diff --git a/crates/fidc-core/src/platform_expr_strategy.rs b/crates/fidc-core/src/platform_expr_strategy.rs
index 1c9544c..e270330 100644
--- a/crates/fidc-core/src/platform_expr_strategy.rs
+++ b/crates/fidc-core/src/platform_expr_strategy.rs
@@ -7745,31 +7745,11 @@ impl PlatformExprStrategy {
         band_high: f64,
         limit: usize,
     ) -> Result<(Vec<String>, Vec<String>, Vec<FidcRiskDecisionAudit>), BacktestError> {
-        let selection_risk_deferral = if ctx.is_lagged_execution() {
-            SelectionRiskDeferral::All
-        } else {
-            SelectionRiskDeferral::None
-        };
-        let universe = if selection_risk_deferral != SelectionRiskDeferral::None {
-            self.selectable_universe_on_with_options(
-                ctx,
-                date,
-                universe_factor_date,
-                selection_risk_deferral,
-            )
-        } else {
-            self.selectable_universe_on(ctx, date, universe_factor_date)
-        };
-        let risk_decisions = if selection_risk_deferral != SelectionRiskDeferral::None {
-            self.selection_risk_decisions_with_options(
-                ctx,
-                date,
-                universe_factor_date,
-                selection_risk_deferral,
-            )
-        } else {
-            self.selection_risk_decisions(ctx, date, universe_factor_date)
-        };
+        // Selection policy is evaluated on the signal day. Lagged execution only
+        // defers buy/sell risk to the actual execution bar; it must not disable an
+        // explicitly configured signal-day universe filter.
+        let universe = self.selectable_universe_on(ctx, date, universe_factor_date);
+        let risk_decisions = self.selection_risk_decisions(ctx, date, universe_factor_date);
         let mut diagnostics = Self::selection_risk_decision_diagnostics(
             &risk_decisions,
             date,
@@ -9456,7 +9436,16 @@ impl Strategy for PlatformExprStrategy {
                     }
                     projected = trial_projected;
                     projected_execution_state = trial_execution_state;
-                    if quantity_delta != 0 {
+                    if self.config.target_portfolio_daily_enabled {
+                        order_intents.push(OrderIntent::TargetValue {
+                            symbol: position.symbol.clone(),
+                            target_value,
+                            reason: "daily_position_target_adjust".to_string(),
+                        });
+                        if quantity_delta > 0 {
+                            same_bar_buy_symbols.insert(position.symbol.clone());
+                        }
+                    } else if quantity_delta != 0 {
                         order_intents.push(OrderIntent::Shares {
                             symbol: position.symbol.clone(),
                             quantity: quantity_delta,
@@ -16344,6 +16333,8 @@ mod tests {
         cfg.stock_filter_expr = "false".to_string();
         cfg.stop_loss_expr.clear();
         cfg.take_profit_expr.clear();
+        cfg.target_portfolio_daily_enabled = true;
+        cfg.matching_type = MatchingType::NextBarOpen;
         cfg.risk_config.trading_constraints.volume_limit_enabled = true;
         cfg.risk_config.trading_constraints.liquidity_limit_enabled = true;
         cfg.risk_config.trading_constraints.volume_percent = 0.25;
@@ -16353,13 +16344,17 @@ mod tests {
 
         assert!(decision.order_intents.iter().any(|intent| matches!(
             intent,
-            OrderIntent::Shares {
+            OrderIntent::TargetValue {
                 symbol: intent_symbol,
-                quantity,
+                target_value,
                 reason
             } if intent_symbol == symbol
                 && reason == "daily_position_target_adjust"
-                && *quantity == 100
+                && *target_value > 0.0
+        )));
+        assert!(!decision.order_intents.iter().any(|intent| matches!(
+            intent,
+            OrderIntent::Shares { reason, .. } if reason == "daily_position_target_adjust"
         )));
     }
 
@@ -19088,7 +19083,7 @@ mod tests {
     }
 
     #[test]
-    fn platform_next_open_selection_records_risk_diagnostics_without_filtering() {
+    fn platform_next_open_selection_applies_explicit_signal_day_risk_filter() {
         let factor_date = d(2023, 11, 10);
         let decision_date = d(2023, 11, 13);
         let execution_date = d(2023, 11, 14);
@@ -19259,7 +19254,7 @@ mod tests {
             decision
                 .diagnostics
                 .iter()
-                .any(|item| item == "selected_symbols=600462.SH"),
+                .all(|item| item != "selected_symbols=600462.SH"),
             "{:?}",
             decision.diagnostics
         );
@@ -19272,15 +19267,15 @@ mod tests {
             decision.diagnostics
         );
         assert!(
-            decision.order_intents.iter().any(|intent| matches!(
+            decision.order_intents.iter().all(|intent| !matches!(
                 intent,
                 OrderIntent::Shares { symbol, quantity, .. }
                     if symbol == candidate_symbol && *quantity > 0
-            ) || matches!(
+            ) && !matches!(
                 intent,
                 OrderIntent::Value { symbol, value, .. }
                     if symbol == candidate_symbol && *value > 0.0
-            ) || matches!(
+            ) && !matches!(
                 intent,
                 OrderIntent::TargetValue {
                     symbol,