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    "title": "赛富时：当 AI 开始替人干活，软件巨头还能靠什么持续收钱？",
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  "limitations": [
    "TTM fiscal-end baseline carried to valuation date; cash/debt/shares use latest disclosed dates, not live balances.",
    "Model is an assumption-based valuation range, not a price target or probability forecast.",
    "5-year reverse growth is held constant; years 6-10 fade linearly to terminal growth.",
    "SBC stays in forecast GAAP margins; share reserve covers existing awards only; no second deduction of future SBC.",
    "R&D remains an expense; maintenance capex equals depreciation in forecast; incremental reinvestment explicitly deducted."
  ]
}