diff --git a/crates/pdftract-cli/src/inspect/render/anchors.rs b/crates/pdftract-cli/src/inspect/render/anchors.rs
new file mode 100644
index 0000000..7ebbdc3
--- /dev/null
+++ b/crates/pdftract-cli/src/inspect/render/anchors.rs
@@ -0,0 +1,323 @@
+//! Anchor layer renderer for the inspector.
+//!
+//! This module renders SVG text labels at the top-left corner of each block,
+//! showing the Markdown anchor IDs that downstream output (Phase 6.5 --md-anchors)
+//! will produce.
+//!
+//! Each text label includes data-* attributes for tooltip and click consumption:
+//! - data-page-index: the page index (0-based)
+//! - data-page-number: the page number (1-based, for display)
+//! - data-block-index: the block's index in the page
+//! - data-bbox: the block's bounding box
+//! - data-kind: the block kind
+
+use pdftract_core::schema::BlockJson;
+
+/// Render SVG text labels at the top-left corner of each block.
+///
+/// # Arguments
+///
+/// * `page_index` - Zero-based page index
+/// * `page_number` - One-based page number (for display)
+/// * `blocks` - Slice of blocks to render
+///
+/// # Returns
+///
+/// A vector of SVG `<text>` element strings. Each text is positioned at
+/// the top-left corner of the block's bbox with the anchor ID as content.
+///
+/// # Anchor format
+///
+/// The anchor ID format is: `p{page_number}-b{block_index}`
+/// - page_number: 1-based page number for human readability
+/// - block_index: 0-based block index within the page
+///
+/// This matches the Phase 6.5 Markdown anchor comment format:
+/// `<!-- pdftract: page={page_number} block={block_index} bbox=[...] kind=... -->`
+///
+/// # Data attributes
+///
+/// Each text element includes:
+/// - `data-page-index`: the page's 0-based index
+/// - `data-page-number`: the page's 1-based number (for display)
+/// - `data-block-index`: the block's index in the page
+/// - `data-bbox`: the block's bounding box as "[x0,y0,x1,y1]"
+/// - `data-kind`: the block's kind string (XML-escaped)
+pub fn render_anchors(page_index: usize, page_number: u32, blocks: &[BlockJson]) -> Vec<String> {
+    blocks.iter().enumerate().map(|(block_index, block)| {
+        let [x0, _y0, x1, y1] = block.bbox;
+        let data_kind = escape_xml_attr(&block.kind);
+        let data_bbox = format!("[{:.2},{:.2},{:.2},{:.2}]", x0, block.bbox[1], x1, y1);
+
+        // Position text at top-left corner with a small offset
+        // In PDF coordinates, y1 is the top (higher y value)
+        let x = x0 + 2.0; // Small offset from left edge
+        let y = y1 - 4.0; // Small offset from top edge (text baseline)
+
+        let anchor_id = format!("p{}-b{}", page_number, block_index);
+
+        format!(
+            r##"<text x="{:.2}" y="{:.2}" class="anchor-label" fill="{}" font-size="10" font-family="monospace" data-page-index="{}" data-page-number="{}" data-block-index="{}" data-bbox="{}" data-kind="{}">{}</text>"##,
+            x, y, "#000000", page_index, page_number, block_index, data_bbox, data_kind, anchor_id
+        )
+    }).collect()
+}
+
+/// Escape a string for use in an XML attribute value.
+///
+/// Replaces special XML characters with their entity references:
+/// - `&` → `&amp;`
+/// - `<` → `&lt;`
+/// - `>` → `&gt;`
+/// - `"` → `&quot;`
+/// - `'` → `&apos;`
+fn escape_xml_attr(s: &str) -> String {
+    s.replace('&', "&amp;")
+        .replace('<', "&lt;")
+        .replace('>', "&gt;")
+        .replace('"', "&quot;")
+        .replace('\'', "&apos;")
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    fn make_test_block(kind: &str, text: &str, bbox: [f64; 4]) -> BlockJson {
+        BlockJson {
+            kind: kind.to_string(),
+            text: text.to_string(),
+            bbox,
+            level: None,
+            table_index: None,
+            receipt: None,
+        }
+    }
+
+    #[test]
+    fn test_render_anchors_empty() {
+        let blocks: Vec<BlockJson> = vec![];
+        let output = render_anchors(0, 1, &blocks);
+        assert!(output.is_empty());
+    }
+
+    #[test]
+    fn test_render_anchors_single() {
+        let blocks = vec![make_test_block(
+            "paragraph",
+            "Test paragraph",
+            [100.0, 200.0, 400.0, 250.0],
+        )];
+
+        let output = render_anchors(0, 1, &blocks);
+        assert_eq!(output.len(), 1);
+        let text = &output[0];
+
+        // Check basic SVG structure
+        assert!(text.contains("<text"));
+        assert!(text.contains(r#"x="102.00""#)); // x0 + 2
+        assert!(text.contains(r#"y="246.00""#)); // y1 - 4
+
+        // Check anchor ID content
+        assert!(text.contains(">p1-b0</text>"));
+
+        // Check data attributes
+        assert!(text.contains(r#"data-page-index="0""#));
+        assert!(text.contains(r#"data-page-number="1""#));
+        assert!(text.contains(r#"data-block-index="0""#));
+        assert!(text.contains(r#"data-kind="paragraph""#));
+    }
+
+    #[test]
+    fn test_render_anchors_multiple() {
+        let blocks = vec![
+            make_test_block("heading", "Title", [50.0, 50.0, 300.0, 80.0]),
+            make_test_block("paragraph", "Para 1", [50.0, 90.0, 300.0, 150.0]),
+            make_test_block("list", "Item 1", [70.0, 160.0, 280.0, 180.0]),
+        ];
+
+        let output = render_anchors(2, 3, &blocks);
+        assert_eq!(output.len(), 3);
+
+        // Check anchor IDs
+        assert!(output[0].contains(">p3-b0</text>"));
+        assert!(output[1].contains(">p3-b1</text>"));
+        assert!(output[2].contains(">p3-b2</text>"));
+
+        // Check page indices
+        assert!(output[0].contains(r#"data-page-index="2""#));
+        assert!(output[1].contains(r#"data-page-index="2""#));
+        assert!(output[2].contains(r#"data-page-index="2""#));
+    }
+
+    #[test]
+    fn test_render_anchors_bbox_format() {
+        let blocks = vec![make_test_block(
+            "paragraph",
+            "Test",
+            [10.567, 20.891, 100.234, 110.567],
+        )];
+
+        let output = render_anchors(0, 1, &blocks);
+        let text = &output[0];
+
+        // Check bbox format in data attribute
+        assert!(text.contains(r#"data-bbox="[10.57,20.89,100.23,110.57]""#));
+    }
+
+    #[test]
+    fn test_render_anchors_xml_escaping() {
+        let blocks = vec![make_test_block(
+            "code & <script>",
+            "Text",
+            [0.0, 0.0, 100.0, 20.0],
+        )];
+
+        let output = render_anchors(0, 1, &blocks);
+        let text = &output[0];
+
+        // Check XML escaping in data-kind attribute
+        assert!(text.contains(r#"data-kind="code &amp; &lt;script&gt;""#));
+    }
+
+    #[test]
+    fn test_render_anchors_block_index_incrementing() {
+        let blocks = vec![
+            make_test_block("paragraph", "First", [0.0, 0.0, 50.0, 10.0]),
+            make_test_block("paragraph", "Second", [60.0, 0.0, 120.0, 10.0]),
+            make_test_block("paragraph", "Third", [130.0, 0.0, 180.0, 10.0]),
+            make_test_block("paragraph", "Fourth", [190.0, 0.0, 240.0, 10.0]),
+        ];
+
+        let output = render_anchors(5, 6, &blocks);
+        assert_eq!(output.len(), 4);
+
+        // Check block indices increment correctly
+        assert!(output[0].contains(r#"data-block-index="0""#));
+        assert!(output[0].contains(">p6-b0</text>"));
+
+        assert!(output[1].contains(r#"data-block-index="1""#));
+        assert!(output[1].contains(">p6-b1</text>"));
+
+        assert!(output[2].contains(r#"data-block-index="2""#));
+        assert!(output[2].contains(">p6-b2</text>"));
+
+        assert!(output[3].contains(r#"data-block-index="3""#));
+        assert!(output[3].contains(">p6-b3</text>"));
+    }
+
+    #[test]
+    fn test_render_anchors_positioning() {
+        // Test that text is positioned at top-left with offset
+        let blocks = vec![make_test_block(
+            "paragraph",
+            "Test",
+            [100.0, 200.0, 500.0, 300.0],
+        )];
+
+        let output = render_anchors(0, 1, &blocks);
+        let text = &output[0];
+
+        // x should be x0 + 2 = 102
+        assert!(text.contains(r#"x="102.00""#));
+        // y should be y1 - 4 = 296
+        assert!(text.contains(r#"y="296.00""#));
+    }
+
+    #[test]
+    fn test_render_anchors_different_pages() {
+        let blocks = vec![make_test_block(
+            "paragraph",
+            "Test",
+            [0.0, 0.0, 100.0, 20.0],
+        )];
+
+        // Page 1 (index 0, number 1)
+        let output1 = render_anchors(0, 1, &blocks);
+        assert!(output1[0].contains(">p1-b0</text>"));
+        assert!(output1[0].contains(r#"data-page-index="0""#));
+        assert!(output1[0].contains(r#"data-page-number="1""#));
+
+        // Page 5 (index 4, number 5)
+        let output5 = render_anchors(4, 5, &blocks);
+        assert!(output5[0].contains(">p5-b0</text>"));
+        assert!(output5[0].contains(r#"data-page-index="4""#));
+        assert!(output5[0].contains(r#"data-page-number="5""#));
+    }
+
+    #[test]
+    fn test_render_anchors_output_is_valid_svg() {
+        let blocks = vec![make_test_block(
+            "paragraph",
+            "Valid",
+            [0.0, 0.0, 100.0, 20.0],
+        )];
+
+        let output = render_anchors(0, 1, &blocks);
+        let text = &output[0];
+
+        // Verify basic XML structure
+        assert!(text.starts_with("<text"));
+        assert!(text.ends_with("</text>"));
+
+        // Check that all required attributes are present
+        assert!(text.contains("x="));
+        assert!(text.contains("y="));
+        assert!(text.contains("fill="));
+        assert!(text.contains("font-size="));
+        assert!(text.contains("font-family="));
+        assert!(text.contains("class="));
+        assert!(text.contains("data-page-index="));
+        assert!(text.contains("data-page-number="));
+        assert!(text.contains("data-block-index="));
+        assert!(text.contains("data-bbox="));
+        assert!(text.contains("data-kind="));
+    }
+
+    #[test]
+    fn test_render_anchors_css_class() {
+        let blocks = vec![make_test_block(
+            "paragraph",
+            "Test",
+            [0.0, 0.0, 100.0, 20.0],
+        )];
+
+        let output = render_anchors(0, 1, &blocks);
+        assert!(output[0].contains(r#"class="anchor-label""#));
+    }
+
+    #[test]
+    fn test_escape_xml_attr() {
+        assert_eq!(escape_xml_attr("hello"), "hello");
+        assert_eq!(escape_xml_attr("a&b"), "a&amp;b");
+        assert_eq!(escape_xml_attr("<tag>"), "&lt;tag&gt;");
+        assert_eq!(escape_xml_attr("\"quote\""), "&quot;quote&quot;");
+        assert_eq!(escape_xml_attr("'apos'"), "&apos;apos&apos;");
+        assert_eq!(
+            escape_xml_attr("All & <special> \"chars'"),
+            "All &amp; &lt;special&gt; &quot;chars&apos;"
+        );
+    }
+
+    #[test]
+    fn test_render_anchors_all_kinds() {
+        let kinds = [
+            "heading",
+            "paragraph",
+            "table",
+            "list",
+            "code",
+            "header",
+            "footer",
+            "figure",
+            "caption",
+        ];
+
+        for kind in kinds {
+            let blocks = vec![make_test_block(kind, "Test", [0.0, 0.0, 100.0, 20.0])];
+            let output = render_anchors(0, 1, &blocks);
+            assert_eq!(output.len(), 1);
+            assert!(output[0].contains(&format!("data-kind=\"{}\"", kind)));
+        }
+    }
+}
diff --git a/crates/pdftract-cli/src/inspect/render/mod.rs b/crates/pdftract-cli/src/inspect/render/mod.rs
index 14922be..7a04668 100644
--- a/crates/pdftract-cli/src/inspect/render/mod.rs
+++ b/crates/pdftract-cli/src/inspect/render/mod.rs
@@ -10,6 +10,7 @@
 //! The returned Vec<String> contains SVG elements that are placed inside
 //! a `<g class="layer-<name>">` group in the final output.
 
+pub mod anchors;
 pub mod blocks;
 pub mod confidence_heatmap;
 pub mod reading_order;