diff --git a/frontend/package.json b/frontend/package.json
index 0da3c52..8aa07d0 100644
--- a/frontend/package.json
+++ b/frontend/package.json
@@ -16,6 +16,7 @@
     "@douyinfe/semi-icons": "2.103.0",
     "@douyinfe/semi-ui-19": "2.103.0",
     "ai": "6.0.277",
+    "markstream-react": "2.0.8",
     "react": "19.2.8",
     "react-dom": "19.2.8"
   },
diff --git a/frontend/pnpm-lock.yaml b/frontend/pnpm-lock.yaml
index c8ff545..48edf7e 100644
--- a/frontend/pnpm-lock.yaml
+++ b/frontend/pnpm-lock.yaml
@@ -20,6 +20,9 @@ importers:
       ai:
         specifier: 6.0.277
         version: 6.0.277(zod@4.5.4)
+      markstream-react:
+        specifier: 2.0.8
+        version: 2.0.8(react-dom@19.2.8(react@19.2.8))(react@19.2.8)
       react:
         specifier: 19.2.8
         version: 19.2.8
@@ -728,6 +731,10 @@ packages:
   electron-to-chromium@1.5.422:
     resolution: {integrity: sha512-UvA/32XqrLDdZSn7Jllo1AYNcWji/G0d5M0GTViE7KoGBiMunw3a34Sb2KO4ZZyrSEhqsxFoVhWWJshdyfKqJA==}
 
+  entities@8.1.0:
+    resolution: {integrity: sha512-kxL7msIffSuh9aaFAMD7rxAIuTRMAHMeBtgHW2yUdWw732ZNh4MehkF2gdjvtdmikkaIP9bFDDJOPlsvm7avrA==}
+    engines: {node: '>=20.19.0'}
+
   esast-util-from-estree@2.0.0:
     resolution: {integrity: sha512-4CyanoAudUSBAn5K13H4JhsMH6L9ZP7XbLVe/dKybkxMO7eDyLsT8UHl9TRNrU2Gr9nz+FovfSIjuXWJ81uVwQ==}
 
@@ -916,6 +923,9 @@ packages:
     resolution: {integrity: sha512-WkUDrojuJs0xkgGf2udWxa3yGBRxPtxUkB79i6aCZLRgc7PM8fZe9TosfPDcvEpQZbuFASnHYmRLBLUbmLOIIA==}
     engines: {node: '>= 12.0.0'}
 
+  linkify-it@6.1.0:
+    resolution: {integrity: sha512-wJ/TwpSDTLepCrQoYWYIExIKg5Zchex2Nn5yk2mFnB+6PtdkHtyLx742md9csRjjOnGkKIS/RrbY7l8D6gT9Vw==}
+
   linkifyjs@4.3.3:
     resolution: {integrity: sha512-P8aEP5U/D1/IlTY2OeYsErdwh9bGuLE30NcXtKEjgdHcahveQoQwM2yZNsioQHsWFz0P7KKudisbrzCgR0sDHg==}
 
@@ -939,9 +949,56 @@ packages:
     resolution: {integrity: sha512-o5vL7aDWatOTX8LzaS1WMoaoxIiLRQJuIKKe2wAw6IeULDHaqbiqiggmx+pKvZDb1Sj+pE46Sn1T7lCqfFtg1Q==}
     engines: {node: '>=16'}
 
+  markdown-it-container@4.0.0:
+    resolution: {integrity: sha512-HaNccxUH0l7BNGYbFbjmGpf5aLHAMTinqRZQAEQbMr2cdD3z91Q6kIo1oUn1CQndkT03jat6ckrdRYuwwqLlQw==}
+
+  markdown-it-footnote@4.0.0:
+    resolution: {integrity: sha512-WYJ7urf+khJYl3DqofQpYfEYkZKbmXmwxQV8c8mO/hGIhgZ1wOe7R4HLFNwqx7TjILbnC98fuyeSsin19JdFcQ==}
+
+  markdown-it-ins@4.0.0:
+    resolution: {integrity: sha512-sWbjK2DprrkINE4oYDhHdCijGT+MIDhEupjSHLXe5UXeVr5qmVxs/nTUVtgi0Oh/qtF+QKV0tNWDhQBEPxiMew==}
+
+  markdown-it-mark@4.0.0:
+    resolution: {integrity: sha512-YLhzaOsU9THO/cal0lUjfMjrqSMPjjyjChYM7oyj4DnyaXEzA8gnW6cVJeyCrCVeyesrY2PlEdUYJSPFYL4Nkg==}
+
+  markdown-it-sup@2.0.0:
+    resolution: {integrity: sha512-5VgmdKlkBd8sgXuoDoxMpiU+BiEt3I49GItBzzw7Mxq9CxvnhE/k09HFli09zgfFDRixDQDfDxi0mgBCXtaTvA==}
+
+  markdown-it-task-checkbox@1.0.6:
+    resolution: {integrity: sha512-7pxkHuvqTOu3iwVGmDPeYjQg+AIS9VQxzyLP9JCg9lBjgPAJXGEkChK6A2iFuj3tS0GV3HG2u5AMNhcQqwxpJw==}
+
+  markdown-it-ts@1.1.2:
+    resolution: {integrity: sha512-17qO3LQLK+JXom5Zt6Z9l7OGWWv9eYquTxdj3xIPGe1OBHdYXrzNYA3xCgCyIj1uItv4jkqbQf6FkaqifKkySw==}
+    engines: {node: '>=20.19'}
+
   markdown-table@3.0.4:
     resolution: {integrity: sha512-wiYz4+JrLyb/DqW2hkFJxP7Vd7JuTDm77fvbM8VfEQdmSMqcImWeeRbHwZjBjIFki/VaMK2BhFi7oUUZeM5bqw==}
 
+  markstream-core@2.0.8:
+    resolution: {integrity: sha512-3VLe2fMDhoe0SnH5OXsmdXfT6vrsY8/WetNE02xR8AuTaP7ixH2tBl9dHTsLgiLMp/z8D+TB0xVP/tkLzkmNlA==}
+
+  markstream-react@2.0.8:
+    resolution: {integrity: sha512-LRWCOkzvl4T4d1IWBAG3buJBnazNX1qmkND9ns66RGdF3un194CTXS9A/Qc0kZT7NvIcJvCsCiLoDJ42J1UAOw==}
+    peerDependencies:
+      '@antv/infographic': ^0.2.3
+      '@terrastruct/d2': '>=0.1.33'
+      katex: '>=0.16.22'
+      mermaid: '>=11'
+      react: '>=18'
+      react-dom: '>=18'
+      stream-diffs: '>=0.0.2'
+    peerDependenciesMeta:
+      '@antv/infographic':
+        optional: true
+      '@terrastruct/d2':
+        optional: true
+      katex:
+        optional: true
+      mermaid:
+        optional: true
+      stream-diffs:
+        optional: true
+
   mdast-util-find-and-replace@3.0.2:
     resolution: {integrity: sha512-Tmd1Vg/m3Xz43afeNxDIhWRtFZgM2VLyaf4vSTYwudTyeuTneoL3qtWMA5jeLyz/O1vDJmmV4QuScFCA2tBPwg==}
 
@@ -990,6 +1047,9 @@ packages:
   mdast-util-to-string@4.0.0:
     resolution: {integrity: sha512-0H44vDimn51F0YwvxSJSm0eCDOJTRlmN0R1yBh4HLj9wiV1Dn0QoXGbvFAWj2hSItVTlCmBF1hqKlIyUBVFLPg==}
 
+  mdurl@2.1.0:
+    resolution: {integrity: sha512-1+HBaOx0zi/dQWht8rNv9MYf9qqpqL/kxI0hXImU6Y547zM6Sni8BQibt7ifgMcYtQg41ao3Ivd6cnSM86inpg==}
+
   memoize-one@5.2.1:
     resolution: {integrity: sha512-zYiwtZUcYyXKo/np96AGZAckk+FWWsUdJ3cHGGmld7+AhvcWmQyGCYUh1hc4Q/pkOhb65dQR/pqCyK0cOaHz4Q==}
 
@@ -1195,6 +1255,10 @@ packages:
   prosemirror-view@1.42.3:
     resolution: {integrity: sha512-oTN7EtH+CpwxU9NrwEYWd0UZ4JUx7l048l5A2Xppm4p/60isZYLnth9QVQmC3VRIvdrIWCxwZSd+Uz791G31/w==}
 
+  punycode.js@2.3.1:
+    resolution: {integrity: sha512-uxFIHU0YlHYhDQtV4R9J6a52SLx28BCjT+4ieh7IGbgwVJWO+km431c4yRlREUAsAmt/uMjQUyQHNEPf0M39CA==}
+    engines: {node: '>=6'}
+
   react-dom@19.2.8:
     resolution: {integrity: sha512-rVprimfGBG3DR+Tq0IQG2DT5PxKth1WIGDmj5yPmlzr4YBe7uyE+Du4oVqTDXZSHGGGXRtTJEGSSePyQCMBglQ==}
     peerDependencies:
@@ -1291,6 +1355,9 @@ packages:
   space-separated-tokens@2.0.2:
     resolution: {integrity: sha512-PEGlAwrG8yXGXRjW32fGbg66JAlOAwbObuqVoJpv/mRgoWDQfgH1wDPvtzWyUSNAXBGSk8h755YDbbcEy3SH2Q==}
 
+  stream-markdown-parser@1.2.14:
+    resolution: {integrity: sha512-7nZR7ZUM8uPmXGMZPcP3wPtb40Ce8NUJy6XDGmengRENxE824VD6o6dbPvosUVE07mxG58LgdL+VU7BeOSEvAQ==}
+
   stringify-entities@4.0.4:
     resolution: {integrity: sha512-IwfBptatlO+QCJUo19AqvrPNqlVMpW9YEL2LIVY+Rpv2qsjCGxaDLNRgeGsQWJhfItebuJhsGSLjaBbNSQ+ieg==}
 
@@ -1327,6 +1394,9 @@ packages:
     engines: {node: '>=14.17'}
     hasBin: true
 
+  uc.micro@3.0.0:
+    resolution: {integrity: sha512-U3PppEkleoTnIfi8BozMx3yju3qc/L6SwqWo2Sw+54PX+PX0q9I+r1Um5HCmqD7n9VDX5/v3vQH/AjA6deDdtw==}
+
   undici-types@6.21.0:
     resolution: {integrity: sha512-iwDZqg0QAGrg9Rav5H4n0M64c3mkR59cJ6wQp+7C4nI0gsmExaedaYLNO44eT4AtBBwjbTiGPMlt2Md0T9H9JQ==}
 
@@ -2173,6 +2243,8 @@ snapshots:
 
   electron-to-chromium@1.5.422: {}
 
+  entities@8.1.0: {}
+
   esast-util-from-estree@2.0.0:
     dependencies:
       '@types/estree-jsx': 1.0.5
@@ -2360,6 +2432,10 @@ snapshots:
       lightningcss-win32-arm64-msvc: 1.33.0
       lightningcss-win32-x64-msvc: 1.33.0
 
+  linkify-it@6.1.0:
+    dependencies:
+      uc.micro: 3.0.0
+
   linkifyjs@4.3.3: {}
 
   lodash@4.18.1: {}
@@ -2378,8 +2454,38 @@ snapshots:
 
   markdown-extensions@2.0.0: {}
 
+  markdown-it-container@4.0.0: {}
+
+  markdown-it-footnote@4.0.0: {}
+
+  markdown-it-ins@4.0.0: {}
+
+  markdown-it-mark@4.0.0: {}
+
+  markdown-it-sup@2.0.0: {}
+
+  markdown-it-task-checkbox@1.0.6: {}
+
+  markdown-it-ts@1.1.2:
+    dependencies:
+      entities: 8.1.0
+      linkify-it: 6.1.0
+      mdurl: 2.1.0
+      punycode.js: 2.3.1
+
   markdown-table@3.0.4: {}
 
+  markstream-core@2.0.8: {}
+
+  markstream-react@2.0.8(react-dom@19.2.8(react@19.2.8))(react@19.2.8):
+    dependencies:
+      '@floating-ui/dom': 1.8.0
+      clsx: 2.1.1
+      markstream-core: 2.0.8
+      react: 19.2.8
+      react-dom: 19.2.8(react@19.2.8)
+      stream-markdown-parser: 1.2.14
+
   mdast-util-find-and-replace@3.0.2:
     dependencies:
       '@types/mdast': 4.0.4
@@ -2543,6 +2649,8 @@ snapshots:
     dependencies:
       '@types/mdast': 4.0.4
 
+  mdurl@2.1.0: {}
+
   memoize-one@5.2.1: {}
 
   micromark-core-commonmark@2.0.3:
@@ -2931,6 +3039,8 @@ snapshots:
       prosemirror-state: 1.4.4
       prosemirror-transform: 1.12.1
 
+  punycode.js@2.3.1: {}
+
   react-dom@19.2.8(react@19.2.8):
     dependencies:
       react: 19.2.8
@@ -3078,6 +3188,16 @@ snapshots:
 
   space-separated-tokens@2.0.2: {}
 
+  stream-markdown-parser@1.2.14:
+    dependencies:
+      markdown-it-container: 4.0.0
+      markdown-it-footnote: 4.0.0
+      markdown-it-ins: 4.0.0
+      markdown-it-mark: 4.0.0
+      markdown-it-sup: 2.0.0
+      markdown-it-task-checkbox: 1.0.6
+      markdown-it-ts: 1.1.2
+
   stringify-entities@4.0.4:
     dependencies:
       character-entities-html4: 2.1.0
@@ -3112,6 +3232,8 @@ snapshots:
 
   typescript@5.9.3: {}
 
+  uc.micro@3.0.0: {}
+
   undici-types@6.21.0: {}
 
   undici@6.28.1: {}
diff --git a/frontend/src/ai/ChatPanel.tsx b/frontend/src/ai/ChatPanel.tsx
index f4c9e4a..180921a 100644
--- a/frontend/src/ai/ChatPanel.tsx
+++ b/frontend/src/ai/ChatPanel.tsx
@@ -1,5 +1,13 @@
 import { useChat } from "@ai-sdk/react";
-import { useCallback, useEffect, useMemo, useRef, useState } from "react";
+import {
+  lazy,
+  Suspense,
+  useCallback,
+  useEffect,
+  useMemo,
+  useRef,
+  useState,
+} from "react";
 import {
   Banner,
   Button,
@@ -35,6 +43,12 @@ import type {
   UIAction,
 } from "./types";
 
+const MessageMarkdown = lazy(() =>
+  import("./MessageMarkdown").then((module) => ({
+    default: module.MessageMarkdown,
+  })),
+);
+
 export function ChatPanel({
   open,
   context,
@@ -427,9 +441,25 @@ export function ChatPanel({
             </span>
             {message.parts.map((part, index) =>
               part.type === "text" ? (
-                <div className="ai-text" key={index}>
-                  {part.text}
-                </div>
+                message.role === "assistant" ? (
+                  <Suspense
+                    key={index}
+                    fallback={<div className="ai-text">{part.text}</div>}
+                  >
+                    <MessageMarkdown
+                      content={part.text}
+                      final={
+                        !streaming ||
+                        message.id !== chat.messages.at(-1)?.id ||
+                        part.state === "done"
+                      }
+                    />
+                  </Suspense>
+                ) : (
+                  <div className="ai-text" key={index}>
+                    {part.text}
+                  </div>
+                )
               ) : part.type === "data-tool" ? (
                 <BusinessCard
                   key={part.id ?? index}
diff --git a/frontend/src/ai/MessageMarkdown.tsx b/frontend/src/ai/MessageMarkdown.tsx
new file mode 100644
index 0000000..35e3d93
--- /dev/null
+++ b/frontend/src/ai/MessageMarkdown.tsx
@@ -0,0 +1,24 @@
+import { memo } from "react";
+import MarkdownRender from "markstream-react";
+
+/** Render one assistant text part; final also settles interrupted streams. */
+export const MessageMarkdown = memo(function MessageMarkdown({
+  content,
+  final,
+}: {
+  content: string;
+  final: boolean;
+}) {
+  return (
+    <div className="ai-markdown">
+      <MarkdownRender
+        content={content}
+        final={final}
+        fade={false}
+        htmlPolicy="escape"
+        renderCodeBlocksAsPre
+        batchRendering={false}
+      />
+    </div>
+  );
+});
diff --git a/frontend/src/ai/style.css b/frontend/src/ai/style.css
index 3fe6fe3..62db5a3 100644
--- a/frontend/src/ai/style.css
+++ b/frontend/src/ai/style.css
@@ -82,6 +82,60 @@
   line-height: 24px;
   font-weight: 400;
 }
+.ai-markdown {
+  min-width: 0;
+  font-size: 14px;
+  line-height: 24px;
+}
+.ai-markdown .markstream-react {
+  color: var(--ink);
+  font-family: inherit;
+  font-size: inherit;
+  line-height: inherit;
+}
+.ai-markdown :is(h1, h2, h3, h4, h5, h6) {
+  font-size: 16px;
+  line-height: 24px;
+  font-weight: 600;
+  margin: 16px 0 8px;
+}
+.ai-markdown :is(p, ul, ol, blockquote, pre, table) {
+  margin-top: 8px;
+  margin-bottom: 8px;
+}
+.ai-chat .ai-markdown .markstream-react pre[data-markstream-pre] {
+  font-size: 12px;
+  max-width: 100%;
+  overflow-x: auto;
+  white-space: pre;
+  padding: 12px;
+  border: 1px solid var(--line);
+  border-radius: 6px;
+  background: var(--canvas);
+}
+.ai-markdown code {
+  font-size: 12px;
+}
+.ai-markdown table {
+  display: block;
+  max-width: 100%;
+  overflow-x: auto;
+  border-collapse: collapse;
+}
+.ai-markdown :is(th, td) {
+  padding: 6px 10px;
+  border: 1px solid var(--line);
+  white-space: nowrap;
+}
+.ai-markdown a {
+  color: var(--accent);
+  text-decoration: underline;
+}
+.ai-markdown blockquote {
+  border-left: 3px solid var(--line);
+  padding-left: 12px;
+  color: var(--muted);
+}
 .ai-message.user .ai-text {
   background: var(--canvas);
   padding: var(--space-3);
diff --git a/frontend/src/main.tsx b/frontend/src/main.tsx
index 0374689..db38407 100644
--- a/frontend/src/main.tsx
+++ b/frontend/src/main.tsx
@@ -2,6 +2,7 @@ import "@douyinfe/semi-ui-19/react19-adapter";
 import React from "react";
 import ReactDOM from "react-dom/client";
 import App from "./App";
+import "markstream-react/index.css";
 import "./style.css";
 import "./ai/style.css";
 
diff --git a/frontend/tests/ai.spec.ts b/frontend/tests/ai.spec.ts
index 049408a..df48d26 100644
--- a/frontend/tests/ai.spec.ts
+++ b/frontend/tests/ai.spec.ts
@@ -269,3 +269,130 @@ test("Lark workspace keeps pagination, account details and chat usable at every
     fullPage: true,
   });
 });
+
+test("Markdown streams incomplete code, finishes safely and restores history", async ({
+  page,
+}) => {
+  const errors: string[] = [];
+  page.on("pageerror", (error) => errors.push(error.message));
+  await login(page);
+  await configure(page);
+  await page.getByRole("button", { name: "打开研究助手" }).click();
+  const chat = page.getByRole("complementary", { name: "AI 研究助手" });
+  await chat.getByRole("button", { name: "新会话", exact: true }).click();
+  const prefix = "## 研究结论\n\n**正在生成**\n\n```python\nrank(close)";
+  const suffix =
+    "\n```\n\n| 指标 | 值 |\n| --- | --- |\n| Sharpe | 1.2 |\n\n[文档](https://example.com)\n\n<script>alert('unsafe')</script>\n\n[危险](javascript:alert(1))";
+  await page.evaluate(() => {
+    const original = window.fetch.bind(window);
+    window.fetch = async (url, init) => {
+      if (!String(url).match(/\/ai\/conversations\/[^/]+\/runs$/))
+        return original(url, init);
+      return new Response(
+        new ReadableStream({
+          start(controller) {
+            Object.assign(window, {
+              pushMarkdown: (events: unknown[], done = false) => {
+                for (const event of events)
+                  controller.enqueue(
+                    new TextEncoder().encode(
+                      `data: ${JSON.stringify(event)}\n\n`,
+                    ),
+                  );
+                if (done) {
+                  controller.enqueue(
+                    new TextEncoder().encode("data: [DONE]\n\n"),
+                  );
+                  controller.close();
+                }
+              },
+            });
+          },
+        }),
+        {
+          headers: {
+            "content-type": "text/event-stream",
+            "x-vercel-ai-ui-message-stream": "v1",
+          },
+        },
+      );
+    };
+  });
+  await chat
+    .getByRole("textbox", { name: "发送给研究助手" })
+    .fill("**用户原文**");
+  await chat.getByRole("button", { name: "发送", exact: true }).click();
+  await page.waitForFunction(
+    () => typeof (window as any).pushMarkdown === "function",
+  );
+  await page.evaluate(
+    (delta) =>
+      (window as any).pushMarkdown([
+        { type: "start", messageId: "markdown-answer" },
+        { type: "text-start", id: "part" },
+        { type: "text-delta", id: "part", delta },
+      ]),
+    prefix,
+  );
+  await expect(chat.getByRole("heading", { name: "研究结论" })).toBeVisible();
+  await expect(chat.locator(".ai-markdown pre")).toContainText("rank(close)");
+  await expect(chat.locator(".ai-messages")).toHaveAttribute(
+    "aria-busy",
+    "true",
+  );
+  await expect(chat.locator(".ai-message.user .ai-text")).toHaveText(
+    "**用户原文**",
+  );
+  await page.route("**/api/v1/ai/conversations/*", async (route) => {
+    if (route.request().method() !== "GET") return route.continue();
+    await route.fulfill({
+      json: {
+        id: route.request().url().split("/").at(-1),
+        title: "Markdown",
+        runs: [],
+        messages: [
+          {
+            id: "markdown-answer",
+            role: "assistant",
+            parts: [{ type: "text", text: prefix + suffix }],
+          },
+        ],
+      },
+    });
+  });
+  await page.evaluate(
+    (delta) =>
+      (window as any).pushMarkdown(
+        [
+          { type: "text-delta", id: "part", delta },
+          { type: "text-end", id: "part" },
+          { type: "finish" },
+        ],
+        true,
+      ),
+    suffix,
+  );
+  await expect(chat.locator(".ai-messages")).toHaveAttribute(
+    "aria-busy",
+    "false",
+  );
+  await expect(chat.getByRole("cell", { name: "1.2" })).toBeVisible();
+  await expect(
+    chat.getByRole("link", { name: "Link: https://example.com", exact: true }),
+  ).toHaveAttribute("href", "https://example.com");
+  await expect(
+    chat.locator(".ai-markdown script, .ai-markdown a[href^='javascript:']"),
+  ).toHaveCount(0);
+  await page.setViewportSize({ width: 390, height: 900 });
+  expect(
+    await chat
+      .locator(".ai-messages")
+      .evaluate((el) => el.scrollWidth <= el.clientWidth),
+  ).toBe(true);
+  await page.screenshot({ path: "../output/playwright/ai-markdown.png" });
+  await page.reload();
+  await page.getByRole("button", { name: "打开研究助手" }).click();
+  await expect(chat.getByRole("heading", { name: "研究结论" })).toBeVisible();
+  await expect(chat.getByRole("cell", { name: "1.2" })).toBeVisible();
+  expect(errors).toEqual([]);
+});