diff --git a/backend/main.py b/backend/main.py
index 62a1a89..d230b96 100644
--- a/backend/main.py
+++ b/backend/main.py
@@ -3,6 +3,7 @@ from fastapi.middleware.cors import CORSMiddleware
 from routers import market_data, geopolitical, options, backtest, ai, portfolio, config, patterns, journal, cycle as cycle_router, profiles as profiles_router, reasoning as reasoning_router, knowledge as knowledge_router, options_vol as options_vol_router, analytics as analytics_router, risk as risk_router
 from routers import logs as logs_router
 from routers import var as var_router
+from routers import reports as reports_router
 from services.database import init_db, get_config, cleanup_stale_running_cycles
 import os
 import logging
@@ -108,6 +109,7 @@ app.include_router(analytics_router.router)
 app.include_router(risk_router.router)
 app.include_router(logs_router.router)
 app.include_router(var_router.router)
+app.include_router(reports_router.router)
 
 
 @app.get("/")
diff --git a/backend/routers/reports.py b/backend/routers/reports.py
new file mode 100644
index 0000000..ecfb8a8
--- /dev/null
+++ b/backend/routers/reports.py
@@ -0,0 +1,25 @@
+from fastapi import APIRouter, HTTPException
+from services.database import get_cycle_reports, get_cycle_report, get_latest_cycle_report
+
+router = APIRouter(prefix="/api/reports", tags=["reports"])
+
+
+@router.get("/cycle/latest")
+def cycle_report_latest():
+    """Most recent generated cycle report."""
+    return {"report": get_latest_cycle_report()}
+
+
+@router.get("/cycle/list")
+def cycle_report_list(limit: int = 20):
+    """List of cycle report summaries (no full JSON)."""
+    return {"reports": get_cycle_reports(limit)}
+
+
+@router.get("/cycle/{run_id}")
+def cycle_report_detail(run_id: str):
+    """Full cycle report for a specific run_id."""
+    report = get_cycle_report(run_id)
+    if not report:
+        raise HTTPException(404, "Rapport de cycle introuvable")
+    return report
diff --git a/backend/services/auto_cycle.py b/backend/services/auto_cycle.py
index a53e3c3..d58002f 100644
--- a/backend/services/auto_cycle.py
+++ b/backend/services/auto_cycle.py
@@ -636,6 +636,29 @@ def run_cycle_once(trigger: str = "auto") -> Dict[str, Any]:
         _current_status["last_run_at"] = datetime.utcnow().isoformat()
         logger.info(f"[Cycle {run_id[:16]}] Completed — {added_count} new patterns, {len(scored)} scored")
 
+        # ── Step 6.5: Generate full cycle report ─────────────────────────────
+        try:
+            _cycle_report = _generate_cycle_report(
+                run_id=run_id,
+                scored=scored,
+                dominant=dominant,
+                scenarios=scenarios,
+                geo_score_val=geo_score_val,
+                news=news,
+                gauges=gauges,
+                ai_key=ai_key,
+                added_patterns=[s for s in suggestions if s.get("id")],
+                scoring_run_id=scoring_run_id,
+                portfolio_monitor=summary.get("portfolio_monitor"),
+                commentary=commentary,
+            )
+            if _cycle_report:
+                from services.database import save_cycle_report
+                save_cycle_report(run_id, _cycle_report)
+                logger.info(f"[Cycle {run_id[:16]}] Cycle report saved")
+        except Exception as _rpe:
+            logger.warning(f"[Cycle] Cycle report failed (non-blocking): {_rpe}")
+
         # ── Step 7: Auto portfolio snapshot ──────────────────────────────────
         # Generate (or refresh) the portfolio report so the NEXT cycle has
         # fresh performance lessons. Runs in background to not block the cycle.
@@ -742,6 +765,232 @@ Réponds UNIQUEMENT en JSON: {{"commentary": "<ton texte 4-6 phrases>", "key_ris
     return None
 
 
+# ── Cycle report generation ───────────────────────────────────────────────────
+
+def _generate_cycle_report(
+    run_id: str,
+    scored: List[Dict],
+    dominant: str,
+    scenarios: Dict,
+    geo_score_val: int,
+    news: List[Dict],
+    gauges: Dict,
+    ai_key: str,
+    added_patterns: List[Dict],
+    scoring_run_id: str,
+    portfolio_monitor: Optional[Dict],
+    commentary: Optional[str],
+) -> Optional[Dict]:
+    """
+    Build the full cycle report dict:
+      - PnL + VaR snapshots (timestamped with this cycle)
+      - Delta vs previous cycle (patterns added, trades logged, trades closed)
+      - GPT-4o context narrative (what was in context, what it used, why)
+      - Risk summary
+    """
+    import json as _json
+
+    try:
+        from services.database import get_cycle_runs, get_trade_entries_by_run
+    except ImportError:
+        from services.database import get_cycle_runs
+        get_trade_entries_by_run = None
+
+    # ── Get previous cycle timestamp ──────────────────────────────────────────
+    prev_cycle_at: Optional[str] = None
+    try:
+        history = get_cycle_runs(limit=5)
+        prev_cycles = [r for r in history if r["run_id"] != run_id and r.get("status") == "completed"]
+        if prev_cycles:
+            prev_cycle_at = prev_cycles[0].get("started_at")
+    except Exception:
+        pass
+
+    # ── PnL snapshot ──────────────────────────────────────────────────────────
+    pnl_snapshot_id: Optional[int] = None
+    pnl_summary: Dict = {}
+    try:
+        from services.var_service import save_pnl_snapshot, get_latest_pnl_snapshot
+        pnl_snapshot_id = save_pnl_snapshot()
+        snap = get_latest_pnl_snapshot()
+        if snap:
+            pnl_summary = {
+                "total_pnl_pct": snap.get("total_pnl_pct"),
+                "total_pnl_eur": snap.get("total_pnl_eur"),
+                "total_capital_eur": snap.get("total_capital_eur"),
+                "n_open": snap.get("n_open"),
+                "n_closed": snap.get("n_closed"),
+            }
+        logger.info(f"[CycleReport] PnL snapshot saved id={pnl_snapshot_id}")
+    except Exception as _e:
+        logger.warning(f"[CycleReport] PnL snapshot failed: {_e}")
+
+    # ── VaR snapshot ──────────────────────────────────────────────────────────
+    var_snapshot_id: Optional[int] = None
+    var_summary: Dict = {}
+    try:
+        from services.var_service import compute_var, save_var_snapshot
+        var_result = compute_var(confidence=0.95, horizon_days=1, lookback_days=252, default_iv=0.20)
+        if "error" not in var_result:
+            var_snapshot_id = save_var_snapshot(var_result, 0.95, 1, 252, 0.20)
+            var_summary = {
+                "hist_var_1d_pct": var_result.get("hist_var_1d_pct"),
+                "hist_cvar_pct": var_result.get("hist_cvar_pct"),
+                "mc_var_1d_pct": var_result.get("mc_var_1d_pct"),
+                "n_positions": var_result.get("n_positions"),
+            }
+            logger.info(f"[CycleReport] VaR snapshot saved id={var_snapshot_id}")
+    except Exception as _e:
+        logger.warning(f"[CycleReport] VaR snapshot failed: {_e}")
+
+    # ── Trades delta ──────────────────────────────────────────────────────────
+    trades_logged: List[Dict] = []
+    trades_closed: List[Dict] = []
+    try:
+        from services.database import get_conn
+        _conn = get_conn()
+        # Trades logged this cycle (by scoring_run_id)
+        _rows = _conn.execute(
+            """SELECT underlying, strategy, entry_date, pnl_pct, score_at_entry, pattern_name
+               FROM trade_entry_prices WHERE run_id=? ORDER BY entry_date DESC""",
+            (scoring_run_id,),
+        ).fetchall()
+        trades_logged = [dict(r) for r in _rows]
+
+        # Trades closed since previous cycle
+        if prev_cycle_at:
+            _closed = _conn.execute(
+                """SELECT underlying, strategy, closed_at, pnl_pct, pattern_name
+                   FROM trade_entry_prices
+                   WHERE status='closed' AND closed_at >= ?
+                   ORDER BY closed_at DESC""",
+                (prev_cycle_at,),
+            ).fetchall()
+            trades_closed = [dict(r) for r in _closed]
+        _conn.close()
+    except Exception as _e:
+        logger.warning(f"[CycleReport] Delta trades query failed: {_e}")
+
+    # ── Context narrative (GPT-4o) ────────────────────────────────────────────
+    context_narrative: Dict = {}
+    try:
+        from services.ai_analyzer import _chat
+
+        top_news_ctx = [
+            {"title": n.get("title", "")[:100], "impact": round(float(n.get("impact_score") or 0), 2)}
+            for n in sorted(news, key=lambda x: -(float(x.get("impact_score") or 0)))[:8]
+        ]
+
+        def _gv(k: str) -> str:
+            v = gauges.get(k, {}).get("value")
+            return str(round(v, 2)) if v is not None else "N/A"
+
+        def _gc(k: str) -> str:
+            v = gauges.get(k, {}).get("change_pct")
+            return f"{v:+.2f}%" if v is not None else "N/A"
+
+        new_pattern_names = [p.get("name", "") for p in added_patterns]
+        top_scored = sorted(scored, key=lambda x: -(x.get("score") or 0))[:5]
+
+        ctx_prompt = f"""Tu es un analyste stratégique qui documente le RAISONNEMENT d'un cycle d'analyse géo-macro.
+
+CONTEXTE TRANSMIS À L'IA CE CYCLE:
+- Régime macro dominant: {dominant.upper()} (score: {scenarios.get('scores', {}).get(dominant, 0)}%)
+- Score risque géopolitique: {geo_score_val}/100
+- VIX: {_gv('vix')} | Pente 10Y-3M: {_gv('slope_10y3m')} | S&P/200j: {_gv('spx_vs_200d')}%
+- Cuivre: {_gc('copper')} | Or: {_gc('gold')} | DXY: {_gc('dxy')} | Brent: {_gc('brent')}
+- Top 8 news géopolitiques transmises: {_json.dumps(top_news_ctx, ensure_ascii=False)}
+
+NOUVELLES IDÉES GÉNÉRÉES CE CYCLE ({len(new_pattern_names)} patterns ajoutés):
+{_json.dumps(new_pattern_names, ensure_ascii=False)}
+
+TOP 5 PATTERNS LES MIEUX SCORÉS MAINTENANT:
+{_json.dumps([{{"name": s.get("geo_trigger","?"), "score": s.get("score"), "catalyst": s.get("key_catalyst","")[:80]}} for s in top_scored], ensure_ascii=False)}
+
+Ta tâche: Explique le RAISONNEMENT de ce cycle.
+Pour chaque nouvelle idée générée:
+1. Quels éléments SPÉCIFIQUES du contexte transmis (news, macro, gauges) l'ont motivée ?
+2. Qu'est-ce qui vient de ta connaissance GÉNÉRALE des marchés (pas du contexte transmis) ?
+3. Quels signaux étaient les plus déterminants ?
+
+Réponds en JSON avec ce schéma EXACT:
+{{
+  "narrative": "<texte narratif 6-10 phrases expliquant le raisonnement global du cycle>",
+  "context_driven": ["<signal du contexte qui a motivé une idée spécifique>", ...],
+  "general_knowledge": ["<connaissance générale utilisée>", ...],
+  "key_signals": ["<3-5 signaux les plus décisifs>"],
+  "context_log": {{
+    "macro_regime": "{dominant}",
+    "geo_score": {geo_score_val},
+    "dominant_news": ["<titre news 1>", "<titre news 2>", "<titre news 3>"],
+    "key_gauges": {{"vix": {_gv('vix')}, "slope": {_gv('slope_10y3m')}, "copper_chg": {_gc('copper')}, "gold_chg": {_gc('gold')}}}
+  }}
+}}"""
+
+        result = _chat(
+            "Tu es un analyste macro-géopolitique. Documente le raisonnement du cycle en JSON.",
+            ctx_prompt,
+            model="gpt-4o",
+            json_mode=True,
+            max_tokens=800,
+        )
+        if result and result.get("narrative"):
+            context_narrative = result
+            logger.info(f"[CycleReport] Context narrative generated ({len(result.get('narrative',''))} chars)")
+    except Exception as _e:
+        logger.warning(f"[CycleReport] Context narrative failed: {_e}")
+        context_narrative = {"narrative": "", "context_driven": [], "general_knowledge": [], "key_signals": []}
+
+    # ── Parse existing commentary ─────────────────────────────────────────────
+    commentary_parsed: Dict = {}
+    if commentary:
+        try:
+            commentary_parsed = _json.loads(commentary) if isinstance(commentary, str) else commentary
+        except Exception:
+            commentary_parsed = {"commentary": str(commentary)}
+
+    # ── Assemble full report ──────────────────────────────────────────────────
+    report = {
+        "run_id": run_id,
+        "macro_dominant": dominant,
+        "geo_score": geo_score_val,
+        "macro_scores": scenarios.get("scores", {}),
+        "macro_reasons": scenarios.get("reasons", {}).get(dominant, []),
+        # Snapshots
+        "pnl_snapshot_id": pnl_snapshot_id,
+        "var_snapshot_id": var_snapshot_id,
+        "pnl_summary": pnl_summary,
+        "var_summary": var_summary,
+        # Delta
+        "patterns_added": len(added_patterns),
+        "patterns_added_list": [
+            {"name": p.get("name"), "description": (p.get("description") or "")[:150],
+             "asset_class": p.get("asset_class"), "macro_fit": p.get("macro_fit"),
+             "triggers": p.get("triggers", [])[:3]}
+            for p in added_patterns
+        ],
+        "trades_logged": len(trades_logged),
+        "trades_logged_list": trades_logged[:10],
+        "trades_closed": len(trades_closed),
+        "trades_closed_list": trades_closed[:10],
+        "prev_cycle_at": prev_cycle_at,
+        # Context narrative
+        "context_narrative": context_narrative,
+        # Cycle commentary (existing)
+        "commentary": commentary_parsed,
+        # Risk
+        "portfolio_monitor": portfolio_monitor,
+        "risk_alerts": portfolio_monitor.get("alerts") if portfolio_monitor else None,
+        # Top scored patterns
+        "top_scored": [
+            {"name": s.get("geo_trigger"), "score": s.get("score"),
+             "summary": (s.get("summary") or "")[:120], "key_catalyst": s.get("key_catalyst", "")}
+            for s in sorted(scored, key=lambda x: -(x.get("score") or 0))[:5]
+        ],
+    }
+    return report
+
+
 # ── Auto portfolio snapshot ───────────────────────────────────────────────────
 
 def _auto_portfolio_snapshot(ai_key: str) -> None:
diff --git a/backend/services/database.py b/backend/services/database.py
index d7212a0..d98c0ee 100644
--- a/backend/services/database.py
+++ b/backend/services/database.py
@@ -443,6 +443,24 @@ def init_db():
     except Exception:
         pass
 
+    c.execute("""CREATE TABLE IF NOT EXISTS cycle_reports (
+        id INTEGER PRIMARY KEY AUTOINCREMENT,
+        run_id TEXT NOT NULL UNIQUE,
+        generated_at TEXT NOT NULL,
+        macro_dominant TEXT,
+        geo_score INTEGER,
+        patterns_added INTEGER DEFAULT 0,
+        trades_logged INTEGER DEFAULT 0,
+        trades_closed INTEGER DEFAULT 0,
+        pnl_snapshot_id INTEGER,
+        var_snapshot_id INTEGER,
+        full_report_json TEXT
+    )""")
+    try:
+        c.execute("CREATE INDEX IF NOT EXISTS idx_cycle_reports_ts ON cycle_reports(generated_at DESC)")
+    except Exception:
+        pass
+
     try:
         c.execute("CREATE INDEX IF NOT EXISTS idx_kb_category ON knowledge_base(category, status)")
         c.execute("CREATE INDEX IF NOT EXISTS idx_rs_version ON reasoning_state(version DESC)")
@@ -3163,3 +3181,77 @@ def _build_risk_recommendation(
         "messages": messages,
         "summary": messages[0] if messages else "",
     }
+
+
+# ── Cycle reports ─────────────────────────────────────────────────────────────
+
+def save_cycle_report(run_id: str, report: Dict[str, Any]) -> None:
+    import json as _json
+    conn = get_conn()
+    conn.execute(
+        """INSERT OR REPLACE INTO cycle_reports
+           (run_id, generated_at, macro_dominant, geo_score,
+            patterns_added, trades_logged, trades_closed,
+            pnl_snapshot_id, var_snapshot_id, full_report_json)
+           VALUES (?, datetime('now'), ?, ?, ?, ?, ?, ?, ?, ?)""",
+        (
+            run_id,
+            report.get("macro_dominant"),
+            report.get("geo_score"),
+            report.get("patterns_added", 0),
+            report.get("trades_logged", 0),
+            report.get("trades_closed", 0),
+            report.get("pnl_snapshot_id"),
+            report.get("var_snapshot_id"),
+            _json.dumps(report, ensure_ascii=False),
+        ),
+    )
+    conn.commit()
+    conn.close()
+
+
+def get_cycle_reports(limit: int = 20) -> List[Dict[str, Any]]:
+    conn = get_conn()
+    rows = conn.execute(
+        """SELECT run_id, generated_at, macro_dominant, geo_score,
+                  patterns_added, trades_logged, trades_closed
+           FROM cycle_reports ORDER BY generated_at DESC LIMIT ?""",
+        (limit,),
+    ).fetchall()
+    conn.close()
+    return [dict(r) for r in rows]
+
+
+def get_cycle_report(run_id: str) -> Optional[Dict[str, Any]]:
+    import json as _json
+    conn = get_conn()
+    row = conn.execute(
+        "SELECT full_report_json, generated_at FROM cycle_reports WHERE run_id=?",
+        (run_id,),
+    ).fetchone()
+    conn.close()
+    if not row or not row["full_report_json"]:
+        return None
+    try:
+        report = _json.loads(row["full_report_json"])
+        report["generated_at"] = row["generated_at"]
+        return report
+    except Exception:
+        return None
+
+
+def get_latest_cycle_report() -> Optional[Dict[str, Any]]:
+    import json as _json
+    conn = get_conn()
+    row = conn.execute(
+        "SELECT full_report_json, generated_at FROM cycle_reports ORDER BY generated_at DESC LIMIT 1"
+    ).fetchone()
+    conn.close()
+    if not row or not row["full_report_json"]:
+        return None
+    try:
+        report = _json.loads(row["full_report_json"])
+        report["generated_at"] = row["generated_at"]
+        return report
+    except Exception:
+        return None
diff --git a/frontend/src/components/layout/Sidebar.tsx b/frontend/src/components/layout/Sidebar.tsx
index fb4cddf..81a8d3a 100644
--- a/frontend/src/components/layout/Sidebar.tsx
+++ b/frontend/src/components/layout/Sidebar.tsx
@@ -15,7 +15,7 @@ const nav = [
   { to: '/patterns', icon: Zap, label: 'Patterns' },
   { to: '/portfolio', icon: DollarSign, label: 'Portefeuille' },
   { to: '/journal', icon: BookOpen, label: 'Journal de Bord' },
-  { to: '/rapport', icon: FileBarChart, label: 'Rapport IA' },
+  { to: '/rapport', icon: FileBarChart, label: 'Rapport de Cycle' },
   { to: '/super-contexte', icon: Brain, label: 'Super Contexte' },
   { to: '/analytics', icon: FlaskConical, label: 'Analytics' },
   { to: '/analytics-advanced', icon: Microscope, label: 'Analytics Avancées' },
diff --git a/frontend/src/pages/RapportIA.tsx b/frontend/src/pages/RapportIA.tsx
index ca5bf28..1a31664 100644
--- a/frontend/src/pages/RapportIA.tsx
+++ b/frontend/src/pages/RapportIA.tsx
@@ -1,8 +1,10 @@
 import { useState } from 'react'
-import { Brain, TrendingUp, TrendingDown, RefreshCw, Zap, AlertTriangle, BookOpen, Target, Eye, Clock, ChevronRight, Trash2 } from 'lucide-react'
+import { useQuery } from '@tanstack/react-query'
 import clsx from 'clsx'
-import { usePortfolioReportData, useGeneratePortfolioReport, useAiReportsList, useAiReport, useDeleteAiReport } from '../hooks/useApi'
-import { useQueryClient } from '@tanstack/react-query'
+import {
+  Brain, TrendingUp, TrendingDown, RefreshCw, ShieldAlert,
+  GitCompare, Layers, Zap, BookOpen, Clock, ChevronRight,
+} from 'lucide-react'
 
 const SCENARIO_META: Record<string, { label: string; color: string; emoji: string }> = {
   goldilocks:      { label: 'Goldilocks',      color: '#22c55e', emoji: '🌟' },
@@ -16,11 +18,12 @@ const SCENARIO_META: Record<string, { label: string; color: string; emoji: strin
   incertain:       { label: 'Incertain',       color: '#64748b', emoji: '❓' },
 }
 
-function ScenarioBadge({ dominant }: { dominant: string }) {
+function RegimeBadge({ dominant }: { dominant?: string }) {
+  if (!dominant) return null
   const m = SCENARIO_META[dominant] ?? SCENARIO_META.incertain
   return (
     <span
-      className="inline-flex items-center gap-1 rounded px-1.5 py-0.5 text-[11px] font-semibold"
+      className="inline-flex items-center gap-1 rounded px-2 py-0.5 text-xs font-semibold"
       style={{ background: `${m.color}22`, color: m.color, border: `1px solid ${m.color}44` }}
     >
       {m.emoji} {m.label}
@@ -28,499 +31,415 @@ function ScenarioBadge({ dominant }: { dominant: string }) {
   )
 }
 
-function PnlBar({ pnl }: { pnl: number }) {
-  const pos = pnl >= 0
-  const width = Math.min(Math.abs(pnl), 200) / 2 // cap at 100% width
+function Section({ icon, title, children }: { icon: React.ReactNode; title: string; children: React.ReactNode }) {
   return (
-    <div className="flex items-center gap-2">
-      <span className={clsx('font-bold font-mono text-sm w-16 text-right', pos ? 'text-emerald-400' : 'text-red-400')}>
-        {pos ? '+' : ''}{pnl.toFixed(1)}%
-      </span>
-      <div className="flex-1 h-1.5 bg-dark-700 rounded-full overflow-hidden">
-        <div
-          className="h-full rounded-full"
-          style={{ width: `${width}%`, background: pos ? '#22c55e' : '#ef4444' }}
-        />
+    <div className="card mb-4">
+      <div className="flex items-center gap-2 mb-3 pb-2 border-b border-slate-700/40">
+        <span className="text-slate-400">{icon}</span>
+        <span className="text-sm font-semibold text-slate-200">{title}</span>
       </div>
+      {children}
     </div>
   )
 }
 
-function ScoreTrend({ trend }: { trend: number[] }) {
-  if (!trend || trend.length === 0) return <span className="text-slate-700 text-xs">—</span>
-  return (
-    <div className="flex items-end gap-0.5 h-6">
-      {trend.map((s, i) => (
-        <div
-          key={i}
-          className="w-2 rounded-sm"
-          style={{
-            height: `${Math.max(3, (s ?? 0) / 100 * 24)}px`,
-            background: (s ?? 0) >= 60 ? '#22c55e' : (s ?? 0) >= 40 ? '#eab308' : '#64748b',
-          }}
-          title={`${s}/100`}
-        />
-      ))}
-    </div>
-  )
-}
-
-function MoverCard({ trade, rank, type }: { trade: any; rank: number; type: 'winner' | 'loser' }) {
-  const [expanded, setExpanded] = useState(false)
-  const pnl = trade.pnl_pct ?? 0
-  const sc = trade.scoring_context ?? {}
-  const scOut = sc.output ?? {}
-  const sg = trade.suggestion_context ?? {}
-  const sgOut = sg.output ?? {}
-  const buckets: any[] = scOut.buckets ?? []
-  const isWinner = type === 'winner'
-
-  return (
-    <div className={clsx(
-      'card border',
-      isWinner ? 'border-emerald-700/20' : 'border-red-700/20'
-    )}>
-      <div className="flex items-start gap-3">
-        {/* Rank */}
-        <div className={clsx(
-          'w-7 h-7 rounded-full flex items-center justify-center text-xs font-bold shrink-0',
-          isWinner ? 'bg-emerald-900/40 text-emerald-400' : 'bg-red-900/40 text-red-400'
-        )}>
-          {rank}
-        </div>
-
-        <div className="flex-1 min-w-0">
-          <div className="flex items-center justify-between gap-2 mb-1">
-            <div className="flex items-center gap-2 min-w-0">
-              <span className="font-semibold text-slate-200 truncate">{trade.pattern_name || trade.pattern_id}</span>
-              <span className={clsx('text-[10px] font-semibold px-1.5 py-0.5 rounded',
-                trade.direction === 'bearish' ? 'bg-red-900/30 text-red-400' : 'bg-emerald-900/30 text-emerald-400')}>
-                {trade.direction === 'bearish' ? '🐻' : '🐂'} {trade.strategy}
-              </span>
-              <span className="font-mono text-slate-400 text-xs">{trade.underlying}</span>
-            </div>
-            <button
-              onClick={() => setExpanded(v => !v)}
-              className="text-slate-600 hover:text-slate-400 shrink-0"
-            >
-              <Eye className="w-3.5 h-3.5" />
-            </button>
-          </div>
-
-          <PnlBar pnl={pnl} />
-
-          <div className="flex flex-wrap items-center gap-3 mt-2 text-[11px] text-slate-500">
-            <span>Score entrée : <span className="font-mono text-slate-300">{trade.score_at_entry ?? '?'}/100</span></span>
-            <span>EV : <span className={clsx('font-mono', (trade.ev_net ?? 0) > 0 ? 'text-emerald-400' : 'text-red-400')}>
-              {trade.ev_net != null ? `${(trade.ev_net * 100).toFixed(0)}%` : '—'}
-            </span></span>
-            {sc.macro_dominant && <ScenarioBadge dominant={sc.macro_dominant} />}
-            {sc.geo_score != null && <span>Géo <span className="font-mono text-slate-300">{sc.geo_score}/100</span></span>}
-            <span className="ml-auto text-slate-700">{trade.entry_date}</span>
-          </div>
-
-          {scOut.key_catalyst && (
-            <p className="mt-1.5 text-[11px] text-slate-500 italic">
-              Catalyseur : {scOut.key_catalyst}
-            </p>
-          )}
-
-          {trade.score_trend?.length > 0 && (
-            <div className="flex items-center gap-2 mt-2">
-              <span className="text-[10px] text-slate-600">Score trend :</span>
-              <ScoreTrend trend={trade.score_trend} />
-            </div>
-          )}
-
-          {expanded && (
-            <div className="mt-3 space-y-2 border-t border-slate-800 pt-3 text-xs">
-              {/* Thèse d'origine */}
-              {(sgOut.macro_fit || sgOut.description) && (
-                <div>
-                  <span className="text-slate-600 font-medium">Thèse initiale : </span>
-                  <span className="text-slate-400">{sgOut.macro_fit || sgOut.description}</span>
-                </div>
-              )}
-              {/* Piliers */}
-              {buckets.length > 0 && (
-                <div className="grid grid-cols-2 gap-1.5 mt-2">
-                  {buckets.map((b: any, i: number) => {
-                    const pct = b.max ? Math.round((b.score / b.max) * 100) : 0
-                    const color = pct >= 66 ? '#22c55e' : pct >= 33 ? '#eab308' : '#ef4444'
-                    return (
-                      <div key={i} className="flex items-center gap-2 bg-dark-800 rounded px-2 py-1">
-                        <div className="w-10 h-1 bg-dark-700 rounded-full overflow-hidden shrink-0">
-                          <div className="h-full rounded-full" style={{ width: `${pct}%`, background: color }} />
-                        </div>
-                        <span className="text-slate-500 truncate">{b.label ?? b.id}</span>
-                        <span className="font-mono ml-auto shrink-0" style={{ color }}>{b.score}/{b.max}</span>
-                      </div>
-                    )
-                  })}
-                </div>
-              )}
-              {scOut.summary && (
-                <p className="text-slate-600 italic mt-1">{scOut.summary}</p>
-              )}
-            </div>
-          )}
-        </div>
-      </div>
-    </div>
-  )
-}
-
-function ReportSection({ icon: Icon, title, content, color = 'text-slate-300' }: {
-  icon: any; title: string; content: string | string[]; color?: string
+function DeltaRow({ emoji, label, count, items, colorClass }: {
+  emoji: string; label: string; count: number;
+  items: any[]; colorClass: string;
 }) {
+  const [expanded, setExpanded] = useState(false)
   return (
-    <div className="space-y-1.5">
-      <div className="flex items-center gap-2 text-sm font-semibold text-slate-400">
-        <Icon className="w-4 h-4" />
-        {title}
-      </div>
-      {Array.isArray(content) ? (
-        <ul className="space-y-1 pl-4">
-          {content.map((item, i) => (
-            <li key={i} className={clsx('text-sm', color)}>• {item}</li>
-          ))}
-        </ul>
-      ) : (
-        <p className={clsx('text-sm leading-relaxed', color)}>{content}</p>
-      )}
-    </div>
-  )
-}
-
-export default function RapportIA() {
-  const [days, setDays] = useState(30)
-  const [selectedHistoryId, setSelectedHistoryId] = useState<number | null>(null)
-  const [showHistory, setShowHistory] = useState(false)
-
-  const queryClient = useQueryClient()
-  const { data: rawData, isLoading: loadingRaw, refetch } = usePortfolioReportData(days)
-  const { mutate: generate, isPending: generating, data: freshReportData, reset: resetFresh } = useGeneratePortfolioReport()
-  const { data: historyList } = useAiReportsList()
-  const { data: historicReport } = useAiReport(selectedHistoryId)
-  const { mutate: deleteReport } = useDeleteAiReport()
-
-  const history: any[] = (historyList as any)?.reports ?? []
-
-  // Active report: either a loaded historic one, or the freshly generated one
-  const activeHistoric = historicReport as any
-  const fresh = freshReportData as any
-  const raw = rawData as any
-
-  const rep = selectedHistoryId && activeHistoric ? activeHistoric : fresh
-  const report = rep?.report ?? null
-  const stats = rep?.stats ?? raw
-  const winners = rep?.winners ?? raw?.winners ?? []
-  const losers  = rep?.losers  ?? raw?.losers  ?? []
-  const avgPnl = stats?.avg_pnl_pct ?? null
-
-  function handleGenerate() {
-    setSelectedHistoryId(null)
-    resetFresh()
-    generate(days, {
-      onSuccess: () => {
-        queryClient.invalidateQueries({ queryKey: ['ai-reports-list'] })
-      },
-    })
-  }
-
-  return (
-    <div className="flex h-full">
-      {/* History sidebar */}
-      {showHistory && (
-        <aside className="w-64 shrink-0 border-r border-slate-700/40 bg-dark-800 flex flex-col h-screen sticky top-0 overflow-y-auto">
-          <div className="p-3 border-b border-slate-700/40 flex items-center justify-between">
-            <span className="text-xs font-semibold text-slate-400 uppercase tracking-wide">Rapports archivés</span>
-            <button onClick={() => setShowHistory(false)} className="text-slate-600 hover:text-slate-400 text-xs">✕</button>
-          </div>
-          {history.length === 0 ? (
-            <div className="p-4 text-xs text-slate-600 text-center mt-4">
-              Aucun rapport archivé.<br />Générez votre premier rapport.
-            </div>
-          ) : (
-            <div className="flex flex-col divide-y divide-slate-800">
-              {history.map((r: any) => {
-                const avg = r.stats?.avg_pnl_pct
-                const date = r.created_at?.slice(0, 16).replace('T', ' ') ?? ''
-                const isActive = selectedHistoryId === r.id
-                return (
-                  <div
-                    key={r.id}
-                    className={clsx(
-                      'group relative text-left hover:bg-dark-700/50 transition-colors',
-                      isActive && 'bg-blue-900/20 border-l-2 border-blue-500'
-                    )}
-                  >
-                    <button
-                      onClick={() => { setSelectedHistoryId(r.id) }}
-                      className="w-full text-left px-3 py-2.5 pr-8"
-                    >
-                      <div className="flex items-center justify-between mb-0.5">
-                        <span className="text-[11px] font-mono text-slate-500">{date}</span>
-                        <span className="text-[10px] text-slate-600">{r.days}j</span>
-                      </div>
-                      {r.report?.headline && (
-                        <p className="text-xs text-slate-400 line-clamp-2 leading-snug">{r.report.headline}</p>
-                      )}
-                      {avg != null && (
-                        <span className={clsx('text-[11px] font-mono font-bold mt-1 block',
-                          avg >= 0 ? 'text-emerald-400' : 'text-red-400')}>
-                          {avg >= 0 ? '+' : ''}{avg.toFixed(1)}% moy.
-                        </span>
-                      )}
-                      {isActive && <ChevronRight className="w-3 h-3 text-blue-400 mt-1" />}
-                    </button>
-                    <button
-                      onClick={(e) => {
-                        e.stopPropagation()
-                        if (confirm('Supprimer ce rapport ?')) {
-                          if (selectedHistoryId === r.id) setSelectedHistoryId(null)
-                          deleteReport(r.id)
-                        }
-                      }}
-                      className="absolute top-2 right-2 p-1 rounded opacity-0 group-hover:opacity-100 text-slate-600 hover:text-red-400 hover:bg-red-400/10 transition-all"
-                      title="Supprimer ce rapport"
-                    >
-                      <Trash2 className="w-3 h-3" />
-                    </button>
-                  </div>
-                )
-              })}
-            </div>
-          )}
-        </aside>
-      )}
-
-      <div className="flex-1 p-6 space-y-6 max-w-5xl overflow-auto">
-        {/* Header */}
-        <div className="flex items-center justify-between">
-          <div className="flex items-center gap-3">
-            {!showHistory && (
-              <button
-                onClick={() => setShowHistory(true)}
-                className="flex items-center gap-1.5 px-2.5 py-1.5 rounded border border-slate-700/40 text-slate-500 hover:text-slate-300 text-xs"
-                title={`${history.length} rapport${history.length !== 1 ? 's' : ''} archivé${history.length !== 1 ? 's' : ''}`}
-              >
-                <Clock className="w-3.5 h-3.5" />
-                {history.length > 0 && <span className="font-mono">{history.length}</span>}
-              </button>
-            )}
-            <div>
-              <h1 className="text-xl font-bold text-white flex items-center gap-2">
-                <Brain className="w-6 h-6 text-blue-400" />
-                Rapport IA — Performance & Analyse
-                {selectedHistoryId && activeHistoric && (
-                  <span className="text-xs font-normal text-slate-500 ml-2">
-                    archivé · {activeHistoric.created_at?.slice(0, 10)}
+    <div className="mb-2">
+      <button
+        onClick={() => setExpanded(e => !e)}
+        className="flex items-center gap-2 w-full text-left"
+      >
+        <span className="text-base">{emoji}</span>
+        <span className={clsx('text-sm font-bold', colorClass)}>{count}</span>
+        <span className="text-xs text-slate-400">{label}</span>
+        {items.length > 0 && (
+          <ChevronRight className={clsx('w-3 h-3 text-slate-600 ml-auto transition-transform', expanded && 'rotate-90')} />
+        )}
+      </button>
+      {expanded && items.length > 0 && (
+        <div className="mt-1.5 ml-6 space-y-1">
+          {items.map((item: any, i: number) => (
+            <div key={i} className="text-xs text-slate-400 flex items-start gap-2">
+              <span className="text-slate-600 shrink-0 mt-0.5">—</span>
+              <div>
+                <span className="text-slate-200 font-medium">
+                  {item.name ?? item.underlying ?? '?'}
+                  {item.underlying && item.strategy ? ` · ${item.strategy}` : ''}
+                </span>
+                {item.description && (
+                  <div className="text-slate-600 text-[10px] mt-0.5 line-clamp-2">{item.description}</div>
+                )}
+                {item.triggers?.length > 0 && (
+                  <div className="text-slate-700 text-[10px]">Déclencheurs: {item.triggers.join(', ')}</div>
+                )}
+                {item.pnl_pct != null && (
+                  <span className={clsx('font-mono text-[10px] ml-1', item.pnl_pct >= 0 ? 'text-emerald-400' : 'text-red-400')}>
+                    {item.pnl_pct >= 0 ? '+' : ''}{item.pnl_pct.toFixed(1)}%
                   </span>
                 )}
-              </h1>
-              <p className="text-sm text-slate-500 mt-0.5">
-                Synthèse des top mouvements + explication GPT-4o basée sur les traces de raisonnement
-              </p>
-            </div>
-          </div>
-
-          <div className="flex items-center gap-3">
-            {selectedHistoryId && (
-              <button
-                onClick={() => setSelectedHistoryId(null)}
-                className="text-xs text-slate-500 hover:text-slate-300 px-2.5 py-1.5 rounded border border-slate-700/40"
-              >
-                ← Nouveau
-              </button>
-            )}
-            {/* Période — only relevant for new generation */}
-            {!selectedHistoryId && (
-              <div className="flex items-center gap-2 text-sm text-slate-400">
-                <span>Période :</span>
-                {[7, 14, 30, 90].map(d => (
-                  <button
-                    key={d}
-                    onClick={() => setDays(d)}
-                    className={clsx(
-                      'px-2.5 py-1 rounded text-xs font-medium transition-colors',
-                      days === d
-                        ? 'bg-blue-900/40 text-blue-300 border border-blue-700/40'
-                        : 'bg-dark-700 text-slate-500 hover:text-slate-300'
-                    )}
-                  >
-                    {d}j
-                  </button>
-                ))}
+                {item.macro_fit && (
+                  <div className="text-slate-600 text-[10px] italic">{item.macro_fit}</div>
+                )}
               </div>
-            )}
-
-            {!selectedHistoryId && (
-              <button
-                onClick={() => refetch()}
-                disabled={loadingRaw}
-                className="text-slate-600 hover:text-slate-400 disabled:opacity-40"
-              >
-                <RefreshCw className={clsx('w-4 h-4', loadingRaw && 'animate-spin')} />
-              </button>
-            )}
-
-            <button
-              onClick={handleGenerate}
-              disabled={generating}
-              className="flex items-center gap-2 px-4 py-2 rounded bg-blue-600 hover:bg-blue-700 disabled:opacity-50 text-white text-sm font-medium transition-colors"
-            >
-              <Zap className={clsx('w-4 h-4', generating && 'animate-pulse')} />
-              {generating ? 'Génération GPT-4o…' : 'Générer rapport IA'}
-            </button>
-          </div>
-        </div>
-
-      {/* Stats bar */}
-      {(loadingRaw || stats) && (
-        <div className="grid grid-cols-3 gap-4">
-          {[
-            { label: 'Trades total', value: stats?.total_trades ?? '…' },
-            { label: 'Trades pricés', value: stats?.priced_count ?? '…' },
-            {
-              label: 'P&L moyen',
-              value: avgPnl != null
-                ? <span className={clsx('font-bold', avgPnl >= 0 ? 'text-emerald-400' : 'text-red-400')}>
-                    {avgPnl >= 0 ? '+' : ''}{avgPnl.toFixed(1)}%
-                  </span>
-                : '—'
-            },
-          ].map(({ label, value }) => (
-            <div key={label} className="card text-center">
-              <div className="text-2xl font-bold text-white">{value}</div>
-              <div className="text-xs text-slate-500 mt-0.5">{label}</div>
             </div>
           ))}
         </div>
       )}
+    </div>
+  )
+}
 
-      {/* GPT-4o report */}
-      {report && (
-        <div className="card border border-blue-700/30 space-y-5">
-          <div className="flex items-center gap-2 text-blue-400 font-semibold">
-            <Brain className="w-4 h-4" />
-            Analyse GPT-4o
+export default function RapportCycle() {
+  const [selectedRunId, setSelectedRunId] = useState<string | null>(null)
+
+  const { data: listData, isLoading: listLoading } = useQuery({
+    queryKey: ['cycle-reports-list'],
+    queryFn: () => fetch('/api/reports/cycle/list?limit=20').then(r => r.ok ? r.json() : { reports: [] }),
+    staleTime: 30_000,
+  })
+
+  const { data: latestReport, isLoading: latestLoading } = useQuery({
+    queryKey: ['cycle-report-latest'],
+    queryFn: () => fetch('/api/reports/cycle/latest').then(r => r.ok ? r.json() : { report: null }),
+    staleTime: 30_000,
+  })
+
+  const { data: selectedReport, isLoading: selectedLoading } = useQuery({
+    queryKey: ['cycle-report', selectedRunId],
+    queryFn: () => fetch(`/api/reports/cycle/${selectedRunId}`).then(r => r.ok ? r.json() : null),
+    enabled: !!selectedRunId,
+    staleTime: 60_000,
+  })
+
+  const reports: any[] = listData?.reports ?? []
+  const report: any = selectedRunId ? selectedReport : latestReport?.report
+  const isLoading = selectedRunId ? selectedLoading : latestLoading
+
+  return (
+    <div className="p-6 flex gap-4 h-full min-h-screen">
+      {/* Left panel — history list */}
+      <div className="w-56 shrink-0">
+        <div className="section-title flex items-center gap-1 mb-3">
+          <BookOpen className="w-3.5 h-3.5" /> Historique
+        </div>
+        {listLoading ? (
+          <div className="text-xs text-slate-600">Chargement…</div>
+        ) : reports.length === 0 ? (
+          <div className="text-xs text-slate-600">Aucun rapport. Le premier sera généré au prochain cycle.</div>
+        ) : (
+          <div className="space-y-1">
+            {reports.map((r: any) => {
+              const dt = r.generated_at ? new Date(r.generated_at.endsWith('Z') ? r.generated_at : r.generated_at + 'Z') : null
+              const dateStr = dt
+                ? dt.toLocaleDateString('fr-FR', { day: '2-digit', month: '2-digit', hour: '2-digit', minute: '2-digit' })
+                : '—'
+              const isActive = selectedRunId === r.run_id || (!selectedRunId && r === reports[0])
+              const m = SCENARIO_META[r.macro_dominant] ?? SCENARIO_META.incertain
+              return (
+                <button
+                  key={r.run_id}
+                  onClick={() => setSelectedRunId(r.run_id)}
+                  className={clsx(
+                    'w-full text-left px-2.5 py-2 rounded border text-xs transition-all',
+                    isActive
+                      ? 'border-blue-600/60 bg-blue-900/20 text-slate-200'
+                      : 'border-slate-700/30 bg-dark-800 text-slate-500 hover:border-slate-600/40 hover:text-slate-300'
+                  )}
+                >
+                  <div className="font-mono text-[10px] text-slate-600 mb-0.5">{dateStr}</div>
+                  <div className="flex items-center gap-1.5 mb-1">
+                    <span>{m.emoji}</span>
+                    <span className="font-medium truncate" style={{ color: isActive ? m.color : undefined }}>{m.label}</span>
+                  </div>
+                  <div className="flex gap-2 text-[10px] text-slate-600">
+                    <span className="text-blue-400">+{r.patterns_added ?? 0} pat.</span>
+                    <span className="text-emerald-500">{r.trades_logged ?? 0} log.</span>
+                    {(r.trades_closed ?? 0) > 0 && <span className="text-slate-400">{r.trades_closed} clos</span>}
+                  </div>
+                </button>
+              )
+            })}
           </div>
+        )}
+      </div>
 
-          {report.headline && (
-            <p className="text-base font-medium text-white border-l-2 border-blue-500 pl-3">
-              {report.headline}
-            </p>
-          )}
+      {/* Right panel — report */}
+      <div className="flex-1 min-w-0">
+        {isLoading ? (
+          <div className="flex items-center gap-2 text-slate-500 text-sm mt-12 justify-center">
+            <RefreshCw className="w-4 h-4 animate-spin" /> Chargement…
+          </div>
+        ) : !report ? (
+          <div className="card text-center py-12">
+            <Brain className="w-10 h-10 text-slate-700 mx-auto mb-3" />
+            <div className="text-slate-500 text-sm mb-1">Aucun rapport de cycle disponible</div>
+            <div className="text-xs text-slate-600">Les rapports sont générés automatiquement à la fin de chaque cycle.</div>
+          </div>
+        ) : (
+          <>
+            {/* Header */}
+            <div className="card mb-4">
+              <div className="flex items-start justify-between mb-3">
+                <div>
+                  <div className="flex items-center gap-2 mb-1">
+                    <RegimeBadge dominant={report.macro_dominant} />
+                    <span className="text-xs text-slate-500 font-mono">
+                      Géo {report.geo_score ?? '—'}/100
+                    </span>
+                  </div>
+                  <div className="text-[10px] text-slate-600 font-mono">
+                    Cycle du {report.generated_at
+                      ? new Date(report.generated_at.endsWith('Z') ? report.generated_at : report.generated_at + 'Z')
+                          .toLocaleString('fr-FR')
+                      : '—'}
+                    {report.prev_cycle_at && (
+                      <span className="ml-2 text-slate-700">
+                        · vs cycle du {new Date(report.prev_cycle_at.endsWith('Z') ? report.prev_cycle_at : report.prev_cycle_at + 'Z')
+                          .toLocaleDateString('fr-FR')}
+                      </span>
+                    )}
+                  </div>
+                </div>
+                {/* Macro scores mini */}
+                {report.macro_scores && (
+                  <div className="flex gap-1.5 flex-wrap justify-end max-w-[220px]">
+                    {Object.entries(report.macro_scores as Record<string, number>)
+                      .sort(([, a], [, b]) => b - a)
+                      .slice(0, 4)
+                      .map(([k, v]: [string, number]) => {
+                        const m = SCENARIO_META[k] ?? SCENARIO_META.incertain
+                        return (
+                          <span key={k}
+                            className="text-[9px] px-1.5 py-0.5 rounded font-mono"
+                            style={{ background: `${m.color}18`, color: m.color }}>
+                            {m.label} {v}%
+                          </span>
+                        )
+                      })}
+                  </div>
+                )}
+              </div>
+              {/* PnL + VaR summary row */}
+              <div className="grid grid-cols-2 gap-3 mt-2">
+                {report.pnl_summary && Object.keys(report.pnl_summary).length > 0 && (
+                  <div className="bg-dark-700/50 rounded px-3 py-2">
+                    <div className="text-[9px] text-slate-600 mb-1 uppercase tracking-wide">PnL au moment du cycle</div>
+                    <div className="flex items-baseline gap-2">
+                      <span className={clsx('text-lg font-bold font-mono',
+                        (report.pnl_summary.total_pnl_pct ?? 0) >= 0 ? 'text-emerald-400' : 'text-red-400')}>
+                        {report.pnl_summary.total_pnl_pct != null
+                          ? `${report.pnl_summary.total_pnl_pct >= 0 ? '+' : ''}${report.pnl_summary.total_pnl_pct.toFixed(2)}%`
+                          : '—'}
+                      </span>
+                      {report.pnl_summary.total_pnl_eur != null && (
+                        <span className="text-xs text-slate-500 font-mono">
+                          {report.pnl_summary.total_pnl_eur >= 0 ? '+' : ''}
+                          {report.pnl_summary.total_pnl_eur.toFixed(0)}€
+                        </span>
+                      )}
+                    </div>
+                    <div className="text-[9px] text-slate-600 mt-0.5">
+                      {report.pnl_summary.n_open ?? 0} ouvertes · {report.pnl_summary.n_closed ?? 0} fermées
+                    </div>
+                  </div>
+                )}
+                {report.var_summary && Object.keys(report.var_summary).length > 0 && (
+                  <div className="bg-dark-700/50 rounded px-3 py-2">
+                    <div className="text-[9px] text-slate-600 mb-1 uppercase tracking-wide">VaR 95% au moment du cycle</div>
+                    <div className="grid grid-cols-3 gap-1">
+                      {[
+                        { label: 'Hist.', val: report.var_summary.hist_var_1d_pct, color: 'text-blue-400' },
+                        { label: 'CVaR', val: report.var_summary.hist_cvar_pct, color: 'text-orange-400' },
+                        { label: 'MC', val: report.var_summary.mc_var_1d_pct, color: 'text-red-400' },
+                      ].map(({ label, val, color }) => (
+                        <div key={label} className="text-center">
+                          <div className="text-[8px] text-slate-700">{label}</div>
+                          <div className={clsx('text-xs font-mono font-bold', color)}>
+                            {val != null ? `${val >= 0 ? '+' : ''}${val.toFixed(2)}%` : '—'}
+                          </div>
+                        </div>
+                      ))}
+                    </div>
+                  </div>
+                )}
+              </div>
+            </div>
 
-          <div className="grid grid-cols-2 gap-5">
-            {report.winners_analysis && (
-              <ReportSection
-                icon={TrendingUp}
-                title="Pourquoi les gains"
-                content={report.winners_analysis}
-                color="text-emerald-300"
+            {/* Delta section */}
+            <Section icon={<GitCompare className="w-4 h-4" />} title="Changements du cycle">
+              <DeltaRow
+                emoji="⭐" label="patterns ajoutés"
+                count={report.patterns_added ?? 0}
+                items={report.patterns_added_list ?? []}
+                colorClass="text-blue-400"
               />
-            )}
-            {report.losers_analysis && (
-              <ReportSection
-                icon={TrendingDown}
-                title="Pourquoi les pertes"
-                content={report.losers_analysis}
-                color="text-red-300"
+              <DeltaRow
+                emoji="📥" label="trades loggés"
+                count={report.trades_logged ?? 0}
+                items={(report.trades_logged_list ?? []).map((t: any) => ({
+                  underlying: t.underlying, strategy: t.strategy,
+                  pnl_pct: t.pnl_pct, description: t.pattern_name
+                }))}
+                colorClass="text-emerald-400"
               />
+              <DeltaRow
+                emoji="✅" label="trades fermés depuis le cycle précédent"
+                count={report.trades_closed ?? 0}
+                items={(report.trades_closed_list ?? []).map((t: any) => ({
+                  underlying: t.underlying, strategy: t.strategy,
+                  pnl_pct: t.pnl_pct, description: t.pattern_name
+                }))}
+                colorClass={report.trades_closed > 0 ? 'text-slate-300' : 'text-slate-600'}
+              />
+              {/* Top scored */}
+              {(report.top_scored ?? []).length > 0 && (
+                <div className="mt-3 pt-3 border-t border-slate-700/30">
+                  <div className="text-xs text-slate-500 mb-2">Top patterns scorés ce cycle</div>
+                  <div className="space-y-1.5">
+                    {(report.top_scored as any[]).map((p: any, i: number) => (
+                      <div key={i} className="flex items-start gap-2 text-xs">
+                        <span className="text-slate-700 font-mono w-4 shrink-0">{i + 1}</span>
+                        <div className="flex-1 min-w-0">
+                          <span className="text-slate-300">{p.name ?? '—'}</span>
+                          {p.key_catalyst && (
+                            <div className="text-[10px] text-slate-600 truncate">{p.key_catalyst}</div>
+                          )}
+                        </div>
+                        <span className={clsx('font-mono font-bold shrink-0',
+                          (p.score ?? 0) >= 60 ? 'text-emerald-400' : (p.score ?? 0) >= 40 ? 'text-yellow-400' : 'text-slate-500')}>
+                          {p.score ?? '—'}
+                        </span>
+                      </div>
+                    ))}
+                  </div>
+                </div>
+              )}
+            </Section>
+
+            {/* Context narrative */}
+            {report.context_narrative?.narrative && (
+              <Section icon={<Brain className="w-4 h-4" />} title="Raisonnement IA — ce cycle">
+                <p className="text-sm text-slate-300 leading-relaxed mb-4">
+                  {report.context_narrative.narrative}
+                </p>
+                <div className="grid grid-cols-2 gap-4">
+                  {(report.context_narrative.context_driven ?? []).length > 0 && (
+                    <div>
+                      <div className="text-[10px] text-emerald-400 font-semibold uppercase tracking-wide mb-2">
+                        📡 Du contexte transmis
+                      </div>
+                      <ul className="space-y-1">
+                        {(report.context_narrative.context_driven as string[]).map((s, i) => (
+                          <li key={i} className="text-xs text-slate-400 flex items-start gap-1.5">
+                            <span className="text-emerald-600 shrink-0 mt-0.5">•</span> {s}
+                          </li>
+                        ))}
+                      </ul>
+                    </div>
+                  )}
+                  {(report.context_narrative.general_knowledge ?? []).length > 0 && (
+                    <div>
+                      <div className="text-[10px] text-blue-400 font-semibold uppercase tracking-wide mb-2">
+                        🧠 Connaissance générale
+                      </div>
+                      <ul className="space-y-1">
+                        {(report.context_narrative.general_knowledge as string[]).map((s, i) => (
+                          <li key={i} className="text-xs text-slate-400 flex items-start gap-1.5">
+                            <span className="text-blue-600 shrink-0 mt-0.5">•</span> {s}
+                          </li>
+                        ))}
+                      </ul>
+                    </div>
+                  )}
+                </div>
+                {(report.context_narrative.key_signals ?? []).length > 0 && (
+                  <div className="mt-3 pt-3 border-t border-slate-700/30">
+                    <div className="text-[10px] text-slate-500 mb-2">Signaux déterminants</div>
+                    <div className="flex flex-wrap gap-1.5">
+                      {(report.context_narrative.key_signals as string[]).map((s, i) => (
+                        <span key={i} className="text-[10px] bg-slate-800 text-slate-300 border border-slate-700/50 px-2 py-0.5 rounded">
+                          <Zap className="w-2.5 h-2.5 inline mr-1 text-yellow-500" />{s}
+                        </span>
+                      ))}
+                    </div>
+                  </div>
+                )}
+                {/* Context log */}
+                {report.context_narrative.context_log && (
+                  <div className="mt-3 pt-3 border-t border-slate-700/30">
+                    <div className="text-[10px] text-slate-500 mb-2">Log contexte — état transmis à l'IA</div>
+                    <div className="grid grid-cols-2 gap-x-4 gap-y-1 text-[10px]">
+                      {Object.entries(report.context_narrative.context_log.key_gauges ?? {}).map(([k, v]: [string, any]) => (
+                        <div key={k} className="flex items-center gap-1.5">
+                          <span className="text-slate-600 w-20">{k}</span>
+                          <span className="font-mono text-slate-400">{v}</span>
+                        </div>
+                      ))}
+                    </div>
+                    {(report.context_narrative.context_log.dominant_news ?? []).length > 0 && (
+                      <div className="mt-2">
+                        <div className="text-[9px] text-slate-700 mb-1">News transmises (top impact)</div>
+                        {(report.context_narrative.context_log.dominant_news as string[]).map((n, i) => (
+                          <div key={i} className="text-[9px] text-slate-600 truncate">· {n}</div>
+                        ))}
+                      </div>
+                    )}
+                  </div>
+                )}
+              </Section>
             )}
-          </div>
 
-          {report.regime_assessment && (
-            <ReportSection
-              icon={Eye}
-              title="Alignement régime macro"
-              content={report.regime_assessment}
-            />
-          )}
-
-          {report.key_lessons?.length > 0 && (
-            <ReportSection
-              icon={BookOpen}
-              title="Leçons clés"
-              content={report.key_lessons}
-              color="text-blue-300"
-            />
-          )}
-
-          {report.blind_spots && (
-            <ReportSection
-              icon={AlertTriangle}
-              title="Angles morts du scoring"
-              content={report.blind_spots}
-              color="text-yellow-300"
-            />
-          )}
-
-          {report.next_cycle_priorities && (
-            <ReportSection
-              icon={Target}
-              title="Priorités prochain cycle"
-              content={report.next_cycle_priorities}
-              color="text-purple-300"
-            />
-          )}
-
-          {report.risk_watch && (
-            <ReportSection
-              icon={AlertTriangle}
-              title="Risques à surveiller"
-              content={report.risk_watch}
-              color="text-orange-300"
-            />
-          )}
-        </div>
-      )}
-
-      {/* Top movers */}
-      {(winners.length > 0 || losers.length > 0) && (
-        <div className="grid grid-cols-2 gap-6">
-          {/* Winners */}
-          <div className="space-y-3">
-            <h2 className="text-sm font-semibold text-emerald-400 uppercase tracking-wide flex items-center gap-2">
-              <TrendingUp className="w-4 h-4" /> Top Gains
-            </h2>
-            {winners.length === 0 ? (
-              <div className="card text-center py-8 text-slate-600 text-sm">Aucun trade pricé</div>
-            ) : (
-              winners.map((t: any, i: number) => (
-                <MoverCard key={t.id ?? i} trade={t} rank={i + 1} type="winner" />
-              ))
+            {/* Cycle commentary */}
+            {report.commentary?.commentary && (
+              <Section icon={<Layers className="w-4 h-4" />} title="Analyse macro du cycle">
+                <p className="text-sm text-slate-300 leading-relaxed mb-3">{report.commentary.commentary}</p>
+                {report.commentary.key_risk && (
+                  <div className="flex items-start gap-2 text-xs text-orange-400 bg-orange-900/10 border border-orange-800/20 rounded px-3 py-2">
+                    <ShieldAlert className="w-3.5 h-3.5 shrink-0 mt-0.5" />
+                    <span>{report.commentary.key_risk}</span>
+                  </div>
+                )}
+                {report.commentary.top_pattern && (
+                  <div className="mt-2 text-xs text-slate-500">
+                    Pattern le plus pertinent : <span className="text-blue-400 font-medium">{report.commentary.top_pattern}</span>
+                  </div>
+                )}
+              </Section>
             )}
-          </div>
 
-          {/* Losers */}
-          <div className="space-y-3">
-            <h2 className="text-sm font-semibold text-red-400 uppercase tracking-wide flex items-center gap-2">
-              <TrendingDown className="w-4 h-4" /> Top Pertes
-            </h2>
-            {losers.length === 0 ? (
-              <div className="card text-center py-8 text-slate-600 text-sm">Aucun trade pricé</div>
-            ) : (
-              losers.map((t: any, i: number) => (
-                <MoverCard key={t.id ?? i} trade={t} rank={i + 1} type="loser" />
-              ))
+            {/* Risk / portfolio monitor */}
+            {report.portfolio_monitor && (
+              <Section icon={<ShieldAlert className="w-4 h-4" />} title="Risque & Alertes portefeuille">
+                <p className="text-sm text-slate-400 mb-3">{report.portfolio_monitor.assessment}</p>
+                {(report.portfolio_monitor.actions ?? []).length > 0 && (
+                  <div className="space-y-2">
+                    {(report.portfolio_monitor.actions as any[]).map((a: any, i: number) => (
+                      <div key={i} className={clsx(
+                        'flex items-start gap-2 text-xs px-2.5 py-2 rounded border',
+                        a.priority === 'high'
+                          ? 'border-red-700/30 bg-red-900/10 text-red-300'
+                          : 'border-yellow-700/30 bg-yellow-900/10 text-yellow-300'
+                      )}>
+                        <span className="shrink-0 font-mono font-bold">{a.priority === 'high' ? '⚠️' : '👁'}</span>
+                        <span>{a.underlying && <strong>{a.underlying} </strong>}{a.reason}</span>
+                      </div>
+                    ))}
+                  </div>
+                )}
+                {report.portfolio_monitor.rebalance_suggestion && (
+                  <div className="mt-2 text-[11px] text-slate-500 italic">
+                    💡 {report.portfolio_monitor.rebalance_suggestion}
+                  </div>
+                )}
+              </Section>
             )}
-          </div>
-        </div>
-      )}
-
-      {!loadingRaw && !raw && !report && (
-        <div className="card text-center py-16 text-slate-600">
-          <Brain className="w-12 h-12 mx-auto mb-3 opacity-20" />
-          <p className="text-sm">Cliquer "Générer rapport IA" pour lancer l'analyse GPT-4o</p>
-          <p className="text-xs mt-1 text-slate-700">
-            Le rapport compare les trades gagnants et perdants, identifie les patterns récurrents
-            et génère des recommandations pour le prochain cycle.
-          </p>
-        </div>
-      )}
+          </>
+        )}
       </div>
     </div>
   )