diff --git a/crates/fidc-core/src/broker.rs b/crates/fidc-core/src/broker.rs
index ab1f0ac..071c5d8 100644
--- a/crates/fidc-core/src/broker.rs
+++ b/crates/fidc-core/src/broker.rs
@@ -7420,6 +7420,83 @@ mod tests {
         );
     }
 
+    #[test]
+    fn target_portfolio_smart_custom_valuation_does_not_create_limit_orders() {
+        let date = chrono::NaiveDate::from_ymd_opt(2025, 1, 2).expect("valid date");
+        let mut snapshot = limit_test_snapshot();
+        snapshot.day_open = 12.0;
+        snapshot.open = 12.0;
+        snapshot.last_price = 12.0;
+        snapshot.prev_close = 10.0;
+        snapshot.upper_limit = 20.0;
+        snapshot.lower_limit = 1.0;
+        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 broker = BrokerSimulator::new_with_execution_price(
+            ChinaAShareCostModel::default(),
+            ChinaEquityRuleHooks,
+            PriceField::DayOpen,
+        )
+        .with_volume_limit(false)
+        .with_liquidity_limit(false)
+        .with_inactive_limit(false);
+        let mut portfolio = PortfolioState::new(20_000.0);
+        let mut target_weights = BTreeMap::new();
+        target_weights.insert("000001.SZ".to_string(), 1.0);
+        let mut valuation_prices = BTreeMap::new();
+        valuation_prices.insert("000001.SZ".to_string(), 12.0);
+        let mut report = BrokerExecutionReport::default();
+
+        broker
+            .process_target_portfolio_smart(
+                date,
+                &mut portfolio,
+                &data,
+                &target_weights,
+                None,
+                Some(&valuation_prices),
+                "custom_valuation_market_order_test",
+                &mut BTreeMap::new(),
+                &mut BTreeMap::new(),
+                &mut None,
+                &mut BTreeMap::new(),
+                &mut report,
+            )
+            .expect("custom valuation should not turn rebalance into limit order");
+
+        assert!(
+            report
+                .order_events
+                .iter()
+                .any(|event| event.symbol == "000001.SZ" && event.status == OrderStatus::Filled),
+            "{:?}",
+            report.order_events
+        );
+        assert!(
+            report
+                .order_events
+                .iter()
+                .all(|event| !event.reason.contains("limit price not marketable yet")),
+            "{:?}",
+            report.order_events
+        );
+        assert!(
+            portfolio
+                .position("000001.SZ")
+                .is_some_and(|position| position.quantity == 1_600),
+            "{:?}",
+            portfolio.position("000001.SZ")
+        );
+    }
+
     #[test]
     fn target_value_zero_rejects_sell_when_market_snapshot_missing() {
         let trade_date = chrono::NaiveDate::from_ymd_opt(2025, 1, 2).expect("valid date");