diff --git a/cli/main.py b/cli/main.py
index 9073bb91..d5fa38b8 100644
--- a/cli/main.py
+++ b/cli/main.py
@@ -630,19 +630,19 @@ def save_report_to_disk(final_state, ticker: str, save_path: Path):
     analyst_parts = []
     if final_state.get("market_report"):
         analysts_dir.mkdir(exist_ok=True)
-        (analysts_dir / "market.md").write_text(final_state["market_report"])
+        (analysts_dir / "market.md").write_text(final_state["market_report"], encoding='utf-8')
         analyst_parts.append(("Market Analyst", final_state["market_report"]))
     if final_state.get("sentiment_report"):
         analysts_dir.mkdir(exist_ok=True)
-        (analysts_dir / "sentiment.md").write_text(final_state["sentiment_report"])
+        (analysts_dir / "sentiment.md").write_text(final_state["sentiment_report"], encoding='utf-8')
         analyst_parts.append(("Social Analyst", final_state["sentiment_report"]))
     if final_state.get("news_report"):
         analysts_dir.mkdir(exist_ok=True)
-        (analysts_dir / "news.md").write_text(final_state["news_report"])
+        (analysts_dir / "news.md").write_text(final_state["news_report"], encoding='utf-8')
         analyst_parts.append(("News Analyst", final_state["news_report"]))
     if final_state.get("fundamentals_report"):
         analysts_dir.mkdir(exist_ok=True)
-        (analysts_dir / "fundamentals.md").write_text(final_state["fundamentals_report"])
+        (analysts_dir / "fundamentals.md").write_text(final_state["fundamentals_report"], encoding='utf-8')
         analyst_parts.append(("Fundamentals Analyst", final_state["fundamentals_report"]))
     if analyst_parts:
         content = "\n\n".join(f"### {name}\n{text}" for name, text in analyst_parts)
@@ -655,15 +655,15 @@ def save_report_to_disk(final_state, ticker: str, save_path: Path):
         research_parts = []
         if debate.get("bull_history"):
             research_dir.mkdir(exist_ok=True)
-            (research_dir / "bull.md").write_text(debate["bull_history"])
+            (research_dir / "bull.md").write_text(debate["bull_history"], encoding='utf-8')
             research_parts.append(("Bull Researcher", debate["bull_history"]))
         if debate.get("bear_history"):
             research_dir.mkdir(exist_ok=True)
-            (research_dir / "bear.md").write_text(debate["bear_history"])
+            (research_dir / "bear.md").write_text(debate["bear_history"], encoding='utf-8')
             research_parts.append(("Bear Researcher", debate["bear_history"]))
         if debate.get("judge_decision"):
             research_dir.mkdir(exist_ok=True)
-            (research_dir / "manager.md").write_text(debate["judge_decision"])
+            (research_dir / "manager.md").write_text(debate["judge_decision"], encoding='utf-8')
             research_parts.append(("Research Manager", debate["judge_decision"]))
         if research_parts:
             content = "\n\n".join(f"### {name}\n{text}" for name, text in research_parts)
@@ -673,7 +673,7 @@ def save_report_to_disk(final_state, ticker: str, save_path: Path):
     if final_state.get("trader_investment_plan"):
         trading_dir = save_path / "3_trading"
         trading_dir.mkdir(exist_ok=True)
-        (trading_dir / "trader.md").write_text(final_state["trader_investment_plan"])
+        (trading_dir / "trader.md").write_text(final_state["trader_investment_plan"], encoding='utf-8')
         sections.append(f"## III. Trading Team Plan\n\n### Trader\n{final_state['trader_investment_plan']}")
 
     # 4. Risk Management
@@ -683,15 +683,15 @@ def save_report_to_disk(final_state, ticker: str, save_path: Path):
         risk_parts = []
         if risk.get("aggressive_history"):
             risk_dir.mkdir(exist_ok=True)
-            (risk_dir / "aggressive.md").write_text(risk["aggressive_history"])
+            (risk_dir / "aggressive.md").write_text(risk["aggressive_history"], encoding='utf-8')
             risk_parts.append(("Aggressive Analyst", risk["aggressive_history"]))
         if risk.get("conservative_history"):
             risk_dir.mkdir(exist_ok=True)
-            (risk_dir / "conservative.md").write_text(risk["conservative_history"])
+            (risk_dir / "conservative.md").write_text(risk["conservative_history"], encoding='utf-8')
             risk_parts.append(("Conservative Analyst", risk["conservative_history"]))
         if risk.get("neutral_history"):
             risk_dir.mkdir(exist_ok=True)
-            (risk_dir / "neutral.md").write_text(risk["neutral_history"])
+            (risk_dir / "neutral.md").write_text(risk["neutral_history"], encoding='utf-8')
             risk_parts.append(("Neutral Analyst", risk["neutral_history"]))
         if risk_parts:
             content = "\n\n".join(f"### {name}\n{text}" for name, text in risk_parts)
@@ -701,12 +701,12 @@ def save_report_to_disk(final_state, ticker: str, save_path: Path):
         if risk.get("judge_decision"):
             portfolio_dir = save_path / "5_portfolio"
             portfolio_dir.mkdir(exist_ok=True)
-            (portfolio_dir / "decision.md").write_text(risk["judge_decision"])
+            (portfolio_dir / "decision.md").write_text(risk["judge_decision"], encoding='utf-8')
             sections.append(f"## V. Portfolio Manager Decision\n\n### Portfolio Manager\n{risk['judge_decision']}")
 
     # Write consolidated report
     header = f"# Trading Analysis Report: {ticker}\n\nGenerated: {datetime.datetime.now().strftime('%Y-%m-%d %H:%M:%S')}\n\n"
-    (save_path / "complete_report.md").write_text(header + "\n\n".join(sections))
+    (save_path / "complete_report.md").write_text(header + "\n\n".join(sections), encoding='utf-8')
     return save_path / "complete_report.md"