diff --git a/crates/fidc-core/src/platform_expr_strategy.rs b/crates/fidc-core/src/platform_expr_strategy.rs
index e645036..fe730b5 100644
--- a/crates/fidc-core/src/platform_expr_strategy.rs
+++ b/crates/fidc-core/src/platform_expr_strategy.rs
@@ -6610,7 +6610,7 @@ impl PlatformExprStrategy {
             .risk_level_code
             .as_deref()
             .map(str::trim)
-            .filter(|value| !value.is_empty())
+            .filter(|value| !value.is_empty() && !value.starts_with("missing_risk_state"))
         else {
             return Ok(false);
         };
@@ -14812,6 +14812,126 @@ mod tests {
         )));
     }
 
+    #[test]
+    fn platform_aiquant_missing_risk_state_does_not_force_existing_position_exit() {
+        let date = d(2023, 5, 5);
+        let symbol = "300621.SZ";
+        let data = DataSet::from_components(
+            vec![Instrument {
+                symbol: symbol.to_string(),
+                name: symbol.to_string(),
+                board: "SZ".to_string(),
+                round_lot: 100,
+                listed_at: Some(d(2020, 1, 1)),
+                delisted_at: None,
+                status: "active".to_string(),
+            }],
+            vec![DailyMarketSnapshot {
+                date,
+                symbol: symbol.to_string(),
+                timestamp: Some(format!("{date} 10:18:00")),
+                day_open: 10.0,
+                open: 10.0,
+                high: 10.8,
+                low: 9.8,
+                close: 10.5,
+                last_price: 10.5,
+                bid1: 10.49,
+                ask1: 10.51,
+                prev_close: 10.4,
+                volume: 200_000,
+                minute_volume: 1_000,
+                bid1_volume: 2_000,
+                ask1_volume: 2_000,
+                trading_phase: Some("continuous".to_string()),
+                paused: false,
+                upper_limit: 11.44,
+                lower_limit: 9.36,
+                price_tick: 0.01,
+            }],
+            vec![DailyFactorSnapshot {
+                date,
+                symbol: symbol.to_string(),
+                market_cap_bn: 20.0,
+                free_float_cap_bn: 20.0,
+                pe_ttm: 8.0,
+                turnover_ratio: Some(1.0),
+                effective_turnover_ratio: Some(1.0),
+                extra_factors: BTreeMap::new(),
+            }],
+            vec![CandidateEligibility {
+                date,
+                symbol: symbol.to_string(),
+                is_st: false,
+                is_star_st: false,
+                is_new_listing: false,
+                is_paused: false,
+                allow_buy: true,
+                allow_sell: true,
+                is_kcb: false,
+                is_one_yuan: false,
+                risk_level_code: Some("missing_risk_state:active_status".to_string()),
+            }],
+            vec![BenchmarkSnapshot {
+                date,
+                benchmark: "000852.SH".to_string(),
+                open: 1000.0,
+                close: 1000.0,
+                prev_close: 999.0,
+                volume: 1_000_000,
+            }],
+        )
+        .expect("dataset");
+        let mut portfolio = PortfolioState::new(1_000_000.0);
+        portfolio
+            .position_mut(symbol)
+            .buy(d(2023, 5, 4), 30_000, 10.0);
+        portfolio.apply_cash_delta(-300_000.0);
+        let subscriptions = BTreeSet::new();
+        let ctx = StrategyContext {
+            execution_date: date,
+            decision_date: date,
+            decision_index: 1,
+            data: &data,
+            portfolio: &portfolio,
+            futures_account: None,
+            open_orders: &[],
+            dynamic_universe: None,
+            subscriptions: &subscriptions,
+            process_events: &[],
+            active_process_event: None,
+            active_datetime: None,
+            order_events: &[],
+            fills: &[],
+        };
+        let mut cfg = PlatformExprStrategyConfig::microcap_rotation();
+        cfg.aiquant_transaction_cost = true;
+        cfg.signal_symbol = symbol.to_string();
+        cfg.exposure_expr = "1.0".to_string();
+        cfg.selection_limit_expr = "40".to_string();
+        cfg.stock_filter_expr = "true".to_string();
+        cfg.stop_loss_expr.clear();
+        cfg.take_profit_expr.clear();
+        cfg.delayed_limit_open_exit_enabled = true;
+        cfg.delayed_limit_open_exit_time = Some(NaiveTime::from_hms_opt(9, 31, 0).expect("time"));
+        cfg.intraday_execution_time = Some(NaiveTime::from_hms_opt(10, 18, 0).expect("time"));
+        let mut strategy = PlatformExprStrategy::new(cfg);
+
+        let decision = strategy.on_day(&ctx).expect("platform decision");
+
+        assert!(!decision.order_intents.iter().any(|intent| matches!(
+            intent,
+            OrderIntent::TimedTargetValue {
+                symbol: intent_symbol,
+                target_value,
+                reason,
+                ..
+            } if intent_symbol == symbol
+                && *target_value == 0.0
+                && reason == "risk_forced_exit"
+        )));
+    }
+
     #[test]
     fn platform_next_open_risk_level_exit_ignores_decision_day_sellability() {
         let decision_date = d(2023, 5, 5);