diff --git a/crates/fidc-core/src/broker.rs b/crates/fidc-core/src/broker.rs
index 7f9439f..39c1edf 100644
--- a/crates/fidc-core/src/broker.rs
+++ b/crates/fidc-core/src/broker.rs
@@ -427,6 +427,12 @@ where
         symbol: &str,
         snapshot: &crate::data::DailyMarketSnapshot,
     ) -> f64 {
+        if self.matching_type == MatchingType::NextBarOpen
+            && snapshot.prev_close.is_finite()
+            && snapshot.prev_close > 0.0
+        {
+            return snapshot.prev_close;
+        }
         if self.aiquant_execution_rules && self.execution_price_field == PriceField::Last {
             let start_cursor = self
                 .runtime_intraday_start_time
@@ -7147,6 +7153,38 @@ mod tests {
         );
     }
 
+    #[test]
+    fn next_open_target_value_valuation_uses_previous_close() {
+        let date = chrono::NaiveDate::from_ymd_opt(2025, 1, 2).expect("valid date");
+        let broker = BrokerSimulator::new_with_execution_price(
+            ChinaAShareCostModel::default(),
+            ChinaEquityRuleHooks,
+            PriceField::Open,
+        )
+        .with_matching_type(MatchingType::NextBarOpen);
+        let mut snapshot = limit_test_snapshot();
+        snapshot.date = date;
+        snapshot.prev_close = 10.0;
+        snapshot.open = 11.0;
+        snapshot.close = 20.0;
+        let data = DataSet::from_components_with_actions_and_quotes(
+            vec![limit_test_instrument()],
+            vec![snapshot],
+            Vec::new(),
+            vec![limit_test_candidate(true, true)],
+            vec![limit_test_benchmark()],
+            Vec::new(),
+            Vec::new(),
+        )
+        .expect("valid dataset");
+        let snapshot = data.market(date, "000001.SZ").expect("market snapshot");
+
+        assert_eq!(
+            broker.target_value_valuation_price(date, &data, "000001.SZ", snapshot),
+            10.0
+        );
+    }
+
     #[test]
     fn target_portfolio_smart_ignores_zero_weight_symbols_without_market_snapshot() {
         let date = chrono::NaiveDate::from_ymd_opt(2025, 1, 2).expect("valid date");