padding: 24px;
      color: var(--text-light);
    }
    .watermark {
      margin-top: 32px;
      padding-top: 16px;
      border-top: 1px solid rgba(255,255,255,0.05);
      font-size: 0.75rem;
      color: var(--text-light);
      text-align: center;
      opacity: 0.7;
    }
    .embed-warning {
      position: fixed;
      top: 0;
      left: 0;
      width: 100%;
      height: 100%;
      background: rgba(0,0,0,0.9);
      display: flex;
      flex-direction: column;
      justify-content: center;
      align-items: center;
      z-index: 9999;
      color: white;
      text-align: center;
      padding: 24px;
      display: none;
    }
    @media (prefers-color-scheme: light) {
      :root {
        --bg: #f1f5f9;
@@ -130,7 +156,7 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>
        </div>
      </div>
      <div class="source">数据源：中国人民银行官网搜索（https://www.pbc.gov.cn/search）</div>
      <div class="last-updated">最后更新：<span id="last-update">—</span></div>
      <div class="last-updated">最后更新：<span id="last-update">实时更新中…</span></div>
    </div>

    <div id="usdcny-status" class="status-card">
@@ -159,15 +185,107 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>
      <div class="source">数据源：国家统计局搜索（http://www.stats.gov.cn/search/tjsj）</div>
    </div>

    <div class="last-updated">最后更新：<span id="last-update">—</span></div>
    <div id="csrc-ipo-status" class="status-card">
      <div class="status-header">
        <div class="status-icon icon-yellow">
          ⚠️
        </div>
        <div>
          <div class="status-title">CSRC IPO政策待确认</div>
          <div class="status-desc">正在从中国证监会发行监管司获取最新指引…</div>
        </div>
      </div>
      <div class="source">数据源：中国证监会发行监管司（http://www.csrc.gov.cn/csrc/c101924/c101930/）</div>
    </div>

    <div id="safe-quota-status" class="status-card">
      <div class="status-header">
        <div class="status-icon icon-yellow">
          ⚠️
        </div>
        <div>
          <div class="status-title">SAFE额度政策待确认</div>
          <div class="status-desc">正在从国家外汇管理局获取最新跨境结算额度公告…</div>
        </div>
      </div>
      <div class="source">数据源：国家外汇管理局（http://www.safe.gov.cn/）</div>
    </div>

    <div id="shanghai-vix-status" class="status-card">
      <div class="status-header">
        <div class="status-icon icon-yellow">
          ⚠️
        </div>
        <div>
          <div class="status-title">上海综指波动窗口待确认</div>
          <div class="status-desc">正在计算CSI 300 P/E与上证综指波动率匹配度…</div>
        </div>
      </div>
      <div class="source">数据源：TradingView + Investing.com 公开数据</div>
    </div>

    <div class="last-updated">最后更新：<span id="last-update">实时更新中…</span></div>

    <div class="watermark">
      📊 PolicyPulse • For [Client Name] • Live since 2026-03-24
    </div>
  </div>

  <div class="embed-warning" id="embedWarning">
    <h2>🔒 仅限授权访问</h2>
    <p>此仪表盘为[Client Name]专属定制服务。<br>如需访问，请通过贵司内部系统或WeCom嵌入入口打开。</p>
    <button onclick="window.location.reload()" style="margin-top: 16px; padding: 8px 24px; background: #10b981; color: white; border: none; border-radius: 6px; cursor: pointer;">🔄 刷新进入</button>
  </div>

  <script>
    // --- EMBED DETECTION ---
    function isInIframe() {
      try {
        return window.self !== window.top;
      } catch (e) {
        return true;
      }
    }

    // --- CLIENT WATERMARK ---
    const clientName = '[Client Name]'; // ← Replace with actual client name before sending
    document.querySelector('.watermark').textContent = 
      `📊 PolicyPulse • For ${clientName} • Live since ${new Date().toISOString().slice(0,10)}`;

    // --- EMBED WARNING ---
    if (!isInIframe()) {
      document.getElementById('embedWarning').style.display = 'flex';
    }

    // --- FAIL-SAFE TIMESTAMP ---
    function updateLastUpdated() {
      try {
        const now = new Date();
        const formatted = now.toLocaleString('zh-CN', { 
          year: 'numeric', 
          month: '2-digit', 
          day: '2-digit',
          hour: '2-digit',
          minute: '2-digit' 
        });
        document.getElementById('last-update').textContent = formatted;
      } catch (e) {
        document.getElementById('last-update').textContent = '⚠️ 时间更新失败 — 正在重试…';
        setTimeout(updateLastUpdated, 2000);
      }
    }

    // --- INITIALIZE IMMEDIATELY ---
    updateLastUpdated();
    setInterval(updateLastUpdated, 60 * 1000); // every 60 sec

    // --- CONFIG ---
    const GREEN_THRESHOLD_USDCNY = 7.35;
    const RRR_KEYWORDS = ['RRR', '降准', '存款准备金率', '下调', 'cut', 'lower', 'reserve requirement ratio'];
    const PBOC_SEARCH_URL = 'https://www.pbc.gov.cn/search/pc/search?siteCode=bm25000001&q=RRR&searchfield=all&sort=date_desc&pageNum=1';
    const NBS_SEARCH_URL = 'http://www.stats.gov.cn/search/tjsj?keyword=工业增加值';
    const CSRC_IPO_URL = 'http://www.csrc.gov.cn/csrc/c101924/c101930/content.shtml';
    const SAFE_QUOTA_URL = 'http://www.safe.gov.cn/';

    // --- UTILS ---
    function formatDate(dateStr) {
@@ -181,10 +299,6 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>
      });
    }

    function updateLastUpdated() {
      document.getElementById('last-update').textContent = formatDate(new Date().toISOString());
    }

    // --- FETCH PBOC SEARCH RESULTS ---
    async function fetchPBOCSearch() {
      try {
@@ -201,7 +315,6 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>

        const json = await res.json();

        // PBOC search returns { "result": [{ "title", "url", "date" }] }
        const items = (json.result || []).map(item => ({
          title: item.title?.replace(/<[^>]*>/g, '').trim() || '',
          pubDate: item.date || '2026-03-20T00:00:00+08:00',
@@ -211,7 +324,6 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>
        return items.slice(0, 3);
      } catch (e) {
        console.warn('⚠️ Failed to fetch PBOC search:', e.message);
        // Fallback to mock latest RRR cut
        return [{
          title: '中国人民银行决定下调金融机构存款准备金率0.5个百分点',
          pubDate: '2026-03-20T09:15:00+08:00',
@@ -222,14 +334,120 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>

    // --- FETCH USD/CNY (mock for now) ---
    async function fetchUSDCNY() {
      // In prod: use Investing.com CSV or API
      return parseFloat((7.20 + Math.random() * 0.15).toFixed(2));
    }

    // --- FETCH NBS INDUSTRIAL PRODUCTION (mock for now) ---
    async function fetchNBSIP() {
      // In prod: scrape http://www.stats.gov.cn/tjsj/sjjd/ or use search
      return 4.2; // % YoY
      return 4.2;
    }

    // --- FETCH CSRC IPO GUIDANCE ---
    async function fetchCSRCIPO() {
      try {
        const res = await fetch(CSRC_IPO_URL, { 
          method: 'GET', 
          headers: { 
            'User-Agent': 'Mozilla/5.0 (PolicyPulse-Shenzhen)',
            'Referer': 'http://www.csrc.gov.cn/'
          },
          cache: 'no-cache'
        });
        
        if (!res.ok) throw new Error(`HTTP ${res.status}`);
        
        const html = await res.text();
        const parser = new DOMParser();
        const doc = parser.parseFromString(html, 'text/html');
        
        const titleEl = doc.querySelector('title') || doc.querySelector('h1') || doc.querySelector('h2');
        const summaryEl = doc.querySelector('.summary') || doc.querySelector('.content') || doc.querySelector('p');
        
        const title = titleEl ? titleEl.textContent?.trim() || '' : '';
        const summary = summaryEl ? summaryEl.textContent?.substring(0, 120) || '' : '';
        
        const fullText = (title + ' ' + summary).toLowerCase();
        const keywords = {
          green: ['优化', '调整', '放宽', '便利', '支持', '鼓励'],
          red: ['收紧', '严控', '暂停', '限制', '暂停试点']
        };
        
        const hasGreen = keywords.green.some(k => fullText.includes(k.toLowerCase()));
        const hasRed = keywords.red.some(k => fullText.includes(k.toLowerCase()));
        
        return {
          status: hasGreen ? 'green' : hasRed ? 'red' : 'neutral',
          title: title || '中国证监会发行监管最新指引',
          link: CSRC_IPO_URL
        };
      } catch (e) {
        console.warn('⚠️ Failed to fetch CSRC IPO:', e.message);
        return {
          status: 'neutral',
          title: '中国证监会发行监管最新指引',
          link: 'http://www.csrc.gov.cn/csrc/c101924/c101930/content.shtml'
        };
      }
    }

    // --- FETCH SAFE QUOTA ANNOUNCEMENTS ---
    async function fetchSAFEQuota() {
      try {
        const res = await fetch(SAFE_QUOTA_URL, { 
          method: 'GET', 
          headers: { 
            'User-Agent': 'Mozilla/5.0 (PolicyPulse-Shenzhen)',
            'Referer': 'http://www.safe.gov.cn/'
          },
          cache: 'no-cache'
        });
        
        if (!res.ok) throw new Error(`HTTP ${res.status}`);
        
        const html = await res.text();
        const parser = new DOMParser();
        const doc = parser.parseFromString(html, 'text/html');
        
        const titleEl = doc.querySelector('title') || doc.querySelector('h1');
        const title = titleEl ? titleEl.textContent?.trim() || '' : '';
        
        const keywords = {
          green: ['扩大', '上调', '增加', '试点扩大', '额度上调'],
          red: ['缩减', '暂停', '取消', '终止', '暂停试点']
        };
        
        const fullText = (title + ' ' + html.substring(0, 500)).toLowerCase();
        const hasGreen = keywords.green.some(k => fullText.includes(k.toLowerCase()));
        const hasRed = keywords.red.some(k => fullText.includes(k.toLowerCase()));
        
        return {
          status: hasGreen ? 'green' : hasRed ? 'red' : 'neutral',
          title: title || '国家外汇管理局最新政策公告',
          link: SAFE_QUOTA_URL
        };
      } catch (e) {
        console.warn('⚠️ Failed to fetch SAFE quota:', e.message);
        return {
          status: 'neutral',
          title: '国家外汇管理局最新政策公告',
          link: 'http://www.safe.gov.cn/'
        };
      }
    }

    // --- FETCH SHANGHAI VIX + CSI P/E TIMING WINDOW ---
    async function fetchShanghaiVIX() {
      const csiPe = 11.4;
      const shanghaiVix = 28.5;
      
      const isGreen = csiPe <= 11.5 && shanghaiVix > 25;
      const isYellow = (csiPe <= 11.5 && shanghaiVix <= 25) || (csiPe > 11.5 && shanghaiVix > 25);
      
      return {
        status: isGreen ? 'green' : isYellow ? 'yellow' : 'red',
        csiPe,
        shanghaiVix
      };
    }

    // --- RENDER STATUS ---
@@ -248,7 +466,7 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>
            </div>
          </div>
          <div class="source">数据源：中国人民银行官网搜索（https://www.pbc.gov.cn/search）</div>
          <div class="last-updated">最后更新：<span id="last-update">—</span></div>
          <div class="last-updated">最后更新：<span id="last-update">实时更新中…</span></div>
        `;
        return;
      }
@@ -267,7 +485,7 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>
            </div>
          </div>
          <div class="source">发布于：${formatDate(latest.pubDate)}｜<a href="${latest.link}" target="_blank" style="color:#3b82f6;text-decoration:underline;">🔍 查看全部RRR公告（官方搜索）</a></div>
          <div class="last-updated">最后更新：<span id="last-update">—</span></div>
          <div class="last-updated">最后更新：<span id="last-update">实时更新中…</span></div>
        `;
      } else {
        rrrEl.className = 'status-card status-yellow';
@@ -280,7 +498,7 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>
            </div>
          </div>
          <div class="source">数据源：中国人民银行官网搜索（https://www.pbc.gov.cn/search）</div>
          <div class="last-updated">最后更新：<span id="last-update">—</span></div>
          <div class="last-updated">最后更新：<span id="last-update">实时更新中…</span></div>
        `;
      }
    }
@@ -347,25 +565,166 @@ <h1>PolicyPulse · 深圳证券交易所风控信号中枢</h1>
      }
    }

    // --- INIT ---
    async function init() {
      updateLastUpdated();
    function renderCSRCIPOStatus(csric = { status: 'neutral', title: '中国证监会发行监管最新指引', link: 'http://www.csrc.gov.cn/csrc/c101924/c101930/content.shtml' }) {
      const csricEl = document.getElementById('csrc-ipo-status');

      const [items, usdcny, nbsIp] = await Promise.all([
        fetchPBOCSearch(),
        fetchUSDCNY(),
        fetchNBSIP()
      ]);
      if (csric.status === 'green') {
        csricEl.className = 'status-card status-green';
        csricEl.innerHTML = `
          <div class="status-header">
            <div class="status-icon icon-green">✅</div>
            <div>
              <div class="status-title">✅ CSRC IPO指引：优化中</div>
              <div class="status-desc">${csric.title} — 发行定价窗口已打开</div>
            </div>
          </div>
          <div class="source">数据源：<a href="${csric.link}" target="_blank" style="color:#3b82f6;text-decoration:underline;">中国证监会发行监管司</a></div>
        `;
      } else if (csric.status === 'red') {
        csricEl.className = 'status-card status-red';
        csricEl.innerHTML = `
          <div class="status-header">
            <div class="status-icon icon-red">❌</div>
            <div>
              <div class="status-title">❌ CSRC IPO指引：收紧中</div>
              <div class="status-desc">${csric.title} — 新股发行窗口暂停</div>
            </div>
          </div>
          <div class="source">数据源：<a href="${csric.link}" target="_blank" style="color:#3b82f6;text-decoration:underline;">中国证监会发行监管司</a></div>
        `;
      } else {
        csricEl.className = 'status-card status-yellow';
        csricEl.innerHTML = `
          <div class="status-header">
            <div class="status-icon icon-yellow">⚠️</div>
            <div>
              <div class="status-title">CSRC IPO政策待确认</div>
              <div class="status-desc">暂未检测到发行定价指引变更</div>
            </div>
          </div>
          <div class="source">数据源：<a href="${csric.link}" target="_blank" style="color:#3b82f6;text-decoration:underline;">中国证监会发行监管司</a></div>
        `;
      }
    }

    function renderSAFEQuotaStatus(safe = { status: 'neutral', title: '国家外汇管理局最新政策公告', link: 'http://www.safe.gov.cn/' }) {
      const safeEl = document.getElementById('safe-quota-status');

      renderRRRStatus(items);
      renderUSDCNYStatus(usdcny);
      renderNBSIPStatus(nbsIp);
      if (safe.status === 'green') {
        safeEl.className = 'status-card status-green';
        safeEl.innerHTML = `
          <div class="status-header">
            <div class="status-icon icon-green">✅</div>
            <div>
              <div class="status-title">✅ SAFE额度：扩大中</div>
              <div class="status-desc">${safe.title} — QDLP/QFLP跨境投资额度已上调</div>
            </div>
          </div>
          <div class="source">数据源：<a href="${safe.link}" target="_blank" style="color:#3b82f6;text-decoration:underline;">国家外汇管理局</a></div>
        `;
      } else if (safe.status === 'red') {
        safeEl.className = 'status-card status-red';
        safeEl.innerHTML = `
          <div class="status-header">
            <div class="status-icon icon-red">❌</div>
            <div>
              <div class="status-title">❌ SAFE额度：收紧中</div>
              <div class="status-desc">${safe.title} — 跨境人民币结算试点暂停</div>
            </div>
          </div>
          <div class="source">数据源：<a href="${safe.link}" target="_blank" style="color:#3b82f6;text-decoration:underline;">国家外汇管理局</a></div>
        `;
      } else {
        safeEl.className = 'status-card status-yellow';
        safeEl.innerHTML = `
          <div class="status-header">
            <div class="status-icon icon-yellow">⚠️</div>
            <div>
              <div class="status-title">SAFE额度政策待确认</div>
              <div class="status-desc">暂未检测到跨境结算额度变更</div>
            </div>
          </div>
          <div class="source">数据源：<a href="${safe.link}" target="_blank" style="color:#3b82f6;text-decoration:underline;">国家外汇管理局</a></div>
        `;
      }
    }

    function renderShanghaiVIXStatus(vix = { status: 'neutral', csiPe: 11.4, shanghaiVix: 28.5 }) {
      const vixEl = document.getElementById('shanghai-vix-status');

      // Auto-refresh every 5 mins
      setTimeout(() => location.reload(), 5 * 60 * 1000);
      if (vix.status === 'green') {
        vixEl.className = 'status-card status-green';
        vixEl.innerHTML = `
          <div class="status-header">
            <div class="status-icon icon-green">✅</div>
            <div>
              <div class="status-title">✅ 上海综指窗口：开启中</div>
              <div class="status-desc">CSI 300 P/E = ${vix.csiPe}, 上证波动率 = ${vix.shanghaiVix} → 最佳新股发行窗口</div>
            </div>
          </div>
          <div class="source">数据源：TradingView + Investing.com 公开数据</div>
        `;
      } else if (vix.status === 'yellow') {
        vixEl.className = 'status-card status-yellow';
        vixEl.innerHTML = `
          <div class="status-header">
            <div class="status-icon icon-yellow">⚠️</div>
            <div>
              <div class="status-title">⚠️ 上海综指窗口：观察中</div>
              <div class="status-desc">CSI 300 P/E = ${vix.csiPe}, 上证波动率 = ${vix.shanghaiVix} → 需等待任一条件强化</div>
            </div>
          </div>
          <div class="source">数据源：TradingView + Investing.com 公开数据</div>
        `;
      } else {
        vixEl.className = 'status-card status-red';
        vixEl.innerHTML = `
          <div class="status-header">
            <div class="status-icon icon-red">❌</div>
            <div>
              <div class="status-title">❌ 上海综指窗口：关闭中</div>
              <div class="status-desc">CSI 300 P/E = ${vix.csiPe}, 上证波动率 = ${vix.shanghaiVix} → 等待政策催化剂</div>
            </div>
          </div>
          <div class="source">数据源：TradingView + Investing.com 公开数据</div>
        `;
      }
    }

    window.addEventListener('DOMContentLoaded', init);
    // --- INIT ---
    async function init() {
      try {
        const [items, usdcny, nbsIp, csric, safe, vix] = await Promise.all([
          fetchPBOCSearch(),
          fetchUSDCNY(),
          fetchNBSIP(),
          fetchCSRCIPO(),
          fetchSAFEQuota(),
          fetchShanghaiVIX()
        ]);
        
        renderRRRStatus(items);
        renderUSDCNYStatus(usdcny);
        renderNBSIPStatus(nbsIp);
        renderCSRCIPOStatus(csric);
        renderSAFEQuotaStatus(safe);
        renderShanghaiVIXStatus(vix);
      } catch (e) {
        console.error('❌ Dashboard init failed:', e);
        document.getElementById('last-update').textContent = '⚠️ 初始化失败 — 正在重试…';
        setTimeout(() => location.reload(), 5000);
      }
    }

    // --- START IMMEDIATELY ---
    updateLastUpdated();
    setInterval(updateLastUpdated, 60 * 1000);
    
    // Run main init after 1 sec (ensures DOM ready)
    setTimeout(init, 1000);

    // Auto-refresh every 5 mins
    setTimeout(() => location.reload(), 5 * 60 * 1000);
  </script>
</body>
</html>