diff --git a/crates/fidc-core/src/broker.rs b/crates/fidc-core/src/broker.rs
index d23844f..a284f5a 100644
--- a/crates/fidc-core/src/broker.rs
+++ b/crates/fidc-core/src/broker.rs
@@ -362,7 +362,31 @@ where
         symbol: &str,
         snapshot: &crate::data::DailyMarketSnapshot,
     ) -> f64 {
-        let _ = (date, data, symbol);
+        if self.aiquant_rqalpha_execution_rules && self.execution_price_field == PriceField::Last
+        {
+            let start_cursor = self
+                .runtime_intraday_start_time
+                .get()
+                .or(self.intraday_execution_start_time)
+                .map(|start_time| date.and_time(start_time));
+            let matching_type = self.matching_type_for_algo_request(None);
+            if let Some(quote) = self.latest_known_quote_at_or_before(
+                data.execution_quotes_on(date, symbol),
+                start_cursor,
+                snapshot,
+                OrderSide::Buy,
+                matching_type,
+                false,
+            ) {
+                let fallback = self
+                    .select_quote_reference_price(snapshot, quote, OrderSide::Buy, matching_type)
+                    .unwrap_or(snapshot.last_price);
+                let mark_price = self.quote_mark_price(quote, fallback);
+                if mark_price.is_finite() && mark_price > 0.0 {
+                    return mark_price;
+                }
+            }
+        }
         if snapshot.close.is_finite() && snapshot.close > 0.0 {
             snapshot.close
         } else {
@@ -5254,6 +5278,129 @@ mod tests {
         );
     }
 
+    #[test]
+    fn aiquant_target_value_valuation_uses_scheduled_tick_last_price() {
+        let date = chrono::NaiveDate::from_ymd_opt(2023, 5, 8).expect("valid date");
+        let symbol = "603101.SH";
+        let broker = BrokerSimulator::new_with_execution_price(
+            ChinaAShareCostModel {
+                commission_rate: 0.0003,
+                stamp_tax_rate_before_change: 0.0005,
+                stamp_tax_rate_after_change: 0.0005,
+                minimum_commission: 5.0,
+            },
+            ChinaEquityRuleHooks,
+            PriceField::Last,
+        )
+        .with_intraday_execution_start_time(date.and_hms_opt(10, 40, 0).unwrap().time())
+        .with_slippage_model(SlippageModel::PriceRatio(0.002))
+        .with_strict_value_budget(true)
+        .with_aiquant_rqalpha_execution_rules(true)
+        .with_volume_limit(false)
+        .with_liquidity_limit(false)
+        .with_inactive_limit(false);
+        let snapshot = DailyMarketSnapshot {
+            date,
+            symbol: symbol.to_string(),
+            timestamp: Some("2023-05-08 15:00:00".to_string()),
+            day_open: 5.86,
+            open: 5.86,
+            high: 5.90,
+            low: 5.76,
+            close: 5.81,
+            last_price: 5.81,
+            bid1: 5.82,
+            ask1: 5.83,
+            prev_close: 5.85,
+            volume: 1_000_000,
+            tick_volume: 262,
+            bid1_volume: 54,
+            ask1_volume: 143,
+            trading_phase: Some("continuous".to_string()),
+            paused: false,
+            upper_limit: 6.44,
+            lower_limit: 5.27,
+            price_tick: 0.01,
+        };
+        let quote = IntradayExecutionQuote {
+            date,
+            symbol: symbol.to_string(),
+            timestamp: date.and_hms_opt(10, 39, 59).expect("valid timestamp"),
+            last_price: 5.83,
+            bid1: 5.82,
+            ask1: 5.83,
+            bid1_volume: 54,
+            ask1_volume: 143,
+            volume_delta: 262,
+            amount_delta: 152_501.0,
+            trading_phase: Some("continuous".to_string()),
+        };
+        let data = DataSet::from_components_with_actions_and_quotes(
+            vec![Instrument {
+                symbol: symbol.to_string(),
+                name: symbol.to_string(),
+                board: "SH".to_string(),
+                round_lot: 100,
+                listed_at: Some(date),
+                delisted_at: None,
+                status: "active".to_string(),
+            }],
+            vec![snapshot],
+            Vec::new(),
+            vec![CandidateEligibility {
+                date,
+                symbol: symbol.to_string(),
+                is_st: false,
+                is_new_listing: false,
+                is_paused: false,
+                allow_buy: true,
+                allow_sell: true,
+                is_kcb: false,
+                is_one_yuan: false,
+            }],
+            vec![BenchmarkSnapshot {
+                date,
+                benchmark: "000852.SH".to_string(),
+                open: 1000.0,
+                close: 1002.0,
+                prev_close: 998.0,
+                volume: 1_000_000,
+            }],
+            Vec::new(),
+            vec![quote],
+        )
+        .expect("valid dataset");
+        let snapshot = data.market(date, symbol).expect("market snapshot");
+        assert_eq!(
+            broker.target_value_valuation_price(date, &data, symbol, snapshot),
+            5.83
+        );
+
+        let mut portfolio = PortfolioState::new(8_261_416.62);
+        portfolio.position_mut(symbol).buy(date, 21_200, 5.8817);
+        let mut report = BrokerExecutionReport::default();
+        broker
+            .process_target_value(
+                date,
+                &mut portfolio,
+                &data,
+                symbol,
+                9_996_284.62 * 0.5 / 40.0,
+                "daily_position_target_adjust",
+                &mut BTreeMap::new(),
+                &mut BTreeMap::new(),
+                &mut None,
+                &mut BTreeMap::new(),
+                &mut report,
+            )
+            .expect("process target value");
+
+        assert_eq!(portfolio.position(symbol).map(|pos| pos.quantity), Some(21_400));
+        let order = report.order_events.last().expect("target value order");
+        assert_eq!(order.requested_quantity, 200);
+        assert_eq!(order.filled_quantity, 200);
+    }
+
     #[test]
     fn next_tick_last_execution_uses_latest_quote_before_decision_time() {
         let date = chrono::NaiveDate::from_ymd_opt(2025, 1, 2).expect("valid date");