier " | 中美 AI 资本路径双轨对比（私募规模/IPO/政府/估值峰值/退出方式） |
+| P12 | sankey_chart | `templates/charts/sankey_chart.svg` | "Pick for 3-stage flow with magnitude (sources -> nodes -> sinks). Skip for simple linear conversion " | Nvidia 闭环：股权投资 → AI 公司 → 芯片采购回流 |
+| P13 | pareto_chart | `templates/charts/pareto_chart.svg` | "Pick for 80/20 contribution: descending bars + cumulative line. Skip if cumulative line is not t" | Nvidia 客户集中度 85% 来自 6 家 |
+| P14 | hub_spoke | `templates/charts/hub_spoke.svg` | "Pick for 1 core capability + 4-8 surrounding capabilities (platform/ecosystem); each spoke = title o" | Stargate 项目 hub + 7 个数据中心站点 |
+| P16 | dual_axis_line_chart | `templates/charts/dual_axis_line_chart.svg` | "Pick when 2 metrics with different units/scales must be compared over time. Skip if both metrics sha" | 2020-2026 Capex（左轴 $B）vs Enterprise AI Revenue（右轴 $B）剪刀差 |
+| P17 | quadrant_text_bullets | `templates/charts/quadrant_text_bullets.svg` | "Pick for any 2×2 framework where each quadrant holds a titled bullet list — SWOT (Strengths/Weakness" | 四大风险象限：资本鸿沟 / 企业 ROI / 客户集中 / 融资结构 |
+
+**Runners-up considered**:
+
+- `donut_chart` | rejected for P04: KPI cards 更适合 4 个独立指标并列展示，donut 强调比例切分而非单独读取
+- `stacked_bar_chart` | rejected for P05: 单一指标（capex 金额）对比，无内部分组结构
+- `grouped_bar_chart` | rejected for P07: dumbbell 更适合"两状态差值"叙事，grouped bar 适合 YoY 多类别
+- `treemap_chart` | rejected for P09: OpenAI 投资人只有 5-6 个独立份额，donut 中心可显总额 $122B，treemap 强调层级
+- `radar_chart` | rejected for P10: 5 家公司单一指标（估值）排名，radar 适合多维能力
+- `hub_inward_arrows` | rejected for P12: sankey 才能表达"金额流量"，hub_inward 只有方向无量值
+- `bar_chart` | rejected for P13: pareto 同时显示个体贡献 + 累积占比，bar 只有前者
+- `process_flow` | rejected for P14: hub_spoke 表达"一个中枢 + 多个外围站点"的 Stargate 拓扑，process_flow 暗示线性
+
+---
+
+## VIII. Image Resource List
+
+| Filename | Dimensions | Ratio | Purpose | Type | Layout pattern | Acquire Via | Status | Reference | text_policy | page_role |
+| -------- | --------- | ----- | ------- | ---- | -------------- | ----------- | ------ | --------- | ----------- | --------- |
+| cover_atmosphere.png | 1280×720 | 1.78 | 封面氛围底图 | Background | #1 full-bleed background with floating title + #29 two-stop scrim | ai | Pending | Abstract nighttime aerial of a vast data-center campus, faint server-rack lights forming a constellation pattern; quiet wide-angle composition with reserved dark sky for title overlay; sense of capital flowing through silent infrastructure | none | hero_page |
+| nvidia_circular.png | 1280×720 | 1.78 | Part V Nvidia 闭环章节锚点 | Background | #1 full-bleed background with floating title + #29 two-stop scrim | ai | Pending | Abstract macro shot of a circular wafer-like geometry with subtle red glow at the rim suggesting circulation; central dark void reserved for chapter title; metallic finish but no recognizable logos | none | hero_page |
+| bubble_tension.png | 1280×720 | 1.78 | Part VI 泡沫论章节锚点 | Background | #1 full-bleed background with floating title + #29 two-stop scrim | ai | Pending | Abstract atmospheric image of a single iridescent soap-bubble suspended in deep dark space, surface tension catching a faint warning-red highlight; quiet composition with negative space; sense of fragile inflation | none | hero_page |
+
+---
+
+## IX. Content Outline
+
+### Part 0: 开场（封面 + 导语 + 目录）
+
+#### Slide 01 - 封面
+
+- **Layout**: Full-bleed 氛围底图 + 底部 scrim + 左下大字标题
+- **Title**: 2026 全球 AI 资本格局
+- **Subtitle**: Capital, Compute, and the Closed Loop
+- **Info**: 2026 年 5 月 · 行业洞察 · 数据截至 2026-05-15
+
+#### Slide 02 - 编辑导语
+
+- **Layout**: 单栏居中 + 大引号 + 三行核心叙述
+- **Title**: 编辑导语 | Editor's Note
+- **Content**:
+  - 单季 2970 亿美元 VC，AI 拿走 81%
+  - 四笔交易 1880 亿美元，65% 流向四家公司
+  - 资本与商业 ROI 的鸿沟，已超 2001 电信泡沫期
+
+#### Slide 03 - 目录
+
+- **Layout**: 左侧六部分罗马字 + 右侧每部分页码与一句话标题
+- **Title**: 目录 | Contents
+- **Content**:
+  - I. 全景 — P04-P05
+  - II. 三巨头 — P06-P09
+  - III. 中国阵营 — P10-P11
+  - IV. 二线梯队 — P12
+  - V. 基建与闭环 — P13-P15
+  - VI. 泡沫与判断 — P16-P18
+
+### Part I: 全景
+
+#### Slide 04 - Q1 风投全景
+
+- **Layout**: 四象限 KPI cards + 顶部小字章节标记
+- **Title**: 2026 Q1 全球风投：$297B 创纪录，AI 拿走 81%
+- **Visualization**: kpi_cards
+- **Content**:
+  - $297B — 单季 VC 总额（Crunchbase）
+  - 81% — AI 占比（约 $242B）
+  - $188B — Top 4 笔大单合计（OpenAI + Anthropic + xAI + Waymo）
+  - 65% — 集中度（前 4 单占全季 VC）
+
+#### Slide 05 - Hyperscaler Capex
+
+- **Layout**: Bar chart 左 7 右 3 + 右侧三条关键注解
+- **Title**: 四家 Hyperscaler 2026 年 Capex：$725B，同比 +77%
+- **Visualization**: bar_chart
+- **Content**:
+  - Amazon $200B / Microsoft $190B / Alphabet $190B / Meta $145B+
+  - 60%+ 流向电力 / 冷却 / 土建，非芯片
+  - 资源约束已从"算力"转向"电力"
+
+### Part II: 三巨头
+
+#### Slide 06 - 估值前后对比
+
+- **Layout**: Dumbbell chart + 顶部章节标记
+- **Title**: 三巨头 2026 估值跃迁：从年初到 Q2 的双倍线
+- **Visualization**: dumbbell_chart
+- **Content**:
+  - OpenAI: $300B → $852B（Mar 2026）
+  - Anthropic: $61.5B → $380B（Series G）→ $900B（在谈）
+  - xAI: $50B → $230B（Jan 2026）→ $1.25T 合并 SpaceX
+
+#### Slide 07 - 估值 × 收入 × 投资人
+
+- **Layout**: Bubble chart 全屏 + 角落数据来源
+- **Title**: 估值兑现度：收入越高，估值越实
+- **Visualization**: bubble_chart
+- **Content**:
+  - X 轴：ARR（$B），Y 轴：估值（$B），气泡大小：投资人数量
+  - OpenAI: ARR $24B / Val $852B / 7 大投资人
+  - Anthropic: ARR $30B+ / Val $380B（在谈 $900B）/ 5 大投资人
+  - xAI: ARR $5B（est）/ Val $230B / 8+ 投资人
+
+#### Slide 08 - OpenAI 投资人结构
+
+- **Layout**: Donut chart 居左 + 右侧投资人列表
+- **Title**: OpenAI $122B 这笔钱从哪来
+- **Visualization**: donut_chart
+- **Content**:
+  - Amazon $50B（41%）
+  - Nvidia $30B（25%）
+  - SoftBank $30B（25%）
+  - Microsoft + 其他 $12B（10%）
+  - 中心：$122B / $852B 估值
+
+#### Slide 09 - 三巨头综合对比
+
+- **Layout**: 三列对照 + 顶部小标 + 底部一行总结
+- **Title**: OpenAI vs Anthropic vs xAI：三种成长曲线
+- **Content**:
+  - OpenAI：消费驱动 + 强 IPO 预期
+  - Anthropic：企业驱动 + 估值反超 OpenAI（$900B vs $852B）
+  - xAI：合并叙事 + SpaceX 协同
+
+### Part III: 中国阵营
+
+#### Slide 10 - 中国五雄
+
+- **Layout**: Horizontal bar chart + 顶部一行总结
+- **Title**: 中国 AI 五雄：DeepSeek 领跑，估值阶梯分明
+- **Visualization**: horizontal_bar_chart
+- **Content**:
+  - DeepSeek $50B（国家大基金领投）
+  - Zhipu AI（港股市值）$56B
+  - MiniMax（港股市值）$37B
+  - Moonshot (Kimi) $20B
+  - StepFun ~$8B
+
+#### Slide 11 - 中美双轨
+
+- **Layout**: Comparison table（5 行 × 2 列）+ 顶部小标
+- **Title**: 中美 AI 资本：两条路径，两种节奏
+- **Visualization**: comparison_table
+- **Content**:
+  - 私募规模：美国 $30-122B 单轮 vs 中国 $2-4B 单轮
+  - IPO 节奏：美国推迟 vs 中国 Q1 已落港
+  - 政府角色：美国市场驱动 vs 中国大基金领投
+  - 估值峰值：美 $852B vs 中 $56B（市值）
+  - 退出方式：私募延后 IPO vs 二级市场优先
+
+### Part IV: 二线梯队
+
+#### Slide 12 - 二线 $10-50B 阵营
+
+- **Layout**: 四列卡片（每列：公司 logo + 估值 hero number + 一行特点）+ 顶部小标
+- **Title**: 二线梯队：$10-50B 的精英层
+- **Content**:
+  - SSI $32B（Sutskever，6 倍跳涨）
+  - Perplexity $21B（月活 4500 万）
+  - Mistral $13.7B（巴黎数据中心 13800 GPU）
+  - Cohere + Aleph Alpha 合并 $20B（跨大西洋主权 AI）
+
+### Part V: 基建与闭环
+
+#### Slide 13 - Nvidia 闭环（章节锚点页）
+
+- **Layout**: Full-bleed 氛围底图（nvidia_circular.png）+ 大字章节标 + 底部 scrim + 三句导语
+- **Title**: V. 闭环
+- **Subtitle**: 当芯片商同时是大股东
+- **Content**:
+  - Nvidia 2026 至今股权投资 $40B+
+  - OpenAI $30B + xAI + Anthropic + Mistral 全到位
+  - 收入 85% 来自 6 个客户
+
+#### Slide 14 - Nvidia 资本流图
+
+- **Layout**: Sankey chart 全幅 + 顶部章节标 + 底部 source
+- **Title**: 钱怎么转：Nvidia 的圆形投资
+- **Visualization**: sankey_chart
+- **Content**:
+  - 左侧：Nvidia $40B 投资
+  - 中间：OpenAI / xAI / Anthropic / Mistral / CoreWeave
+  - 右侧：Nvidia 芯片销售回流（数百亿美元算力承诺）
+
+#### Slide 15 - Nvidia 客户集中度
+
+- **Layout**: Pareto chart + 右下风险注解
+- **Title**: 单点风险：Nvidia 收入 85% 来自 6 个客户
+- **Visualization**: pareto_chart
+- **Content**:
+  - 前 4 名客户占近 60%（MSFT / Meta / Google / Amazon）
+  - 6 名累积 85%
+  - 任一家砍 capex 都会级联打击全链
+
+#### Slide 16 - Stargate
+
+- **Layout**: Hub-spoke chart（中心 Stargate logo + 7 个站点辐射）+ 顶部章节标
+- **Title**: Stargate：$500B / 10GW / 7 个站点
+- **Visualization**: hub_spoke
+- **Content**:
+  - 中心：Stargate（OpenAI + Oracle + SoftBank）
+  - 7 辐射：Abilene TX（运行）/ Shackelford TX / Doña Ana NM / Midwest / Lordstown OH / Milam TX / Saline MI
+  - 已规划近 7GW，未来 3 年投入 $400B
+
+### Part VI: 泡沫与判断
+
+#### Slide 17 - 泡沫论章节锚点
+
+- **Layout**: Full-bleed 氛围底图（bubble_tension.png）+ 章节大字 + 底部 scrim + 三行核心论点
+- **Title**: VI. 泡沫
+- **Subtitle**: 资本主义 vs 商业现实的剪刀差
+- **Content**:
+  - Capex 增速比 AI 收入快 46 个百分点
+  - 2001 电信泡沫期差距为 32%
+  - **当前差距已超 2001 电信泡沫**
+
+#### Slide 18 - Capex vs Revenue 剪刀差
+
+- **Layout**: Dual-axis line chart + 顶部章节标 + 底部 source
+- **Title**: 资本与营收的鸿沟：$400B 投入 vs $100B 营收
+- **Visualization**: dual_axis_line_chart
+- **Content**:
+  - 左轴：Hyperscaler Capex（$B）2020-2026
+  - 右轴：Enterprise AI Revenue（$B）2020-2026
+  - 阴影：两线之间的 ROI Gap
+
+#### Slide 19 - 四大风险
+
+- **Layout**: 2×2 quadrant + 每象限标题 + 2-3 行 bullet
+- **Title**: 四大风险，互相放大
+- **Visualization**: quadrant_text_bullets
+- **Content**:
+  - 左上 Capex/Revenue 鸿沟：差距已超 2001 电信泡沫
+  - 右上 企业 ROI：MIT 95% 试点未产生商业价值
+  - 左下 客户集中：Nvidia 85% 来自 6 家
+  - 右下 融资结构：经营现金流 → 举债融资
+
+#### Slide 20 - 六大判断与结语
+
+- **Layout**: 单栏 6 行编号列表 + 底部 Sources 致谢
+- **Title**: 六大判断 | Closing
+- **Content**:
+  - ① 资本集中度是 2026 主旋律
+  - ② 算力是真硬通货
+  - ③ 电力 > 芯片
+  - ④ 中美双轨结构
+  - ⑤ 真实 ROI 滞后但巨头未止血
+  - ⑥ Anthropic 估值反超 OpenAI
+
+> 注：实际页数 = 20（封面 1 + 导语 1 + 目录 1 + 内容 16 + 结语 1）。Strategist 在八项确认中报告 18 页，含编辑导语后微调至 20 页以保持单页一论点的密度。
+
+---
+
+## X. Speaker Notes Requirements
+
+- 文件命名：与 SVG 同名（`01_cover.svg` → `notes/01_cover.md`）
+- 单页 100-150 字，编辑导语派口吻，不是销售也不是教学
+- 全 deck 总时长目标：15-20 分钟
+
+---
+
+## XI. Technical Constraints Reminder
+
+### SVG Generation Must Follow:
+
+1. viewBox: `0 0 1280 720`
+2. Background 用 `<rect>`
+3. Text wrap 用 `<tspan>`
+4. 透明度用 `fill-opacity` / `stroke-opacity`
+5. FORBIDDEN: `mask`, `<style>`, `class`, `foreignObject`, `textPath`, `animate*`, `script`, `<symbol>`+`<use>` 自定义, `<g opacity>`, rgba()
+6. HTML named entities 禁用，写 raw Unicode
+7. `marker-start` / `marker-end` 仅 `<marker>` in `<defs>` 且 orient="auto"
+8. `clipPath` 仅作用于 `<image>`，且 single shape child
+
+### PPT Compatibility:
+
+- Inline styles only
+- 每个元素单独设 opacity
+- 字体栈每条以预装字体收尾
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/exports/global_ai_capital_2026.pptx
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/exports/global_ai_capital_2026.pptx
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/bubble_tension.png
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/bubble_tension.png
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/cover_atmosphere.png
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/cover_atmosphere.png
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/image_prompts.json
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/image_prompts.json
@@ -0,0 +1,50 @@
+{
+  "project": "global_ai_capital_2026",
+  "generated_at": "2026-05-16",
+  "deck_rendering": "editorial",
+  "deck_palette": "dark-cinematic",
+  "color_scheme": {
+    "bg": "#0E1116",
+    "primary": "#E8E6E1",
+    "accent": "#E63946",
+    "secondary_accent": "#F4A261"
+  },
+  "items": [
+    {
+      "filename": "cover_atmosphere.png",
+      "purpose": "Cover background — 2026 全球 AI 资本格局封面氛围底图",
+      "type": "background",
+      "page_role": "hero_page",
+      "text_policy": "none",
+      "aspect_ratio": "16:9",
+      "image_size": "2K",
+      "prompt": "Magazine-style editorial illustration backdrop with sophisticated visual hierarchy and confident negative space. The canvas reads as a dark cinema field — deep graphite black #0E1116 covers about 70% as the dominant atmospheric ground, suggesting an aerial night-view of a vast data-center campus seen from very high altitude. Faint warm-white #E8E6E1 pinpricks of server-rack lights scatter across the lower two-thirds in a constellation-like pattern, reading as both stars and infrastructure simultaneously; the lights are intentionally sparse, asymmetric, drifting toward the lower right, never centered. Thin refined dividing rules in muted graphite suggest invisible columns of a magazine spread. A single accent rule in restrained red #E63946 runs as a thin precise line near the right edge, no more than 4% of the canvas — the only saturated mark on the surface. Subtle paper grain at 6% opacity across the entire canvas. Upper third is deliberately calm and dark for SVG title overlay. Composed as a 1280×720 hero-page PPT background image. NO text of any kind anywhere in the image — no letters, numbers, signs, watermarks, labels, or written symbols. Color values (HEX codes like #0E1116, #E8E6E1, #E63946) and color names are rendering guidance only — do NOT display HEX codes, color names, or palette labels as visible text anywhere in the image. Simplified abstract composition only; no recognizable brand logos or trademarks.",
+      "alt_text": "Aerial night composition suggesting a vast data-center campus with sparse warm light pinpricks on deep graphite black, faint red accent rule at the right edge",
+      "status": "Generated"
+    },
+    {
+      "filename": "nvidia_circular.png",
+      "purpose": "Part V Nvidia 闭环章节锚点 — 圆形资本流转氛围",
+      "type": "background",
+      "page_role": "hero_page",
+      "text_policy": "none",
+      "aspect_ratio": "16:9",
+      "image_size": "2K",
+      "prompt": "Magazine-style editorial illustration backdrop with restrained sophistication and editorial pacing. The composition centers on a single abstract macro form — a circular wafer-like geometry rendered as a refined editorial illustration, not a photograph — placed in the right half of the canvas leaving the left third intentionally calm for chapter-title SVG overlay. Deep graphite black #0E1116 covers about 65% of the surface as the dark cinema field surrounding the circle. The circular form's body is a slightly lighter graphite #1A1F26 with thin precise concentric ring divisions in warm-white #E8E6E1 at 35% opacity, suggesting silicon etching without depicting any actual chip detail. A subtle saturated red #E63946 glow halo at the rim — about 8% of canvas — implies circulation, capital flowing in a closed loop. The circle's interior center is a quiet dark void, no subject inside. No gradients elsewhere; flat editorial layering with intentional negative space throughout the left side. Subtle paper grain at 6% opacity. Composed as a 1280×720 hero-page chapter divider background. NO text of any kind anywhere in the image — no letters, numbers, signs, watermarks, labels, written symbols, or brand marks. Color values (HEX codes like #0E1116, #E8E6E1, #E63946) and color names are rendering guidance only — do NOT display HEX codes, color names, or palette labels as visible text anywhere in the image. Abstract editorial composition only; no recognizable Nvidia or other brand logos, no real chip likenesses.",
+      "alt_text": "Abstract circular wafer-like geometry in restrained graphite tones with a subtle red rim glow suggesting circulation, placed against a dark editorial field with reserved left negative space",
+      "status": "Generated"
+    },
+    {
+      "filename": "bubble_tension.png",
+      "purpose": "Part VI 泡沫论章节锚点 — 单一气泡张力氛围",
+      "type": "background",
+      "page_role": "hero_page",
+      "text_policy": "none",
+      "aspect_ratio": "16:9",
+      "image_size": "2K",
+      "prompt": "Magazine-style editorial illustration backdrop with quiet tension and editorial restraint. The composition shows a single translucent iridescent soap-bubble suspended slightly off-center toward the upper-right third of a deep dark void. Deep graphite black #0E1116 covers about 75% of the surface as the cinema field — a quiet, almost airless space surrounding the bubble. The bubble itself is rendered as refined editorial illustration, not photography — a thin elliptical outline in warm-white #E8E6E1 at 40% opacity with subtle iridescent surface tension implied through faint amber-gold #F4A261 reflections (no more than 6% of canvas) traveling along its upper curve. A single sharper highlight in saturated red #E63946 catches one point of the bubble's surface — under 3% of canvas — reading as a warning glint rather than decoration. The bubble's interior is the same dark void as the surrounding field, suggesting fragile inflation around emptiness. The lower-left half of the canvas is deliberately calm for SVG chapter-title overlay. Subtle paper grain at 6% opacity. Composed as a 1280×720 hero-page chapter divider background. NO text of any kind anywhere in the image — no letters, numbers, signs, watermarks, labels, or written symbols. Color values (HEX codes like #0E1116, #E8E6E1, #F4A261, #E63946) and color names are rendering guidance only — do NOT display HEX codes, color names, or palette labels as visible text anywhere in the image. Abstract editorial composition only; no recognizable brand logos or trademarks.",
+      "alt_text": "Single translucent soap-bubble suspended in deep dark space, subtle amber and red highlights catching its surface tension, calm lower-left negative space for title overlay",
+      "status": "Generated"
+    }
+  ]
+}
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/image_prompts.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/image_prompts.md
@@ -0,0 +1,67 @@
+# Image Generation Prompts
+
+> Auto-generated from `image_prompts.json` by `image_gen.py --render-md`.
+> Do not hand-edit — re-run the command to refresh.
+
+> Project: global_ai_capital_2026
+> Generated: 2026-05-16
+> Color scheme: Bg #0E1116 | Primary #E8E6E1 | Accent #E63946 | Secondary_accent #F4A261
+
+---
+
+### Image 1: cover_atmosphere.png
+
+| Attribute | Value |
+|---|---|
+| Purpose | Cover background — 2026 全球 AI 资本格局封面氛围底图 |
+| Type | background |
+| Aspect ratio | 16:9 |
+| Image size | 2K |
+| Status | Generated |
+
+**Prompt**:
+
+Magazine-style editorial illustration backdrop with sophisticated visual hierarchy and confident negative space. The canvas reads as a dark cinema field — deep graphite black #0E1116 covers about 70% as the dominant atmospheric ground, suggesting an aerial night-view of a vast data-center campus seen from very high altitude. Faint warm-white #E8E6E1 pinpricks of server-rack lights scatter across the lower two-thirds in a constellation-like pattern, reading as both stars and infrastructure simultaneously; the lights are intentionally sparse, asymmetric, drifting toward the lower right, never centered. Thin refined dividing rules in muted graphite suggest invisible columns of a magazine spread. A single accent rule in restrained red #E63946 runs as a thin precise line near the right edge, no more than 4% of the canvas — the only saturated mark on the surface. Subtle paper grain at 6% opacity across the entire canvas. Upper third is deliberately calm and dark for SVG title overlay. Composed as a 1280×720 hero-page PPT background image. NO text of any kind anywhere in the image — no letters, numbers, signs, watermarks, labels, or written symbols. Color values (HEX codes like #0E1116, #E8E6E1, #E63946) and color names are rendering guidance only — do NOT display HEX codes, color names, or palette labels as visible text anywhere in the image. Simplified abstract composition only; no recognizable brand logos or trademarks.
+
+**Alt Text**:
+> Aerial night composition suggesting a vast data-center campus with sparse warm light pinpricks on deep graphite black, faint red accent rule at the right edge
+
+---
+
+### Image 2: nvidia_circular.png
+
+| Attribute | Value |
+|---|---|
+| Purpose | Part V Nvidia 闭环章节锚点 — 圆形资本流转氛围 |
+| Type | background |
+| Aspect ratio | 16:9 |
+| Image size | 2K |
+| Status | Generated |
+
+**Prompt**:
+
+Magazine-style editorial illustration backdrop with restrained sophistication and editorial pacing. The composition centers on a single abstract macro form — a circular wafer-like geometry rendered as a refined editorial illustration, not a photograph — placed in the right half of the canvas leaving the left third intentionally calm for chapter-title SVG overlay. Deep graphite black #0E1116 covers about 65% of the surface as the dark cinema field surrounding the circle. The circular form's body is a slightly lighter graphite #1A1F26 with thin precise concentric ring divisions in warm-white #E8E6E1 at 35% opacity, suggesting silicon etching without depicting any actual chip detail. A subtle saturated red #E63946 glow halo at the rim — about 8% of canvas — implies circulation, capital flowing in a closed loop. The circle's interior center is a quiet dark void, no subject inside. No gradients elsewhere; flat editorial layering with intentional negative space throughout the left side. Subtle paper grain at 6% opacity. Composed as a 1280×720 hero-page chapter divider background. NO text of any kind anywhere in the image — no letters, numbers, signs, watermarks, labels, written symbols, or brand marks. Color values (HEX codes like #0E1116, #E8E6E1, #E63946) and color names are rendering guidance only — do NOT display HEX codes, color names, or palette labels as visible text anywhere in the image. Abstract editorial composition only; no recognizable Nvidia or other brand logos, no real chip likenesses.
+
+**Alt Text**:
+> Abstract circular wafer-like geometry in restrained graphite tones with a subtle red rim glow suggesting circulation, placed against a dark editorial field with reserved left negative space
+
+---
+
+### Image 3: bubble_tension.png
+
+| Attribute | Value |
+|---|---|
+| Purpose | Part VI 泡沫论章节锚点 — 单一气泡张力氛围 |
+| Type | background |
+| Aspect ratio | 16:9 |
+| Image size | 2K |
+| Status | Generated |
+
+**Prompt**:
+
+Magazine-style editorial illustration backdrop with quiet tension and editorial restraint. The composition shows a single translucent iridescent soap-bubble suspended slightly off-center toward the upper-right third of a deep dark void. Deep graphite black #0E1116 covers about 75% of the surface as the cinema field — a quiet, almost airless space surrounding the bubble. The bubble itself is rendered as refined editorial illustration, not photography — a thin elliptical outline in warm-white #E8E6E1 at 40% opacity with subtle iridescent surface tension implied through faint amber-gold #F4A261 reflections (no more than 6% of canvas) traveling along its upper curve. A single sharper highlight in saturated red #E63946 catches one point of the bubble's surface — under 3% of canvas — reading as a warning glint rather than decoration. The bubble's interior is the same dark void as the surrounding field, suggesting fragile inflation around emptiness. The lower-left half of the canvas is deliberately calm for SVG chapter-title overlay. Subtle paper grain at 6% opacity. Composed as a 1280×720 hero-page chapter divider background. NO text of any kind anywhere in the image — no letters, numbers, signs, watermarks, labels, or written symbols. Color values (HEX codes like #0E1116, #E8E6E1, #F4A261, #E63946) and color names are rendering guidance only — do NOT display HEX codes, color names, or palette labels as visible text anywhere in the image. Abstract editorial composition only; no recognizable brand logos or trademarks.
+
+**Alt Text**:
+> Single translucent soap-bubble suspended in deep dark space, subtle amber and red highlights catching its surface tension, calm lower-left negative space for title overlay
+
+---
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/nvidia_circular.png
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/images/nvidia_circular.png
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/01_cover.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/01_cover.md
@@ -0,0 +1 @@
+各位好，欢迎来到本期《2026 全球 AI 资本格局》行业洞察简报。本期我们用十八张数据图表，回答一个问题：当全球风险资本以前所未有的集中度涌入 AI，这究竟是基建周期的开端，还是泡沫膨胀的中段？请记住三个数字：单季两千九百七十亿美元、AI 拿走百分之八十一、四笔交易吃掉百分之六十五。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/02_editor_note.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/02_editor_note.md
@@ -0,0 +1 @@
+正式开始之前，先看这三组数字。第一组：单季全球风投两千九百七十亿美元，AI 占百分之八十一。第二组：四笔大单合计一千八百八十亿美元，占全季百分之六十五。第三组：资本开支与企业 AI 收入的增速差距已经达到四十六个百分点，超过二零零一年电信泡沫期。这三组数字定义了本期讨论的整个框架——不要急着下结论，我们先把六个维度的事实铺开。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/03_contents.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/03_contents.md
@@ -0,0 +1 @@
+本期内容分为六个部分。第一部分全景，概览风投总盘与 hyperscaler 资本开支。第二部分三巨头，聚焦 OpenAI、Anthropic 和 xAI。第三部分中国阵营，对比中美两条路径。第四部分二线梯队，看一看估值十亿到五十亿美元区间的精英层。第五部分基建与闭环，讲 Nvidia 圆形投资和 Stargate 项目。第六部分泡沫与判断，给出六大收尾观点。每一部分大约三到五分钟。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/04_q1_vc_landscape.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/04_q1_vc_landscape.md
@@ -0,0 +1 @@
+来看 2026 年第一季度的全景。全球风投单季两千九百七十亿美元，创下历史最高。其中 AI 行业拿走百分之八十一，约两千四百二十亿美元。OpenAI、Anthropic、xAI 和 Waymo 这四笔大单合计一千八百八十亿美元，占全季全球风投的百分之六十五。Crunchbase 给出了非常精炼的判断：钱并没有变得更多，是更加集中。这句话定义了 2026 年的资本气候。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/05_hyperscaler_capex.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/05_hyperscaler_capex.md
@@ -0,0 +1 @@
+如果说三大模型公司在前台融资，后台就是四家 hyperscaler 在掏钱建基建。亚马逊两千亿、微软一千九百亿、谷歌一千九百亿、Meta 一千四百五十亿，合计七千两百五十亿美元，同比增长百分之七十七。但请注意更关键的一组结构数据：这七千多亿里，百分之六十以上流向电力、冷却和土建——不是芯片。资源约束已经从"算力"转向"电力"。下一道护城河，是吉瓦级供电。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/06_big_three_valuation_leap.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/06_big_three_valuation_leap.md
@@ -0,0 +1 @@
+聚焦三巨头。看六个月内估值的跃迁。OpenAI 从年初三千亿涨到三月份的八千五百二十亿，涨幅百分之一百八十四。Anthropic 从六百一十五亿涨到 Series G 的三千八百亿，目前在谈九千亿，最大涨幅可能达到百分之一千三百六十四。xAI 从五百亿涨到二百三十亿后又因为合并 SpaceX 整体估值飙到一万二千五百亿。三家半年合计估值，从四千一百一十亿涨到一万四千六百亿——三点六倍。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/07_valuation_vs_revenue_bubble.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/07_valuation_vs_revenue_bubble.md
@@ -0,0 +1 @@
+把估值放在 ARR 上看兑现度。X 轴是年化收入，Y 轴是估值，气泡大小是投资人数。所有气泡都站在公允线上方——估值跑得比收入快。其中 xAI 偏离最远，年化收入估算仅五十亿但估值高达二千三百亿。Anthropic 兑现度最高，年化收入超过三百亿。OpenAI 介于两者之间。结论很清楚：估值跑得最远的不一定是收入最强的。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/08_openai_investor_donut.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/08_openai_investor_donut.md
@@ -0,0 +1 @@
+OpenAI 这笔史上最大的一千二百二十亿美元融资，钱从哪里来。亚马逊承诺最多五百亿，占百分之四十一。Nvidia 三百亿，占百分之二十五。SoftBank 三百亿，占百分之二十五。微软加 a16z 等剩余约一百二十亿，占百分之九。请注意一个结构性观察：这三大投资人合计百分之九十一，同时也是 OpenAI 最大的客户——投资和买单是同一拨人。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/09_big_three_comparison.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/09_big_three_comparison.md
@@ -0,0 +1 @@
+把三种成长曲线并排放在一起。OpenAI 是消费驱动型，九亿周活，年化两百四十亿，企业占比已达百分之四十，是冲刺 IPO 的消费机器。Anthropic 是企业驱动型，年化超过三百亿，谷歌累计承诺四百亿，最关键的是它在谈估值已经反超 OpenAI——九千亿对八千五百二十亿。xAI 是合并叙事，二百三十亿估值加 SpaceX 整体一万二千五百亿，特斯拉押了二十亿。三家合计两万四千八百亿，已超过苹果同期市值的三分之二。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/10_china_five_ranking.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/10_china_five_ranking.md
@@ -0,0 +1 @@
+镜头转向中国。DeepSeek 拿到国家大基金首次领投，估值五百亿，是中国 AI 第一阵营的真正领跑者。智谱港股市值五百六十一亿，MiniMax 港股市值三百七十二亿，都是 1 月份港交所上市后的二级市场定价。Moonshot 私募估值二百亿，单轮二十亿是国内大模型史上最大。StepFun 在谈大约八十亿。一个数据警示：港股市值和私募估值不能直接对比，只能看量级。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/11_us_china_dual_track.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/11_us_china_dual_track.md
@@ -0,0 +1 @@
+中美 AI 资本的差异已经结构化。美国走超大私募，单轮三百亿到一千二百二十亿；中国走小私募加 IPO，单轮二十亿到四十亿。美国 IPO 推迟，中国 1 月份就让智谱和 MiniMax 落地港股。美国是市场驱动，中国是大基金领投。估值峰值美国八千五百二十亿，中国五百六十一亿。两种结构在 2026 年已经基本定型，路径差异不再可逆。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/12_second_tier.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/12_second_tier.md
@@ -0,0 +1 @@
+二线梯队是十亿到五十亿美元区间的四家精英。SSI 是 Sutskever 创立的，估值半年从五十亿翻到三百二十亿，纯靠人和方向叙事——产品都还没有。Perplexity 二百一十亿，月活四千五百万，直挑谷歌搜索。Mistral 一百三十七亿，欧洲开源主权 AI 代表，正在巴黎建有一万三千八百张 Nvidia GPU 的数据中心。Cohere 与 Aleph Alpha 合并，二百亿估值，跨大西洋主权企业栈挑战者。四家合计八百六十七亿，只占同期 OpenAI 估值的十分之一。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/13_chapter_nvidia.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/13_chapter_nvidia.md
@@ -0,0 +1 @@
+进入第五部分。这一章讲一个核心结构问题：当芯片商同时是大股东。Nvidia 在 2026 年至今股权投资超过四百亿美元，OpenAI 拿了三百亿，xAI、Anthropic、Mistral 全到位。同一时间，它的百分之八十五的收入来自仅仅六个客户。这是闭环。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/14_nvidia_sankey.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/14_nvidia_sankey.md
@@ -0,0 +1 @@
+把 Nvidia 的圆形投资画成资金流图。左边 Nvidia 投出四百亿股权。中间分给 OpenAI 三百亿、xAI 约三十亿、Anthropic 约二十亿、Mistral 约十亿、CoreWeave 和其他四十亿。右边这些 AI 公司又把绝大部分资金作为多年算力承诺投回给 Nvidia 买芯片——预计回流一千亿以上。Wedbush 的分析师评论极其精准：这正好是市场最担心的圆形投资主题。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/15_nvidia_pareto.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/15_nvidia_pareto.md
@@ -0,0 +1 @@
+Nvidia 客户集中度的帕累托图。第一名微软占百分之十八，第二名 Meta 百分之十六，第三名谷歌百分之十五，第四名亚马逊百分之十一——前四名合计百分之六十。再加上 OpenAI 和 CoreWeave，前六名累积达到百分之八十五。这是一个二元风险：任何一家 hyperscaler 砍资本开支，都会级联打击 Nvidia 的财报，进而打击整个 AI 供应链。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/16_stargate_hub.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/16_stargate_hub.md
@@ -0,0 +1 @@
+Stargate 项目是这一切的物理基础。OpenAI 加 Oracle 加 SoftBank，五千亿美元投入，十吉瓦容量，四年期。中心节点是已经投运的德州 Abilene 旗舰，到 2026 年中期将达到一吉瓦。围绕它有七个站点：Shackelford TX、Doña Ana NM、密歇根萨林、中西部未公开、俄亥俄 Lordstown、德州 Milam。截至目前已规划七吉瓦，未来三年投入四千亿，GB200 机架已经在 Abilene 交付。Sam Altman 简洁地说了一句：up and running。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/17_chapter_bubble.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/17_chapter_bubble.md
@@ -0,0 +1 @@
+进入最后一部分，泡沫。Hyperscaler 资本开支已达四千亿，企业 AI 收入仅一千亿。增速差距四十六个百分点，是 2001 年电信泡沫期的三十二个百分点的一点五倍——也就是说，差距已经超过 2001 电信泡沫。麻省理工的研究显示，百分之九十五的生成式 AI 试点未产生商业价值。这是泡沫的真实数据底色。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/18_capex_vs_revenue.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/18_capex_vs_revenue.md
@@ -0,0 +1 @@
+剪刀差图。红线是 hyperscaler 资本开支，从 2020 年的两百亿涨到 2026 年的七千二百五十亿，几乎是垂直起飞。绿线是企业 AI 收入，从 2020 年的几十亿涨到 2026 年的约一千亿，斜率温和得多。两线之间的阴影区域就是 ROI 鸿沟。资本主义有耐心，但耐心是有限的。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/19_four_risks_quadrant.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/19_four_risks_quadrant.md
@@ -0,0 +1 @@
+四大风险，互相放大。左上：资本开支与营收鸿沟已超 2001 电信泡沫。右上：MIT 数据显示百分之九十五的企业 AI 试点未产生商业价值。左下：Nvidia 收入百分之八十五来自六个客户，前四名近百分之六十。右下：融资结构正从经营现金流转向举债融资。这四个风险中任何一个单独都可控，但它们正同时存在并互相放大。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/20_closing.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/20_closing.md
@@ -0,0 +1 @@
+六大判断作为收尾。第一，资本集中度是 2026 主旋律。第二，算力是真硬通货。第三，下一道护城河是电力不是芯片。第四，中美双轨结构已经成型且不可逆。第五，真实 ROI 滞后但巨头未止血——这是一场赌"未来兑现"的赛跑。第六，Anthropic 估值已经反超 OpenAI。最后一句留给编辑部：这还不是泡沫破裂，这是泡沫继续累积。感谢收看。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/total.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/notes/total.md
@@ -0,0 +1,117 @@
+# 01_cover
+
+各位好，欢迎来到本期《2026 全球 AI 资本格局》行业洞察简报。本期我们用十八张数据图表，回答一个问题：当全球风险资本以前所未有的集中度涌入 AI，这究竟是基建周期的开端，还是泡沫膨胀的中段？请记住三个数字：单季两千九百七十亿美元、AI 拿走百分之八十一、四笔交易吃掉百分之六十五。
+
+---
+
+# 02_editor_note
+
+正式开始之前，先看这三组数字。第一组：单季全球风投两千九百七十亿美元，AI 占百分之八十一。第二组：四笔大单合计一千八百八十亿美元，占全季百分之六十五。第三组：资本开支与企业 AI 收入的增速差距已经达到四十六个百分点，超过二零零一年电信泡沫期。这三组数字定义了本期讨论的整个框架——不要急着下结论，我们先把六个维度的事实铺开。
+
+---
+
+# 03_contents
+
+本期内容分为六个部分。第一部分全景，概览风投总盘与 hyperscaler 资本开支。第二部分三巨头，聚焦 OpenAI、Anthropic 和 xAI。第三部分中国阵营，对比中美两条路径。第四部分二线梯队，看一看估值十亿到五十亿美元区间的精英层。第五部分基建与闭环，讲 Nvidia 圆形投资和 Stargate 项目。第六部分泡沫与判断，给出六大收尾观点。每一部分大约三到五分钟。
+
+---
+
+# 04_q1_vc_landscape
+
+来看 2026 年第一季度的全景。全球风投单季两千九百七十亿美元，创下历史最高。其中 AI 行业拿走百分之八十一，约两千四百二十亿美元。OpenAI、Anthropic、xAI 和 Waymo 这四笔大单合计一千八百八十亿美元，占全季全球风投的百分之六十五。Crunchbase 给出了非常精炼的判断：钱并没有变得更多，是更加集中。这句话定义了 2026 年的资本气候。
+
+---
+
+# 05_hyperscaler_capex
+
+如果说三大模型公司在前台融资，后台就是四家 hyperscaler 在掏钱建基建。亚马逊两千亿、微软一千九百亿、谷歌一千九百亿、Meta 一千四百五十亿，合计七千两百五十亿美元，同比增长百分之七十七。但请注意更关键的一组结构数据：这七千多亿里，百分之六十以上流向电力、冷却和土建——不是芯片。资源约束已经从"算力"转向"电力"。下一道护城河，是吉瓦级供电。
+
+---
+
+# 06_big_three_valuation_leap
+
+聚焦三巨头。看六个月内估值的跃迁。OpenAI 从年初三千亿涨到三月份的八千五百二十亿，涨幅百分之一百八十四。Anthropic 从六百一十五亿涨到 Series G 的三千八百亿，目前在谈九千亿，最大涨幅可能达到百分之一千三百六十四。xAI 从五百亿涨到二百三十亿后又因为合并 SpaceX 整体估值飙到一万二千五百亿。三家半年合计估值，从四千一百一十亿涨到一万四千六百亿——三点六倍。
+
+---
+
+# 07_valuation_vs_revenue_bubble
+
+把估值放在 ARR 上看兑现度。X 轴是年化收入，Y 轴是估值，气泡大小是投资人数。所有气泡都站在公允线上方——估值跑得比收入快。其中 xAI 偏离最远，年化收入估算仅五十亿但估值高达二千三百亿。Anthropic 兑现度最高，年化收入超过三百亿。OpenAI 介于两者之间。结论很清楚：估值跑得最远的不一定是收入最强的。
+
+---
+
+# 08_openai_investor_donut
+
+OpenAI 这笔史上最大的一千二百二十亿美元融资，钱从哪里来。亚马逊承诺最多五百亿，占百分之四十一。Nvidia 三百亿，占百分之二十五。SoftBank 三百亿，占百分之二十五。微软加 a16z 等剩余约一百二十亿，占百分之九。请注意一个结构性观察：这三大投资人合计百分之九十一，同时也是 OpenAI 最大的客户——投资和买单是同一拨人。
+
+---
+
+# 09_big_three_comparison
+
+把三种成长曲线并排放在一起。OpenAI 是消费驱动型，九亿周活，年化两百四十亿，企业占比已达百分之四十，是冲刺 IPO 的消费机器。Anthropic 是企业驱动型，年化超过三百亿，谷歌累计承诺四百亿，最关键的是它在谈估值已经反超 OpenAI——九千亿对八千五百二十亿。xAI 是合并叙事，二百三十亿估值加 SpaceX 整体一万二千五百亿，特斯拉押了二十亿。三家合计两万四千八百亿，已超过苹果同期市值的三分之二。
+
+---
+
+# 10_china_five_ranking
+
+镜头转向中国。DeepSeek 拿到国家大基金首次领投，估值五百亿，是中国 AI 第一阵营的真正领跑者。智谱港股市值五百六十一亿，MiniMax 港股市值三百七十二亿，都是 1 月份港交所上市后的二级市场定价。Moonshot 私募估值二百亿，单轮二十亿是国内大模型史上最大。StepFun 在谈大约八十亿。一个数据警示：港股市值和私募估值不能直接对比，只能看量级。
+
+---
+
+# 11_us_china_dual_track
+
+中美 AI 资本的差异已经结构化。美国走超大私募，单轮三百亿到一千二百二十亿；中国走小私募加 IPO，单轮二十亿到四十亿。美国 IPO 推迟，中国 1 月份就让智谱和 MiniMax 落地港股。美国是市场驱动，中国是大基金领投。估值峰值美国八千五百二十亿，中国五百六十一亿。两种结构在 2026 年已经基本定型，路径差异不再可逆。
+
+---
+
+# 12_second_tier
+
+二线梯队是十亿到五十亿美元区间的四家精英。SSI 是 Sutskever 创立的，估值半年从五十亿翻到三百二十亿，纯靠人和方向叙事——产品都还没有。Perplexity 二百一十亿，月活四千五百万，直挑谷歌搜索。Mistral 一百三十七亿，欧洲开源主权 AI 代表，正在巴黎建有一万三千八百张 Nvidia GPU 的数据中心。Cohere 与 Aleph Alpha 合并，二百亿估值，跨大西洋主权企业栈挑战者。四家合计八百六十七亿，只占同期 OpenAI 估值的十分之一。
+
+---
+
+# 13_chapter_nvidia
+
+进入第五部分。这一章讲一个核心结构问题：当芯片商同时是大股东。Nvidia 在 2026 年至今股权投资超过四百亿美元，OpenAI 拿了三百亿，xAI、Anthropic、Mistral 全到位。同一时间，它的百分之八十五的收入来自仅仅六个客户。这是闭环。
+
+---
+
+# 14_nvidia_sankey
+
+把 Nvidia 的圆形投资画成资金流图。左边 Nvidia 投出四百亿股权。中间分给 OpenAI 三百亿、xAI 约三十亿、Anthropic 约二十亿、Mistral 约十亿、CoreWeave 和其他四十亿。右边这些 AI 公司又把绝大部分资金作为多年算力承诺投回给 Nvidia 买芯片——预计回流一千亿以上。Wedbush 的分析师评论极其精准：这正好是市场最担心的圆形投资主题。
+
+---
+
+# 15_nvidia_pareto
+
+Nvidia 客户集中度的帕累托图。第一名微软占百分之十八，第二名 Meta 百分之十六，第三名谷歌百分之十五，第四名亚马逊百分之十一——前四名合计百分之六十。再加上 OpenAI 和 CoreWeave，前六名累积达到百分之八十五。这是一个二元风险：任何一家 hyperscaler 砍资本开支，都会级联打击 Nvidia 的财报，进而打击整个 AI 供应链。
+
+---
+
+# 16_stargate_hub
+
+Stargate 项目是这一切的物理基础。OpenAI 加 Oracle 加 SoftBank，五千亿美元投入，十吉瓦容量，四年期。中心节点是已经投运的德州 Abilene 旗舰，到 2026 年中期将达到一吉瓦。围绕它有七个站点：Shackelford TX、Doña Ana NM、密歇根萨林、中西部未公开、俄亥俄 Lordstown、德州 Milam。截至目前已规划七吉瓦，未来三年投入四千亿，GB200 机架已经在 Abilene 交付。Sam Altman 简洁地说了一句：up and running。
+
+---
+
+# 17_chapter_bubble
+
+进入最后一部分，泡沫。Hyperscaler 资本开支已达四千亿，企业 AI 收入仅一千亿。增速差距四十六个百分点，是 2001 年电信泡沫期的三十二个百分点的一点五倍——也就是说，差距已经超过 2001 电信泡沫。麻省理工的研究显示，百分之九十五的生成式 AI 试点未产生商业价值。这是泡沫的真实数据底色。
+
+---
+
+# 18_capex_vs_revenue
+
+剪刀差图。红线是 hyperscaler 资本开支，从 2020 年的两百亿涨到 2026 年的七千二百五十亿，几乎是垂直起飞。绿线是企业 AI 收入，从 2020 年的几十亿涨到 2026 年的约一千亿，斜率温和得多。两线之间的阴影区域就是 ROI 鸿沟。资本主义有耐心，但耐心是有限的。
+
+---
+
+# 19_four_risks_quadrant
+
+四大风险，互相放大。左上：资本开支与营收鸿沟已超 2001 电信泡沫。右上：MIT 数据显示百分之九十五的企业 AI 试点未产生商业价值。左下：Nvidia 收入百分之八十五来自六个客户，前四名近百分之六十。右下：融资结构正从经营现金流转向举债融资。这四个风险中任何一个单独都可控，但它们正同时存在并互相放大。
+
+---
+
+# 20_closing
+
+六大判断作为收尾。第一，资本集中度是 2026 主旋律。第二，算力是真硬通货。第三，下一道护城河是电力不是芯片。第四，中美双轨结构已经成型且不可逆。第五，真实 ROI 滞后但巨头未止血——这是一场赌"未来兑现"的赛跑。第六，Anthropic 估值已经反超 OpenAI。最后一句留给编辑部：这还不是泡沫破裂，这是泡沫继续累积。感谢收看。
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/spec_lock.md
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/spec_lock.md
@@ -0,0 +1,93 @@
+# Execution Lock
+
+## canvas
+- viewBox: 0 0 1280 720
+- format: PPT 16:9
+
+## colors
+- bg: #0E1116
+- secondary_bg: #1A1F26
+- primary: #E8E6E1
+- accent: #E63946
+- secondary_accent: #F4A261
+- text: #C9C5BE
+- text_secondary: #8A857E
+- text_tertiary: #5C5852
+- border: #2A2F36
+- success: #52B788
+- warning: #E63946
+- image_rendering: editorial
+- image_palette: dark-cinematic
+
+## typography
+- font_family: "Microsoft YaHei", Arial, sans-serif
+- body_family: "Microsoft YaHei", Arial, sans-serif
+- title_family: Cambria, "Microsoft YaHei", serif
+- subtitle_family: Cambria, serif
+- emphasis_family: Georgia, "Microsoft YaHei", serif
+- code_family: Consolas, "Courier New", monospace
+- body: 16
+- title: 28
+- subtitle: 20
+- annotation: 12
+- hero_number: 80
+- cover_title: 72
+- chapter_title: 44
+- chapter_mark: 180
+- big_quote_mark: 120
+- footnote: 10
+
+## icons
+- library: tabler-outline
+- stroke_width: 1.5
+- brand_library: simple-icons
+- inventory: trending-up, currency-dollar, building, chart-bar, server, bolt, alert-triangle, globe, cpu, trending-down, arrow-right, bookmark, world, link, percentage, target, scale, briefcase
+- brand_inventory: openai, anthropic, nvidia, google, microsoft, amazon, meta, oracle, softbank
+
+## images
+- cover_atmosphere: images/cover_atmosphere.png
+- nvidia_circular: images/nvidia_circular.png
+- bubble_tension: images/bubble_tension.png
+
+## page_rhythm
+- P01: anchor
+- P02: breathing
+- P03: anchor
+- P04: dense
+- P05: dense
+- P06: dense
+- P07: dense
+- P08: dense
+- P09: dense
+- P10: dense
+- P11: dense
+- P12: dense
+- P13: breathing
+- P14: dense
+- P15: dense
+- P16: dense
+- P17: breathing
+- P18: dense
+- P19: dense
+- P20: anchor
+
+## page_charts
+- P04: kpi_cards
+- P05: bar_chart
+- P06: dumbbell_chart
+- P07: bubble_chart
+- P08: donut_chart
+- P10: horizontal_bar_chart
+- P11: comparison_table
+- P14: sankey_chart
+- P15: pareto_chart
+- P16: hub_spoke
+- P18: dual_axis_line_chart
+- P19: quadrant_text_bullets
+
+## forbidden
+- Mixing icon libraries
+- rgba()
+- `<style>`, `class`, `<foreignObject>`, `textPath`, `@font-face`, `<animate*>`, `<script>`, `<iframe>`, `<symbol>`+`<use>`
+- `<g opacity>` (set opacity on each child element individually)
+- HTML named entities in text (`&nbsp;`, `&mdash;`, `&copy;`, `&ndash;`, `&reg;`, `&hellip;`, `&bull;` …) — write as raw Unicode (`—`, `©`, `→`, NBSP, etc.); XML reserved chars `& < > " '` must be escaped as `&amp; &lt; &gt; &quot; &apos;`
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/01_cover.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/01_cover.svg
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/02_editor_note.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/02_editor_note.svg
@@ -0,0 +1,52 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PROLOGUE · 02</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">编辑导语 / Editor's Note</text>
+  </g>
+
+  <g id="big-quote">
+    <text x="60" y="220" font-family="Cambria, serif" font-size="120" fill="#E63946" opacity="0.45">"</text>
+  </g>
+
+  <g id="lede">
+    <text x="160" y="240" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="30" font-weight="bold" fill="#E8E6E1">三组数字，足以定义 2026 年的 AI 资本格局。</text>
+  </g>
+
+  <g id="point-1">
+    <text x="60" y="340" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$297B</text>
+    <text x="60" y="380" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">单季全球 VC 总额 · AI 占 <tspan fill="#E8E6E1" font-weight="bold">81%</tspan></text>
+    <line x1="60" y1="405" x2="380" y2="405" stroke="#2A2F36" stroke-width="1" />
+  </g>
+
+  <g id="point-2">
+    <text x="450" y="340" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$188B</text>
+    <text x="450" y="380" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">四笔交易合计 · 占全季 VC <tspan fill="#E8E6E1" font-weight="bold">65%</tspan></text>
+    <line x1="450" y1="405" x2="770" y2="405" stroke="#2A2F36" stroke-width="1" />
+  </g>
+
+  <g id="point-3">
+    <text x="840" y="340" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">+46pt</text>
+    <text x="840" y="380" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">Capex 与 AI 收入增速差距 · 已超 <tspan fill="#E8E6E1" font-weight="bold">2001 电信泡沫</tspan></text>
+    <line x1="840" y1="405" x2="1160" y2="405" stroke="#2A2F36" stroke-width="1" />
+  </g>
+
+  <g id="body-text">
+    <text font-size="16" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="60" y="470">这一期，我们用 18 张数据图，回答一个问题：</text><text font-size="16" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="60" y="498"><tspan>当全球风险资本以前所未有的集中度涌入 AI，<tspan fill="#E8E6E1" font-weight="bold">这究竟是基建周期的开端，还是泡沫膨胀的中段？</tspan></tspan>
+      </text><text font-size="16" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="60" y="526">不要急着下结论。我们先把六个维度的数字铺开。</text></g>
+
+  <g id="signature">
+    <line x1="60" y1="618" x2="200" y2="618" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="644" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">— Editorial Desk, 2026-05-16</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Capital, Compute, and the Closed Loop · 2026 Industry Briefing</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">02 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/03_contents.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/03_contents.svg
@@ -0,0 +1,75 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">CONTENTS · 03</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="130" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="44" font-weight="bold" fill="#E8E6E1">目录 / Contents</text>
+    <text x="60" y="162" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Six parts · Eighteen data charts · 2026 全球 AI 资本格局</text>
+  </g>
+
+  <g id="toc-left">
+    <g id="part-1">
+      <text x="60" y="240" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">I</text>
+      <text x="120" y="232" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">全景 · Landscape</text>
+      <text x="120" y="258" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Q1 风投 · Hyperscaler $725B Capex</text>
+      <text x="560" y="240" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P04 — P05</text>
+      <line x1="60" y1="280" x2="560" y2="280" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="part-2">
+      <text x="60" y="340" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">II</text>
+      <text x="120" y="332" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">三巨头 · The Big Three</text>
+      <text x="120" y="358" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">OpenAI · Anthropic · xAI</text>
+      <text x="560" y="340" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P06 — P09</text>
+      <line x1="60" y1="380" x2="560" y2="380" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="part-3">
+      <text x="60" y="440" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">III</text>
+      <text x="120" y="432" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">中国阵营 · China Camp</text>
+      <text x="120" y="458" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">DeepSeek $50B 领跑 · 中美双轨</text>
+      <text x="560" y="440" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P10 — P11</text>
+      <line x1="60" y1="480" x2="560" y2="480" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+  </g>
+
+  <g id="toc-right">
+    <g id="part-4">
+      <text x="660" y="240" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">IV</text>
+      <text x="730" y="232" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">二线梯队 · The Second Tier</text>
+      <text x="730" y="258" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">SSI · Perplexity · Mistral · Cohere</text>
+      <text x="1160" y="240" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P12</text>
+      <line x1="660" y1="280" x2="1160" y2="280" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="part-5">
+      <text x="660" y="340" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">V</text>
+      <text x="730" y="332" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">基建与闭环 · Infrastructure</text>
+      <text x="730" y="358" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Nvidia 闭环 · Stargate $500B</text>
+      <text x="1160" y="340" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P13 — P16</text>
+      <line x1="660" y1="380" x2="1160" y2="380" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="part-6">
+      <text x="660" y="440" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">VI</text>
+      <text x="730" y="432" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">泡沫与判断 · The Bubble</text>
+      <text x="730" y="458" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Capex/Revenue 鸿沟 · 六大判断</text>
+      <text x="1160" y="440" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P17 — P20</text>
+      <line x1="660" y1="480" x2="1160" y2="480" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+  </g>
+
+  <g id="bottom-meta">
+    <line x1="60" y1="600" x2="1220" y2="600" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="635" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">阅读建议 / Reading note</text>
+    <text x="60" y="660" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">每章约 3-5 分钟 · 推荐顺序阅读 · 数据均附 §VIII 来源列表</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Capital, Compute, and the Closed Loop · 2026 Industry Briefing</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">03 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/04_q1_vc_landscape.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/04_q1_vc_landscape.svg
@@ -0,0 +1,95 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART I · LANDSCAPE · 04</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">2026 Q1 全球风投：<tspan fill="#E63946">$297B</tspan> 创纪录，AI 拿走 <tspan fill="#E63946">81%</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Global VC Q1 2026 — four mega-deals carry the quarter</text>
+  </g>
+
+  <g id="card-1">
+    <path fill="#1A1F26" stroke="#2A2F36" stroke-width="1" d="M66,190 H334 A6,6 0 0 1 340,196 V404 A6,6 0 0 1 334,410 H66 A6,6 0 0 1 60,404 V196 A6,6 0 0 1 66,190 Z" />
+    <line x1="60" y1="190" x2="60" y2="290" stroke="#E63946" stroke-width="3" />
+    
+  <g transform="translate(80.0, 210.0) scale(0.9166666666666666)" fill="none" stroke="#8A857E" stroke-width="1.5">
+    <path d="M3 12a9 9 0 1 0 18 0a9 9 0 0 0 -18 0" />
+    <path d="M3.6 9h16.8" />
+    <path d="M3.6 15h16.8" />
+    <path d="M11.5 3a17 17 0 0 0 0 18" />
+    <path d="M12.5 3a17 17 0 0 1 0 18" />
+  </g>
+    <text x="112" y="227" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">单季 VC 总额 / Q1 VC</text>
+    <text x="80" y="320" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">$297<tspan font-size="32" fill="#C9C5BE">B</tspan></text>
+    <text x="80" y="360" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">单季历史最高 · Single-quarter record</text>
+    <text x="80" y="385" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#5C5852">来源: Crunchbase</text>
+  </g>
+
+  <g id="card-2">
+    <path fill="#1A1F26" stroke="#2A2F36" stroke-width="1" d="M366,190 H634 A6,6 0 0 1 640,196 V404 A6,6 0 0 1 634,410 H366 A6,6 0 0 1 360,404 V196 A6,6 0 0 1 366,190 Z" />
+    <line x1="360" y1="190" x2="360" y2="290" stroke="#E63946" stroke-width="3" />
+    
+  <g transform="translate(380.0, 210.0) scale(0.9166666666666666)" fill="none" stroke="#8A857E" stroke-width="1.5">
+    <path d="M16 17a1 1 0 1 0 2 0a1 1 0 1 0 -2 0" />
+    <path d="M6 7a1 1 0 1 0 2 0a1 1 0 1 0 -2 0" />
+    <path d="M6 18l12 -12" />
+  </g>
+    <text x="412" y="227" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">AI 占全季 VC / AI share</text>
+    <text x="380" y="320" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">81<tspan font-size="32" fill="#C9C5BE">%</tspan></text>
+    <text x="380" y="360" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">约 <tspan fill="#E63946" font-weight="bold">$242B</tspan> 流入 AI 行业</text>
+    <text x="380" y="385" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#5C5852">来源: Crunchbase / PitchBook</text>
+  </g>
+
+  <g id="card-3">
+    <path fill="#1A1F26" stroke="#2A2F36" stroke-width="1" d="M66,430 H334 A6,6 0 0 1 340,436 V644 A6,6 0 0 1 334,650 H66 A6,6 0 0 1 60,644 V436 A6,6 0 0 1 66,430 Z" />
+    <line x1="60" y1="430" x2="60" y2="530" stroke="#F4A261" stroke-width="3" />
+    
+  <g transform="translate(80.0, 450.0) scale(0.9166666666666666)" fill="none" stroke="#8A857E" stroke-width="1.5">
+    <path d="M16.7 8a3 3 0 0 0 -2.7 -2h-4a3 3 0 0 0 0 6h4a3 3 0 0 1 0 6h-4a3 3 0 0 1 -2.7 -2" />
+    <path d="M12 3v3m0 12v3" />
+  </g>
+    <text x="112" y="467" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">Top 4 笔大单 / Top 4 deals</text>
+    <text x="80" y="560" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">$188<tspan font-size="32" fill="#C9C5BE">B</tspan></text>
+    <text x="80" y="600" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI · Anthropic · xAI · Waymo</text>
+    <text x="80" y="625" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#5C5852">来源: PitchBook Q1 2026 Report</text>
+  </g>
+
+  <g id="card-4">
+    <path fill="#1A1F26" stroke="#2A2F36" stroke-width="1" d="M366,430 H634 A6,6 0 0 1 640,436 V644 A6,6 0 0 1 634,650 H366 A6,6 0 0 1 360,644 V436 A6,6 0 0 1 366,430 Z" />
+    <line x1="360" y1="430" x2="360" y2="530" stroke="#F4A261" stroke-width="3" />
+    
+  <g transform="translate(380.0, 450.0) scale(0.9166666666666666)" fill="none" stroke="#8A857E" stroke-width="1.5">
+    <path d="M11 12a1 1 0 1 0 2 0a1 1 0 1 0 -2 0" />
+    <path d="M7 12a5 5 0 1 0 10 0a5 5 0 1 0 -10 0" />
+    <path d="M3 12a9 9 0 1 0 18 0a9 9 0 1 0 -18 0" />
+  </g>
+    <text x="412" y="467" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">集中度 / Concentration</text>
+    <text x="380" y="560" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">65<tspan font-size="32" fill="#C9C5BE">%</tspan></text>
+    <text x="380" y="600" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Top 4 占全季全球 VC 比例</text>
+    <text x="380" y="625" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#5C5852">钱不是更多，是更集中</text>
+  </g>
+
+  <g id="callout-right">
+    <line x1="680" y1="190" x2="680" y2="650" stroke="#2A2F36" stroke-width="1" />
+    <text x="700" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL NOTE</text>
+    <line x1="700" y1="232" x2="820" y2="232" stroke="#E63946" stroke-width="1" />
+
+    <text font-weight="bold" font-size="22" fill="#E8E6E1" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" x="700" y="280">钱没变多，</text><text font-weight="bold" font-size="22" fill="#E8E6E1" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" x="700" y="312">是更集中。</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="700" y="380">"While more money than ever is being</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="700" y="402">invested in the private markets, that's</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="700" y="424"><tspan>thanks to <tspan fill="#E63946" font-weight="bold">larger checks, not more</tspan></tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="700" y="446"><tspan><tspan fill="#E63946" font-weight="bold">of them</tspan> — capital concentrated into a</tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="700" y="468">select few companies and a single</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="700" y="490">industry."</text><text x="700" y="555" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">— Crunchbase, Q1 2026 venture report</text>
+
+    <g id="key-stat-inline">
+      <line x1="700" y1="600" x2="1160" y2="600" stroke="#2A2F36" stroke-width="1" />
+      <text x="700" y="630" font-family="Cambria, serif" font-size="13" fill="#8A857E">三大模型公司单季合计</text>
+      <text x="1160" y="630" text-anchor="end" font-family="Cambria, serif" font-size="32" font-weight="bold" fill="#E63946">$172B</text>
+    </g>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Crunchbase · PitchBook Q1 2026 Venture Reports</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">04 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/05_hyperscaler_capex.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/05_hyperscaler_capex.svg
@@ -0,0 +1,93 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART I · LANDSCAPE · 05</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">四家 Hyperscaler 2026 Capex：<tspan fill="#E63946">$725B</tspan>，同比 <tspan fill="#E63946">+77%</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Microsoft · Alphabet · Amazon · Meta — combined AI infrastructure capex</text>
+  </g>
+
+  <g id="chartArea">
+    <line x1="180" y1="200" x2="850" y2="200" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="180" y1="290" x2="850" y2="290" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="180" y1="380" x2="850" y2="380" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="180" y1="470" x2="850" y2="470" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="180" y1="560" x2="850" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+
+    <text x="170" y="205" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$200B</text>
+    <text x="170" y="295" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$150B</text>
+    <text x="170" y="385" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$100B</text>
+    <text x="170" y="475" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$50B</text>
+    <text x="170" y="565" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$0</text>
+
+    <line x1="180" y1="200" x2="180" y2="560" stroke="#5C5852" stroke-width="1" />
+    <line x1="180" y1="560" x2="850" y2="560" stroke="#5C5852" stroke-width="1" />
+    
+
+    <g id="bar-amazon">
+      <rect x="240" y="200" width="100" height="360" fill="#E63946" />
+      <text x="290" y="185" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$200B</text>
+      
+  <g transform="translate(278.0, 572.0)" fill="#C9C5BE">
+    <path d="M.045 18.02c.072-.116.187-.124.348-.022 3.636 2.11 7.594 3.166 11.87 3.166 2.852 0 5.668-.533 8.447-1.595l.315-.14c.138-.06.234-.1.293-.13.226-.088.39-.046.525.13.12.174.09.336-.12.48-.256.19-.6.41-1.006.654-1.244.743-2.64 1.316-4.185 1.726a17.617 17.617 0 01-10.951-.577 17.88 17.88 0 01-5.43-3.35c-.1-.074-.151-.15-.151-.22 0-.047.021-.09.051-.13zm6.565-6.218c0-1.005.247-1.863.743-2.577.495-.71 1.17-1.25 2.04-1.615.796-.335 1.756-.575 2.912-.72.39-.046 1.033-.103 1.92-.174v-.37c0-.93-.105-1.558-.3-1.875-.302-.43-.78-.65-1.44-.65h-.182c-.48.046-.896.196-1.246.46-.35.27-.575.63-.675 1.096-.06.3-.206.465-.435.51l-2.52-.315c-.248-.06-.372-.18-.372-.39 0-.046.007-.09.022-.15.247-1.29.855-2.25 1.82-2.88.976-.616 2.1-.975 3.39-1.05h.54c1.65 0 2.957.434 3.888 1.29.135.15.27.3.405.48.12.165.224.314.283.45.075.134.15.33.195.57.06.254.105.42.135.51.03.104.062.3.076.615.01.313.02.493.02.553v5.28c0 .376.06.72.165 1.036.105.313.21.54.315.674l.51.674c.09.136.136.256.136.36 0 .12-.06.226-.18.314-1.2 1.05-1.86 1.62-1.963 1.71-.165.135-.375.15-.63.045a6.062 6.062 0 01-.526-.496l-.31-.347a9.391 9.391 0 01-.317-.42l-.3-.435c-.81.886-1.603 1.44-2.4 1.665-.494.15-1.093.227-1.83.227-1.11 0-2.04-.343-2.76-1.034-.72-.69-1.08-1.665-1.08-2.94l-.05-.076zm3.753-.438c0 .566.14 1.02.425 1.364.285.34.675.512 1.155.512.045 0 .106-.007.195-.02.09-.016.134-.023.166-.023.614-.16 1.08-.553 1.424-1.178.165-.28.285-.58.36-.91.09-.32.12-.59.135-.8.015-.195.015-.54.015-1.005v-.54c-.84 0-1.484.06-1.92.18-1.275.36-1.92 1.17-1.92 2.43l-.035-.02zm9.162 7.027c.03-.06.075-.11.132-.17.362-.243.714-.41 1.05-.5a8.094 8.094 0 011.612-.24c.14-.012.28 0 .41.03.65.06 1.05.168 1.172.33.063.09.099.228.099.39v.15c0 .51-.149 1.11-.424 1.8-.278.69-.664 1.248-1.156 1.68-.073.06-.14.09-.197.09-.03 0-.06 0-.09-.012-.09-.044-.107-.12-.064-.24.54-1.26.806-2.143.806-2.64 0-.15-.03-.27-.087-.344-.145-.166-.55-.257-1.224-.257-.243 0-.533.016-.87.046-.363.045-.7.09-1 .135-.09 0-.148-.014-.18-.044-.03-.03-.036-.047-.02-.077 0-.017.006-.03.02-.063v-.06z" />
+  </g>
+      <text x="290" y="624" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">行业最高</text>
+    </g>
+
+    <g id="bar-msft">
+      <rect x="395" y="218" width="100" height="342" fill="#C9C5BE" />
+      <text x="445" y="203" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$190B</text>
+      
+  <g transform="translate(433.0, 572.0)" fill="#C9C5BE">
+    <path d="M0 0v11.408h11.408V0zm12.594 0v11.408H24V0zM0 12.594V24h11.408V12.594zm12.594 0V24H24V12.594z" />
+  </g>
+      <text x="445" y="624" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">含 $25B 存储芯片</text>
+    </g>
+
+    <g id="bar-google">
+      <rect x="550" y="218" width="100" height="342" fill="#C9C5BE" />
+      <text x="600" y="203" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$190B</text>
+      
+  <g transform="translate(588.0, 572.0)" fill="#C9C5BE">
+    <path d="M12.48 10.92v3.28h7.84c-.24 1.84-.853 3.187-1.787 4.133-1.147 1.147-2.933 2.4-6.053 2.4-4.827 0-8.6-3.893-8.6-8.72s3.773-8.72 8.6-8.72c2.6 0 4.507 1.027 5.907 2.347l2.307-2.307C18.747 1.44 16.133 0 12.48 0 5.867 0 .307 5.387.307 12s5.56 12 12.173 12c3.573 0 6.267-1.173 8.373-3.36 2.16-2.16 2.84-5.213 2.84-7.667 0-.76-.053-1.467-.173-2.053H12.48z" />
+  </g>
+      <text x="600" y="624" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">指引上调 $5B</text>
+    </g>
+
+    <g id="bar-meta">
+      <rect x="705" y="299" width="100" height="261" fill="#8A857E" />
+      <text x="755" y="284" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$145B+</text>
+      
+  <g transform="translate(743.0, 572.0)" fill="#C9C5BE">
+    <path d="M6.915 4.03c-1.968 0-3.683 1.28-4.871 3.113C.704 9.208 0 11.883 0 14.449c0 .706.07 1.369.21 1.973a6.624 6.624 0 0 0 .265.86 5.297 5.297 0 0 0 .371.761c.696 1.159 1.818 1.927 3.593 1.927 1.497 0 2.633-.671 3.965-2.444.76-1.012 1.144-1.626 2.663-4.32l.756-1.339.186-.325c.061.1.121.196.183.3l2.152 3.595c.724 1.21 1.665 2.556 2.47 3.314 1.046.987 1.992 1.22 3.06 1.22 1.075 0 1.876-.355 2.455-.843a3.743 3.743 0 0 0 .81-.973c.542-.939.861-2.127.861-3.745 0-2.72-.681-5.357-2.084-7.45-1.282-1.912-2.957-2.93-4.716-2.93-1.047 0-2.088.467-3.053 1.308-.652.57-1.257 1.29-1.82 2.05-.69-.875-1.335-1.547-1.958-2.056-1.182-.966-2.315-1.303-3.454-1.303zm10.16 2.053c1.147 0 2.188.758 2.992 1.999 1.132 1.748 1.647 4.195 1.647 6.4 0 1.548-.368 2.9-1.839 2.9-.58 0-1.027-.23-1.664-1.004-.496-.601-1.343-1.878-2.832-4.358l-.617-1.028a44.908 44.908 0 0 0-1.255-1.98c.07-.109.141-.224.211-.327 1.12-1.667 2.118-2.602 3.358-2.602zm-10.201.553c1.265 0 2.058.791 2.675 1.446.307.327.737.871 1.234 1.579l-1.02 1.566c-.757 1.163-1.882 3.017-2.837 4.338-1.191 1.649-1.81 1.817-2.486 1.817-.524 0-1.038-.237-1.383-.794-.263-.426-.464-1.13-.464-2.046 0-2.221.63-4.535 1.66-6.088.454-.687.964-1.226 1.533-1.533a2.264 2.264 0 0 1 1.088-.285z" />
+  </g>
+      <text x="755" y="624" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">电力土地紧张</text>
+    </g>
+  </g>
+
+  <g id="callout-right">
+    <line x1="900" y1="190" x2="900" y2="600" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="920" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">KEY OBSERVATION</text>
+
+    <text x="920" y="280" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$725B</text>
+    <text x="920" y="306" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">2026 合计 Capex · 同比 <tspan fill="#E8E6E1" font-weight="bold">+77%</tspan></text>
+
+    <line x1="920" y1="340" x2="1160" y2="340" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="920" y="378" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">资源约束已转向电力</text>
+
+    <text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="920" y="420"><tspan><tspan fill="#E63946" font-weight="bold">60%+</tspan> 资本流向电力基础设</tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="920" y="442">施、冷却、土建——而不是</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="920" y="464">芯片本身。</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="920" y="510">下一道护城河不是算力，</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="920" y="532"><tspan>是 <tspan fill="#E63946" font-weight="bold">GW 级供电</tspan>。</tspan>
+    </text><text x="920" y="595" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">— Tom's Hardware / Statista, 2026 outlook</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Tom's Hardware · Statista · NextWaves · Company guidance Q1 2026</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">05 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/06_big_three_valuation_leap.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/06_big_three_valuation_leap.svg
@@ -0,0 +1,91 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 06</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">三巨头估值跃迁：从年初到 Q2 的 <tspan fill="#E63946">双倍线</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">OpenAI · Anthropic · xAI — six-month valuation deltas</text>
+  </g>
+
+  <g id="chartArea">
+    <g id="axis">
+      <line x1="220" y1="220" x2="220" y2="560" stroke="#2A2F36" stroke-width="1"/>
+      <line x1="220" y1="560" x2="1180" y2="560" stroke="#5C5852" stroke-width="1"/>
+      <line x1="380" y1="220" x2="380" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="540" y1="220" x2="540" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="700" y1="220" x2="700" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="860" y1="220" x2="860" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="1020" y1="220" x2="1020" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="1180" y1="220" x2="1180" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+
+      <text x="220" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$0</text>
+      <text x="380" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$200B</text>
+      <text x="540" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$400B</text>
+      <text x="700" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$600B</text>
+      <text x="860" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$800B</text>
+      <text x="1020" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$1.0T</text>
+      <text x="1180" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$1.2T</text>
+    </g>
+    <!-- chart-plot-area: 220,220,1180,560 -->
+
+    <g id="legend">
+      <circle cx="220" cy="195" r="5" fill="#8A857E"/>
+      <text x="232" y="200" font-family="Cambria, serif" font-size="12" fill="#C9C5BE">Year-Start 2026</text>
+      <circle cx="380" cy="195" r="5" fill="#E63946"/>
+      <text x="392" y="200" font-family="Cambria, serif" font-size="12" fill="#C9C5BE">Latest (May 2026)</text>
+    </g>
+
+    <g id="row-openai">
+      <text x="210" y="265" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1" text-anchor="end">OpenAI</text>
+      <text x="210" y="284" font-family="Cambria, serif" font-size="10" fill="#5C5852" text-anchor="end">consumer + IPO</text>
+      <line x1="460" y1="270" x2="900" y2="270" stroke="#C9C5BE" stroke-width="2"/>
+      <circle cx="460" cy="270" r="9" fill="#8A857E"/>
+      <circle cx="900" cy="270" r="9" fill="#E63946"/>
+      <text x="448" y="252" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#8A857E" text-anchor="end">$300B</text>
+      <text x="912" y="252" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">$852B</text>
+      <text x="912" y="290" font-family="Cambria, serif" font-size="11" fill="#5C5852">+184%</text>
+    </g>
+
+    <g id="row-anthropic">
+      <text x="210" y="375" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1" text-anchor="end">Anthropic</text>
+      <text x="210" y="394" font-family="Cambria, serif" font-size="10" fill="#5C5852" text-anchor="end">enterprise</text>
+      <line x1="269" y1="380" x2="524" y2="380" stroke="#C9C5BE" stroke-width="2"/>
+      <line x1="524" y1="380" x2="940" y2="380" stroke="#F4A261" stroke-width="2" stroke-dasharray="4,3"/>
+      <circle cx="269" cy="380" r="9" fill="#8A857E"/>
+      <circle cx="524" cy="380" r="9" fill="#E63946"/>
+      <circle cx="940" cy="380" r="7" fill="none" stroke="#F4A261" stroke-width="2"/>
+      <text x="257" y="362" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#8A857E" text-anchor="end">$61.5B</text>
+      <text x="536" y="362" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">$380B (G)</text>
+      <text x="958" y="362" font-family="Cambria, serif" font-size="12" fill="#F4A261" text-anchor="end">→ $900B (在谈)</text>
+      <text x="269" y="400" font-family="Cambria, serif" font-size="11" fill="#5C5852">+518% (locked) / +1364% (in-talks)</text>
+    </g>
+
+    <g id="row-xai">
+      <text x="210" y="485" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1" text-anchor="end">xAI</text>
+      <text x="210" y="504" font-family="Cambria, serif" font-size="10" fill="#5C5852" text-anchor="end">SpaceX merger</text>
+      <line x1="260" y1="490" x2="404" y2="490" stroke="#C9C5BE" stroke-width="2"/>
+      <line x1="404" y1="490" x2="1220" y2="490" stroke="#F4A261" stroke-width="2" stroke-dasharray="4,3"/>
+      <circle cx="260" cy="490" r="9" fill="#8A857E"/>
+      <circle cx="404" cy="490" r="9" fill="#E63946"/>
+      <circle cx="1220" cy="490" r="9" fill="none" stroke="#F4A261" stroke-width="2"/>
+      <text x="248" y="472" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#8A857E" text-anchor="end">$50B</text>
+      <text x="416" y="472" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">$230B</text>
+      <text x="1208" y="472" font-family="Cambria, serif" font-size="12" fill="#F4A261" text-anchor="end">→ $1.25T (合并)</text>
+      <text x="260" y="510" font-family="Cambria, serif" font-size="11" fill="#5C5852">+360% (Jan E) / +2400% (post-merger)</text>
+    </g>
+  </g>
+
+  <g id="insight-strip">
+    <line x1="60" y1="630" x2="1220" y2="630" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="660" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL TAKE</text>
+    <text x="640" y="660" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-style="italic" fill="#E8E6E1">六个月里，三家公司的合计估值从 <tspan font-weight="bold">$411B</tspan> 跃至 <tspan fill="#E63946" font-weight="bold">$1.46T</tspan>——3.6 倍。</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: CNBC · Bloomberg · TechCrunch · Anthropic / OpenAI press · Fortune Feb 2026</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">06 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/07_valuation_vs_revenue_bubble.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/07_valuation_vs_revenue_bubble.svg
@@ -0,0 +1,86 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 07</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">估值兑现度：<tspan fill="#E63946">气泡大小 = 投资人数</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Valuation × ARR × investor count — who is most over-extended?</text>
+  </g>
+
+  <g id="chartArea">
+    <g id="axes">
+      <line x1="160" y1="200" x2="160" y2="560" stroke="#5C5852" stroke-width="1.5"/>
+      <line x1="160" y1="560" x2="1200" y2="560" stroke="#5C5852" stroke-width="1.5"/>
+
+      <line x1="160" y1="280" x2="1200" y2="280" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="160" y1="360" x2="1200" y2="360" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="160" y1="440" x2="1200" y2="440" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="160" y1="520" x2="1200" y2="520" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+
+      <line x1="380" y1="200" x2="380" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="600" y1="200" x2="600" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="820" y1="200" x2="820" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="1040" y1="200" x2="1040" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+
+      <text x="148" y="285" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$1000B</text>
+      <text x="148" y="365" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$750B</text>
+      <text x="148" y="445" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$500B</text>
+      <text x="148" y="525" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$250B</text>
+      <text x="148" y="565" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$0</text>
+
+      <text x="160" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$0</text>
+      <text x="380" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$10B</text>
+      <text x="600" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$20B</text>
+      <text x="820" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$30B</text>
+      <text x="1040" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$40B</text>
+
+      <text x="60" y="380" font-family="Cambria, serif" font-size="12" fill="#8A857E" transform="rotate(-90, 60, 380)" text-anchor="middle">VALUATION ($B) →</text>
+      <text x="680" y="615" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">ANNUALIZED REVENUE (ARR, $B) →</text>
+    </g>
+    <!-- chart-plot-area: 160,200,1200,560 -->
+
+    <g id="bubble-xai">
+      <circle cx="290" cy="477" r="38" fill="#F4A261" fill-opacity="0.18" stroke="#F4A261" stroke-width="2"/>
+      <circle cx="290" cy="477" r="3" fill="#F4A261"/>
+      <text x="290" y="533" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-weight="bold" fill="#E8E6E1">xAI</text>
+      <text x="290" y="551" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">$5B / $230B · 8+ investors</text>
+    </g>
+
+    <g id="bubble-anthropic">
+      <circle cx="940" cy="423" r="30" fill="#E63946" fill-opacity="0.22" stroke="#E63946" stroke-width="2"/>
+      <circle cx="940" cy="423" r="3" fill="#E63946"/>
+      <text x="940" y="381" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-weight="bold" fill="#E8E6E1">Anthropic</text>
+      <text x="940" y="363" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">$30B / $380B · 5 investors</text>
+
+      <line x1="940" y1="393" x2="1100" y2="310" stroke="#F4A261" stroke-width="1" stroke-dasharray="3,3"/>
+      <circle cx="1100" cy="310" r="10" fill="none" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="3,2"/>
+      <text x="1090" y="298" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#F4A261">→ $900B (in talks)</text>
+    </g>
+
+    <g id="bubble-openai">
+      <circle cx="784" cy="253" r="48" fill="#E63946" fill-opacity="0.18" stroke="#E63946" stroke-width="2"/>
+      <circle cx="784" cy="253" r="3" fill="#E63946"/>
+      <text x="784" y="320" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-weight="bold" fill="#E8E6E1">OpenAI</text>
+      <text x="784" y="338" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">$24B / $852B · 7+ investors</text>
+    </g>
+
+    <g id="ref-line">
+      <line x1="160" y1="560" x2="1200" y2="200" stroke="#8A857E" stroke-width="1" stroke-dasharray="6,4" opacity="0.4"/>
+      <text x="1140" y="192" font-family="Cambria, serif" font-size="10" fill="#8A857E" text-anchor="end" opacity="0.7">implied "fair valuation" trend</text>
+    </g>
+  </g>
+
+  <g id="insight-right">
+    <rect x="80" y="640" width="1120" height="50" fill="#1A1F26"/>
+    <line x1="80" y1="640" x2="80" y2="690" stroke="#E63946" stroke-width="3"/>
+    <text x="100" y="671" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" fill="#E8E6E1">所有气泡都站在"公允线"上方——估值跑得比收入快；其中 <tspan fill="#E63946" font-weight="bold">xAI 偏离最远</tspan>（ARR 估算最低却估值 $230B），<tspan fill="#F4A261" font-weight="bold">Anthropic 兑现度最高</tspan>（ARR $30B）。</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="715" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Bloomberg · TechCrunch · Anthropic press 2026-02 / 2026-04 · OpenAI funding 2026-03</text>
+    <text x="1220" y="715" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">07 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/08_openai_investor_donut.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/08_openai_investor_donut.svg
@@ -0,0 +1,90 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 08</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">OpenAI <tspan fill="#E63946">$122B</tspan> 这笔钱，从哪来</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Composition of OpenAI's March 2026 mega-round (post-money $852B)</text>
+  </g>
+
+  <!-- chart-plot-area: donut | center: 400,420 | outer-radius: 170 | inner-radius: 100 -->
+  <g id="donutChart" transform="translate(400, 420)">
+    <!-- Amazon 41% (50/122) calibrated by svg_position_calculator -->
+    <path d="M 0,-170 A 170,170 0 0,1 91.24,143.44 L 53.67,84.38 A 100,100 0 0,0 0,-100 Z" fill="#E63946"/>
+    <!-- Nvidia 24.6% (30/122) -->
+    <path d="M 91.24,143.44 A 170,170 0 0,1 -141.05,94.90 L -82.97,55.82 A 100,100 0 0,0 53.67,84.38 Z" fill="#F4A261"/>
+    <!-- SoftBank 24.6% (30/122) -->
+    <path d="M -141.05,94.90 A 170,170 0 0,1 -98.50,-138.55 L -57.94,-81.50 A 100,100 0 0,0 -82.97,55.82 Z" fill="#C9C5BE"/>
+    <!-- MSFT + Others 9.8% (12/122) -->
+    <path d="M -98.50,-138.55 A 170,170 0 0,1 0,-170 L 0,-100 A 100,100 0 0,0 -57.94,-81.50 Z" fill="#8A857E"/>
+
+    <circle cx="0" cy="0" r="100" fill="#0E1116"/>
+    <text x="0" y="-12" font-family="Cambria, serif" font-size="36" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$122B</text>
+    <text x="0" y="14" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle" letter-spacing="2">TOTAL ROUND</text>
+    <text x="0" y="40" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">@ $852B post-money</text>
+  </g>
+
+  <g id="investor-list">
+    <line x1="660" y1="200" x2="660" y2="640" stroke="#2A2F36" stroke-width="1"/>
+
+    <text x="700" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">INVESTOR BREAKDOWN</text>
+
+    <g id="row-amazon">
+      <rect x="700" y="250" width="6" height="40" fill="#E63946"/>
+      <!-- icon: simple-icons/amazon -->
+  <g transform="translate(720.0, 259.0) scale(0.9166666666666666)" fill="#E8E6E1">
+    <path d="M.045 18.02c.072-.116.187-.124.348-.022 3.636 2.11 7.594 3.166 11.87 3.166 2.852 0 5.668-.533 8.447-1.595l.315-.14c.138-.06.234-.1.293-.13.226-.088.39-.046.525.13.12.174.09.336-.12.48-.256.19-.6.41-1.006.654-1.244.743-2.64 1.316-4.185 1.726a17.617 17.617 0 01-10.951-.577 17.88 17.88 0 01-5.43-3.35c-.1-.074-.151-.15-.151-.22 0-.047.021-.09.051-.13zm6.565-6.218c0-1.005.247-1.863.743-2.577.495-.71 1.17-1.25 2.04-1.615.796-.335 1.756-.575 2.912-.72.39-.046 1.033-.103 1.92-.174v-.37c0-.93-.105-1.558-.3-1.875-.302-.43-.78-.65-1.44-.65h-.182c-.48.046-.896.196-1.246.46-.35.27-.575.63-.675 1.096-.06.3-.206.465-.435.51l-2.52-.315c-.248-.06-.372-.18-.372-.39 0-.046.007-.09.022-.15.247-1.29.855-2.25 1.82-2.88.976-.616 2.1-.975 3.39-1.05h.54c1.65 0 2.957.434 3.888 1.29.135.15.27.3.405.48.12.165.224.314.283.45.075.134.15.33.195.57.06.254.105.42.135.51.03.104.062.3.076.615.01.313.02.493.02.553v5.28c0 .376.06.72.165 1.036.105.313.21.54.315.674l.51.674c.09.136.136.256.136.36 0 .12-.06.226-.18.314-1.2 1.05-1.86 1.62-1.963 1.71-.165.135-.375.15-.63.045a6.062 6.062 0 01-.526-.496l-.31-.347a9.391 9.391 0 01-.317-.42l-.3-.435c-.81.886-1.603 1.44-2.4 1.665-.494.15-1.093.227-1.83.227-1.11 0-2.04-.343-2.76-1.034-.72-.69-1.08-1.665-1.08-2.94l-.05-.076zm3.753-.438c0 .566.14 1.02.425 1.364.285.34.675.512 1.155.512.045 0 .106-.007.195-.02.09-.016.134-.023.166-.023.614-.16 1.08-.553 1.424-1.178.165-.28.285-.58.36-.91.09-.32.12-.59.135-.8.015-.195.015-.54.015-1.005v-.54c-.84 0-1.484.06-1.92.18-1.275.36-1.92 1.17-1.92 2.43l-.035-.02zm9.162 7.027c.03-.06.075-.11.132-.17.362-.243.714-.41 1.05-.5a8.094 8.094 0 011.612-.24c.14-.012.28 0 .41.03.65.06 1.05.168 1.172.33.063.09.099.228.099.39v.15c0 .51-.149 1.11-.424 1.8-.278.69-.664 1.248-1.156 1.68-.073.06-.14.09-.197.09-.03 0-.06 0-.09-.012-.09-.044-.107-.12-.064-.24.54-1.26.806-2.143.806-2.64 0-.15-.03-.27-.087-.344-.145-.166-.55-.257-1.224-.257-.243 0-.533.016-.87.046-.363.045-.7.09-1 .135-.09 0-.148-.014-.18-.044-.03-.03-.036-.047-.02-.077 0-.017.006-.03.02-.063v-.06z"/>
+  </g>
+      <text x="772" y="276" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1">Amazon</text>
+      <text x="1180" y="276" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E63946">$50B</text>
+      <text x="1180" y="296" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">41% · AWS 算力承诺</text>
+      <line x1="700" y1="318" x2="1180" y2="318" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="row-nvidia">
+      <rect x="700" y="330" width="6" height="40" fill="#F4A261"/>
+      <!-- icon: simple-icons/nvidia -->
+  <g transform="translate(720.0, 339.0) scale(0.9166666666666666)" fill="#E8E6E1">
+    <path d="M8.948 8.798v-1.43a6.7 6.7 0 0 1 .424-.018c3.922-.124 6.493 3.374 6.493 3.374s-2.774 3.851-5.75 3.851c-.398 0-.787-.062-1.158-.185v-4.346c1.528.185 1.837.857 2.747 2.385l2.04-1.714s-1.492-1.952-4-1.952a6.016 6.016 0 0 0-.796.035m0-4.735v2.138l.424-.027c5.45-.185 9.01 4.47 9.01 4.47s-4.08 4.964-8.33 4.964c-.37 0-.733-.035-1.095-.097v1.325c.3.035.61.062.91.062 3.957 0 6.82-2.023 9.593-4.408.459.371 2.34 1.263 2.73 1.652-2.633 2.208-8.772 3.984-12.253 3.984-.335 0-.653-.018-.971-.053v1.864H24V4.063zm0 10.326v1.131c-3.657-.654-4.673-4.46-4.673-4.46s1.758-1.944 4.673-2.262v1.237H8.94c-1.528-.186-2.73 1.245-2.73 1.245s.68 2.412 2.739 3.11M2.456 10.9s2.164-3.197 6.5-3.533V6.201C4.153 6.59 0 10.653 0 10.653s2.35 6.802 8.948 7.42v-1.237c-4.84-.6-6.492-5.936-6.492-5.936z"/>
+  </g>
+      <text x="772" y="356" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1">Nvidia</text>
+      <text x="1180" y="356" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#F4A261">$30B</text>
+      <text x="1180" y="376" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">25% · 10GW 系统部署</text>
+      <line x1="700" y1="398" x2="1180" y2="398" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="row-softbank">
+      <rect x="700" y="410" width="6" height="40" fill="#C9C5BE"/>
+      <text x="720" y="436" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="16" font-weight="bold" fill="#E8E6E1">SoftBank</text>
+      <text x="1180" y="436" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#C9C5BE">$30B</text>
+      <text x="1180" y="456" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">25% · Stargate 联合主体</text>
+      <line x1="700" y1="478" x2="1180" y2="478" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="row-others">
+      <rect x="700" y="490" width="6" height="40" fill="#8A857E"/>
+      <!-- icon: simple-icons/microsoft -->
+  <g transform="translate(720.0, 499.0) scale(0.9166666666666666)" fill="#E8E6E1">
+    <path d="M0 0v11.408h11.408V0zm12.594 0v11.408H24V0zM0 12.594V24h11.408V12.594zm12.594 0V24H24V12.594z"/>
+  </g>
+      <text x="772" y="516" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1">MSFT + a16z + 其他</text>
+      <text x="1180" y="516" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#8A857E">$12B</text>
+      <text x="1180" y="536" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">9% · 包含 T. Rowe Price 等</text>
+      <line x1="700" y1="558" x2="1180" y2="558" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="callout">
+      <text x="700" y="600" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">OBSERVATION</text>
+      <text x="700" y="628" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="15" fill="#E8E6E1">三大投资人合计 <tspan font-weight="bold" fill="#E63946">91%</tspan>——同时是 OpenAI 的 <tspan font-weight="bold" fill="#E63946">最大客户</tspan></text>
+    </g>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: OpenAI press 2026-03-31 · Bloomberg · TechCrunch · CNBC</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">08 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/09_big_three_comparison.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/09_big_three_comparison.svg
@@ -0,0 +1,95 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 09</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">三种成长曲线 / <tspan fill="#E63946">Three Growth Curves</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">OpenAI is the consumer machine. Anthropic is the enterprise machine. xAI is the merger machine.</text>
+  </g>
+
+  <g id="col-openai">
+    <rect x="60" y="200" width="380" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="60" y="200" width="380" height="6" fill="#E63946" />
+
+    
+  <g transform="translate(80.0, 220.0) scale(1.0833333333333333)" fill="#E8E6E1">
+    <path d="M22.2819 9.8211a5.9847 5.9847 0 0 0-.5157-4.9108 6.0462 6.0462 0 0 0-6.5098-2.9A6.0651 6.0651 0 0 0 4.9807 4.1818a5.9847 5.9847 0 0 0-3.9977 2.9 6.0462 6.0462 0 0 0 .7427 7.0966 5.98 5.98 0 0 0 .511 4.9107 6.051 6.051 0 0 0 6.5146 2.9001A5.9847 5.9847 0 0 0 13.2599 24a6.0557 6.0557 0 0 0 5.7718-4.2058 5.9894 5.9894 0 0 0 3.9977-2.9001 6.0557 6.0557 0 0 0-.7475-7.0729zm-9.022 12.6081a4.4755 4.4755 0 0 1-2.8764-1.0408l.1419-.0804 4.7783-2.7582a.7948.7948 0 0 0 .3927-.6813v-6.7369l2.02 1.1686a.071.071 0 0 1 .038.052v5.5826a4.504 4.504 0 0 1-4.4945 4.4944zm-9.6607-4.1254a4.4708 4.4708 0 0 1-.5346-3.0137l.142.0852 4.783 2.7582a.7712.7712 0 0 0 .7806 0l5.8428-3.3685v2.3324a.0804.0804 0 0 1-.0332.0615L9.74 19.9502a4.4992 4.4992 0 0 1-6.1408-1.6464zM2.3408 7.8956a4.485 4.485 0 0 1 2.3655-1.9728V11.6a.7664.7664 0 0 0 .3879.6765l5.8144 3.3543-2.0201 1.1685a.0757.0757 0 0 1-.071 0l-4.8303-2.7865A4.504 4.504 0 0 1 2.3408 7.872zm16.5963 3.8558L13.1038 8.364 15.1192 7.2a.0757.0757 0 0 1 .071 0l4.8303 2.7913a4.4944 4.4944 0 0 1-.6765 8.1042v-5.6772a.79.79 0 0 0-.407-.667zm2.0107-3.0231l-.142-.0852-4.7735-2.7818a.7759.7759 0 0 0-.7854 0L9.409 9.2297V6.8974a.0662.0662 0 0 1 .0284-.0615l4.8303-2.7866a4.4992 4.4992 0 0 1 6.6802 4.66zM8.3065 12.863l-2.02-1.1638a.0804.0804 0 0 1-.038-.0567V6.0742a4.4992 4.4992 0 0 1 7.3757-3.4537l-.142.0805L8.704 5.459a.7948.7948 0 0 0-.3927.6813zm1.0976-2.3654l2.602-1.4998 2.6069 1.4998v2.9994l-2.5974 1.4997-2.6067-1.4997Z" />
+  </g>
+    <text x="80" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">OpenAI</text>
+    <text x="80" y="302" font-family="Cambria, serif" font-size="12" fill="#8A857E" letter-spacing="1">消费驱动 · IPO 临门</text>
+
+    <line x1="80" y1="324" x2="420" y2="324" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="80" y="362" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">$852B</text>
+    <text x="80" y="384" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Valuation @ 2026-03</text>
+
+    <text x="80" y="430" font-family="Cambria, serif" font-size="24" font-weight="bold" fill="#E8E6E1">~$24B</text>
+    <text x="80" y="450" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">ARR · $2B/月</text>
+
+    <text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="80" y="490"><tspan>• <tspan fill="#E8E6E1" font-weight="bold">9 亿</tspan> 周活</tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="80" y="514"><tspan>• 企业收入占比 <tspan fill="#E8E6E1" font-weight="bold">40%+</tspan></tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="80" y="538"><tspan>• Q4 IPO 目标 <tspan fill="#E63946" font-weight="bold">$1T</tspan></tspan>
+    </text><line x1="80" y1="595" x2="420" y2="595" stroke="#E63946" stroke-width="1" />
+    <text x="80" y="618" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"The consumer giant turning enterprise."</text>
+  </g>
+
+  <g id="col-anthropic">
+    <rect x="450" y="200" width="380" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="450" y="200" width="380" height="6" fill="#F4A261" />
+
+    
+  <g transform="translate(470.0, 220.0) scale(1.0833333333333333)" fill="#E8E6E1">
+    <path d="M17.3041 3.541h-3.6718l6.696 16.918H24Zm-10.6082 0L0 20.459h3.7442l1.3693-3.5527h7.0052l1.3693 3.5528h3.7442L10.5363 3.5409Zm-.3712 10.2232 2.2914-5.9456 2.2914 5.9456Z" />
+  </g>
+    <text x="470" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">Anthropic</text>
+    <text x="470" y="302" font-family="Cambria, serif" font-size="12" fill="#8A857E" letter-spacing="1">企业驱动 · 估值反超</text>
+
+    <line x1="470" y1="324" x2="810" y2="324" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="470" y="362" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">$380B</text>
+    <text x="470" y="384" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Series G · 在谈 $900B</text>
+
+    <text x="470" y="430" font-family="Cambria, serif" font-size="24" font-weight="bold" fill="#E8E6E1">$30B+</text>
+    <text x="470" y="450" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">ARR · 历史最快爬升</text>
+
+    <text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="470" y="490">• 25 → 26 年初：$9B → $30B</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="470" y="514"><tspan>• Google 累计承诺 <tspan fill="#E8E6E1" font-weight="bold">$40B</tspan></tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="470" y="538"><tspan>• <tspan fill="#E63946" font-weight="bold">在谈估值已超 OpenAI</tspan></tspan>
+    </text><line x1="470" y1="595" x2="810" y2="595" stroke="#F4A261" stroke-width="1" />
+    <text x="470" y="618" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"The enterprise stack ascending."</text>
+  </g>
+
+  <g id="col-xai">
+    <rect x="840" y="200" width="380" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="840" y="200" width="380" height="6" fill="#C9C5BE" />
+
+    <text x="860" y="244" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">xAI</text>
+    <text x="860" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">+ SpaceX</text>
+    <text x="860" y="302" font-family="Cambria, serif" font-size="12" fill="#8A857E" letter-spacing="1">合并叙事 · 协同效应</text>
+
+    <line x1="860" y1="324" x2="1200" y2="324" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="860" y="362" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#C9C5BE">$1.25T</text>
+    <text x="860" y="384" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">合并实体估值 (xAI: $230B)</text>
+
+    <text x="860" y="430" font-family="Cambria, serif" font-size="24" font-weight="bold" fill="#E8E6E1">~$5B</text>
+    <text x="860" y="450" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">ARR 估算 (X / Grok)</text>
+
+    <text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="860" y="490">• Jan 2026: $15B → 超募 $20B</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="860" y="514"><tspan>• Tesla 投资 <tspan fill="#E8E6E1" font-weight="bold">$2B</tspan></tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="860" y="538"><tspan>• Feb 与 SpaceX 合并 <tspan fill="#E63946" font-weight="bold">IPO 铺路</tspan></tspan>
+    </text><line x1="860" y1="595" x2="1200" y2="595" stroke="#C9C5BE" stroke-width="1" />
+    <text x="860" y="618" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"Musk's vertically-integrated bet."</text>
+  </g>
+
+  <g id="bottom-summary">
+    <line x1="60" y1="650" x2="1220" y2="650" stroke="#2A2F36" stroke-width="1" />
+    <text x="640" y="680" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="16" font-style="italic" fill="#E8E6E1">三家估值合计 <tspan fill="#E63946" font-weight="bold">$2.48T</tspan> — 超过同期苹果市值的 <tspan font-weight="bold">2/3</tspan>。</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="710" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: company press releases · Bloomberg · CNBC · TechCrunch · Fortune Q1 2026</text>
+    <text x="1220" y="710" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">09 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/10_china_five_ranking.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/10_china_five_ranking.svg
@@ -0,0 +1,89 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART III · CHINA CAMP · 10</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">中国 AI 五雄：<tspan fill="#F4A261">DeepSeek</tspan> 领跑，估值阶梯分明</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">China's AI five — privately valued vs. publicly listed</text>
+  </g>
+
+  <g id="chartArea">
+    <g id="axis">
+      <line x1="340" y1="200" x2="340" y2="600" stroke="#5C5852" stroke-width="1" />
+      <line x1="340" y1="600" x2="1180" y2="600" stroke="#5C5852" stroke-width="1" />
+
+      <line x1="508" y1="200" x2="508" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+      <line x1="676" y1="200" x2="676" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+      <line x1="844" y1="200" x2="844" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+      <line x1="1012" y1="200" x2="1012" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+      <line x1="1180" y1="200" x2="1180" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+
+      <text x="340" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$0</text>
+      <text x="508" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$15B</text>
+      <text x="676" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$30B</text>
+      <text x="844" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$45B</text>
+      <text x="1012" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$60B</text>
+      <text x="1180" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$75B</text>
+    </g>
+    
+
+    <g id="bar-deepseek">
+      <text x="330" y="248" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">DeepSeek</text>
+      <text x="330" y="266" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">national fund-led</text>
+      <rect x="340" y="232" width="560" height="40" fill="#E63946" />
+      <text x="918" y="259" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#E63946">$50B</text>
+    </g>
+
+    <g id="bar-zhipu">
+      <text x="330" y="318" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">Zhipu AI 智谱</text>
+      <text x="330" y="336" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">HK listed · market cap</text>
+      <rect x="340" y="302" width="628" height="40" fill="#F4A261" />
+      <text x="986" y="329" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#F4A261">$56.1B</text>
+    </g>
+
+    <g id="bar-minimax">
+      <text x="330" y="388" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">MiniMax</text>
+      <text x="330" y="406" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">HK listed · market cap</text>
+      <rect x="340" y="372" width="417" height="40" fill="#F4A261" />
+      <text x="775" y="399" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#F4A261">$37.2B</text>
+    </g>
+
+    <g id="bar-moonshot">
+      <text x="330" y="458" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">Moonshot (Kimi)</text>
+      <text x="330" y="476" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">Series D · 美团领投</text>
+      <rect x="340" y="442" width="224" height="40" fill="#C9C5BE" />
+      <text x="582" y="469" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#C9C5BE">$20B</text>
+    </g>
+
+    <g id="bar-stepfun">
+      <text x="330" y="528" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">StepFun 阶跃</text>
+      <text x="330" y="546" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">in talks · ~$2.5B raise</text>
+      <rect x="340" y="512" width="90" height="40" fill="#8A857E" />
+      <text x="448" y="539" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#8A857E">~$8B</text>
+    </g>
+
+    <g id="legend">
+      <rect x="340" y="660" width="14" height="14" fill="#E63946" />
+      <text x="362" y="672" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">国家大基金领投</text>
+      <rect x="520" y="660" width="14" height="14" fill="#F4A261" />
+      <text x="542" y="672" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">港股上市</text>
+      <rect x="660" y="660" width="14" height="14" fill="#C9C5BE" />
+      <text x="682" y="672" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">私募</text>
+      <rect x="760" y="660" width="14" height="14" fill="#8A857E" />
+      <text x="782" y="672" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">在谈</text>
+    </g>
+  </g>
+
+  <g id="callout-bottom">
+    <line x1="940" y1="660" x2="940" y2="675" stroke="#2A2F36" stroke-width="0" />
+    <text x="960" y="672" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="2">DATA NOTE</text>
+    <text font-size="11" fill="#8A857E" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="960" y="694">港股市值 vs 私募估值</text><text font-size="11" fill="#8A857E" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="960" y="708">不直接可比，仅供量级参考</text></g>
+
+  <g id="page-footer">
+    <text x="60" y="715" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: BigGo Finance · TechCrunch · KuCoin · Reuters · HKEX 上市文件 2026-01</text>
+    <text x="1220" y="715" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">10 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/11_us_china_dual_track.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/11_us_china_dual_track.svg
@@ -0,0 +1,76 @@
+<?xml version='1.0' encoding='UTF-8'?>
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART III · CHINA CAMP · 11</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">中美 AI 资本：<tspan fill="#E63946">两条路径</tspan>，两种节奏</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Two markets, two playbooks — the structural divergence in 2026</text>
+  </g>
+
+  <g id="table">
+    <line x1="60" y1="200" x2="1220" y2="200" stroke="#5C5852" stroke-width="1.5" />
+    <text x="80" y="226" font-family="Cambria, serif" font-size="12" fill="#8A857E" letter-spacing="2">DIMENSION</text>
+    <text x="380" y="226" font-family="Cambria, serif" font-size="12" fill="#E63946" letter-spacing="2">UNITED STATES</text>
+    <text x="960" y="226" font-family="Cambria, serif" font-size="12" fill="#F4A261" letter-spacing="2">CHINA</text>
+    <line x1="60" y1="246" x2="1220" y2="246" stroke="#5C5852" stroke-width="1.5" />
+
+    <g id="row-1">
+      <text x="80" y="290" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">单轮规模</text>
+      <text x="80" y="312" font-family="Cambria, serif" font-size="11" fill="#5C5852">Single-round scale</text>
+      <text x="380" y="295" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E8E6E1">$30B – $122B</text>
+      <text x="380" y="318" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI $122B 史上最大</text>
+      <text x="960" y="295" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E8E6E1">$2B – $4B</text>
+      <text x="960" y="318" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Moonshot $2B 单轮最大</text>
+      <line x1="60" y1="340" x2="1220" y2="340" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="row-2">
+      <text x="80" y="370" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">IPO 节奏</text>
+      <text x="80" y="392" font-family="Cambria, serif" font-size="11" fill="#5C5852">IPO timing</text>
+      <text x="380" y="375" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">推迟 · 私募延后</text>
+      <text x="380" y="398" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Q4 2026 目标 $1T</text>
+      <text x="960" y="375" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">Q1 已落港</text>
+      <text x="960" y="398" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Zhipu / MiniMax 2026-01</text>
+      <line x1="60" y1="420" x2="1220" y2="420" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="row-3">
+      <text x="80" y="450" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">政府角色</text>
+      <text x="80" y="472" font-family="Cambria, serif" font-size="11" fill="#5C5852">Government role</text>
+      <text x="380" y="455" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">市场驱动</text>
+      <text x="380" y="478" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">私营 capex · 监管框架</text>
+      <text x="960" y="455" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">大基金领投</text>
+      <text x="960" y="478" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">DeepSeek 首次国家大基金</text>
+      <line x1="60" y1="500" x2="1220" y2="500" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="row-4">
+      <text x="80" y="530" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">估值峰值</text>
+      <text x="80" y="552" font-family="Cambria, serif" font-size="11" fill="#5C5852">Peak valuation</text>
+      <text x="380" y="540" font-family="Cambria, serif" font-size="28" font-weight="bold" fill="#E63946">$852B</text>
+      <text x="380" y="562" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI · 私募</text>
+      <text x="960" y="540" font-family="Cambria, serif" font-size="28" font-weight="bold" fill="#F4A261">$56B</text>
+      <text x="960" y="562" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Zhipu · 港股市值</text>
+      <line x1="60" y1="580" x2="1220" y2="580" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="row-5">
+      <text x="80" y="610" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">退出路径</text>
+      <text x="80" y="632" font-family="Cambria, serif" font-size="11" fill="#5C5852">Exit path</text>
+      <text x="380" y="620" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">超大私募 → 推迟 IPO</text>
+      <text x="380" y="642" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Anthropic Series G $30B</text>
+      <text x="960" y="620" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">二级市场优先</text>
+      <text x="960" y="642" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">港交所是出口</text>
+      <line x1="60" y1="660" x2="1220" y2="660" stroke="#5C5852" stroke-width="1.5" />
+    </g>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Crunchbase · HKEX 招股书 · BigGo Finance · 综合公开披露</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">11 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/12_second_tier.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/12_second_tier.svg
@@ -0,0 +1,114 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART IV · THE SECOND TIER · 12</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">二线梯队：<tspan fill="#E63946">$10B–$50B</tspan> 的精英层</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Four companies in the next league — each chasing a different niche</text>
+  </g>
+
+  <g id="card-ssi">
+    <rect x="60" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="60" y="200" width="280" height="6" fill="#E63946" />
+    <text x="80" y="244" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">SAFE SUPERINTELLIGENCE</text>
+    <text x="80" y="284" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">SSI</text>
+    <line x1="80" y1="298" x2="320" y2="298" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="80" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#E63946">$32B</text>
+    <text x="80" y="382" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text>
+
+    <line x1="80" y1="410" x2="320" y2="410" stroke="#2A2F36" stroke-width="1" />
+
+    <text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="80" y="442">Ilya Sutskever 创立</text><text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="80" y="464"><tspan><tspan fill="#E63946" font-weight="bold">$5B → $32B</tspan></tspan>
+      </text><text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="80" y="486">半年 6 倍跳涨</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="80" y="560">"Single product:</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="80" y="578">a safe superintelligence."</text><g transform="translate(292.0, 338.0) scale(1.1666666666666667)" fill="none" stroke="#E63946" stroke-width="1.5">
+    <path d="M12 3a12 12 0 0 0 8.5 3a12 12 0 0 1 -8.5 15a12 12 0 0 1 -8.5 -15a12 12 0 0 0 8.5 -3" />
+  </g>
+
+    <line x1="80" y1="606" x2="320" y2="606" stroke="#E63946" stroke-width="1" />
+    <text x="80" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">$2B raised · Alphabet/Nvidia in</text>
+  </g>
+
+  <g id="card-perplexity">
+    <rect x="360" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="360" y="200" width="280" height="6" fill="#F4A261" />
+    <text x="380" y="244" font-family="Cambria, serif" font-size="11" fill="#F4A261" letter-spacing="3">SEARCH CHALLENGER</text>
+    <text x="380" y="284" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">Perplexity</text>
+    <line x1="380" y1="298" x2="620" y2="298" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="380" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#F4A261">$21B</text>
+    <text x="380" y="382" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text>
+
+    <line x1="380" y1="410" x2="620" y2="410" stroke="#2A2F36" stroke-width="1" />
+
+    <text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="380" y="442"><tspan>月活 <tspan fill="#F4A261" font-weight="bold">4500 万</tspan></tspan>
+      </text><text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="380" y="464">Series E-6 完成</text><text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="380" y="486">直挑 Google 搜索</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="380" y="560">"Answer engine,</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="380" y="578">not search engine."</text><g transform="translate(592.0, 338.0) scale(1.1666666666666667)" fill="none" stroke="#F4A261" stroke-width="1.5">
+    <path d="M3 10a7 7 0 1 0 14 0a7 7 0 1 0 -14 0" />
+    <path d="M21 21l-6 -6" />
+  </g>
+
+    <line x1="380" y1="606" x2="620" y2="606" stroke="#F4A261" stroke-width="1" />
+    <text x="380" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">$200M @ $21B · 18 months to here</text>
+  </g>
+
+  <g id="card-mistral">
+    <rect x="660" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="660" y="200" width="280" height="6" fill="#C9C5BE" />
+    <text x="680" y="244" font-family="Cambria, serif" font-size="11" fill="#C9C5BE" letter-spacing="3">SOVEREIGN EU AI</text>
+    <text x="680" y="284" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">Mistral AI</text>
+    <line x1="680" y1="298" x2="920" y2="298" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="680" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#C9C5BE">$13.7B</text>
+    <text x="680" y="382" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text>
+
+    <line x1="680" y1="410" x2="920" y2="410" stroke="#2A2F36" stroke-width="1" />
+
+    <text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="680" y="442"><tspan>$830M <tspan fill="#C9C5BE" font-weight="bold">债务融资</tspan></tspan>
+      </text><text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="680" y="464">巴黎数据中心</text><text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="680" y="486"><tspan><tspan fill="#E63946" font-weight="bold">13,800 张</tspan> Nvidia GPU</tspan>
+    </text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="680" y="560">"Europe's open-source</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="680" y="578">sovereign answer."</text><g transform="translate(892.0, 338.0) scale(1.1666666666666667)" fill="none" stroke="#C9C5BE" stroke-width="1.5">
+    <path d="M3 7a3 3 0 0 1 3 -3h12a3 3 0 0 1 3 3v2a3 3 0 0 1 -3 3h-12a3 3 0 0 1 -3 -3" />
+    <path d="M3 15a3 3 0 0 1 3 -3h12a3 3 0 0 1 3 3v2a3 3 0 0 1 -3 3h-12a3 3 0 0 1 -3 -3l0 -2" />
+    <path d="M7 8l0 .01" />
+    <path d="M7 16l0 .01" />
+  </g>
+
+    <line x1="680" y1="606" x2="920" y2="606" stroke="#C9C5BE" stroke-width="1" />
+    <text x="680" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">Debt-funded · own data-center bet</text>
+  </g>
+
+  <g id="card-cohere">
+    <rect x="960" y="200" width="260" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="960" y="200" width="260" height="6" fill="#8A857E" />
+    <text x="980" y="244" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">TRANSATLANTIC MERGER</text>
+    <text x="980" y="284" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">Cohere +</text>
+    <text x="980" y="312" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">Aleph Alpha</text>
+    <line x1="980" y1="326" x2="1200" y2="326" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="980" y="386" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#8A857E">$20B</text>
+    <text x="980" y="410" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">合并实体估值</text>
+
+    <line x1="980" y1="438" x2="1200" y2="438" stroke="#2A2F36" stroke-width="1" />
+
+    <text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="980" y="470">$7B + $3B (Aleph)</text><text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="980" y="492"><tspan>→ <tspan fill="#E8E6E1" font-weight="bold">$20B 合并溢价</tspan></tspan>
+      </text><text font-size="13" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="980" y="514">ARR $240M</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="980" y="588">"Cross-Atlantic sovereign</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="980" y="606">enterprise stack."</text><g transform="translate(1172.0, 370.0) scale(1.1666666666666667)" fill="none" stroke="#8A857E" stroke-width="1.5">
+    <path d="M9 15l6 -6" />
+    <path d="M11 6l.463 -.536a5 5 0 0 1 7.071 7.072l-.534 .464" />
+    <path d="M13 18l-.397 .534a5.068 5.068 0 0 1 -7.127 0a4.972 4.972 0 0 1 0 -7.071l.524 -.463" />
+  </g>
+
+    <line x1="980" y1="606" x2="1200" y2="606" stroke="#8A857E" stroke-width="1" />
+    <text x="980" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">Schwarz Group leads · 2026 deal</text>
+  </g>
+
+  <g id="bottom-strip">
+    <line x1="60" y1="660" x2="1220" y2="660" stroke="#2A2F36" stroke-width="1" />
+    <text x="640" y="690" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-style="italic" fill="#E8E6E1">四家公司合计估值 <tspan fill="#E63946" font-weight="bold">$86.7B</tspan>——仅占同期 OpenAI 估值的 <tspan font-weight="bold">10%</tspan>。</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="715" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: TechCrunch · CNBC · Tracxn · TechFundingNews 2026 Q1-Q2</text>
+    <text x="1220" y="715" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">12 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/13_chapter_nvidia.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/13_chapter_nvidia.svg
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/14_nvidia_sankey.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/14_nvidia_sankey.svg
@@ -0,0 +1,108 @@
+<?xml version='1.0' encoding='UTF-8'?>
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <defs>
+    <linearGradient id="flowGrad" x1="0%" y1="0%" x2="100%" y2="0%">
+      <stop offset="0%" stop-color="#E63946" stop-opacity="0.55" />
+      <stop offset="100%" stop-color="#F4A261" stop-opacity="0.45" />
+    </linearGradient>
+  </defs>
+
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 14</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">钱怎么转：Nvidia 的<tspan fill="#E63946">圆形投资</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">$40B equity out → AI labs → multi-year compute commitments back to Nvidia</text>
+  </g>
+
+  <g id="column-labels">
+    <text x="140" y="195" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">SOURCE</text>
+    <text x="640" y="195" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">RECIPIENT</text>
+    <text x="1140" y="195" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">RETURN FLOW</text>
+    <line x1="60" y1="210" x2="1220" y2="210" stroke="#2A2F36" stroke-width="1" />
+  </g>
+
+  <g id="source-node">
+    <rect x="60" y="280" width="160" height="220" fill="#E63946" />
+    <!-- icon: simple-icons/nvidia -->
+  <g transform="translate(120.0, 295.0) scale(1.6666666666666667)" fill="#E8E6E1">
+    <path d="M8.948 8.798v-1.43a6.7 6.7 0 0 1 .424-.018c3.922-.124 6.493 3.374 6.493 3.374s-2.774 3.851-5.75 3.851c-.398 0-.787-.062-1.158-.185v-4.346c1.528.185 1.837.857 2.747 2.385l2.04-1.714s-1.492-1.952-4-1.952a6.016 6.016 0 0 0-.796.035m0-4.735v2.138l.424-.027c5.45-.185 9.01 4.47 9.01 4.47s-4.08 4.964-8.33 4.964c-.37 0-.733-.035-1.095-.097v1.325c.3.035.61.062.91.062 3.957 0 6.82-2.023 9.593-4.408.459.371 2.34 1.263 2.73 1.652-2.633 2.208-8.772 3.984-12.253 3.984-.335 0-.653-.018-.971-.053v1.864H24V4.063zm0 10.326v1.131c-3.657-.654-4.673-4.46-4.673-4.46s1.758-1.944 4.673-2.262v1.237H8.94c-1.528-.186-2.73 1.245-2.73 1.245s.68 2.412 2.739 3.11M2.456 10.9s2.164-3.197 6.5-3.533V6.201C4.153 6.59 0 10.653 0 10.653s2.35 6.802 8.948 7.42v-1.237c-4.84-.6-6.492-5.936-6.492-5.936z"/>
+  </g>
+    <text x="140" y="380" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">Nvidia</text>
+    <text x="140" y="420" text-anchor="middle" font-family="Cambria, serif" font-size="44" font-weight="bold" fill="#E8E6E1">$40B+</text>
+    <text x="140" y="450" text-anchor="middle" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#E8E6E1" opacity="0.85">equity invested</text>
+    <text x="140" y="475" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#E8E6E1" opacity="0.7">YTD 2026</text>
+  </g>
+
+  <g id="flows-left">
+    <path d="M 220,320 C 350,320 410,256 540,256" fill="none" stroke="#E63946" stroke-opacity="0.50" stroke-width="40"/>
+    <path d="M 220,360 C 350,360 410,326 540,326" fill="none" stroke="#E63946" stroke-opacity="0.42" stroke-width="13"/>
+    <path d="M 220,378 C 350,378 410,396 540,396" fill="none" stroke="#E63946" stroke-opacity="0.42" stroke-width="10"/>
+    <path d="M 220,392 C 350,392 410,466 540,466" fill="none" stroke="#E63946" stroke-opacity="0.36" stroke-width="7"/>
+    <path d="M 220,430 C 350,430 410,536 540,536" fill="none" stroke="#E63946" stroke-opacity="0.40" stroke-width="15"/>
+  </g>
+
+  <g id="flows-right">
+    <path d="M 740,256 C 870,256 950,320 1080,320" fill="none" stroke="#F4A261" stroke-opacity="0.50" stroke-width="40"/>
+    <path d="M 740,326 C 870,326 950,360 1080,360" fill="none" stroke="#F4A261" stroke-opacity="0.42" stroke-width="13"/>
+    <path d="M 740,396 C 870,396 950,378 1080,378" fill="none" stroke="#F4A261" stroke-opacity="0.42" stroke-width="10"/>
+    <path d="M 740,466 C 870,466 950,392 1080,392" fill="none" stroke="#F4A261" stroke-opacity="0.36" stroke-width="7"/>
+    <path d="M 740,536 C 870,536 950,430 1080,430" fill="none" stroke="#F4A261" stroke-opacity="0.40" stroke-width="15"/>
+  </g>
+
+  <g id="recipient-nodes">
+    <rect x="540" y="232" width="200" height="48" fill="#F4A261" />
+    <!-- icon: simple-icons/openai -->
+  <g transform="translate(560.0, 240.0)" fill="#0E1116">
+    <path d="M22.2819 9.8211a5.9847 5.9847 0 0 0-.5157-4.9108 6.0462 6.0462 0 0 0-6.5098-2.9A6.0651 6.0651 0 0 0 4.9807 4.1818a5.9847 5.9847 0 0 0-3.9977 2.9 6.0462 6.0462 0 0 0 .7427 7.0966 5.98 5.98 0 0 0 .511 4.9107 6.051 6.051 0 0 0 6.5146 2.9001A5.9847 5.9847 0 0 0 13.2599 24a6.0557 6.0557 0 0 0 5.7718-4.2058 5.9894 5.9894 0 0 0 3.9977-2.9001 6.0557 6.0557 0 0 0-.7475-7.0729zm-9.022 12.6081a4.4755 4.4755 0 0 1-2.8764-1.0408l.1419-.0804 4.7783-2.7582a.7948.7948 0 0 0 .3927-.6813v-6.7369l2.02 1.1686a.071.071 0 0 1 .038.052v5.5826a4.504 4.504 0 0 1-4.4945 4.4944zm-9.6607-4.1254a4.4708 4.4708 0 0 1-.5346-3.0137l.142.0852 4.783 2.7582a.7712.7712 0 0 0 .7806 0l5.8428-3.3685v2.3324a.0804.0804 0 0 1-.0332.0615L9.74 19.9502a4.4992 4.4992 0 0 1-6.1408-1.6464zM2.3408 7.8956a4.485 4.485 0 0 1 2.3655-1.9728V11.6a.7664.7664 0 0 0 .3879.6765l5.8144 3.3543-2.0201 1.1685a.0757.0757 0 0 1-.071 0l-4.8303-2.7865A4.504 4.504 0 0 1 2.3408 7.872zm16.5963 3.8558L13.1038 8.364 15.1192 7.2a.0757.0757 0 0 1 .071 0l4.8303 2.7913a4.4944 4.4944 0 0 1-.6765 8.1042v-5.6772a.79.79 0 0 0-.407-.667zm2.0107-3.0231l-.142-.0852-4.7735-2.7818a.7759.7759 0 0 0-.7854 0L9.409 9.2297V6.8974a.0662.0662 0 0 1 .0284-.0615l4.8303-2.7866a4.4992 4.4992 0 0 1 6.6802 4.66zM8.3065 12.863l-2.02-1.1638a.0804.0804 0 0 1-.038-.0567V6.0742a4.4992 4.4992 0 0 1 7.3757-3.4537l-.142.0805L8.704 5.459a.7948.7948 0 0 0-.3927.6813zm1.0976-2.3654l2.602-1.4998 2.6069 1.4998v2.9994l-2.5974 1.4997-2.6067-1.4997Z"/>
+  </g>
+    <text x="600" y="262" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">OpenAI</text>
+    <text x="730" y="262" text-anchor="end" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#0E1116">$30B</text>
+
+    <rect x="540" y="302" width="200" height="48" fill="#F4A261" fill-opacity="0.78" />
+    <text x="560" y="332" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="15" font-weight="bold" fill="#0E1116">xAI</text>
+    <text x="730" y="332" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$3B</text>
+
+    <rect x="540" y="372" width="200" height="48" fill="#F4A261" fill-opacity="0.62" />
+    <text x="560" y="402" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="15" font-weight="bold" fill="#0E1116">Anthropic</text>
+    <text x="730" y="402" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$2B</text>
+
+    <rect x="540" y="442" width="200" height="48" fill="#F4A261" fill-opacity="0.48" />
+    <text x="560" y="472" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="15" font-weight="bold" fill="#0E1116">Mistral</text>
+    <text x="730" y="472" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$1B</text>
+
+    <rect x="540" y="512" width="200" height="48" fill="#F4A261" fill-opacity="0.40" />
+    <text x="560" y="542" font-family="Cambria, serif" font-size="15" font-weight="bold" fill="#0E1116">CoreWeave + 其他</text>
+    <text x="730" y="542" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$4B</text>
+  </g>
+
+  <g id="sink-node">
+    <rect x="1080" y="220" width="160" height="340" fill="#E63946" fill-opacity="0.78" />
+    <text x="1160" y="270" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="16" font-weight="bold" fill="#E8E6E1">芯片采购</text>
+    <text x="1160" y="294" text-anchor="middle" font-family="Cambria, serif" font-size="12" fill="#E8E6E1" opacity="0.85">multi-year compute</text>
+    <text x="1160" y="312" text-anchor="middle" font-family="Cambria, serif" font-size="12" fill="#E8E6E1" opacity="0.85">commitments</text>
+
+    <text x="1160" y="380" text-anchor="middle" font-family="Cambria, serif" font-size="36" font-weight="bold" fill="#E8E6E1">$100B+</text>
+    <text x="1160" y="410" text-anchor="middle" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#E8E6E1" opacity="0.85">implied return</text>
+
+    <line x1="1100" y1="450" x2="1220" y2="450" stroke="#E8E6E1" stroke-width="1" opacity="0.4" />
+
+    <text x="1160" y="490" text-anchor="middle" font-family="Cambria, serif" font-size="13" fill="#E8E6E1" opacity="0.85">10GW (OpenAI)</text>
+    <text x="1160" y="512" text-anchor="middle" font-family="Cambria, serif" font-size="13" fill="#E8E6E1" opacity="0.85">+ multi-cluster GPU</text>
+    <text x="1160" y="534" text-anchor="middle" font-family="Cambria, serif" font-size="13" fill="#E8E6E1" opacity="0.85">deployment</text>
+  </g>
+
+  <g id="callout-bottom">
+    <line x1="60" y1="610" x2="1220" y2="610" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="636" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">WEDBUSH</text>
+    <text x="60" y="664" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="16" font-style="italic" fill="#E8E6E1">"It fits <tspan fill="#E63946" font-weight="bold">squarely into the circular investment theme</tspan> that's been driving fears around the market's durability."</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: CNBC · The Decoder · NVIDIA newsroom · Bloomberg AI Circular Deals visualization</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">14 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/15_nvidia_pareto.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/15_nvidia_pareto.svg
@@ -0,0 +1,129 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 15</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">单点风险：Nvidia 收入 <tspan fill="#E63946">85%</tspan> 来自 <tspan fill="#E63946">6 个客户</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Pareto view — when six customers carry the entire upstream supply chain</text>
+  </g>
+
+  <g id="chartArea">
+    <line x1="120" y1="200" x2="120" y2="560" stroke="#5C5852" stroke-width="1.5" />
+    <line x1="120" y1="560" x2="900" y2="560" stroke="#5C5852" stroke-width="1.5" />
+
+    <line x1="120" y1="200" x2="900" y2="200" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="120" y1="290" x2="900" y2="290" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="120" y1="380" x2="900" y2="380" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="120" y1="470" x2="900" y2="470" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+
+    <text x="110" y="205" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">100%</text>
+    <text x="110" y="295" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">75%</text>
+    <text x="110" y="385" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">50%</text>
+    <text x="110" y="475" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">25%</text>
+    <text x="110" y="565" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">0</text>
+
+    
+
+    <g id="bar-1">
+      <rect x="160" y="495.2" width="80" height="64.8" fill="#E63946" />
+      <text x="200" y="483" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">18%</text>
+      
+  <g transform="translate(189.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1">
+    <path d="M0 0v11.408h11.408V0zm12.594 0v11.408H24V0zM0 12.594V24h11.408V12.594zm12.594 0V24H24V12.594z" />
+  </g>
+      <text x="200" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">MSFT</text>
+    </g>
+
+    <g id="bar-2">
+      <rect x="280" y="502.4" width="80" height="57.6" fill="#E63946" />
+      <text x="320" y="490" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">16%</text>
+      
+  <g transform="translate(309.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1">
+    <path d="M6.915 4.03c-1.968 0-3.683 1.28-4.871 3.113C.704 9.208 0 11.883 0 14.449c0 .706.07 1.369.21 1.973a6.624 6.624 0 0 0 .265.86 5.297 5.297 0 0 0 .371.761c.696 1.159 1.818 1.927 3.593 1.927 1.497 0 2.633-.671 3.965-2.444.76-1.012 1.144-1.626 2.663-4.32l.756-1.339.186-.325c.061.1.121.196.183.3l2.152 3.595c.724 1.21 1.665 2.556 2.47 3.314 1.046.987 1.992 1.22 3.06 1.22 1.075 0 1.876-.355 2.455-.843a3.743 3.743 0 0 0 .81-.973c.542-.939.861-2.127.861-3.745 0-2.72-.681-5.357-2.084-7.45-1.282-1.912-2.957-2.93-4.716-2.93-1.047 0-2.088.467-3.053 1.308-.652.57-1.257 1.29-1.82 2.05-.69-.875-1.335-1.547-1.958-2.056-1.182-.966-2.315-1.303-3.454-1.303zm10.16 2.053c1.147 0 2.188.758 2.992 1.999 1.132 1.748 1.647 4.195 1.647 6.4 0 1.548-.368 2.9-1.839 2.9-.58 0-1.027-.23-1.664-1.004-.496-.601-1.343-1.878-2.832-4.358l-.617-1.028a44.908 44.908 0 0 0-1.255-1.98c.07-.109.141-.224.211-.327 1.12-1.667 2.118-2.602 3.358-2.602zm-10.201.553c1.265 0 2.058.791 2.675 1.446.307.327.737.871 1.234 1.579l-1.02 1.566c-.757 1.163-1.882 3.017-2.837 4.338-1.191 1.649-1.81 1.817-2.486 1.817-.524 0-1.038-.237-1.383-.794-.263-.426-.464-1.13-.464-2.046 0-2.221.63-4.535 1.66-6.088.454-.687.964-1.226 1.533-1.533a2.264 2.264 0 0 1 1.088-.285z" />
+  </g>
+      <text x="320" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Meta</text>
+    </g>
+
+    <g id="bar-3">
+      <rect x="400" y="506" width="80" height="54" fill="#E63946" />
+      <text x="440" y="494" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">15%</text>
+      
+  <g transform="translate(429.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1">
+    <path d="M12.48 10.92v3.28h7.84c-.24 1.84-.853 3.187-1.787 4.133-1.147 1.147-2.933 2.4-6.053 2.4-4.827 0-8.6-3.893-8.6-8.72s3.773-8.72 8.6-8.72c2.6 0 4.507 1.027 5.907 2.347l2.307-2.307C18.747 1.44 16.133 0 12.48 0 5.867 0 .307 5.387.307 12s5.56 12 12.173 12c3.573 0 6.267-1.173 8.373-3.36 2.16-2.16 2.84-5.213 2.84-7.667 0-.76-.053-1.467-.173-2.053H12.48z" />
+  </g>
+      <text x="440" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Google</text>
+    </g>
+
+    <g id="bar-4">
+      <rect x="520" y="520.4" width="80" height="39.6" fill="#F4A261" />
+      <text x="560" y="508" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">11%</text>
+      
+  <g transform="translate(549.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1">
+    <path d="M.045 18.02c.072-.116.187-.124.348-.022 3.636 2.11 7.594 3.166 11.87 3.166 2.852 0 5.668-.533 8.447-1.595l.315-.14c.138-.06.234-.1.293-.13.226-.088.39-.046.525.13.12.174.09.336-.12.48-.256.19-.6.41-1.006.654-1.244.743-2.64 1.316-4.185 1.726a17.617 17.617 0 01-10.951-.577 17.88 17.88 0 01-5.43-3.35c-.1-.074-.151-.15-.151-.22 0-.047.021-.09.051-.13zm6.565-6.218c0-1.005.247-1.863.743-2.577.495-.71 1.17-1.25 2.04-1.615.796-.335 1.756-.575 2.912-.72.39-.046 1.033-.103 1.92-.174v-.37c0-.93-.105-1.558-.3-1.875-.302-.43-.78-.65-1.44-.65h-.182c-.48.046-.896.196-1.246.46-.35.27-.575.63-.675 1.096-.06.3-.206.465-.435.51l-2.52-.315c-.248-.06-.372-.18-.372-.39 0-.046.007-.09.022-.15.247-1.29.855-2.25 1.82-2.88.976-.616 2.1-.975 3.39-1.05h.54c1.65 0 2.957.434 3.888 1.29.135.15.27.3.405.48.12.165.224.314.283.45.075.134.15.33.195.57.06.254.105.42.135.51.03.104.062.3.076.615.01.313.02.493.02.553v5.28c0 .376.06.72.165 1.036.105.313.21.54.315.674l.51.674c.09.136.136.256.136.36 0 .12-.06.226-.18.314-1.2 1.05-1.86 1.62-1.963 1.71-.165.135-.375.15-.63.045a6.062 6.062 0 01-.526-.496l-.31-.347a9.391 9.391 0 01-.317-.42l-.3-.435c-.81.886-1.603 1.44-2.4 1.665-.494.15-1.093.227-1.83.227-1.11 0-2.04-.343-2.76-1.034-.72-.69-1.08-1.665-1.08-2.94l-.05-.076zm3.753-.438c0 .566.14 1.02.425 1.364.285.34.675.512 1.155.512.045 0 .106-.007.195-.02.09-.016.134-.023.166-.023.614-.16 1.08-.553 1.424-1.178.165-.28.285-.58.36-.91.09-.32.12-.59.135-.8.015-.195.015-.54.015-1.005v-.54c-.84 0-1.484.06-1.92.18-1.275.36-1.92 1.17-1.92 2.43l-.035-.02zm9.162 7.027c.03-.06.075-.11.132-.17.362-.243.714-.41 1.05-.5a8.094 8.094 0 011.612-.24c.14-.012.28 0 .41.03.65.06 1.05.168 1.172.33.063.09.099.228.099.39v.15c0 .51-.149 1.11-.424 1.8-.278.69-.664 1.248-1.156 1.68-.073.06-.14.09-.197.09-.03 0-.06 0-.09-.012-.09-.044-.107-.12-.064-.24.54-1.26.806-2.143.806-2.64 0-.15-.03-.27-.087-.344-.145-.166-.55-.257-1.224-.257-.243 0-.533.016-.87.046-.363.045-.7.09-1 .135-.09 0-.148-.014-.18-.044-.03-.03-.036-.047-.02-.077 0-.017.006-.03.02-.063v-.06z" />
+  </g>
+      <text x="560" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Amazon</text>
+    </g>
+
+    <g id="bar-5">
+      <rect x="640" y="513.2" width="80" height="46.8" fill="#F4A261" />
+      <text x="680" y="501" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">13%</text>
+      
+  <g transform="translate(669.0, 575.0) scale(0.9166666666666666)" fill="#E8E6E1">
+    <path d="M22.2819 9.8211a5.9847 5.9847 0 0 0-.5157-4.9108 6.0462 6.0462 0 0 0-6.5098-2.9A6.0651 6.0651 0 0 0 4.9807 4.1818a5.9847 5.9847 0 0 0-3.9977 2.9 6.0462 6.0462 0 0 0 .7427 7.0966 5.98 5.98 0 0 0 .511 4.9107 6.051 6.051 0 0 0 6.5146 2.9001A5.9847 5.9847 0 0 0 13.2599 24a6.0557 6.0557 0 0 0 5.7718-4.2058 5.9894 5.9894 0 0 0 3.9977-2.9001 6.0557 6.0557 0 0 0-.7475-7.0729zm-9.022 12.6081a4.4755 4.4755 0 0 1-2.8764-1.0408l.1419-.0804 4.7783-2.7582a.7948.7948 0 0 0 .3927-.6813v-6.7369l2.02 1.1686a.071.071 0 0 1 .038.052v5.5826a4.504 4.504 0 0 1-4.4945 4.4944zm-9.6607-4.1254a4.4708 4.4708 0 0 1-.5346-3.0137l.142.0852 4.783 2.7582a.7712.7712 0 0 0 .7806 0l5.8428-3.3685v2.3324a.0804.0804 0 0 1-.0332.0615L9.74 19.9502a4.4992 4.4992 0 0 1-6.1408-1.6464zM2.3408 7.8956a4.485 4.485 0 0 1 2.3655-1.9728V11.6a.7664.7664 0 0 0 .3879.6765l5.8144 3.3543-2.0201 1.1685a.0757.0757 0 0 1-.071 0l-4.8303-2.7865A4.504 4.504 0 0 1 2.3408 7.872zm16.5963 3.8558L13.1038 8.364 15.1192 7.2a.0757.0757 0 0 1 .071 0l4.8303 2.7913a4.4944 4.4944 0 0 1-.6765 8.1042v-5.6772a.79.79 0 0 0-.407-.667zm2.0107-3.0231l-.142-.0852-4.7735-2.7818a.7759.7759 0 0 0-.7854 0L9.409 9.2297V6.8974a.0662.0662 0 0 1 .0284-.0615l4.8303-2.7866a4.4992 4.4992 0 0 1 6.6802 4.66zM8.3065 12.863l-2.02-1.1638a.0804.0804 0 0 1-.038-.0567V6.0742a4.4992 4.4992 0 0 1 7.3757-3.4537l-.142.0805L8.704 5.459a.7948.7948 0 0 0-.3927.6813zm1.0976-2.3654l2.602-1.4998 2.6069 1.4998v2.9994l-2.5974 1.4997-2.6067-1.4997Z" />
+  </g>
+      <text x="680" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">OpenAI</text>
+    </g>
+
+    <g id="bar-6">
+      <rect x="760" y="516.8" width="80" height="43.2" fill="#F4A261" />
+      <text x="800" y="504" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">12%</text>
+      <text x="800" y="595" text-anchor="middle" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#E8E6E1">CoreWeave</text>
+      <text x="800" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">+ Oracle</text>
+    </g>
+
+    <g id="cumulative-line">
+      <polyline points="200,496 320,438 440,384 560,344 680,297 800,254" fill="none" stroke="#E8E6E1" stroke-width="2.5" />
+      <circle cx="200" cy="496" r="5" fill="#E8E6E1" />
+      <circle cx="320" cy="438" r="5" fill="#E8E6E1" />
+      <circle cx="440" cy="384" r="5" fill="#E8E6E1" />
+      <circle cx="560" cy="344" r="5" fill="#E8E6E1" />
+      <circle cx="680" cy="297" r="5" fill="#E8E6E1" />
+      <circle cx="800" cy="254" r="6" fill="#E63946" stroke="#E8E6E1" stroke-width="2" />
+
+      <text x="213" y="500" font-family="Cambria, serif" font-size="10" fill="#8A857E">18%</text>
+      <text x="333" y="442" font-family="Cambria, serif" font-size="10" fill="#8A857E">34%</text>
+      <text x="453" y="388" font-family="Cambria, serif" font-size="10" fill="#8A857E">49%</text>
+      <text x="573" y="348" font-family="Cambria, serif" font-size="10" fill="#8A857E">60%</text>
+      <text x="693" y="301" font-family="Cambria, serif" font-size="10" fill="#8A857E">73%</text>
+      <text x="815" y="252" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">85%</text>
+    </g>
+  </g>
+
+  <g id="callout-right">
+    <line x1="950" y1="180" x2="950" y2="620" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="970" y="210" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">CONCENTRATION RISK</text>
+
+    <text x="970" y="270" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">85%</text>
+    <text x="970" y="298" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Nvidia 收入来自 6 个客户</text>
+
+    <line x1="970" y1="330" x2="1200" y2="330" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="970" y="370" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">前 4 名 = 60%</text>
+    <text x="970" y="395" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">MSFT + Meta + Google + Amazon</text>
+
+    <line x1="970" y1="420" x2="1200" y2="420" stroke="#2A2F36" stroke-width="1" />
+
+    <text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="970" y="466">任一家 hyperscaler 砍 capex</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="970" y="490">→ 级联打击 Nvidia 财报</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="970" y="514">→ 全 AI 供应链承压</text><line x1="970" y1="570" x2="1200" y2="570" stroke="#E63946" stroke-width="1" />
+    <text x="970" y="598" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"Binary risk — by design."</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="650" x2="1220" y2="650" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Nvidia 10-Q · Seeking Alpha · KuCoin · 估算口径以官方披露为准</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">15 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/16_stargate_hub.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/16_stargate_hub.svg
@@ -0,0 +1,123 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 16</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">Stargate：<tspan fill="#E63946">$500B</tspan> · <tspan fill="#E63946">10GW</tspan> · 7 站点</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">OpenAI + Oracle + SoftBank · the largest private AI infrastructure program ever announced</text>
+  </g>
+
+  <g id="stargate-network">
+  <g id="hub">
+    <circle cx="500" cy="430" r="14" fill="none" stroke="#E63946" stroke-width="1" opacity="0.25" />
+    <circle cx="500" cy="430" r="60" fill="none" stroke="#E63946" stroke-width="1" opacity="0.2" />
+    <circle cx="500" cy="430" r="100" fill="none" stroke="#E63946" stroke-width="1" opacity="0.15" />
+    <circle cx="500" cy="430" r="140" fill="none" stroke="#E63946" stroke-width="1" opacity="0.1" />
+
+    <circle cx="500" cy="430" r="80" fill="#1A1F26" stroke="#E63946" stroke-width="2" />
+    <text x="500" y="412" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">STARGATE</text>
+    <text x="500" y="438" text-anchor="middle" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E8E6E1">$500B</text>
+    <text x="500" y="458" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="1">10 GW · 4 YEARS</text>
+  </g>
+
+  <g id="spokes">
+    <line x1="500" y1="350" x2="500" y2="268" stroke="#E63946" stroke-width="2" />
+    <line x1="500" y1="350" x2="335" y2="290" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+    <line x1="500" y1="350" x2="665" y2="290" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+
+    <line x1="420" y1="430" x2="310" y2="430" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+    <line x1="580" y1="430" x2="690" y2="430" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+
+    <line x1="500" y1="510" x2="380" y2="590" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+    <line x1="500" y1="510" x2="620" y2="590" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+  </g>
+
+  <g id="spoke-abilene">
+    <rect x="430" y="200" width="140" height="68" fill="#1A1F26" stroke="#E63946" stroke-width="1.5" />
+    <text x="500" y="222" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-weight="bold" fill="#E8E6E1">Abilene, TX</text>
+    <text x="500" y="240" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="1">FLAGSHIP · ONLINE</text>
+    <text x="500" y="259" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">~1 GW by mid-2026</text>
+  </g>
+
+  <g id="spoke-shackelford">
+    <rect x="265" y="260" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="335" y="282" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Shackelford TX</text>
+    <text x="335" y="302" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">Planned · Oracle</text>
+  </g>
+
+  <g id="spoke-dona-ana">
+    <rect x="595" y="260" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="665" y="282" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Doña Ana NM</text>
+    <text x="665" y="302" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">Planned · Oracle</text>
+  </g>
+
+  <g id="spoke-michigan">
+    <rect x="170" y="400" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="240" y="422" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Saline MI</text>
+    <text x="240" y="442" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">1 GW · $7B · 2026 build</text>
+  </g>
+
+  <g id="spoke-midwest">
+    <rect x="690" y="400" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="760" y="422" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Midwest (TBD)</text>
+    <text x="760" y="442" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">Site undisclosed</text>
+  </g>
+
+  <g id="spoke-lordstown">
+    <rect x="290" y="560" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="360" y="582" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Lordstown OH</text>
+    <text x="360" y="602" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">SoftBank · ~0.75 GW</text>
+  </g>
+
+  <g id="spoke-milam">
+    <rect x="570" y="560" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="640" y="582" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Milam TX</text>
+    <text x="640" y="602" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">SoftBank · ~0.75 GW</text>
+  </g>
+  </g>
+
+  <g id="sidebar-right">
+    <line x1="900" y1="180" x2="900" y2="640" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="920" y="210" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">CURRENT PROGRESS</text>
+
+    <g id="progress-1">
+      <text x="920" y="262" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">7 GW</text>
+      <text x="920" y="290" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">已规划容量 · planned capacity</text>
+      <line x1="920" y1="310" x2="1200" y2="310" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="progress-2">
+      <text x="920" y="350" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">$400B</text>
+      <text x="920" y="378" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">未来 3 年投入 · 3-yr commit</text>
+      <line x1="920" y1="398" x2="1200" y2="398" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="progress-3">
+      <text x="920" y="438" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#C9C5BE">GB200</text>
+      <text x="920" y="466" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Abilene 机架已交付</text>
+      <line x1="920" y1="486" x2="1200" y2="486" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <text x="920" y="528" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">PARTNERS</text>
+    
+  <g transform="translate(920.0, 544.0) scale(1.0833333333333333)" fill="#E8E6E1">
+    <path d="M22.2819 9.8211a5.9847 5.9847 0 0 0-.5157-4.9108 6.0462 6.0462 0 0 0-6.5098-2.9A6.0651 6.0651 0 0 0 4.9807 4.1818a5.9847 5.9847 0 0 0-3.9977 2.9 6.0462 6.0462 0 0 0 .7427 7.0966 5.98 5.98 0 0 0 .511 4.9107 6.051 6.051 0 0 0 6.5146 2.9001A5.9847 5.9847 0 0 0 13.2599 24a6.0557 6.0557 0 0 0 5.7718-4.2058 5.9894 5.9894 0 0 0 3.9977-2.9001 6.0557 6.0557 0 0 0-.7475-7.0729zm-9.022 12.6081a4.4755 4.4755 0 0 1-2.8764-1.0408l.1419-.0804 4.7783-2.7582a.7948.7948 0 0 0 .3927-.6813v-6.7369l2.02 1.1686a.071.071 0 0 1 .038.052v5.5826a4.504 4.504 0 0 1-4.4945 4.4944zm-9.6607-4.1254a4.4708 4.4708 0 0 1-.5346-3.0137l.142.0852 4.783 2.7582a.7712.7712 0 0 0 .7806 0l5.8428-3.3685v2.3324a.0804.0804 0 0 1-.0332.0615L9.74 19.9502a4.4992 4.4992 0 0 1-6.1408-1.6464zM2.3408 7.8956a4.485 4.485 0 0 1 2.3655-1.9728V11.6a.7664.7664 0 0 0 .3879.6765l5.8144 3.3543-2.0201 1.1685a.0757.0757 0 0 1-.071 0l-4.8303-2.7865A4.504 4.504 0 0 1 2.3408 7.872zm16.5963 3.8558L13.1038 8.364 15.1192 7.2a.0757.0757 0 0 1 .071 0l4.8303 2.7913a4.4944 4.4944 0 0 1-.6765 8.1042v-5.6772a.79.79 0 0 0-.407-.667zm2.0107-3.0231l-.142-.0852-4.7735-2.7818a.7759.7759 0 0 0-.7854 0L9.409 9.2297V6.8974a.0662.0662 0 0 1 .0284-.0615l4.8303-2.7866a4.4992 4.4992 0 0 1 6.6802 4.66zM8.3065 12.863l-2.02-1.1638a.0804.0804 0 0 1-.038-.0567V6.0742a4.4992 4.4992 0 0 1 7.3757-3.4537l-.142.0805L8.704 5.459a.7948.7948 0 0 0-.3927.6813zm1.0976-2.3654l2.602-1.4998 2.6069 1.4998v2.9994l-2.5974 1.4997-2.6067-1.4997Z" />
+  </g>
+    
+  <g transform="translate(1000.0, 544.0) scale(1.0833333333333333)" fill="#E8E6E1">
+    <path d="M16.412 4.412h-8.82a7.588 7.588 0 0 0-.008 15.176h8.828a7.588 7.588 0 0 0 0-15.176zm-.193 12.502H7.786a4.915 4.915 0 0 1 0-9.828h8.433a4.914 4.914 0 1 1 0 9.828z" />
+  </g>
+    <text x="1080" y="565" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E8E6E1">SoftBank</text>
+
+    <text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="920" y="610">"Up and running"</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="920" y="626">— Sam Altman on Abilene</text></g>
+
+  <g id="page-footer">
+    <line x1="60" y1="660" x2="1220" y2="660" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: OpenAI press 2026-09/2026-02 · DataCenterDynamics · IntuitionLabs · NVIDIA newsroom</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">16 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/17_chapter_bubble.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/17_chapter_bubble.svg
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/18_capex_vs_revenue.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/18_capex_vs_revenue.svg
@@ -0,0 +1,103 @@
+<?xml version='1.0' encoding='UTF-8'?>
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <defs>
+    <linearGradient id="gap_fill" x1="0%" y1="0%" x2="0%" y2="100%">
+      <stop offset="0%" stop-color="#E63946" stop-opacity="0.25" />
+      <stop offset="100%" stop-color="#E63946" stop-opacity="0.04" />
+    </linearGradient>
+  </defs>
+
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART VI · THE BUBBLE · 18</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">资本与营收的鸿沟：<tspan fill="#E63946">$725B</tspan> 投入 vs <tspan fill="#E63946">$100B</tspan> 营收</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Hyperscaler capex (LHS, $B) vs Global Enterprise AI revenue (RHS, $B), 2020–2026</text>
+  </g>
+
+  <g id="chartArea">
+    <line x1="140" y1="220" x2="140" y2="560" stroke="#5C5852" stroke-width="1.5" />
+    <line x1="140" y1="560" x2="1140" y2="560" stroke="#5C5852" stroke-width="1.5" />
+    <line x1="1140" y1="220" x2="1140" y2="560" stroke="#5C5852" stroke-width="1.5" />
+
+    <line x1="140" y1="220" x2="1140" y2="220" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="140" y1="305" x2="1140" y2="305" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="140" y1="390" x2="1140" y2="390" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="140" y1="475" x2="1140" y2="475" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+
+    <text x="130" y="225" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$800B</text>
+    <text x="130" y="310" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$600B</text>
+    <text x="130" y="395" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$400B</text>
+    <text x="130" y="480" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$200B</text>
+    <text x="130" y="565" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$0</text>
+
+    <text x="1150" y="225" font-family="Cambria, serif" font-size="11" fill="#52B788">$160B</text>
+    <text x="1150" y="305" font-family="Cambria, serif" font-size="11" fill="#52B788">$120B</text>
+    <text x="1150" y="385" font-family="Cambria, serif" font-size="11" fill="#52B788">$80B</text>
+    <text x="1150" y="465" font-family="Cambria, serif" font-size="11" fill="#52B788">$40B</text>
+    <text x="1150" y="565" font-family="Cambria, serif" font-size="11" fill="#52B788">$0</text>
+
+    <text x="180" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2020</text>
+    <text x="338" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2021</text>
+    <text x="496" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2022</text>
+    <text x="654" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2023</text>
+    <text x="812" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2024</text>
+    <text x="970" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2025</text>
+    <text x="1128" y="590" font-family="Cambria, serif" font-size="12" fill="#E63946" font-weight="bold" text-anchor="middle">2026</text>
+
+    
+
+    <path d="M 180,538.8 L 338,526 L 496,492 L 654,432.5 L 812,379.4 L 970,319.9 L 1128,251.9 L 1128,330.5 L 970,390 L 812,443.1 L 654,492 L 496,521.8 L 338,538.8 L 180,549.4 Z" fill="url(#gap_fill)" />
+
+    <polyline points="180,538.8 338,526 496,492 654,432.5 812,379.4 970,319.9 1128,251.9" fill="none" stroke="#E63946" stroke-width="3" />
+    <circle cx="180" cy="538.8" r="4" fill="#E63946" />
+    <circle cx="338" cy="526" r="4" fill="#E63946" />
+    <circle cx="496" cy="492" r="4" fill="#E63946" />
+    <circle cx="654" cy="432.5" r="4" fill="#E63946" />
+    <circle cx="812" cy="379.4" r="4" fill="#E63946" />
+    <circle cx="970" cy="319.9" r="4" fill="#E63946" />
+    <circle cx="1128" cy="251.9" r="6" fill="#E63946" stroke="#E8E6E1" stroke-width="2" />
+
+    <polyline points="180,549.4 338,538.8 496,521.8 654,492 812,443.1 970,390 1128,330.5" fill="none" stroke="#52B788" stroke-width="2.5" stroke-dasharray="6,3" />
+    <circle cx="180" cy="549.4" r="3.5" fill="#52B788" />
+    <circle cx="338" cy="538.8" r="3.5" fill="#52B788" />
+    <circle cx="496" cy="521.8" r="3.5" fill="#52B788" />
+    <circle cx="654" cy="492" r="3.5" fill="#52B788" />
+    <circle cx="812" cy="443.1" r="3.5" fill="#52B788" />
+    <circle cx="970" cy="390" r="3.5" fill="#52B788" />
+    <circle cx="1128" cy="330.5" r="5" fill="#52B788" stroke="#E8E6E1" stroke-width="1.5" />
+
+    <text x="1108" y="240" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946" text-anchor="end">$725B</text>
+    <text x="1108" y="318" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#52B788" text-anchor="end">~$100B</text>
+
+    <g id="gap-label">
+      <line x1="1200" y1="251.9" x2="1200" y2="330.5" stroke="#E63946" stroke-width="2" stroke-dasharray="2,3"/>
+      <line x1="1190" y1="251.9" x2="1210" y2="251.9" stroke="#E63946" stroke-width="2" />
+      <line x1="1190" y1="330.5" x2="1210" y2="330.5" stroke="#E63946" stroke-width="2" />
+      <text x="1218" y="287" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E63946">ROI</text>
+      <text x="1218" y="310" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E63946">GAP</text>
+    </g>
+  </g>
+
+  <g id="legend">
+    <line x1="140" y1="630" x2="170" y2="630" stroke="#E63946" stroke-width="3" />
+    <circle cx="155" cy="630" r="4" fill="#E63946" />
+    <text x="182" y="635" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Hyperscaler Capex (左轴 LHS, $B)</text>
+
+    <line x1="500" y1="630" x2="530" y2="630" stroke="#52B788" stroke-width="2.5" stroke-dasharray="6,3" />
+    <circle cx="515" cy="630" r="4" fill="#52B788" />
+    <text x="542" y="635" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Enterprise AI Revenue (右轴 RHS, $B)</text>
+
+    <text x="900" y="635" font-family="Cambria, serif" font-size="13" fill="#E63946" font-weight="bold">差距 +46pt</text>
+    <text x="1010" y="635" font-family="Cambria, serif" font-size="13" fill="#8A857E">vs 2001 电信泡沫期 +32pt</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="660" x2="1220" y2="660" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Goldman Sachs · Allianz Economic Research · KuCoin · Tom's Hardware · revenue 估算口径以行业披露为准</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">18 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/19_four_risks_quadrant.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/19_four_risks_quadrant.svg
@@ -0,0 +1,105 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART VI · THE BUBBLE · 19</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">四大风险，<tspan fill="#E63946">互相放大</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">The four risk vectors that compound each other in 2026 AI capital</text>
+  </g>
+
+  <g id="quadrant-axes">
+    <line x1="640" y1="200" x2="640" y2="640" stroke="#5C5852" stroke-width="1.5" />
+    <line x1="80" y1="420" x2="1200" y2="420" stroke="#5C5852" stroke-width="1.5" />
+  </g>
+
+  <g id="q1-capex-gap">
+    <rect x="80" y="200" width="560" height="220" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="80" y="200" width="560" height="4" fill="#E63946" />
+
+    <text x="100" y="234" font-family="Cambria, serif" font-size="10" fill="#E63946" letter-spacing="3">RISK 01</text>
+    
+  <g transform="translate(540.0, 216.0) scale(1.5)" fill="none" stroke="#E63946" stroke-width="1.5">
+    <path d="M7 20l10 0" />
+    <path d="M6 6l6 -1l6 1" />
+    <path d="M12 3l0 17" />
+    <path d="M9 12l-3 -6l-3 6a3 3 0 0 0 6 0" />
+    <path d="M21 12l-3 -6l-3 6a3 3 0 0 0 6 0" />
+  </g>
+
+    <text x="100" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">Capex / Revenue 鸿沟</text>
+    <text x="100" y="302" font-family="Cambria, serif" font-size="11" fill="#8A857E" font-style="italic">Capex outruns commercial revenue</text>
+
+    <text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="100" y="344"><tspan>• 增速差 <tspan fill="#E63946" font-weight="bold">+46pt</tspan></tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="100" y="366">• 2001 电信泡沫期为 32pt</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="100" y="388"><tspan>• <tspan fill="#E63946" font-weight="bold">差距已超 2001 泡沫</tspan></tspan>
+    </text></g>
+
+  <g id="q2-roi">
+    <rect x="640" y="200" width="560" height="220" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="640" y="200" width="560" height="4" fill="#E63946" />
+
+    <text x="660" y="234" font-family="Cambria, serif" font-size="10" fill="#E63946" letter-spacing="3">RISK 02</text>
+    
+  <g transform="translate(1100.0, 216.0) scale(1.5)" fill="none" stroke="#E63946" stroke-width="1.5">
+    <path d="M11 12a1 1 0 1 0 2 0a1 1 0 1 0 -2 0" />
+    <path d="M7 12a5 5 0 1 0 10 0a5 5 0 1 0 -10 0" />
+    <path d="M3 12a9 9 0 1 0 18 0a9 9 0 1 0 -18 0" />
+  </g>
+
+    <text x="660" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">企业 ROI 难落地</text>
+    <text x="660" y="302" font-family="Cambria, serif" font-size="11" fill="#8A857E" font-style="italic">Enterprise ROI lags badly behind capex</text>
+
+    <text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="660" y="344"><tspan>• MIT: <tspan fill="#E63946" font-weight="bold">95%</tspan> AI 试点未产生商业价值</tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="660" y="366"><tspan>• 仅 <tspan fill="#E63946" font-weight="bold">5%</tspan> 企业 EBIT 受 AI 显著影响</tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="660" y="388">• 投资在赌"未来兑现"</text></g>
+
+  <g id="q3-concentration">
+    <rect x="80" y="420" width="560" height="220" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="80" y="420" width="560" height="4" fill="#F4A261" />
+
+    <text x="100" y="454" font-family="Cambria, serif" font-size="10" fill="#F4A261" letter-spacing="3">RISK 03</text>
+    
+  <g transform="translate(540.0, 436.0) scale(1.5)" fill="none" stroke="#F4A261" stroke-width="1.5">
+    <path d="M12 9v4" />
+    <path d="M10.363 3.591l-8.106 13.534a1.914 1.914 0 0 0 1.636 2.871h16.214a1.914 1.914 0 0 0 1.636 -2.87l-8.106 -13.536a1.914 1.914 0 0 0 -3.274 0" />
+    <path d="M12 16h.01" />
+  </g>
+
+    <text x="100" y="498" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">客户集中度风险</text>
+    <text x="100" y="522" font-family="Cambria, serif" font-size="11" fill="#8A857E" font-style="italic">Six customers carry the whole supply chain</text>
+
+    <text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="100" y="564"><tspan>• Nvidia 收入 <tspan fill="#F4A261" font-weight="bold">85% 来自 6 家</tspan></tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="100" y="586">• 前 4 名占近 60%</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="100" y="608">• 任一砍 capex → 级联冲击</text></g>
+
+  <g id="q4-financing">
+    <rect x="640" y="420" width="560" height="220" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="640" y="420" width="560" height="4" fill="#F4A261" />
+
+    <text x="660" y="454" font-family="Cambria, serif" font-size="10" fill="#F4A261" letter-spacing="3">RISK 04</text>
+    
+  <g transform="translate(1100.0, 436.0) scale(1.5)" fill="none" stroke="#F4A261" stroke-width="1.5">
+    <path d="M3 9a2 2 0 0 1 2 -2h14a2 2 0 0 1 2 2v9a2 2 0 0 1 -2 2h-14a2 2 0 0 1 -2 -2l0 -9" />
+    <path d="M8 7v-2a2 2 0 0 1 2 -2h4a2 2 0 0 1 2 2v2" />
+    <path d="M12 12l0 .01" />
+    <path d="M3 13a20 20 0 0 0 18 0" />
+  </g>
+
+    <text x="660" y="498" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">融资结构转向负债</text>
+    <text x="660" y="522" font-family="Cambria, serif" font-size="11" fill="#8A857E" font-style="italic">From operating cash flow to debt</text>
+
+    <text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="660" y="564"><tspan>• 现金流融资 → <tspan fill="#F4A261" font-weight="bold">举债融资</tspan></tspan>
+      </text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="660" y="586">• 自由现金流开始转负</text><text font-size="14" fill="#C9C5BE" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" x="660" y="608">• 兑现时间表的耐心被压缩</text></g>
+
+  <g id="center-mark">
+    <circle cx="640" cy="420" r="22" fill="#0E1116" stroke="#E63946" stroke-width="2" />
+    <text x="640" y="427" text-anchor="middle" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">×</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="670" x2="1220" y2="670" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: MIT GenAI Pilot Study · Allianz · Seeking Alpha · Goldman Sachs 2026 outlook</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">19 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/20_closing.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_final/20_closing.svg
@@ -0,0 +1,70 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">CLOSING · 20</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="44" font-weight="bold" fill="#E8E6E1">六大判断 / <tspan fill="#E63946">Six Takeaways</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Closing notes on 2026's global AI capital landscape</text>
+  </g>
+
+  <g id="take-1">
+    <text x="60" y="220" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">①</text>
+    <text x="120" y="216" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">资本集中度是 2026 主旋律</text>
+    <text x="120" y="240" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">单季 65% 的全球 VC 进入 4 家公司——"钱没变多，是更集中"</text>
+    <line x1="60" y1="262" x2="620" y2="262" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-2">
+    <text x="60" y="312" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">②</text>
+    <text x="120" y="308" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">算力是 2026 的硬通货</text>
+    <text x="120" y="332" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Nvidia 既是基建供应商又是大股东，形成全行业闭环结构</text>
+    <line x1="60" y1="354" x2="620" y2="354" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-3">
+    <text x="60" y="404" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">③</text>
+    <text x="120" y="400" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">下一道护城河是电力，不是芯片</text>
+    <text x="120" y="424" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">$725B Capex 中 60%+ 流向电力 / 冷却 / 土建——资源约束已转移</text>
+    <line x1="60" y1="446" x2="620" y2="446" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-4">
+    <text x="660" y="220" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">④</text>
+    <text x="720" y="216" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">中美双轨结构已成型</text>
+    <text x="720" y="240" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">美国推迟 IPO 喂超大私募，中国二级市场全面打开，路径差异不再可逆</text>
+    <line x1="660" y1="262" x2="1220" y2="262" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-5">
+    <text x="660" y="312" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">⑤</text>
+    <text x="720" y="308" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">真实 ROI 滞后但巨头未止血</text>
+    <text x="720" y="332" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">95% 试点失败 vs $725B capex 继续上调——这是赌"未来兑现"</text>
+    <line x1="660" y1="354" x2="1220" y2="354" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-6">
+    <text x="660" y="404" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">⑥</text>
+    <text x="720" y="400" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">Anthropic 反超 OpenAI</text>
+    <text x="720" y="424" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">在谈估值 $900B vs $852B；ARR 增速 Anthropic 已超越 OpenAI</text>
+    <line x1="660" y1="446" x2="1220" y2="446" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="bottom-callout">
+    <rect x="60" y="490" width="1160" height="110" fill="#1A1F26"/>
+    <rect x="60" y="490" width="6" height="110" fill="#E63946"/>
+    <text x="100" y="525" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL CLOSE</text>
+    <text x="100" y="565" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-style="italic" fill="#E8E6E1">"This is not yet the bubble bursting.</text>
+    <text x="100" y="590" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-style="italic" fill="#E63946">It is the bubble compounding."</text>
+  </g>
+
+  <g id="sources-strip">
+    <line x1="60" y1="630" x2="1220" y2="630" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="654" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">PRIMARY SOURCES</text>
+    <text x="60" y="678" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#8A857E">Crunchbase · PitchBook · CNBC · Bloomberg · TechCrunch · OpenAI / Anthropic / xAI press · Tom's Hardware</text>
+    <text x="60" y="696" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#8A857E">Goldman Sachs · Allianz · Statista · MIT GenAI Pilot Study · BigGo Finance · TechFundingNews · DataCenterDynamics</text>
+    <text x="1220" y="696" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">20 / 20 · End of briefing</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/01_cover.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/01_cover.svg
@@ -0,0 +1,39 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <defs>
+    <linearGradient id="cover_scrim" x1="0%" y1="100%" x2="0%" y2="0%">
+      <stop offset="0%" stop-color="#0E1116" stop-opacity="0.95"/>
+      <stop offset="55%" stop-color="#0E1116" stop-opacity="0.55"/>
+      <stop offset="100%" stop-color="#0E1116" stop-opacity="0.05"/>
+    </linearGradient>
+  </defs>
+
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+    <image href="../images/cover_atmosphere.png" x="0" y="0" width="1280" height="720" preserveAspectRatio="xMidYMid slice"/>
+    <rect x="0" y="0" width="1280" height="720" fill="url(#cover_scrim)"/>
+  </g>
+
+  <g id="cover-chrome">
+    <text x="60" y="56" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="11" fill="#8A857E" letter-spacing="3">INDUSTRY BRIEFING · 2026.05</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+  </g>
+
+  <g id="cover-title">
+    <text x="60" y="440" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="72" font-weight="bold" fill="#E8E6E1" letter-spacing="-1">2026 全球 AI 资本格局</text>
+    <text x="60" y="490" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-style="italic" fill="#C9C5BE" letter-spacing="0.5">Capital, Compute, and the Closed Loop</text>
+  </g>
+
+  <g id="cover-meta">
+    <line x1="60" y1="540" x2="1220" y2="540" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="580" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">作者 · PPT Master 行业洞察 / Author · PPT Master Industry Insight</text>
+    <text x="60" y="608" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">数据截至 / Data as of <tspan fill="#E8E6E1" font-weight="bold">2026-05-15</tspan></text>
+
+    <text x="1220" y="580" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">VOL. 01 · NO. 05</text>
+    <text x="1220" y="608" text-anchor="end" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#E63946" font-weight="bold">$297B · 81% · 4 deals</text>
+  </g>
+
+  <g id="cover-footer">
+    <text x="60" y="690" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Crunchbase · Bloomberg · CNBC · TechCrunch · Anthropic · OpenAI</text>
+    <text x="1220" y="690" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">01 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/02_editor_note.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/02_editor_note.svg
@@ -0,0 +1,56 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PROLOGUE · 02</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">编辑导语 / Editor's Note</text>
+  </g>
+
+  <g id="big-quote">
+    <text x="60" y="220" font-family="Cambria, serif" font-size="120" fill="#E63946" opacity="0.45">"</text>
+  </g>
+
+  <g id="lede">
+    <text x="160" y="240" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="30" font-weight="bold" fill="#E8E6E1">三组数字，足以定义 2026 年的 AI 资本格局。</text>
+  </g>
+
+  <g id="point-1">
+    <text x="60" y="340" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$297B</text>
+    <text x="60" y="380" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">单季全球 VC 总额 · AI 占 <tspan fill="#E8E6E1" font-weight="bold">81%</tspan></text>
+    <line x1="60" y1="405" x2="380" y2="405" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="point-2">
+    <text x="450" y="340" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$188B</text>
+    <text x="450" y="380" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">四笔交易合计 · 占全季 VC <tspan fill="#E8E6E1" font-weight="bold">65%</tspan></text>
+    <line x1="450" y1="405" x2="770" y2="405" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="point-3">
+    <text x="840" y="340" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">+46pt</text>
+    <text x="840" y="380" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">Capex 与 AI 收入增速差距 · 已超 <tspan fill="#E8E6E1" font-weight="bold">2001 电信泡沫</tspan></text>
+    <line x1="840" y1="405" x2="1160" y2="405" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="body-text">
+    <text x="60" y="470" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" fill="#C9C5BE">
+      <tspan x="60" dy="0">这一期，我们用 18 张数据图，回答一个问题：</tspan>
+      <tspan x="60" dy="28">当全球风险资本以前所未有的集中度涌入 AI，<tspan fill="#E8E6E1" font-weight="bold">这究竟是基建周期的开端，还是泡沫膨胀的中段？</tspan></tspan>
+      <tspan x="60" dy="28">不要急着下结论。我们先把六个维度的数字铺开。</tspan>
+    </text>
+  </g>
+
+  <g id="signature">
+    <line x1="60" y1="618" x2="200" y2="618" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="644" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">— Editorial Desk, 2026-05-16</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Capital, Compute, and the Closed Loop · 2026 Industry Briefing</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">02 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/03_contents.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/03_contents.svg
@@ -0,0 +1,75 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">CONTENTS · 03</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="130" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="44" font-weight="bold" fill="#E8E6E1">目录 / Contents</text>
+    <text x="60" y="162" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Six parts · Eighteen data charts · 2026 全球 AI 资本格局</text>
+  </g>
+
+  <g id="toc-left">
+    <g id="part-1">
+      <text x="60" y="240" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">I</text>
+      <text x="120" y="232" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">全景 · Landscape</text>
+      <text x="120" y="258" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Q1 风投 · Hyperscaler $725B Capex</text>
+      <text x="560" y="240" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P04 — P05</text>
+      <line x1="60" y1="280" x2="560" y2="280" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="part-2">
+      <text x="60" y="340" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">II</text>
+      <text x="120" y="332" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">三巨头 · The Big Three</text>
+      <text x="120" y="358" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">OpenAI · Anthropic · xAI</text>
+      <text x="560" y="340" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P06 — P09</text>
+      <line x1="60" y1="380" x2="560" y2="380" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="part-3">
+      <text x="60" y="440" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">III</text>
+      <text x="120" y="432" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">中国阵营 · China Camp</text>
+      <text x="120" y="458" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">DeepSeek $50B 领跑 · 中美双轨</text>
+      <text x="560" y="440" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P10 — P11</text>
+      <line x1="60" y1="480" x2="560" y2="480" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+  </g>
+
+  <g id="toc-right">
+    <g id="part-4">
+      <text x="660" y="240" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">IV</text>
+      <text x="730" y="232" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">二线梯队 · The Second Tier</text>
+      <text x="730" y="258" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">SSI · Perplexity · Mistral · Cohere</text>
+      <text x="1160" y="240" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P12</text>
+      <line x1="660" y1="280" x2="1160" y2="280" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="part-5">
+      <text x="660" y="340" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">V</text>
+      <text x="730" y="332" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">基建与闭环 · Infrastructure</text>
+      <text x="730" y="358" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Nvidia 闭环 · Stargate $500B</text>
+      <text x="1160" y="340" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P13 — P16</text>
+      <line x1="660" y1="380" x2="1160" y2="380" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="part-6">
+      <text x="660" y="440" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">VI</text>
+      <text x="730" y="432" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">泡沫与判断 · The Bubble</text>
+      <text x="730" y="458" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Capex/Revenue 鸿沟 · 六大判断</text>
+      <text x="1160" y="440" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P17 — P20</text>
+      <line x1="660" y1="480" x2="1160" y2="480" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+  </g>
+
+  <g id="bottom-meta">
+    <line x1="60" y1="600" x2="1220" y2="600" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="635" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">阅读建议 / Reading note</text>
+    <text x="60" y="660" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">每章约 3-5 分钟 · 推荐顺序阅读 · 数据均附 §VIII 来源列表</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Capital, Compute, and the Closed Loop · 2026 Industry Briefing</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">03 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/04_q1_vc_landscape.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/04_q1_vc_landscape.svg
@@ -0,0 +1,86 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART I · LANDSCAPE · 04</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">2026 Q1 全球风投：<tspan fill="#E63946">$297B</tspan> 创纪录，AI 拿走 <tspan fill="#E63946">81%</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Global VC Q1 2026 — four mega-deals carry the quarter</text>
+  </g>
+
+  <g id="card-1">
+    <rect x="60" y="190" width="280" height="220" rx="6" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <line x1="60" y1="190" x2="60" y2="290" stroke="#E63946" stroke-width="3"/>
+    <use data-icon="tabler-outline/world" x="80" y="210" width="22" height="22" fill="#8A857E" stroke-width="1.5"/>
+    <text x="112" y="227" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">单季 VC 总额 / Q1 VC</text>
+    <text x="80" y="320" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">$297<tspan font-size="32" fill="#C9C5BE">B</tspan></text>
+    <text x="80" y="360" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">单季历史最高 · Single-quarter record</text>
+    <text x="80" y="385" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#5C5852">来源: Crunchbase</text>
+  </g>
+
+  <g id="card-2">
+    <rect x="360" y="190" width="280" height="220" rx="6" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <line x1="360" y1="190" x2="360" y2="290" stroke="#E63946" stroke-width="3"/>
+    <use data-icon="tabler-outline/percentage" x="380" y="210" width="22" height="22" fill="#8A857E" stroke-width="1.5"/>
+    <text x="412" y="227" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">AI 占全季 VC / AI share</text>
+    <text x="380" y="320" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">81<tspan font-size="32" fill="#C9C5BE">%</tspan></text>
+    <text x="380" y="360" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">约 <tspan fill="#E63946" font-weight="bold">$242B</tspan> 流入 AI 行业</text>
+    <text x="380" y="385" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#5C5852">来源: Crunchbase / PitchBook</text>
+  </g>
+
+  <g id="card-3">
+    <rect x="60" y="430" width="280" height="220" rx="6" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <line x1="60" y1="430" x2="60" y2="530" stroke="#F4A261" stroke-width="3"/>
+    <use data-icon="tabler-outline/currency-dollar" x="80" y="450" width="22" height="22" fill="#8A857E" stroke-width="1.5"/>
+    <text x="112" y="467" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">Top 4 笔大单 / Top 4 deals</text>
+    <text x="80" y="560" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">$188<tspan font-size="32" fill="#C9C5BE">B</tspan></text>
+    <text x="80" y="600" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI · Anthropic · xAI · Waymo</text>
+    <text x="80" y="625" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#5C5852">来源: PitchBook Q1 2026 Report</text>
+  </g>
+
+  <g id="card-4">
+    <rect x="360" y="430" width="280" height="220" rx="6" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <line x1="360" y1="430" x2="360" y2="530" stroke="#F4A261" stroke-width="3"/>
+    <use data-icon="tabler-outline/target" x="380" y="450" width="22" height="22" fill="#8A857E" stroke-width="1.5"/>
+    <text x="412" y="467" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">集中度 / Concentration</text>
+    <text x="380" y="560" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">65<tspan font-size="32" fill="#C9C5BE">%</tspan></text>
+    <text x="380" y="600" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Top 4 占全季全球 VC 比例</text>
+    <text x="380" y="625" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#5C5852">钱不是更多，是更集中</text>
+  </g>
+
+  <g id="callout-right">
+    <line x1="680" y1="190" x2="680" y2="650" stroke="#2A2F36" stroke-width="1"/>
+    <text x="700" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL NOTE</text>
+    <line x1="700" y1="232" x2="820" y2="232" stroke="#E63946" stroke-width="1"/>
+
+    <text x="700" y="280" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">
+      <tspan x="700" dy="0">钱没变多，</tspan>
+      <tspan x="700" dy="32">是更集中。</tspan>
+    </text>
+
+    <text x="700" y="380" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="700" dy="0">"While more money than ever is being</tspan>
+      <tspan x="700" dy="22">invested in the private markets, that's</tspan>
+      <tspan x="700" dy="22">thanks to <tspan fill="#E63946" font-weight="bold">larger checks, not more</tspan></tspan>
+      <tspan x="700" dy="22"><tspan fill="#E63946" font-weight="bold">of them</tspan> — capital concentrated into a</tspan>
+      <tspan x="700" dy="22">select few companies and a single</tspan>
+      <tspan x="700" dy="22">industry."</tspan>
+    </text>
+
+    <text x="700" y="555" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">— Crunchbase, Q1 2026 venture report</text>
+
+    <g id="key-stat-inline">
+      <line x1="700" y1="600" x2="1160" y2="600" stroke="#2A2F36" stroke-width="1"/>
+      <text x="700" y="630" font-family="Cambria, serif" font-size="13" fill="#8A857E">三大模型公司单季合计</text>
+      <text x="1160" y="630" text-anchor="end" font-family="Cambria, serif" font-size="32" font-weight="bold" fill="#E63946">$172B</text>
+    </g>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Crunchbase · PitchBook Q1 2026 Venture Reports</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">04 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/05_hyperscaler_capex.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/05_hyperscaler_capex.svg
@@ -0,0 +1,90 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART I · LANDSCAPE · 05</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">四家 Hyperscaler 2026 Capex：<tspan fill="#E63946">$725B</tspan>，同比 <tspan fill="#E63946">+77%</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Microsoft · Alphabet · Amazon · Meta — combined AI infrastructure capex</text>
+  </g>
+
+  <g id="chartArea">
+    <line x1="180" y1="200" x2="850" y2="200" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+    <line x1="180" y1="290" x2="850" y2="290" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+    <line x1="180" y1="380" x2="850" y2="380" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+    <line x1="180" y1="470" x2="850" y2="470" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+    <line x1="180" y1="560" x2="850" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+
+    <text x="170" y="205" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$200B</text>
+    <text x="170" y="295" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$150B</text>
+    <text x="170" y="385" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$100B</text>
+    <text x="170" y="475" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$50B</text>
+    <text x="170" y="565" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$0</text>
+
+    <line x1="180" y1="200" x2="180" y2="560" stroke="#5C5852" stroke-width="1"/>
+    <line x1="180" y1="560" x2="850" y2="560" stroke="#5C5852" stroke-width="1"/>
+    <!-- chart-plot-area: 180,200,850,560 -->
+
+    <g id="bar-amazon">
+      <rect x="240" y="200" width="100" height="360" fill="#E63946"/>
+      <text x="290" y="185" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$200B</text>
+      <use data-icon="simple-icons/amazon" x="278" y="572" width="24" height="24" fill="#C9C5BE"/>
+      <text x="290" y="624" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">行业最高</text>
+    </g>
+
+    <g id="bar-msft">
+      <rect x="395" y="218" width="100" height="342" fill="#C9C5BE"/>
+      <text x="445" y="203" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$190B</text>
+      <use data-icon="simple-icons/microsoft" x="433" y="572" width="24" height="24" fill="#C9C5BE"/>
+      <text x="445" y="624" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">含 $25B 存储芯片</text>
+    </g>
+
+    <g id="bar-google">
+      <rect x="550" y="218" width="100" height="342" fill="#C9C5BE"/>
+      <text x="600" y="203" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$190B</text>
+      <use data-icon="simple-icons/google" x="588" y="572" width="24" height="24" fill="#C9C5BE"/>
+      <text x="600" y="624" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">指引上调 $5B</text>
+    </g>
+
+    <g id="bar-meta">
+      <rect x="705" y="299" width="100" height="261" fill="#8A857E"/>
+      <text x="755" y="284" font-family="Cambria, serif" font-size="26" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$145B+</text>
+      <use data-icon="simple-icons/meta" x="743" y="572" width="24" height="24" fill="#C9C5BE"/>
+      <text x="755" y="624" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E" text-anchor="middle">电力土地紧张</text>
+    </g>
+  </g>
+
+  <g id="callout-right">
+    <line x1="900" y1="190" x2="900" y2="600" stroke="#2A2F36" stroke-width="1"/>
+
+    <text x="920" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">KEY OBSERVATION</text>
+
+    <text x="920" y="280" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">$725B</text>
+    <text x="920" y="306" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">2026 合计 Capex · 同比 <tspan fill="#E8E6E1" font-weight="bold">+77%</tspan></text>
+
+    <line x1="920" y1="340" x2="1160" y2="340" stroke="#2A2F36" stroke-width="1"/>
+
+    <text x="920" y="378" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">资源约束已转向电力</text>
+
+    <text x="920" y="420" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="920" dy="0"><tspan fill="#E63946" font-weight="bold">60%+</tspan> 资本流向电力基础设</tspan>
+      <tspan x="920" dy="22">施、冷却、土建——而不是</tspan>
+      <tspan x="920" dy="22">芯片本身。</tspan>
+    </text>
+
+    <text x="920" y="510" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="920" dy="0">下一道护城河不是算力，</tspan>
+      <tspan x="920" dy="22">是 <tspan fill="#E63946" font-weight="bold">GW 级供电</tspan>。</tspan>
+    </text>
+
+    <text x="920" y="595" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">— Tom's Hardware / Statista, 2026 outlook</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Tom's Hardware · Statista · NextWaves · Company guidance Q1 2026</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">05 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/06_big_three_valuation_leap.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/06_big_three_valuation_leap.svg
@@ -0,0 +1,91 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 06</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">三巨头估值跃迁：从年初到 Q2 的 <tspan fill="#E63946">双倍线</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">OpenAI · Anthropic · xAI — six-month valuation deltas</text>
+  </g>
+
+  <g id="chartArea">
+    <g id="axis">
+      <line x1="220" y1="220" x2="220" y2="560" stroke="#2A2F36" stroke-width="1"/>
+      <line x1="220" y1="560" x2="1180" y2="560" stroke="#5C5852" stroke-width="1"/>
+      <line x1="380" y1="220" x2="380" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="540" y1="220" x2="540" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="700" y1="220" x2="700" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="860" y1="220" x2="860" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="1020" y1="220" x2="1020" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="1180" y1="220" x2="1180" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+
+      <text x="220" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$0</text>
+      <text x="380" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$200B</text>
+      <text x="540" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$400B</text>
+      <text x="700" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$600B</text>
+      <text x="860" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$800B</text>
+      <text x="1020" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$1.0T</text>
+      <text x="1180" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$1.2T</text>
+    </g>
+    <!-- chart-plot-area: 220,220,1180,560 -->
+
+    <g id="legend">
+      <circle cx="220" cy="195" r="5" fill="#8A857E"/>
+      <text x="232" y="200" font-family="Cambria, serif" font-size="12" fill="#C9C5BE">Year-Start 2026</text>
+      <circle cx="380" cy="195" r="5" fill="#E63946"/>
+      <text x="392" y="200" font-family="Cambria, serif" font-size="12" fill="#C9C5BE">Latest (May 2026)</text>
+    </g>
+
+    <g id="row-openai">
+      <text x="210" y="265" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1" text-anchor="end">OpenAI</text>
+      <text x="210" y="284" font-family="Cambria, serif" font-size="10" fill="#5C5852" text-anchor="end">consumer + IPO</text>
+      <line x1="460" y1="270" x2="900" y2="270" stroke="#C9C5BE" stroke-width="2"/>
+      <circle cx="460" cy="270" r="9" fill="#8A857E"/>
+      <circle cx="900" cy="270" r="9" fill="#E63946"/>
+      <text x="448" y="252" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#8A857E" text-anchor="end">$300B</text>
+      <text x="912" y="252" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">$852B</text>
+      <text x="912" y="290" font-family="Cambria, serif" font-size="11" fill="#5C5852">+184%</text>
+    </g>
+
+    <g id="row-anthropic">
+      <text x="210" y="375" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1" text-anchor="end">Anthropic</text>
+      <text x="210" y="394" font-family="Cambria, serif" font-size="10" fill="#5C5852" text-anchor="end">enterprise</text>
+      <line x1="269" y1="380" x2="524" y2="380" stroke="#C9C5BE" stroke-width="2"/>
+      <line x1="524" y1="380" x2="940" y2="380" stroke="#F4A261" stroke-width="2" stroke-dasharray="4,3"/>
+      <circle cx="269" cy="380" r="9" fill="#8A857E"/>
+      <circle cx="524" cy="380" r="9" fill="#E63946"/>
+      <circle cx="940" cy="380" r="7" fill="none" stroke="#F4A261" stroke-width="2"/>
+      <text x="257" y="362" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#8A857E" text-anchor="end">$61.5B</text>
+      <text x="536" y="362" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">$380B (G)</text>
+      <text x="958" y="362" font-family="Cambria, serif" font-size="12" fill="#F4A261" text-anchor="end">→ $900B (在谈)</text>
+      <text x="269" y="400" font-family="Cambria, serif" font-size="11" fill="#5C5852">+518% (locked) / +1364% (in-talks)</text>
+    </g>
+
+    <g id="row-xai">
+      <text x="210" y="485" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1" text-anchor="end">xAI</text>
+      <text x="210" y="504" font-family="Cambria, serif" font-size="10" fill="#5C5852" text-anchor="end">SpaceX merger</text>
+      <line x1="260" y1="490" x2="404" y2="490" stroke="#C9C5BE" stroke-width="2"/>
+      <line x1="404" y1="490" x2="1220" y2="490" stroke="#F4A261" stroke-width="2" stroke-dasharray="4,3"/>
+      <circle cx="260" cy="490" r="9" fill="#8A857E"/>
+      <circle cx="404" cy="490" r="9" fill="#E63946"/>
+      <circle cx="1220" cy="490" r="9" fill="none" stroke="#F4A261" stroke-width="2"/>
+      <text x="248" y="472" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#8A857E" text-anchor="end">$50B</text>
+      <text x="416" y="472" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">$230B</text>
+      <text x="1208" y="472" font-family="Cambria, serif" font-size="12" fill="#F4A261" text-anchor="end">→ $1.25T (合并)</text>
+      <text x="260" y="510" font-family="Cambria, serif" font-size="11" fill="#5C5852">+360% (Jan E) / +2400% (post-merger)</text>
+    </g>
+  </g>
+
+  <g id="insight-strip">
+    <line x1="60" y1="630" x2="1220" y2="630" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="660" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL TAKE</text>
+    <text x="640" y="660" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-style="italic" fill="#E8E6E1">六个月里，三家公司的合计估值从 <tspan font-weight="bold">$411B</tspan> 跃至 <tspan fill="#E63946" font-weight="bold">$1.46T</tspan>——3.6 倍。</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: CNBC · Bloomberg · TechCrunch · Anthropic / OpenAI press · Fortune Feb 2026</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">06 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/07_valuation_vs_revenue_bubble.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/07_valuation_vs_revenue_bubble.svg
@@ -0,0 +1,86 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 07</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">估值兑现度：<tspan fill="#E63946">气泡大小 = 投资人数</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Valuation × ARR × investor count — who is most over-extended?</text>
+  </g>
+
+  <g id="chartArea">
+    <g id="axes">
+      <line x1="160" y1="200" x2="160" y2="560" stroke="#5C5852" stroke-width="1.5"/>
+      <line x1="160" y1="560" x2="1200" y2="560" stroke="#5C5852" stroke-width="1.5"/>
+
+      <line x1="160" y1="280" x2="1200" y2="280" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="160" y1="360" x2="1200" y2="360" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="160" y1="440" x2="1200" y2="440" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="160" y1="520" x2="1200" y2="520" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+
+      <line x1="380" y1="200" x2="380" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="600" y1="200" x2="600" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="820" y1="200" x2="820" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="1040" y1="200" x2="1040" y2="560" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+
+      <text x="148" y="285" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$1000B</text>
+      <text x="148" y="365" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$750B</text>
+      <text x="148" y="445" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$500B</text>
+      <text x="148" y="525" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$250B</text>
+      <text x="148" y="565" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">$0</text>
+
+      <text x="160" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$0</text>
+      <text x="380" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$10B</text>
+      <text x="600" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$20B</text>
+      <text x="820" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$30B</text>
+      <text x="1040" y="585" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$40B</text>
+
+      <text x="60" y="380" font-family="Cambria, serif" font-size="12" fill="#8A857E" transform="rotate(-90, 60, 380)" text-anchor="middle">VALUATION ($B) →</text>
+      <text x="680" y="615" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">ANNUALIZED REVENUE (ARR, $B) →</text>
+    </g>
+    <!-- chart-plot-area: 160,200,1200,560 -->
+
+    <g id="bubble-xai">
+      <circle cx="290" cy="477" r="38" fill="#F4A261" fill-opacity="0.18" stroke="#F4A261" stroke-width="2"/>
+      <circle cx="290" cy="477" r="3" fill="#F4A261"/>
+      <text x="290" y="533" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-weight="bold" fill="#E8E6E1">xAI</text>
+      <text x="290" y="551" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">$5B / $230B · 8+ investors</text>
+    </g>
+
+    <g id="bubble-anthropic">
+      <circle cx="940" cy="423" r="30" fill="#E63946" fill-opacity="0.22" stroke="#E63946" stroke-width="2"/>
+      <circle cx="940" cy="423" r="3" fill="#E63946"/>
+      <text x="940" y="381" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-weight="bold" fill="#E8E6E1">Anthropic</text>
+      <text x="940" y="363" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">$30B / $380B · 5 investors</text>
+
+      <line x1="940" y1="393" x2="1100" y2="310" stroke="#F4A261" stroke-width="1" stroke-dasharray="3,3"/>
+      <circle cx="1100" cy="310" r="10" fill="none" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="3,2"/>
+      <text x="1090" y="298" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#F4A261">→ $900B (in talks)</text>
+    </g>
+
+    <g id="bubble-openai">
+      <circle cx="784" cy="253" r="48" fill="#E63946" fill-opacity="0.18" stroke="#E63946" stroke-width="2"/>
+      <circle cx="784" cy="253" r="3" fill="#E63946"/>
+      <text x="784" y="320" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-weight="bold" fill="#E8E6E1">OpenAI</text>
+      <text x="784" y="338" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">$24B / $852B · 7+ investors</text>
+    </g>
+
+    <g id="ref-line">
+      <line x1="160" y1="560" x2="1200" y2="200" stroke="#8A857E" stroke-width="1" stroke-dasharray="6,4" opacity="0.4"/>
+      <text x="1140" y="192" font-family="Cambria, serif" font-size="10" fill="#8A857E" text-anchor="end" opacity="0.7">implied "fair valuation" trend</text>
+    </g>
+  </g>
+
+  <g id="insight-right">
+    <rect x="80" y="640" width="1120" height="50" fill="#1A1F26"/>
+    <line x1="80" y1="640" x2="80" y2="690" stroke="#E63946" stroke-width="3"/>
+    <text x="100" y="671" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" fill="#E8E6E1">所有气泡都站在"公允线"上方——估值跑得比收入快；其中 <tspan fill="#E63946" font-weight="bold">xAI 偏离最远</tspan>（ARR 估算最低却估值 $230B），<tspan fill="#F4A261" font-weight="bold">Anthropic 兑现度最高</tspan>（ARR $30B）。</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="715" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Bloomberg · TechCrunch · Anthropic press 2026-02 / 2026-04 · OpenAI funding 2026-03</text>
+    <text x="1220" y="715" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">07 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/08_openai_investor_donut.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/08_openai_investor_donut.svg
@@ -0,0 +1,81 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 08</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">OpenAI <tspan fill="#E63946">$122B</tspan> 这笔钱，从哪来</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Composition of OpenAI's March 2026 mega-round (post-money $852B)</text>
+  </g>
+
+  <!-- chart-plot-area: donut | center: 400,420 | outer-radius: 170 | inner-radius: 100 -->
+  <g id="donutChart" transform="translate(400, 420)">
+    <!-- Amazon 41% (50/122) calibrated by svg_position_calculator -->
+    <path d="M 0,-170 A 170,170 0 0,1 91.24,143.44 L 53.67,84.38 A 100,100 0 0,0 0,-100 Z" fill="#E63946"/>
+    <!-- Nvidia 24.6% (30/122) -->
+    <path d="M 91.24,143.44 A 170,170 0 0,1 -141.05,94.90 L -82.97,55.82 A 100,100 0 0,0 53.67,84.38 Z" fill="#F4A261"/>
+    <!-- SoftBank 24.6% (30/122) -->
+    <path d="M -141.05,94.90 A 170,170 0 0,1 -98.50,-138.55 L -57.94,-81.50 A 100,100 0 0,0 -82.97,55.82 Z" fill="#C9C5BE"/>
+    <!-- MSFT + Others 9.8% (12/122) -->
+    <path d="M -98.50,-138.55 A 170,170 0 0,1 0,-170 L 0,-100 A 100,100 0 0,0 -57.94,-81.50 Z" fill="#8A857E"/>
+
+    <circle cx="0" cy="0" r="100" fill="#0E1116"/>
+    <text x="0" y="-12" font-family="Cambria, serif" font-size="36" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$122B</text>
+    <text x="0" y="14" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle" letter-spacing="2">TOTAL ROUND</text>
+    <text x="0" y="40" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">@ $852B post-money</text>
+  </g>
+
+  <g id="investor-list">
+    <line x1="660" y1="200" x2="660" y2="640" stroke="#2A2F36" stroke-width="1"/>
+
+    <text x="700" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">INVESTOR BREAKDOWN</text>
+
+    <g id="row-amazon">
+      <rect x="700" y="250" width="6" height="40" fill="#E63946"/>
+      <use data-icon="simple-icons/amazon" x="720" y="259" width="22" height="22" fill="#E8E6E1"/>
+      <text x="772" y="276" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1">Amazon</text>
+      <text x="1180" y="276" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E63946">$50B</text>
+      <text x="1180" y="296" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">41% · AWS 算力承诺</text>
+      <line x1="700" y1="318" x2="1180" y2="318" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="row-nvidia">
+      <rect x="700" y="330" width="6" height="40" fill="#F4A261"/>
+      <use data-icon="simple-icons/nvidia" x="720" y="339" width="22" height="22" fill="#E8E6E1"/>
+      <text x="772" y="356" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1">Nvidia</text>
+      <text x="1180" y="356" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#F4A261">$30B</text>
+      <text x="1180" y="376" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">25% · 10GW 系统部署</text>
+      <line x1="700" y1="398" x2="1180" y2="398" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="row-softbank">
+      <rect x="700" y="410" width="6" height="40" fill="#C9C5BE"/>
+      <text x="720" y="436" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="16" font-weight="bold" fill="#E8E6E1">SoftBank</text>
+      <text x="1180" y="436" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#C9C5BE">$30B</text>
+      <text x="1180" y="456" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">25% · Stargate 联合主体</text>
+      <line x1="700" y1="478" x2="1180" y2="478" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="row-others">
+      <rect x="700" y="490" width="6" height="40" fill="#8A857E"/>
+      <use data-icon="simple-icons/microsoft" x="720" y="499" width="22" height="22" fill="#E8E6E1"/>
+      <text x="772" y="516" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1">MSFT + a16z + 其他</text>
+      <text x="1180" y="516" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#8A857E">$12B</text>
+      <text x="1180" y="536" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">9% · 包含 T. Rowe Price 等</text>
+      <line x1="700" y1="558" x2="1180" y2="558" stroke="#2A2F36" stroke-width="1"/>
+    </g>
+
+    <g id="callout">
+      <text x="700" y="600" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">OBSERVATION</text>
+      <text x="700" y="628" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="15" fill="#E8E6E1">三大投资人合计 <tspan font-weight="bold" fill="#E63946">91%</tspan>——同时是 OpenAI 的 <tspan font-weight="bold" fill="#E63946">最大客户</tspan></text>
+    </g>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: OpenAI press 2026-03-31 · Bloomberg · TechCrunch · CNBC</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">08 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/09_big_three_comparison.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/09_big_three_comparison.svg
@@ -0,0 +1,100 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 09</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">三种成长曲线 / <tspan fill="#E63946">Three Growth Curves</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">OpenAI is the consumer machine. Anthropic is the enterprise machine. xAI is the merger machine.</text>
+  </g>
+
+  <g id="col-openai">
+    <rect x="60" y="200" width="380" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <rect x="60" y="200" width="380" height="6" fill="#E63946"/>
+
+    <use data-icon="simple-icons/openai" x="80" y="220" width="26" height="26" fill="#E8E6E1"/>
+    <text x="80" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">OpenAI</text>
+    <text x="80" y="302" font-family="Cambria, serif" font-size="12" fill="#8A857E" letter-spacing="1">消费驱动 · IPO 临门</text>
+
+    <line x1="80" y1="324" x2="420" y2="324" stroke="#2A2F36" stroke-width="1"/>
+
+    <text x="80" y="362" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">$852B</text>
+    <text x="80" y="384" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Valuation @ 2026-03</text>
+
+    <text x="80" y="430" font-family="Cambria, serif" font-size="24" font-weight="bold" fill="#E8E6E1">~$24B</text>
+    <text x="80" y="450" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">ARR · $2B/月</text>
+
+    <text x="80" y="490" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="80" dy="0">• <tspan fill="#E8E6E1" font-weight="bold">9 亿</tspan> 周活</tspan>
+      <tspan x="80" dy="24">• 企业收入占比 <tspan fill="#E8E6E1" font-weight="bold">40%+</tspan></tspan>
+      <tspan x="80" dy="24">• Q4 IPO 目标 <tspan fill="#E63946" font-weight="bold">$1T</tspan></tspan>
+    </text>
+
+    <line x1="80" y1="595" x2="420" y2="595" stroke="#E63946" stroke-width="1"/>
+    <text x="80" y="618" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"The consumer giant turning enterprise."</text>
+  </g>
+
+  <g id="col-anthropic">
+    <rect x="450" y="200" width="380" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <rect x="450" y="200" width="380" height="6" fill="#F4A261"/>
+
+    <use data-icon="simple-icons/anthropic" x="470" y="220" width="26" height="26" fill="#E8E6E1"/>
+    <text x="470" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">Anthropic</text>
+    <text x="470" y="302" font-family="Cambria, serif" font-size="12" fill="#8A857E" letter-spacing="1">企业驱动 · 估值反超</text>
+
+    <line x1="470" y1="324" x2="810" y2="324" stroke="#2A2F36" stroke-width="1"/>
+
+    <text x="470" y="362" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">$380B</text>
+    <text x="470" y="384" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Series G · 在谈 $900B</text>
+
+    <text x="470" y="430" font-family="Cambria, serif" font-size="24" font-weight="bold" fill="#E8E6E1">$30B+</text>
+    <text x="470" y="450" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">ARR · 历史最快爬升</text>
+
+    <text x="470" y="490" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="470" dy="0">• 25 → 26 年初：$9B → $30B</tspan>
+      <tspan x="470" dy="24">• Google 累计承诺 <tspan fill="#E8E6E1" font-weight="bold">$40B</tspan></tspan>
+      <tspan x="470" dy="24">• <tspan fill="#E63946" font-weight="bold">在谈估值已超 OpenAI</tspan></tspan>
+    </text>
+
+    <line x1="470" y1="595" x2="810" y2="595" stroke="#F4A261" stroke-width="1"/>
+    <text x="470" y="618" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"The enterprise stack ascending."</text>
+  </g>
+
+  <g id="col-xai">
+    <rect x="840" y="200" width="380" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <rect x="840" y="200" width="380" height="6" fill="#C9C5BE"/>
+
+    <text x="860" y="244" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">xAI</text>
+    <text x="860" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">+ SpaceX</text>
+    <text x="860" y="302" font-family="Cambria, serif" font-size="12" fill="#8A857E" letter-spacing="1">合并叙事 · 协同效应</text>
+
+    <line x1="860" y1="324" x2="1200" y2="324" stroke="#2A2F36" stroke-width="1"/>
+
+    <text x="860" y="362" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#C9C5BE">$1.25T</text>
+    <text x="860" y="384" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">合并实体估值 (xAI: $230B)</text>
+
+    <text x="860" y="430" font-family="Cambria, serif" font-size="24" font-weight="bold" fill="#E8E6E1">~$5B</text>
+    <text x="860" y="450" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">ARR 估算 (X / Grok)</text>
+
+    <text x="860" y="490" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="860" dy="0">• Jan 2026: $15B → 超募 $20B</tspan>
+      <tspan x="860" dy="24">• Tesla 投资 <tspan fill="#E8E6E1" font-weight="bold">$2B</tspan></tspan>
+      <tspan x="860" dy="24">• Feb 与 SpaceX 合并 <tspan fill="#E63946" font-weight="bold">IPO 铺路</tspan></tspan>
+    </text>
+
+    <line x1="860" y1="595" x2="1200" y2="595" stroke="#C9C5BE" stroke-width="1"/>
+    <text x="860" y="618" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"Musk's vertically-integrated bet."</text>
+  </g>
+
+  <g id="bottom-summary">
+    <line x1="60" y1="650" x2="1220" y2="650" stroke="#2A2F36" stroke-width="1"/>
+    <text x="640" y="680" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="16" font-style="italic" fill="#E8E6E1">三家估值合计 <tspan fill="#E63946" font-weight="bold">$2.48T</tspan> — 超过同期苹果市值的 <tspan font-weight="bold">2/3</tspan>。</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="710" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: company press releases · Bloomberg · CNBC · TechCrunch · Fortune Q1 2026</text>
+    <text x="1220" y="710" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">09 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/10_china_five_ranking.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/10_china_five_ranking.svg
@@ -0,0 +1,90 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART III · CHINA CAMP · 10</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">中国 AI 五雄：<tspan fill="#F4A261">DeepSeek</tspan> 领跑，估值阶梯分明</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">China's AI five — privately valued vs. publicly listed</text>
+  </g>
+
+  <g id="chartArea">
+    <g id="axis">
+      <line x1="340" y1="200" x2="340" y2="600" stroke="#5C5852" stroke-width="1"/>
+      <line x1="340" y1="600" x2="1180" y2="600" stroke="#5C5852" stroke-width="1"/>
+
+      <line x1="508" y1="200" x2="508" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="676" y1="200" x2="676" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="844" y1="200" x2="844" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="1012" y1="200" x2="1012" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+      <line x1="1180" y1="200" x2="1180" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/>
+
+      <text x="340" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$0</text>
+      <text x="508" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$15B</text>
+      <text x="676" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$30B</text>
+      <text x="844" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$45B</text>
+      <text x="1012" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$60B</text>
+      <text x="1180" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$75B</text>
+    </g>
+    <!-- chart-plot-area: 340,200,1180,600 -->
+
+    <g id="bar-deepseek">
+      <text x="330" y="248" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">DeepSeek</text>
+      <text x="330" y="266" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">national fund-led</text>
+      <rect x="340" y="232" width="560" height="40" fill="#E63946"/>
+      <text x="918" y="259" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#E63946">$50B</text>
+    </g>
+
+    <g id="bar-zhipu">
+      <text x="330" y="318" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">Zhipu AI 智谱</text>
+      <text x="330" y="336" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">HK listed · market cap</text>
+      <rect x="340" y="302" width="628" height="40" fill="#F4A261"/>
+      <text x="986" y="329" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#F4A261">$56.1B</text>
+    </g>
+
+    <g id="bar-minimax">
+      <text x="330" y="388" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">MiniMax</text>
+      <text x="330" y="406" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">HK listed · market cap</text>
+      <rect x="340" y="372" width="417" height="40" fill="#F4A261"/>
+      <text x="775" y="399" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#F4A261">$37.2B</text>
+    </g>
+
+    <g id="bar-moonshot">
+      <text x="330" y="458" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">Moonshot (Kimi)</text>
+      <text x="330" y="476" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">Series D · 美团领投</text>
+      <rect x="340" y="442" width="224" height="40" fill="#C9C5BE"/>
+      <text x="582" y="469" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#C9C5BE">$20B</text>
+    </g>
+
+    <g id="bar-stepfun">
+      <text x="330" y="528" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">StepFun 阶跃</text>
+      <text x="330" y="546" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">in talks · ~$2.5B raise</text>
+      <rect x="340" y="512" width="90" height="40" fill="#8A857E"/>
+      <text x="448" y="539" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#8A857E">~$8B</text>
+    </g>
+
+    <g id="legend">
+      <rect x="340" y="660" width="14" height="14" fill="#E63946"/>
+      <text x="362" y="672" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">国家大基金领投</text>
+      <rect x="520" y="660" width="14" height="14" fill="#F4A261"/>
+      <text x="542" y="672" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">港股上市</text>
+      <rect x="660" y="660" width="14" height="14" fill="#C9C5BE"/>
+      <text x="682" y="672" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">私募</text>
+      <rect x="760" y="660" width="14" height="14" fill="#8A857E"/>
+      <text x="782" y="672" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#8A857E">在谈</text>
+    </g>
+  </g>
+
+  <g id="callout-bottom">
+    <line x1="940" y1="660" x2="940" y2="675" stroke="#2A2F36" stroke-width="0"/>
+    <text x="960" y="672" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="2">DATA NOTE</text>
+    <text x="960" y="694" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#8A857E">港股市值 vs 私募估值<tspan x="960" dy="14">不直接可比，仅供量级参考</tspan></text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="715" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: BigGo Finance · TechCrunch · KuCoin · Reuters · HKEX 上市文件 2026-01</text>
+    <text x="1220" y="715" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">10 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/11_us_china_dual_track.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/11_us_china_dual_track.svg
@@ -0,0 +1,76 @@
+<?xml version='1.0' encoding='UTF-8'?>
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART III · CHINA CAMP · 11</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">中美 AI 资本：<tspan fill="#E63946">两条路径</tspan>，两种节奏</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Two markets, two playbooks — the structural divergence in 2026</text>
+  </g>
+
+  <g id="table">
+    <line x1="60" y1="200" x2="1220" y2="200" stroke="#5C5852" stroke-width="1.5" />
+    <text x="80" y="226" font-family="Cambria, serif" font-size="12" fill="#8A857E" letter-spacing="2">DIMENSION</text>
+    <text x="380" y="226" font-family="Cambria, serif" font-size="12" fill="#E63946" letter-spacing="2">UNITED STATES</text>
+    <text x="960" y="226" font-family="Cambria, serif" font-size="12" fill="#F4A261" letter-spacing="2">CHINA</text>
+    <line x1="60" y1="246" x2="1220" y2="246" stroke="#5C5852" stroke-width="1.5" />
+
+    <g id="row-1">
+      <text x="80" y="290" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">单轮规模</text>
+      <text x="80" y="312" font-family="Cambria, serif" font-size="11" fill="#5C5852">Single-round scale</text>
+      <text x="380" y="295" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E8E6E1">$30B – $122B</text>
+      <text x="380" y="318" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI $122B 史上最大</text>
+      <text x="960" y="295" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E8E6E1">$2B – $4B</text>
+      <text x="960" y="318" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Moonshot $2B 单轮最大</text>
+      <line x1="60" y1="340" x2="1220" y2="340" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="row-2">
+      <text x="80" y="370" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">IPO 节奏</text>
+      <text x="80" y="392" font-family="Cambria, serif" font-size="11" fill="#5C5852">IPO timing</text>
+      <text x="380" y="375" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">推迟 · 私募延后</text>
+      <text x="380" y="398" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Q4 2026 目标 $1T</text>
+      <text x="960" y="375" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">Q1 已落港</text>
+      <text x="960" y="398" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Zhipu / MiniMax 2026-01</text>
+      <line x1="60" y1="420" x2="1220" y2="420" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="row-3">
+      <text x="80" y="450" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">政府角色</text>
+      <text x="80" y="472" font-family="Cambria, serif" font-size="11" fill="#5C5852">Government role</text>
+      <text x="380" y="455" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">市场驱动</text>
+      <text x="380" y="478" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">私营 capex · 监管框架</text>
+      <text x="960" y="455" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">大基金领投</text>
+      <text x="960" y="478" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">DeepSeek 首次国家大基金</text>
+      <line x1="60" y1="500" x2="1220" y2="500" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="row-4">
+      <text x="80" y="530" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">估值峰值</text>
+      <text x="80" y="552" font-family="Cambria, serif" font-size="11" fill="#5C5852">Peak valuation</text>
+      <text x="380" y="540" font-family="Cambria, serif" font-size="28" font-weight="bold" fill="#E63946">$852B</text>
+      <text x="380" y="562" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI · 私募</text>
+      <text x="960" y="540" font-family="Cambria, serif" font-size="28" font-weight="bold" fill="#F4A261">$56B</text>
+      <text x="960" y="562" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Zhipu · 港股市值</text>
+      <line x1="60" y1="580" x2="1220" y2="580" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="row-5">
+      <text x="80" y="610" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">退出路径</text>
+      <text x="80" y="632" font-family="Cambria, serif" font-size="11" fill="#5C5852">Exit path</text>
+      <text x="380" y="620" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">超大私募 → 推迟 IPO</text>
+      <text x="380" y="642" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Anthropic Series G $30B</text>
+      <text x="960" y="620" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">二级市场优先</text>
+      <text x="960" y="642" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">港交所是出口</text>
+      <line x1="60" y1="660" x2="1220" y2="660" stroke="#5C5852" stroke-width="1.5" />
+    </g>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Crunchbase · HKEX 招股书 · BigGo Finance · 综合公开披露</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">11 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/12_second_tier.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/12_second_tier.svg
@@ -0,0 +1,140 @@
+<?xml version='1.0' encoding='UTF-8'?>
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART IV · THE SECOND TIER · 12</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">二线梯队：<tspan fill="#E63946">$10B–$50B</tspan> 的精英层</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Four companies in the next league — each chasing a different niche</text>
+  </g>
+
+  <g id="card-ssi">
+    <rect x="60" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="60" y="200" width="280" height="6" fill="#E63946" />
+    <text x="80" y="244" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">SAFE SUPERINTELLIGENCE</text>
+    <text x="80" y="284" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">SSI</text>
+    <line x1="80" y1="298" x2="320" y2="298" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="80" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#E63946">$32B</text>
+    <text x="80" y="382" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text>
+
+    <line x1="80" y1="410" x2="320" y2="410" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="80" y="442" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">
+      <tspan x="80" dy="0">Ilya Sutskever 创立</tspan>
+      <tspan x="80" dy="22"><tspan fill="#E63946" font-weight="bold">$5B → $32B</tspan></tspan>
+      <tspan x="80" dy="22">半年 6 倍跳涨</tspan>
+    </text>
+
+    <text x="80" y="560" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">
+      <tspan x="80" dy="0">"Single product:</tspan>
+      <tspan x="80" dy="18">a safe superintelligence."</tspan>
+    </text>
+
+    <use data-icon="tabler-outline/shield" x="292" y="338" width="28" height="28" fill="#E63946" stroke-width="1.5" />
+
+    <line x1="80" y1="606" x2="320" y2="606" stroke="#E63946" stroke-width="1" />
+    <text x="80" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">$2B raised · Alphabet/Nvidia in</text>
+  </g>
+
+  <g id="card-perplexity">
+    <rect x="360" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="360" y="200" width="280" height="6" fill="#F4A261" />
+    <text x="380" y="244" font-family="Cambria, serif" font-size="11" fill="#F4A261" letter-spacing="3">SEARCH CHALLENGER</text>
+    <text x="380" y="284" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">Perplexity</text>
+    <line x1="380" y1="298" x2="620" y2="298" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="380" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#F4A261">$21B</text>
+    <text x="380" y="382" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text>
+
+    <line x1="380" y1="410" x2="620" y2="410" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="380" y="442" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">
+      <tspan x="380" dy="0">月活 <tspan fill="#F4A261" font-weight="bold">4500 万</tspan></tspan>
+      <tspan x="380" dy="22">Series E-6 完成</tspan>
+      <tspan x="380" dy="22">直挑 Google 搜索</tspan>
+    </text>
+
+    <text x="380" y="560" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">
+      <tspan x="380" dy="0">"Answer engine,</tspan>
+      <tspan x="380" dy="18">not search engine."</tspan>
+    </text>
+
+    <use data-icon="tabler-outline/search" x="592" y="338" width="28" height="28" fill="#F4A261" stroke-width="1.5" />
+
+    <line x1="380" y1="606" x2="620" y2="606" stroke="#F4A261" stroke-width="1" />
+    <text x="380" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">$200M @ $21B · 18 months to here</text>
+  </g>
+
+  <g id="card-mistral">
+    <rect x="660" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="660" y="200" width="280" height="6" fill="#C9C5BE" />
+    <text x="680" y="244" font-family="Cambria, serif" font-size="11" fill="#C9C5BE" letter-spacing="3">SOVEREIGN EU AI</text>
+    <text x="680" y="284" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="26" font-weight="bold" fill="#E8E6E1">Mistral AI</text>
+    <line x1="680" y1="298" x2="920" y2="298" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="680" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#C9C5BE">$13.7B</text>
+    <text x="680" y="382" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text>
+
+    <line x1="680" y1="410" x2="920" y2="410" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="680" y="442" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">
+      <tspan x="680" dy="0">$830M <tspan fill="#C9C5BE" font-weight="bold">债务融资</tspan></tspan>
+      <tspan x="680" dy="22">巴黎数据中心</tspan>
+      <tspan x="680" dy="22"><tspan fill="#E63946" font-weight="bold">13,800 张</tspan> Nvidia GPU</tspan>
+    </text>
+
+    <text x="680" y="560" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">
+      <tspan x="680" dy="0">"Europe's open-source</tspan>
+      <tspan x="680" dy="18">sovereign answer."</tspan>
+    </text>
+
+    <use data-icon="tabler-outline/server" x="892" y="338" width="28" height="28" fill="#C9C5BE" stroke-width="1.5" />
+
+    <line x1="680" y1="606" x2="920" y2="606" stroke="#C9C5BE" stroke-width="1" />
+    <text x="680" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">Debt-funded · own data-center bet</text>
+  </g>
+
+  <g id="card-cohere">
+    <rect x="960" y="200" width="260" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <rect x="960" y="200" width="260" height="6" fill="#8A857E" />
+    <text x="980" y="244" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">TRANSATLANTIC MERGER</text>
+    <text x="980" y="284" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">Cohere +</text>
+    <text x="980" y="312" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">Aleph Alpha</text>
+    <line x1="980" y1="326" x2="1200" y2="326" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="980" y="386" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#8A857E">$20B</text>
+    <text x="980" y="410" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">合并实体估值</text>
+
+    <line x1="980" y1="438" x2="1200" y2="438" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="980" y="470" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">
+      <tspan x="980" dy="0">$7B + $3B (Aleph)</tspan>
+      <tspan x="980" dy="22">→ <tspan fill="#E8E6E1" font-weight="bold">$20B 合并溢价</tspan></tspan>
+      <tspan x="980" dy="22">ARR $240M</tspan>
+    </text>
+
+    <text x="980" y="588" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">
+      <tspan x="980" dy="0">"Cross-Atlantic sovereign</tspan>
+      <tspan x="980" dy="18">enterprise stack."</tspan>
+    </text>
+
+    <use data-icon="tabler-outline/link" x="1172" y="370" width="28" height="28" fill="#8A857E" stroke-width="1.5" />
+
+    <line x1="980" y1="606" x2="1200" y2="606" stroke="#8A857E" stroke-width="1" />
+    <text x="980" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">Schwarz Group leads · 2026 deal</text>
+  </g>
+
+  <g id="bottom-strip">
+    <line x1="60" y1="660" x2="1220" y2="660" stroke="#2A2F36" stroke-width="1" />
+    <text x="640" y="690" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-style="italic" fill="#E8E6E1">四家公司合计估值 <tspan fill="#E63946" font-weight="bold">$86.7B</tspan>——仅占同期 OpenAI 估值的 <tspan font-weight="bold">10%</tspan>。</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="715" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: TechCrunch · CNBC · Tracxn · TechFundingNews 2026 Q1-Q2</text>
+    <text x="1220" y="715" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">12 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/13_chapter_nvidia.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/13_chapter_nvidia.svg
@@ -0,0 +1,45 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <defs>
+    <linearGradient id="chapter_scrim" x1="0%" y1="0%" x2="100%" y2="0%">
+      <stop offset="0%" stop-color="#0E1116" stop-opacity="0.92"/>
+      <stop offset="55%" stop-color="#0E1116" stop-opacity="0.35"/>
+      <stop offset="100%" stop-color="#0E1116" stop-opacity="0"/>
+    </linearGradient>
+  </defs>
+
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+    <image href="../images/nvidia_circular.png" x="0" y="0" width="1280" height="720" preserveAspectRatio="xMidYMid slice"/>
+    <rect x="0" y="0" width="1280" height="720" fill="url(#chapter_scrim)"/>
+  </g>
+
+  <g id="chapter-chrome">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 13</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+  </g>
+
+  <g id="chapter-mark">
+    <text x="60" y="280" font-family="Cambria, serif" font-size="180" font-weight="bold" fill="#E63946" opacity="0.85">V.</text>
+  </g>
+
+  <g id="chapter-title">
+    <text x="60" y="420" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="64" font-weight="bold" fill="#E8E6E1">闭环</text>
+    <text x="200" y="420" font-family="Cambria, serif" font-size="32" font-style="italic" fill="#C9C5BE">/ The Closed Loop</text>
+    <text x="60" y="468" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" fill="#C9C5BE">当芯片商同时是大股东</text>
+    <line x1="60" y1="500" x2="280" y2="500" stroke="#E63946" stroke-width="1"/>
+  </g>
+
+  <g id="lede-points">
+    <text x="60" y="550" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">
+      <tspan x="60" dy="0">Nvidia 2026 至今股权投资 <tspan fill="#E63946" font-weight="bold">$40B+</tspan></tspan>
+      <tspan x="60" dy="24">OpenAI $30B · xAI · Anthropic · Mistral · CoreWeave 全到位</tspan>
+      <tspan x="60" dy="24">同时它的 <tspan fill="#E63946" font-weight="bold">85% 收入</tspan> 来自 <tspan fill="#E63946" font-weight="bold">6 个客户</tspan></tspan>
+    </text>
+  </g>
+
+  <g id="chapter-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Capital, Compute, and the Closed Loop · Part V opens at P13</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">13 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/14_nvidia_sankey.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/14_nvidia_sankey.svg
@@ -0,0 +1,102 @@
+<?xml version='1.0' encoding='UTF-8'?>
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <defs>
+    <linearGradient id="flowGrad" x1="0%" y1="0%" x2="100%" y2="0%">
+      <stop offset="0%" stop-color="#E63946" stop-opacity="0.55" />
+      <stop offset="100%" stop-color="#F4A261" stop-opacity="0.45" />
+    </linearGradient>
+  </defs>
+
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 14</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">钱怎么转：Nvidia 的<tspan fill="#E63946">圆形投资</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">$40B equity out → AI labs → multi-year compute commitments back to Nvidia</text>
+  </g>
+
+  <g id="column-labels">
+    <text x="140" y="195" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">SOURCE</text>
+    <text x="640" y="195" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">RECIPIENT</text>
+    <text x="1140" y="195" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">RETURN FLOW</text>
+    <line x1="60" y1="210" x2="1220" y2="210" stroke="#2A2F36" stroke-width="1" />
+  </g>
+
+  <g id="source-node">
+    <rect x="60" y="280" width="160" height="220" fill="#E63946" />
+    <use data-icon="simple-icons/nvidia" x="120" y="295" width="40" height="40" fill="#E8E6E1"/>
+    <text x="140" y="380" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">Nvidia</text>
+    <text x="140" y="420" text-anchor="middle" font-family="Cambria, serif" font-size="44" font-weight="bold" fill="#E8E6E1">$40B+</text>
+    <text x="140" y="450" text-anchor="middle" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#E8E6E1" opacity="0.85">equity invested</text>
+    <text x="140" y="475" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#E8E6E1" opacity="0.7">YTD 2026</text>
+  </g>
+
+  <g id="flows-left">
+    <path d="M 220,320 C 350,320 410,256 540,256" fill="none" stroke="#E63946" stroke-opacity="0.50" stroke-width="40"/>
+    <path d="M 220,360 C 350,360 410,326 540,326" fill="none" stroke="#E63946" stroke-opacity="0.42" stroke-width="13"/>
+    <path d="M 220,378 C 350,378 410,396 540,396" fill="none" stroke="#E63946" stroke-opacity="0.42" stroke-width="10"/>
+    <path d="M 220,392 C 350,392 410,466 540,466" fill="none" stroke="#E63946" stroke-opacity="0.36" stroke-width="7"/>
+    <path d="M 220,430 C 350,430 410,536 540,536" fill="none" stroke="#E63946" stroke-opacity="0.40" stroke-width="15"/>
+  </g>
+
+  <g id="flows-right">
+    <path d="M 740,256 C 870,256 950,320 1080,320" fill="none" stroke="#F4A261" stroke-opacity="0.50" stroke-width="40"/>
+    <path d="M 740,326 C 870,326 950,360 1080,360" fill="none" stroke="#F4A261" stroke-opacity="0.42" stroke-width="13"/>
+    <path d="M 740,396 C 870,396 950,378 1080,378" fill="none" stroke="#F4A261" stroke-opacity="0.42" stroke-width="10"/>
+    <path d="M 740,466 C 870,466 950,392 1080,392" fill="none" stroke="#F4A261" stroke-opacity="0.36" stroke-width="7"/>
+    <path d="M 740,536 C 870,536 950,430 1080,430" fill="none" stroke="#F4A261" stroke-opacity="0.40" stroke-width="15"/>
+  </g>
+
+  <g id="recipient-nodes">
+    <rect x="540" y="232" width="200" height="48" fill="#F4A261" />
+    <use data-icon="simple-icons/openai" x="560" y="240" width="24" height="24" fill="#0E1116"/>
+    <text x="600" y="262" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">OpenAI</text>
+    <text x="730" y="262" text-anchor="end" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#0E1116">$30B</text>
+
+    <rect x="540" y="302" width="200" height="48" fill="#F4A261" fill-opacity="0.78" />
+    <text x="560" y="332" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="15" font-weight="bold" fill="#0E1116">xAI</text>
+    <text x="730" y="332" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$3B</text>
+
+    <rect x="540" y="372" width="200" height="48" fill="#F4A261" fill-opacity="0.62" />
+    <text x="560" y="402" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="15" font-weight="bold" fill="#0E1116">Anthropic</text>
+    <text x="730" y="402" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$2B</text>
+
+    <rect x="540" y="442" width="200" height="48" fill="#F4A261" fill-opacity="0.48" />
+    <text x="560" y="472" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="15" font-weight="bold" fill="#0E1116">Mistral</text>
+    <text x="730" y="472" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$1B</text>
+
+    <rect x="540" y="512" width="200" height="48" fill="#F4A261" fill-opacity="0.40" />
+    <text x="560" y="542" font-family="Cambria, serif" font-size="15" font-weight="bold" fill="#0E1116">CoreWeave + 其他</text>
+    <text x="730" y="542" text-anchor="end" font-family="Cambria, serif" font-size="16" font-weight="bold" fill="#0E1116">~$4B</text>
+  </g>
+
+  <g id="sink-node">
+    <rect x="1080" y="220" width="160" height="340" fill="#E63946" fill-opacity="0.78" />
+    <text x="1160" y="270" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="16" font-weight="bold" fill="#E8E6E1">芯片采购</text>
+    <text x="1160" y="294" text-anchor="middle" font-family="Cambria, serif" font-size="12" fill="#E8E6E1" opacity="0.85">multi-year compute</text>
+    <text x="1160" y="312" text-anchor="middle" font-family="Cambria, serif" font-size="12" fill="#E8E6E1" opacity="0.85">commitments</text>
+
+    <text x="1160" y="380" text-anchor="middle" font-family="Cambria, serif" font-size="36" font-weight="bold" fill="#E8E6E1">$100B+</text>
+    <text x="1160" y="410" text-anchor="middle" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="12" fill="#E8E6E1" opacity="0.85">implied return</text>
+
+    <line x1="1100" y1="450" x2="1220" y2="450" stroke="#E8E6E1" stroke-width="1" opacity="0.4" />
+
+    <text x="1160" y="490" text-anchor="middle" font-family="Cambria, serif" font-size="13" fill="#E8E6E1" opacity="0.85">10GW (OpenAI)</text>
+    <text x="1160" y="512" text-anchor="middle" font-family="Cambria, serif" font-size="13" fill="#E8E6E1" opacity="0.85">+ multi-cluster GPU</text>
+    <text x="1160" y="534" text-anchor="middle" font-family="Cambria, serif" font-size="13" fill="#E8E6E1" opacity="0.85">deployment</text>
+  </g>
+
+  <g id="callout-bottom">
+    <line x1="60" y1="610" x2="1220" y2="610" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="636" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">WEDBUSH</text>
+    <text x="60" y="664" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="16" font-style="italic" fill="#E8E6E1">"It fits <tspan fill="#E63946" font-weight="bold">squarely into the circular investment theme</tspan> that's been driving fears around the market's durability."</text>
+  </g>
+
+  <g id="page-footer">
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: CNBC · The Decoder · NVIDIA newsroom · Bloomberg AI Circular Deals visualization</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">14 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/15_nvidia_pareto.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/15_nvidia_pareto.svg
@@ -0,0 +1,121 @@
+<?xml version='1.0' encoding='UTF-8'?>
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 15</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">单点风险：Nvidia 收入 <tspan fill="#E63946">85%</tspan> 来自 <tspan fill="#E63946">6 个客户</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Pareto view — when six customers carry the entire upstream supply chain</text>
+  </g>
+
+  <g id="chartArea">
+    <line x1="120" y1="200" x2="120" y2="560" stroke="#5C5852" stroke-width="1.5" />
+    <line x1="120" y1="560" x2="900" y2="560" stroke="#5C5852" stroke-width="1.5" />
+
+    <line x1="120" y1="200" x2="900" y2="200" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="120" y1="290" x2="900" y2="290" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="120" y1="380" x2="900" y2="380" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="120" y1="470" x2="900" y2="470" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+
+    <text x="110" y="205" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">100%</text>
+    <text x="110" y="295" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">75%</text>
+    <text x="110" y="385" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">50%</text>
+    <text x="110" y="475" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">25%</text>
+    <text x="110" y="565" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">0</text>
+
+    
+
+    <g id="bar-1">
+      <rect x="160" y="495.2" width="80" height="64.8" fill="#E63946" />
+      <text x="200" y="483" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">18%</text>
+      <use data-icon="simple-icons/microsoft" x="189" y="575" width="22" height="22" fill="#E8E6E1" />
+      <text x="200" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">MSFT</text>
+    </g>
+
+    <g id="bar-2">
+      <rect x="280" y="502.4" width="80" height="57.6" fill="#E63946" />
+      <text x="320" y="490" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">16%</text>
+      <use data-icon="simple-icons/meta" x="309" y="575" width="22" height="22" fill="#E8E6E1" />
+      <text x="320" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Meta</text>
+    </g>
+
+    <g id="bar-3">
+      <rect x="400" y="506" width="80" height="54" fill="#E63946" />
+      <text x="440" y="494" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#E63946">15%</text>
+      <use data-icon="simple-icons/google" x="429" y="575" width="22" height="22" fill="#E8E6E1" />
+      <text x="440" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Google</text>
+    </g>
+
+    <g id="bar-4">
+      <rect x="520" y="520.4" width="80" height="39.6" fill="#F4A261" />
+      <text x="560" y="508" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">11%</text>
+      <use data-icon="simple-icons/amazon" x="549" y="575" width="22" height="22" fill="#E8E6E1" />
+      <text x="560" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">Amazon</text>
+    </g>
+
+    <g id="bar-5">
+      <rect x="640" y="513.2" width="80" height="46.8" fill="#F4A261" />
+      <text x="680" y="501" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">13%</text>
+      <use data-icon="simple-icons/openai" x="669" y="575" width="22" height="22" fill="#E8E6E1" />
+      <text x="680" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">OpenAI</text>
+    </g>
+
+    <g id="bar-6">
+      <rect x="760" y="516.8" width="80" height="43.2" fill="#F4A261" />
+      <text x="800" y="504" text-anchor="middle" font-family="Cambria, serif" font-size="18" font-weight="bold" fill="#F4A261">12%</text>
+      <text x="800" y="595" text-anchor="middle" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#E8E6E1">CoreWeave</text>
+      <text x="800" y="616" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E">+ Oracle</text>
+    </g>
+
+    <g id="cumulative-line">
+      <polyline points="200,496 320,438 440,384 560,344 680,297 800,254" fill="none" stroke="#E8E6E1" stroke-width="2.5" />
+      <circle cx="200" cy="496" r="5" fill="#E8E6E1" />
+      <circle cx="320" cy="438" r="5" fill="#E8E6E1" />
+      <circle cx="440" cy="384" r="5" fill="#E8E6E1" />
+      <circle cx="560" cy="344" r="5" fill="#E8E6E1" />
+      <circle cx="680" cy="297" r="5" fill="#E8E6E1" />
+      <circle cx="800" cy="254" r="6" fill="#E63946" stroke="#E8E6E1" stroke-width="2" />
+
+      <text x="213" y="500" font-family="Cambria, serif" font-size="10" fill="#8A857E">18%</text>
+      <text x="333" y="442" font-family="Cambria, serif" font-size="10" fill="#8A857E">34%</text>
+      <text x="453" y="388" font-family="Cambria, serif" font-size="10" fill="#8A857E">49%</text>
+      <text x="573" y="348" font-family="Cambria, serif" font-size="10" fill="#8A857E">60%</text>
+      <text x="693" y="301" font-family="Cambria, serif" font-size="10" fill="#8A857E">73%</text>
+      <text x="815" y="252" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">85%</text>
+    </g>
+  </g>
+
+  <g id="callout-right">
+    <line x1="950" y1="180" x2="950" y2="620" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="970" y="210" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">CONCENTRATION RISK</text>
+
+    <text x="970" y="270" font-family="Cambria, serif" font-size="64" font-weight="bold" fill="#E63946">85%</text>
+    <text x="970" y="298" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Nvidia 收入来自 6 个客户</text>
+
+    <line x1="970" y1="330" x2="1200" y2="330" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="970" y="370" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="20" font-weight="bold" fill="#E8E6E1">前 4 名 = 60%</text>
+    <text x="970" y="395" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">MSFT + Meta + Google + Amazon</text>
+
+    <line x1="970" y1="420" x2="1200" y2="420" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="970" y="466" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="970" dy="0">任一家 hyperscaler 砍 capex</tspan>
+      <tspan x="970" dy="24">→ 级联打击 Nvidia 财报</tspan>
+      <tspan x="970" dy="24">→ 全 AI 供应链承压</tspan>
+    </text>
+
+    <line x1="970" y1="570" x2="1200" y2="570" stroke="#E63946" stroke-width="1" />
+    <text x="970" y="598" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">"Binary risk — by design."</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="650" x2="1220" y2="650" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Nvidia 10-Q · Seeking Alpha · KuCoin · 估算口径以官方披露为准</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">15 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/16_stargate_hub.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/16_stargate_hub.svg
@@ -0,0 +1,122 @@
+<?xml version='1.0' encoding='UTF-8'?>
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART V · INFRASTRUCTURE · 16</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">Stargate：<tspan fill="#E63946">$500B</tspan> · <tspan fill="#E63946">10GW</tspan> · 7 站点</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">OpenAI + Oracle + SoftBank · the largest private AI infrastructure program ever announced</text>
+  </g>
+
+  <g id="stargate-network">
+  <g id="hub">
+    <circle cx="500" cy="430" r="14" fill="none" stroke="#E63946" stroke-width="1" opacity="0.25" />
+    <circle cx="500" cy="430" r="60" fill="none" stroke="#E63946" stroke-width="1" opacity="0.2" />
+    <circle cx="500" cy="430" r="100" fill="none" stroke="#E63946" stroke-width="1" opacity="0.15" />
+    <circle cx="500" cy="430" r="140" fill="none" stroke="#E63946" stroke-width="1" opacity="0.1" />
+
+    <circle cx="500" cy="430" r="80" fill="#1A1F26" stroke="#E63946" stroke-width="2" />
+    <text x="500" y="412" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">STARGATE</text>
+    <text x="500" y="438" text-anchor="middle" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E8E6E1">$500B</text>
+    <text x="500" y="458" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="1">10 GW · 4 YEARS</text>
+  </g>
+
+  <g id="spokes">
+    <line x1="500" y1="350" x2="500" y2="268" stroke="#E63946" stroke-width="2" />
+    <line x1="500" y1="350" x2="335" y2="290" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+    <line x1="500" y1="350" x2="665" y2="290" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+
+    <line x1="420" y1="430" x2="310" y2="430" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+    <line x1="580" y1="430" x2="690" y2="430" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+
+    <line x1="500" y1="510" x2="380" y2="590" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+    <line x1="500" y1="510" x2="620" y2="590" stroke="#F4A261" stroke-width="1.5" stroke-dasharray="4,3" />
+  </g>
+
+  <g id="spoke-abilene">
+    <rect x="430" y="200" width="140" height="68" fill="#1A1F26" stroke="#E63946" stroke-width="1.5" />
+    <text x="500" y="222" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="14" font-weight="bold" fill="#E8E6E1">Abilene, TX</text>
+    <text x="500" y="240" text-anchor="middle" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="1">FLAGSHIP · ONLINE</text>
+    <text x="500" y="259" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">~1 GW by mid-2026</text>
+  </g>
+
+  <g id="spoke-shackelford">
+    <rect x="265" y="260" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <text x="335" y="282" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Shackelford TX</text>
+    <text x="335" y="302" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">Planned · Oracle</text>
+  </g>
+
+  <g id="spoke-dona-ana">
+    <rect x="595" y="260" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <text x="665" y="282" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Doña Ana NM</text>
+    <text x="665" y="302" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">Planned · Oracle</text>
+  </g>
+
+  <g id="spoke-michigan">
+    <rect x="170" y="400" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="240" y="422" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Saline MI</text>
+    <text x="240" y="442" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">1 GW · $7B · 2026 build</text>
+  </g>
+
+  <g id="spoke-midwest">
+    <rect x="690" y="400" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="760" y="422" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Midwest (TBD)</text>
+    <text x="760" y="442" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">Site undisclosed</text>
+  </g>
+
+  <g id="spoke-lordstown">
+    <rect x="290" y="560" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="360" y="582" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Lordstown OH</text>
+    <text x="360" y="602" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">SoftBank · ~0.75 GW</text>
+  </g>
+
+  <g id="spoke-milam">
+    <rect x="570" y="560" width="140" height="60" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" />
+    <text x="640" y="582" text-anchor="middle" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="13" font-weight="bold" fill="#C9C5BE">Milam TX</text>
+    <text x="640" y="602" text-anchor="middle" font-family="Cambria, serif" font-size="10" fill="#8A857E">SoftBank · ~0.75 GW</text>
+  </g>
+  </g>
+
+  <g id="sidebar-right">
+    <line x1="900" y1="180" x2="900" y2="640" stroke="#2A2F36" stroke-width="1" />
+
+    <text x="920" y="210" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">CURRENT PROGRESS</text>
+
+    <g id="progress-1">
+      <text x="920" y="262" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">7 GW</text>
+      <text x="920" y="290" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">已规划容量 · planned capacity</text>
+      <line x1="920" y1="310" x2="1200" y2="310" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="progress-2">
+      <text x="920" y="350" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">$400B</text>
+      <text x="920" y="378" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">未来 3 年投入 · 3-yr commit</text>
+      <line x1="920" y1="398" x2="1200" y2="398" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <g id="progress-3">
+      <text x="920" y="438" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#C9C5BE">GB200</text>
+      <text x="920" y="466" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Abilene 机架已交付</text>
+      <line x1="920" y1="486" x2="1200" y2="486" stroke="#2A2F36" stroke-width="1" />
+    </g>
+
+    <text x="920" y="528" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">PARTNERS</text>
+    <use data-icon="simple-icons/openai" x="920" y="544" width="26" height="26" fill="#E8E6E1"/>
+    <use data-icon="simple-icons/oracle" x="1000" y="544" width="26" height="26" fill="#E8E6E1"/>
+    <text x="1080" y="565" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E8E6E1">SoftBank</text>
+
+    <text x="920" y="610" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">
+      <tspan x="920" dy="0">"Up and running"</tspan>
+      <tspan x="920" dy="16">— Sam Altman on Abilene</tspan>
+    </text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="660" x2="1220" y2="660" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: OpenAI press 2026-09/2026-02 · DataCenterDynamics · IntuitionLabs · NVIDIA newsroom</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">16 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/17_chapter_bubble.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/17_chapter_bubble.svg
@@ -0,0 +1,45 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <defs>
+    <linearGradient id="bubble_scrim" x1="0%" y1="0%" x2="100%" y2="0%">
+      <stop offset="0%" stop-color="#0E1116" stop-opacity="0.92"/>
+      <stop offset="55%" stop-color="#0E1116" stop-opacity="0.40"/>
+      <stop offset="100%" stop-color="#0E1116" stop-opacity="0"/>
+    </linearGradient>
+  </defs>
+
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+    <image href="../images/bubble_tension.png" x="0" y="0" width="1280" height="720" preserveAspectRatio="xMidYMid slice"/>
+    <rect x="0" y="0" width="1280" height="720" fill="url(#bubble_scrim)"/>
+  </g>
+
+  <g id="chapter-chrome">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART VI · THE BUBBLE · 17</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+  </g>
+
+  <g id="chapter-mark">
+    <text x="60" y="280" font-family="Cambria, serif" font-size="180" font-weight="bold" fill="#E63946" opacity="0.85">VI.</text>
+  </g>
+
+  <g id="chapter-title">
+    <text x="60" y="420" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="64" font-weight="bold" fill="#E8E6E1">泡沫</text>
+    <text x="200" y="420" font-family="Cambria, serif" font-size="32" font-style="italic" fill="#C9C5BE">/ The Bubble Question</text>
+    <text x="60" y="468" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" fill="#C9C5BE">资本与商业现实的剪刀差</text>
+    <line x1="60" y1="500" x2="280" y2="500" stroke="#E63946" stroke-width="1"/>
+  </g>
+
+  <g id="lede-points">
+    <text x="60" y="550" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#8A857E">
+      <tspan x="60" dy="0">Hyperscaler capex <tspan fill="#E63946" font-weight="bold">$400B</tspan> · 企业 AI 收入仅 <tspan fill="#E63946" font-weight="bold">$100B</tspan></tspan>
+      <tspan x="60" dy="24">增速差距 <tspan fill="#E63946" font-weight="bold">46 个百分点</tspan> · 2001 电信泡沫期为 32%</tspan>
+      <tspan x="60" dy="24">MIT 研究：<tspan fill="#E63946" font-weight="bold">95%</tspan> 生成式 AI 试点未产生商业价值</tspan>
+    </text>
+  </g>
+
+  <g id="chapter-footer">
+    <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Capital, Compute, and the Closed Loop · Part VI opens at P17</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">17 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/18_capex_vs_revenue.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/18_capex_vs_revenue.svg
@@ -0,0 +1,103 @@
+<?xml version='1.0' encoding='UTF-8'?>
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <defs>
+    <linearGradient id="gap_fill" x1="0%" y1="0%" x2="0%" y2="100%">
+      <stop offset="0%" stop-color="#E63946" stop-opacity="0.25" />
+      <stop offset="100%" stop-color="#E63946" stop-opacity="0.04" />
+    </linearGradient>
+  </defs>
+
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116" />
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART VI · THE BUBBLE · 18</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" />
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">资本与营收的鸿沟：<tspan fill="#E63946">$725B</tspan> 投入 vs <tspan fill="#E63946">$100B</tspan> 营收</text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Hyperscaler capex (LHS, $B) vs Global Enterprise AI revenue (RHS, $B), 2020–2026</text>
+  </g>
+
+  <g id="chartArea">
+    <line x1="140" y1="220" x2="140" y2="560" stroke="#5C5852" stroke-width="1.5" />
+    <line x1="140" y1="560" x2="1140" y2="560" stroke="#5C5852" stroke-width="1.5" />
+    <line x1="1140" y1="220" x2="1140" y2="560" stroke="#5C5852" stroke-width="1.5" />
+
+    <line x1="140" y1="220" x2="1140" y2="220" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="140" y1="305" x2="1140" y2="305" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="140" y1="390" x2="1140" y2="390" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+    <line x1="140" y1="475" x2="1140" y2="475" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4" />
+
+    <text x="130" y="225" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$800B</text>
+    <text x="130" y="310" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$600B</text>
+    <text x="130" y="395" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$400B</text>
+    <text x="130" y="480" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$200B</text>
+    <text x="130" y="565" font-family="Cambria, serif" font-size="11" fill="#E63946" text-anchor="end">$0</text>
+
+    <text x="1150" y="225" font-family="Cambria, serif" font-size="11" fill="#52B788">$160B</text>
+    <text x="1150" y="305" font-family="Cambria, serif" font-size="11" fill="#52B788">$120B</text>
+    <text x="1150" y="385" font-family="Cambria, serif" font-size="11" fill="#52B788">$80B</text>
+    <text x="1150" y="465" font-family="Cambria, serif" font-size="11" fill="#52B788">$40B</text>
+    <text x="1150" y="565" font-family="Cambria, serif" font-size="11" fill="#52B788">$0</text>
+
+    <text x="180" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2020</text>
+    <text x="338" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2021</text>
+    <text x="496" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2022</text>
+    <text x="654" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2023</text>
+    <text x="812" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2024</text>
+    <text x="970" y="590" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle">2025</text>
+    <text x="1128" y="590" font-family="Cambria, serif" font-size="12" fill="#E63946" font-weight="bold" text-anchor="middle">2026</text>
+
+    
+
+    <path d="M 180,538.8 L 338,526 L 496,492 L 654,432.5 L 812,379.4 L 970,319.9 L 1128,251.9 L 1128,330.5 L 970,390 L 812,443.1 L 654,492 L 496,521.8 L 338,538.8 L 180,549.4 Z" fill="url(#gap_fill)" />
+
+    <polyline points="180,538.8 338,526 496,492 654,432.5 812,379.4 970,319.9 1128,251.9" fill="none" stroke="#E63946" stroke-width="3" />
+    <circle cx="180" cy="538.8" r="4" fill="#E63946" />
+    <circle cx="338" cy="526" r="4" fill="#E63946" />
+    <circle cx="496" cy="492" r="4" fill="#E63946" />
+    <circle cx="654" cy="432.5" r="4" fill="#E63946" />
+    <circle cx="812" cy="379.4" r="4" fill="#E63946" />
+    <circle cx="970" cy="319.9" r="4" fill="#E63946" />
+    <circle cx="1128" cy="251.9" r="6" fill="#E63946" stroke="#E8E6E1" stroke-width="2" />
+
+    <polyline points="180,549.4 338,538.8 496,521.8 654,492 812,443.1 970,390 1128,330.5" fill="none" stroke="#52B788" stroke-width="2.5" stroke-dasharray="6,3" />
+    <circle cx="180" cy="549.4" r="3.5" fill="#52B788" />
+    <circle cx="338" cy="538.8" r="3.5" fill="#52B788" />
+    <circle cx="496" cy="521.8" r="3.5" fill="#52B788" />
+    <circle cx="654" cy="492" r="3.5" fill="#52B788" />
+    <circle cx="812" cy="443.1" r="3.5" fill="#52B788" />
+    <circle cx="970" cy="390" r="3.5" fill="#52B788" />
+    <circle cx="1128" cy="330.5" r="5" fill="#52B788" stroke="#E8E6E1" stroke-width="1.5" />
+
+    <text x="1108" y="240" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946" text-anchor="end">$725B</text>
+    <text x="1108" y="318" font-family="Cambria, serif" font-size="13" font-weight="bold" fill="#52B788" text-anchor="end">~$100B</text>
+
+    <g id="gap-label">
+      <line x1="1200" y1="251.9" x2="1200" y2="330.5" stroke="#E63946" stroke-width="2" stroke-dasharray="2,3"/>
+      <line x1="1190" y1="251.9" x2="1210" y2="251.9" stroke="#E63946" stroke-width="2" />
+      <line x1="1190" y1="330.5" x2="1210" y2="330.5" stroke="#E63946" stroke-width="2" />
+      <text x="1218" y="287" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E63946">ROI</text>
+      <text x="1218" y="310" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E63946">GAP</text>
+    </g>
+  </g>
+
+  <g id="legend">
+    <line x1="140" y1="630" x2="170" y2="630" stroke="#E63946" stroke-width="3" />
+    <circle cx="155" cy="630" r="4" fill="#E63946" />
+    <text x="182" y="635" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Hyperscaler Capex (左轴 LHS, $B)</text>
+
+    <line x1="500" y1="630" x2="530" y2="630" stroke="#52B788" stroke-width="2.5" stroke-dasharray="6,3" />
+    <circle cx="515" cy="630" r="4" fill="#52B788" />
+    <text x="542" y="635" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#C9C5BE">Enterprise AI Revenue (右轴 RHS, $B)</text>
+
+    <text x="900" y="635" font-family="Cambria, serif" font-size="13" fill="#E63946" font-weight="bold">差距 +46pt</text>
+    <text x="1010" y="635" font-family="Cambria, serif" font-size="13" fill="#8A857E">vs 2001 电信泡沫期 +32pt</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="660" x2="1220" y2="660" stroke="#2A2F36" stroke-width="1" />
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Goldman Sachs · Allianz Economic Research · KuCoin · Tom's Hardware · revenue 估算口径以行业披露为准</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">18 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/19_four_risks_quadrant.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/19_four_risks_quadrant.svg
@@ -0,0 +1,96 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART VI · THE BUBBLE · 19</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="28" font-weight="bold" fill="#E8E6E1">四大风险，<tspan fill="#E63946">互相放大</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">The four risk vectors that compound each other in 2026 AI capital</text>
+  </g>
+
+  <g id="quadrant-axes">
+    <line x1="640" y1="200" x2="640" y2="640" stroke="#5C5852" stroke-width="1.5"/>
+    <line x1="80" y1="420" x2="1200" y2="420" stroke="#5C5852" stroke-width="1.5"/>
+  </g>
+
+  <g id="q1-capex-gap">
+    <rect x="80" y="200" width="560" height="220" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <rect x="80" y="200" width="560" height="4" fill="#E63946"/>
+
+    <text x="100" y="234" font-family="Cambria, serif" font-size="10" fill="#E63946" letter-spacing="3">RISK 01</text>
+    <use data-icon="tabler-outline/scale" x="540" y="216" width="36" height="36" fill="#E63946" stroke-width="1.5"/>
+
+    <text x="100" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">Capex / Revenue 鸿沟</text>
+    <text x="100" y="302" font-family="Cambria, serif" font-size="11" fill="#8A857E" font-style="italic">Capex outruns commercial revenue</text>
+
+    <text x="100" y="344" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="100" dy="0">• 增速差 <tspan fill="#E63946" font-weight="bold">+46pt</tspan></tspan>
+      <tspan x="100" dy="22">• 2001 电信泡沫期为 32pt</tspan>
+      <tspan x="100" dy="22">• <tspan fill="#E63946" font-weight="bold">差距已超 2001 泡沫</tspan></tspan>
+    </text>
+  </g>
+
+  <g id="q2-roi">
+    <rect x="640" y="200" width="560" height="220" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <rect x="640" y="200" width="560" height="4" fill="#E63946"/>
+
+    <text x="660" y="234" font-family="Cambria, serif" font-size="10" fill="#E63946" letter-spacing="3">RISK 02</text>
+    <use data-icon="tabler-outline/target" x="1100" y="216" width="36" height="36" fill="#E63946" stroke-width="1.5"/>
+
+    <text x="660" y="278" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">企业 ROI 难落地</text>
+    <text x="660" y="302" font-family="Cambria, serif" font-size="11" fill="#8A857E" font-style="italic">Enterprise ROI lags badly behind capex</text>
+
+    <text x="660" y="344" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="660" dy="0">• MIT: <tspan fill="#E63946" font-weight="bold">95%</tspan> AI 试点未产生商业价值</tspan>
+      <tspan x="660" dy="22">• 仅 <tspan fill="#E63946" font-weight="bold">5%</tspan> 企业 EBIT 受 AI 显著影响</tspan>
+      <tspan x="660" dy="22">• 投资在赌"未来兑现"</tspan>
+    </text>
+  </g>
+
+  <g id="q3-concentration">
+    <rect x="80" y="420" width="560" height="220" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <rect x="80" y="420" width="560" height="4" fill="#F4A261"/>
+
+    <text x="100" y="454" font-family="Cambria, serif" font-size="10" fill="#F4A261" letter-spacing="3">RISK 03</text>
+    <use data-icon="tabler-outline/alert-triangle" x="540" y="436" width="36" height="36" fill="#F4A261" stroke-width="1.5"/>
+
+    <text x="100" y="498" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">客户集中度风险</text>
+    <text x="100" y="522" font-family="Cambria, serif" font-size="11" fill="#8A857E" font-style="italic">Six customers carry the whole supply chain</text>
+
+    <text x="100" y="564" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="100" dy="0">• Nvidia 收入 <tspan fill="#F4A261" font-weight="bold">85% 来自 6 家</tspan></tspan>
+      <tspan x="100" dy="22">• 前 4 名占近 60%</tspan>
+      <tspan x="100" dy="22">• 任一砍 capex → 级联冲击</tspan>
+    </text>
+  </g>
+
+  <g id="q4-financing">
+    <rect x="640" y="420" width="560" height="220" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/>
+    <rect x="640" y="420" width="560" height="4" fill="#F4A261"/>
+
+    <text x="660" y="454" font-family="Cambria, serif" font-size="10" fill="#F4A261" letter-spacing="3">RISK 04</text>
+    <use data-icon="tabler-outline/briefcase" x="1100" y="436" width="36" height="36" fill="#F4A261" stroke-width="1.5"/>
+
+    <text x="660" y="498" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-weight="bold" fill="#E8E6E1">融资结构转向负债</text>
+    <text x="660" y="522" font-family="Cambria, serif" font-size="11" fill="#8A857E" font-style="italic">From operating cash flow to debt</text>
+
+    <text x="660" y="564" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="14" fill="#C9C5BE">
+      <tspan x="660" dy="0">• 现金流融资 → <tspan fill="#F4A261" font-weight="bold">举债融资</tspan></tspan>
+      <tspan x="660" dy="22">• 自由现金流开始转负</tspan>
+      <tspan x="660" dy="22">• 兑现时间表的耐心被压缩</tspan>
+    </text>
+  </g>
+
+  <g id="center-mark">
+    <circle cx="640" cy="420" r="22" fill="#0E1116" stroke="#E63946" stroke-width="2"/>
+    <text x="640" y="427" text-anchor="middle" font-family="Cambria, serif" font-size="14" font-weight="bold" fill="#E63946">×</text>
+  </g>
+
+  <g id="page-footer">
+    <line x1="60" y1="670" x2="1220" y2="670" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="700" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="10" fill="#5C5852">Sources: MIT GenAI Pilot Study · Allianz · Seeking Alpha · Goldman Sachs 2026 outlook</text>
+    <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">19 / 20</text>
+  </g>
+</svg>
--- a/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/20_closing.svg
+++ b/agent/skills-disabled/ppt-master/examples/ppt169_global_ai_capital_2026/svg_output/20_closing.svg
@@ -0,0 +1,70 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720" width="1280" height="720">
+  <g id="background">
+    <rect width="1280" height="720" fill="#0E1116"/>
+  </g>
+
+  <g id="page-header">
+    <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">CLOSING · 20</text>
+    <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/>
+    <text x="60" y="120" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="44" font-weight="bold" fill="#E8E6E1">六大判断 / <tspan fill="#E63946">Six Takeaways</tspan></text>
+    <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Closing notes on 2026's global AI capital landscape</text>
+  </g>
+
+  <g id="take-1">
+    <text x="60" y="220" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">①</text>
+    <text x="120" y="216" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">资本集中度是 2026 主旋律</text>
+    <text x="120" y="240" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">单季 65% 的全球 VC 进入 4 家公司——"钱没变多，是更集中"</text>
+    <line x1="60" y1="262" x2="620" y2="262" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-2">
+    <text x="60" y="312" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">②</text>
+    <text x="120" y="308" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">算力是 2026 的硬通货</text>
+    <text x="120" y="332" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">Nvidia 既是基建供应商又是大股东，形成全行业闭环结构</text>
+    <line x1="60" y1="354" x2="620" y2="354" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-3">
+    <text x="60" y="404" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">③</text>
+    <text x="120" y="400" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">下一道护城河是电力，不是芯片</text>
+    <text x="120" y="424" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">$725B Capex 中 60%+ 流向电力 / 冷却 / 土建——资源约束已转移</text>
+    <line x1="60" y1="446" x2="620" y2="446" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-4">
+    <text x="660" y="220" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">④</text>
+    <text x="720" y="216" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">中美双轨结构已成型</text>
+    <text x="720" y="240" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">美国推迟 IPO 喂超大私募，中国二级市场全面打开，路径差异不再可逆</text>
+    <line x1="660" y1="262" x2="1220" y2="262" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-5">
+    <text x="660" y="312" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">⑤</text>
+    <text x="720" y="308" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">真实 ROI 滞后但巨头未止血</text>
+    <text x="720" y="332" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">95% 试点失败 vs $725B capex 继续上调——这是赌"未来兑现"</text>
+    <line x1="660" y1="354" x2="1220" y2="354" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="take-6">
+    <text x="660" y="404" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">⑥</text>
+    <text x="720" y="400" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="18" font-weight="bold" fill="#E8E6E1">Anthropic 反超 OpenAI</text>
+    <text x="720" y="424" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="13" fill="#8A857E">在谈估值 $900B vs $852B；ARR 增速 Anthropic 已超越 OpenAI</text>
+    <line x1="660" y1="446" x2="1220" y2="446" stroke="#2A2F36" stroke-width="1"/>
+  </g>
+
+  <g id="bottom-callout">
+    <rect x="60" y="490" width="1160" height="110" fill="#1A1F26"/>
+    <rect x="60" y="490" width="6" height="110" fill="#E63946"/>
+    <text x="100" y="525" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL CLOSE</text>
+    <text x="100" y="565" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-style="italic" fill="#E8E6E1">"This is not yet the bubble bursting.</text>
+    <text x="100" y="590" font-family="Cambria, &quot;Microsoft YaHei&quot;, serif" font-size="22" font-style="italic" fill="#E63946">It is the bubble compounding."</text>
+  </g>
+
+  <g id="sources-strip">
+    <line x1="60" y1="630" x2="1220" y2="630" stroke="#2A2F36" stroke-width="1"/>
+    <text x="60" y="654" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">PRIMARY SOURCES</text>
+    <text x="60" y="678" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#8A857E">Crunchbase · PitchBook · CNBC · Bloomberg · TechCrunch · OpenAI / Anthropic / xAI press · Tom's Hardware</text>
+    <text x="60" y="696" font-family="&quot;Microsoft YaHei&quot;, Arial, sans-serif" font-size="11" fill="#8A857E">Goldman Sachs · Allianz · Statista · MIT GenAI Pilot Study · BigGo Finance · TechFundingNews · DataCenterDynamics</text>
+    <text x="1220" y="696" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">20 / 20 · End of briefing</text>
+  </g>
+</svg>
				`@@ -0,0 +1 @@`
				`各位好，欢迎来到本期《2026 全球 AI 资本格局》行业洞察简报。本期我们用十八张数据图表，回答一个问题：当全球风险资本以前所未有的集中度涌入 AI，这究竟是基建周期的开端，还是泡沫膨胀的中段？请记住三个数字：单季两千九百七十亿美元、AI 拿走百分之八十一、四笔交易吃掉百分之六十五。`
				`@@ -0,0 +1 @@`
				`正式开始之前，先看这三组数字。第一组：单季全球风投两千九百七十亿美元，AI 占百分之八十一。第二组：四笔大单合计一千八百八十亿美元，占全季百分之六十五。第三组：资本开支与企业 AI 收入的增速差距已经达到四十六个百分点，超过二零零一年电信泡沫期。这三组数字定义了本期讨论的整个框架——不要急着下结论，我们先把六个维度的事实铺开。`
				`@@ -0,0 +1 @@`
				`本期内容分为六个部分。第一部分全景，概览风投总盘与 hyperscaler 资本开支。第二部分三巨头，聚焦 OpenAI、Anthropic 和 xAI。第三部分中国阵营，对比中美两条路径。第四部分二线梯队，看一看估值十亿到五十亿美元区间的精英层。第五部分基建与闭环，讲 Nvidia 圆形投资和 Stargate 项目。第六部分泡沫与判断，给出六大收尾观点。每一部分大约三到五分钟。`
				`@@ -0,0 +1 @@`
				`来看 2026 年第一季度的全景。全球风投单季两千九百七十亿美元，创下历史最高。其中 AI 行业拿走百分之八十一，约两千四百二十亿美元。OpenAI、Anthropic、xAI 和 Waymo 这四笔大单合计一千八百八十亿美元，占全季全球风投的百分之六十五。Crunchbase 给出了非常精炼的判断：钱并没有变得更多，是更加集中。这句话定义了 2026 年的资本气候。`
				`@@ -0,0 +1 @@`
				`如果说三大模型公司在前台融资，后台就是四家 hyperscaler 在掏钱建基建。亚马逊两千亿、微软一千九百亿、谷歌一千九百亿、Meta 一千四百五十亿，合计七千两百五十亿美元，同比增长百分之七十七。但请注意更关键的一组结构数据：这七千多亿里，百分之六十以上流向电力、冷却和土建——不是芯片。资源约束已经从"算力"转向"电力"。下一道护城河，是吉瓦级供电。`
				`@@ -0,0 +1 @@`
				聚焦三巨头。看六个月内估值的跃迁。OpenAI 从年初三千亿涨到三月份的八千五百二十亿，涨幅百分之一百八十四。Anthropic 从六百一十五亿涨到 Series G 的三千八百亿，目前在谈九千亿，最大涨幅可能达到百分之一千三百六十四。xAI 从五百亿涨到二百三十亿后又因为合并 SpaceX 整体估值飙到一万二千五百亿。三家半年合计估值，从四千一百一十亿涨到一万四千六百亿——三点六倍。
				`@@ -0,0 +1 @@`
				`把估值放在 ARR 上看兑现度。X 轴是年化收入，Y 轴是估值，气泡大小是投资人数。所有气泡都站在公允线上方——估值跑得比收入快。其中 xAI 偏离最远，年化收入估算仅五十亿但估值高达二千三百亿。Anthropic 兑现度最高，年化收入超过三百亿。OpenAI 介于两者之间。结论很清楚：估值跑得最远的不一定是收入最强的。`
				`@@ -0,0 +1 @@`
				`OpenAI 这笔史上最大的一千二百二十亿美元融资，钱从哪里来。亚马逊承诺最多五百亿，占百分之四十一。Nvidia 三百亿，占百分之二十五。SoftBank 三百亿，占百分之二十五。微软加 a16z 等剩余约一百二十亿，占百分之九。请注意一个结构性观察：这三大投资人合计百分之九十一，同时也是 OpenAI 最大的客户——投资和买单是同一拨人。`
				`@@ -0,0 +1 @@`
				把三种成长曲线并排放在一起。OpenAI 是消费驱动型，九亿周活，年化两百四十亿，企业占比已达百分之四十，是冲刺 IPO 的消费机器。Anthropic 是企业驱动型，年化超过三百亿，谷歌累计承诺四百亿，最关键的是它在谈估值已经反超 OpenAI——九千亿对八千五百二十亿。xAI 是合并叙事，二百三十亿估值加 SpaceX 整体一万二千五百亿，特斯拉押了二十亿。三家合计两万四千八百亿，已超过苹果同期市值的三分之二。
				`@@ -0,0 +1 @@`
				`镜头转向中国。DeepSeek 拿到国家大基金首次领投，估值五百亿，是中国 AI 第一阵营的真正领跑者。智谱港股市值五百六十一亿，MiniMax 港股市值三百七十二亿，都是 1 月份港交所上市后的二级市场定价。Moonshot 私募估值二百亿，单轮二十亿是国内大模型史上最大。StepFun 在谈大约八十亿。一个数据警示：港股市值和私募估值不能直接对比，只能看量级。`