diff --git a/crates/fidc-core/src/broker.rs b/crates/fidc-core/src/broker.rs
index c29257f..ce1e3e8 100644
--- a/crates/fidc-core/src/broker.rs
+++ b/crates/fidc-core/src/broker.rs
@@ -5515,6 +5515,66 @@ mod tests {
         assert_eq!(report.order_events[0].filled_quantity, 14_300);
     }
 
+    #[test]
+    fn value_buy_rejects_when_slippage_clamps_execution_price_to_upper_limit() {
+        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_slippage_model(SlippageModel::PriceRatio(0.002))
+        .with_strict_value_budget(true)
+        .with_volume_limit(false)
+        .with_liquidity_limit(false)
+        .with_inactive_limit(false);
+        let mut snapshot = limit_test_snapshot();
+        snapshot.day_open = 10.98;
+        snapshot.open = 10.98;
+        snapshot.last_price = 10.98;
+        snapshot.close = 10.98;
+        snapshot.bid1 = 10.98;
+        snapshot.ask1 = 10.98;
+        snapshot.upper_limit = 11.0;
+        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 mut portfolio = PortfolioState::new(10_000_000.0);
+        let mut report = BrokerExecutionReport::default();
+
+        broker
+            .process_value(
+                date,
+                &mut portfolio,
+                &data,
+                "000001.SZ",
+                125_000.0,
+                "periodic_rebalance_buy",
+                &mut BTreeMap::new(),
+                &mut BTreeMap::new(),
+                &mut None,
+                &mut BTreeMap::new(),
+                &mut report,
+            )
+            .expect("value buy processed");
+
+        assert!(portfolio.position("000001.SZ").is_none());
+        assert_eq!(report.order_events.len(), 1);
+        assert_eq!(report.order_events[0].filled_quantity, 0);
+        assert!(
+            report.order_events[0]
+                .reason
+                .contains("open at or above upper limit")
+        );
+    }
+
     #[test]
     fn strict_value_buy_budget_includes_commission_at_execution_price() {
         let date = chrono::NaiveDate::from_ymd_opt(2025, 1, 2).expect("valid date");