记录手工公司行为校正Linux配套验收

crates/fidc-core/src/broker/tests/algorithm_clock.rs

@@ -0,0 +1,778 @@
+use super::*;
+
+fn time(minute: u32) -> NaiveTime {
+    NaiveTime::from_hms_opt(10, minute, 0).unwrap()
+}
+
+fn data(quotes: &[(u32, f64, u32)]) -> DataSet {
+    data_with_snapshot(quotes, limit_test_snapshot())
+}
+
+fn data_with_snapshot(quotes: &[(u32, f64, u32)], snapshot: DailyMarketSnapshot) -> DataSet {
+    DataSet::from_components_with_actions_and_quotes(
+        vec![limit_test_instrument()],
+        vec![snapshot],
+        vec![],
+        vec![limit_test_candidate(true, true)],
+        vec![limit_test_benchmark()],
+        vec![],
+        quotes
+            .iter()
+            .map(|&(minute, price, volume)| {
+                let mut quote = limit_test_quote(price, price, price);
+                quote.timestamp = quote.date.and_time(time(minute));
+                quote.volume_delta = u64::from(volume);
+                quote.amount_delta = price * f64::from(volume);
+                quote.bid1_volume = u64::from(volume / 100);
+                quote.ask1_volume = u64::from(volume / 100);
+                quote
+            })
+            .collect(),
+    )
+    .unwrap()
+}
+
+fn broker() -> BrokerSimulator<ChinaAShareCostModel, ChinaEquityRuleHooks> {
+    BrokerSimulator::new(
+        ChinaAShareCostModel::default()
+            .with_commission_rate(0.0003)
+            .with_minimum_commission(5.),
+        ChinaEquityRuleHooks,
+    )
+    .with_matching_type(MatchingType::MinuteLast)
+    .with_execution_price_field(PriceField::Last)
+    .with_intraday_execution_start_time(time(0))
+    .with_volume_limit(true)
+    .with_volume_percent(0.25)
+    .with_liquidity_limit(false)
+    .with_inactive_limit(false)
+    .with_strict_value_budget(true)
+}
+
+fn intent(style: AlgoOrderStyle, value: f64) -> StrategyDecision {
+    StrategyDecision {
+        order_intents: vec![OrderIntent::AlgoValue {
+            symbol: "000001.SZ".into(),
+            value,
+            style,
+            start_time: Some(time(0)),
+            end_time: Some(time(10)),
+            reason: "clock-algorithm".into(),
+        }],
+        ..Default::default()
+    }
+}
+
+fn step(
+    broker: &BrokerSimulator<ChinaAShareCostModel, ChinaEquityRuleHooks>,
+    portfolio: &mut PortfolioState,
+    data: &DataSet,
+    minute: u32,
+    decision: &StrategyDecision,
+) -> BrokerExecutionReport {
+    broker
+        .execute_between(
+            limit_test_snapshot().date,
+            portfolio,
+            data,
+            decision,
+            Some(time(minute)),
+            Some(time(minute)),
+        )
+        .unwrap()
+}
+
+#[test]
+fn twap_clock_preserves_quantity_prices_fees_budget_and_parent_order() {
+    let data = data(&[
+        (0, 10., 4_000),
+        (2, 10.1, 4_000),
+        (5, 10.2, 4_000),
+        (10, 10.3, 4_000),
+    ]);
+    let decision = intent(AlgoOrderStyle::Twap, 10_000.);
+    let mut synchronous_account = PortfolioState::new(20_000.);
+    let reference = broker()
+        .execute(
+            limit_test_snapshot().date,
+            &mut synchronous_account,
+            &data,
+            &decision,
+        )
+        .unwrap();
+    let broker = broker();
+    let mut account = PortfolioState::new(20_000.);
+    let mut fills = Vec::new();
+    let mut events = Vec::new();
+    let empty = StrategyDecision::default();
+    for minute in [0, 2, 5, 10] {
+        let batch = step(
+            &broker,
+            &mut account,
+            &data,
+            minute,
+            if minute == 0 { &decision } else { &empty },
+        );
+        assert!(
+            batch
+                .fill_events
+                .iter()
+                .all(|fill| fill.execution_timestamp.unwrap().time() <= time(minute))
+        );
+        fills.extend(batch.fill_events);
+        events.extend(batch.order_events);
+    }
+    let canonical = |rows: &[crate::events::FillEvent]| {
+        rows.iter()
+            .map(|fill| {
+                (
+                    fill.quantity,
+                    fill.price.to_bits(),
+                    fill.commission.to_bits(),
+                    fill.stamp_tax.to_bits(),
+                    fill.transfer_fee.to_bits(),
+                    fill.execution_timestamp,
+                    fill.order_id,
+                )
+            })
+            .collect::<Vec<_>>()
+    };
+    assert_eq!(canonical(&fills), canonical(&reference.fill_events));
+    assert_eq!(account.cash(), synchronous_account.cash());
+    assert_eq!(fills.iter().map(|fill| fill.quantity).sum::<u32>(), 900);
+    assert_eq!(fills.iter().map(|fill| fill.commission).sum::<f64>(), 5.);
+    assert!(fills.iter().map(|fill| -fill.net_cash_flow).sum::<f64>() <= 10_000.);
+    assert!(events.iter().all(|event| event.order_id == Some(1)));
+    assert_eq!(events.last().unwrap().status, OrderStatus::Filled);
+    assert!(broker.open_order_views().is_empty());
+}
+
+#[test]
+fn partial_algorithm_cancel_releases_reservation_and_never_executes_the_remainder() {
+    let data = data(&[
+        (0, 10., 4_000),
+        (2, 10., 4_000),
+        (5, 10., 4_000),
+        (10, 10., 4_000),
+    ]);
+    let broker = broker();
+    let mut account = PortfolioState::new(20_000.);
+    step(
+        &broker,
+        &mut account,
+        &data,
+        0,
+        &intent(AlgoOrderStyle::Twap, 10_000.),
+    );
+    assert_eq!(broker.open_order_views()[0].reserved_cash, Some(10_000.));
+    let partial = step(
+        &broker,
+        &mut account,
+        &data,
+        2,
+        &StrategyDecision::default(),
+    );
+    assert_eq!(
+        partial
+            .fill_events
+            .iter()
+            .map(|fill| fill.quantity)
+            .sum::<u32>(),
+        100
+    );
+    let working = broker.open_order_views();
+    assert_eq!(working[0].order_id, 1);
+    assert_eq!(working[0].filled_quantity, 100);
+    assert_eq!(
+        working[0].reserved_cash,
+        Some(10_000. + partial.fill_events[0].net_cash_flow)
+    );
+    let cancel = step(
+        &broker,
+        &mut account,
+        &data,
+        3,
+        &StrategyDecision {
+            order_intents: vec![OrderIntent::CancelAll {
+                reason: "explicit-user-cancel".into(),
+            }],
+            ..Default::default()
+        },
+    );
+    assert!(cancel.fill_events.is_empty());
+    assert_eq!(
+        cancel.order_events.last().unwrap().status,
+        OrderStatus::Canceled
+    );
+    assert_eq!(cancel.order_events.last().unwrap().filled_quantity, 100);
+    assert!(broker.open_order_views().is_empty());
+    assert!(
+        step(
+            &broker,
+            &mut account,
+            &data,
+            10,
+            &StrategyDecision::default()
+        )
+        .fill_events
+        .is_empty()
+    );
+    assert_eq!(account.position("000001.SZ").unwrap().quantity, 100);
+}
+
+#[test]
+fn algorithm_expiry_without_a_quote_does_not_reuse_old_liquidity() {
+    let data = data(&[(0, 10., 4_000), (2, 10., 4_000)]);
+    let broker = broker();
+    let mut account = PortfolioState::new(20_000.);
+    step(
+        &broker,
+        &mut account,
+        &data,
+        0,
+        &intent(AlgoOrderStyle::Twap, 10_000.),
+    );
+    step(
+        &broker,
+        &mut account,
+        &data,
+        2,
+        &StrategyDecision::default(),
+    );
+    assert_eq!(
+        broker.next_day_order_expiry(limit_test_snapshot().date),
+        Some(time(10))
+    );
+    let terminal = step(
+        &broker,
+        &mut account,
+        &data,
+        10,
+        &StrategyDecision::default(),
+    );
+    assert!(terminal.fill_events.is_empty());
+    assert_eq!(
+        terminal.order_events.last().unwrap().status,
+        OrderStatus::Expired
+    );
+    assert_eq!(terminal.order_events.last().unwrap().filled_quantity, 100);
+    assert!(
+        terminal
+            .process_events
+            .iter()
+            .any(|event| event.detail.contains("Expired")),
+        "{:?}",
+        terminal.process_events
+    );
+    assert!(broker.open_order_views().is_empty());
+}
+
+#[test]
+fn separate_buy_cannot_spend_the_working_algorithms_cash_budget() {
+    let data = data(&[
+        (0, 10., 4_000),
+        (1, 10., 4_000),
+        (2, 10., 4_000),
+        (10, 10., 4_000),
+    ]);
+    let broker = broker();
+    let mut account = PortfolioState::new(11_000.);
+    step(
+        &broker,
+        &mut account,
+        &data,
+        0,
+        &intent(AlgoOrderStyle::Twap, 10_000.),
+    );
+    let other = step(
+        &broker,
+        &mut account,
+        &data,
+        1,
+        &StrategyDecision {
+            order_intents: vec![OrderIntent::Shares {
+                symbol: "000001.SZ".into(),
+                quantity: 1_000,
+                reason: "separate-buy".into(),
+            }],
+            ..Default::default()
+        },
+    );
+    assert!(
+        other.fill_events.is_empty(),
+        "cash reserved for order 1 was spent: {:?}",
+        other.fill_events
+    );
+    let final_batch = step(
+        &broker,
+        &mut account,
+        &data,
+        10,
+        &StrategyDecision::default(),
+    );
+    assert!(
+        final_batch
+            .fill_events
+            .iter()
+            .all(|fill| fill.order_id == Some(1))
+    );
+    assert_eq!(account.position("000001.SZ").unwrap().quantity, 900);
+    assert!(account.cash() >= 1_000.);
+}
+
+#[test]
+fn changing_the_later_daily_close_does_not_resize_an_algorithm_submitted_now() {
+    let quotes = [(0, 10., 4_000), (2, 10.1, 4_000), (10, 10.2, 4_000)];
+    let mut changed = limit_test_snapshot();
+    changed.close = 100.;
+    changed.last_price = 100.;
+    let run = |data: DataSet| {
+        let broker = broker();
+        let mut account = PortfolioState::new(20_000.);
+        let initial = step(
+            &broker,
+            &mut account,
+            &data,
+            0,
+            &intent(AlgoOrderStyle::Twap, 10_000.),
+        );
+        assert!(initial.fill_events.is_empty());
+        let quantity = broker.open_order_views()[0].requested_quantity;
+        let final_batch = step(
+            &broker,
+            &mut account,
+            &data,
+            10,
+            &StrategyDecision::default(),
+        );
+        (
+            quantity,
+            final_batch
+                .fill_events
+                .iter()
+                .map(|fill| {
+                    (
+                        fill.quantity,
+                        fill.price.to_bits(),
+                        fill.net_cash_flow.to_bits(),
+                    )
+                })
+                .collect::<Vec<_>>(),
+        )
+    };
+    assert_eq!(
+        run(data(&quotes)),
+        run(data_with_snapshot(&quotes, changed))
+    );
+}
+
+#[test]
+fn vwap_clock_preserves_cash_costs_and_does_not_spend_future_volume() {
+    let data = data(&[
+        (0, 10., 400),
+        (2, 10., 800),
+        (5, 10., 1_200),
+        (10, 10., 4_000),
+    ]);
+    let decision = intent(AlgoOrderStyle::Vwap, 10_000.);
+    let mut synchronous_account = PortfolioState::new(20_000.);
+    let reference = broker()
+        .execute(
+            limit_test_snapshot().date,
+            &mut synchronous_account,
+            &data,
+            &decision,
+        )
+        .unwrap();
+    let broker = broker();
+    let mut account = PortfolioState::new(20_000.);
+    let empty = StrategyDecision::default();
+    let mut filled = 0;
+    let mut commission = 0.;
+    for (minute, expected) in [(0, 100), (2, 300), (5, 600), (10, 900)] {
+        let batch = step(
+            &broker,
+            &mut account,
+            &data,
+            minute,
+            if minute == 0 { &decision } else { &empty },
+        );
+        filled += batch
+            .fill_events
+            .iter()
+            .map(|fill| fill.quantity)
+            .sum::<u32>();
+        commission += batch
+            .fill_events
+            .iter()
+            .map(|fill| fill.commission)
+            .sum::<f64>();
+        assert_eq!(filled, expected);
+        assert!(batch.fill_events.iter().all(|fill| fill.order_id == Some(1)
+            && fill.execution_timestamp.unwrap().time() <= time(minute)));
+    }
+    assert_eq!(account.cash(), synchronous_account.cash());
+    assert_eq!(
+        commission,
+        reference
+            .fill_events
+            .iter()
+            .map(|fill| fill.commission)
+            .sum::<f64>()
+    );
+    assert!(broker.open_order_views().is_empty());
+}
+
+#[test]
+fn global_vwap_matching_keeps_the_same_working_order_between_clock_ticks() {
+    let data = data(&[(0, 10., 400), (2, 10., 400), (10, 10., 4_000)]);
+    let broker = broker().with_matching_type(MatchingType::Vwap);
+    let mut account = PortfolioState::new(20_000.);
+    let first = step(
+        &broker,
+        &mut account,
+        &data,
+        0,
+        &StrategyDecision {
+            order_intents: vec![OrderIntent::Shares {
+                symbol: "000001.SZ".into(),
+                quantity: 900,
+                reason: "configured-vwap".into(),
+            }],
+            ..Default::default()
+        },
+    );
+    assert_eq!(
+        first
+            .fill_events
+            .iter()
+            .map(|fill| fill.quantity)
+            .sum::<u32>(),
+        100
+    );
+    assert_eq!(
+        broker.open_order_views().len(),
+        1,
+        "{:?}",
+        first.order_events
+    );
+    let second = step(
+        &broker,
+        &mut account,
+        &data,
+        2,
+        &StrategyDecision::default(),
+    );
+    assert_eq!(second.fill_events[0].quantity, 100);
+    assert_eq!(second.fill_events[0].order_id, Some(1));
+    let final_batch = step(
+        &broker,
+        &mut account,
+        &data,
+        10,
+        &StrategyDecision::default(),
+    );
+    assert_eq!(final_batch.fill_events[0].quantity, 700);
+    assert_eq!(final_batch.fill_events[0].order_id, Some(1));
+    assert!(broker.open_order_views().is_empty());
+}
+
+#[test]
+fn algorithm_sell_honors_t_plus_one_and_keeps_original_quantity_after_partial_fills() {
+    let data = data(&[(0, 10., 400), (2, 10., 800), (10, 10., 4_000)]);
+    let date = limit_test_snapshot().date;
+    for acquired_today in [false, true] {
+        let broker = broker();
+        let mut account = PortfolioState::new(20_000.);
+        account.position_mut("000001.SZ").buy(
+            if acquired_today {
+                date
+            } else {
+                date.pred_opt().unwrap()
+            },
+            1_000,
+            10.,
+        );
+        let decision = intent(AlgoOrderStyle::Vwap, -10_000.);
+        let mut fills = Vec::new();
+        let mut events = Vec::new();
+        let empty = StrategyDecision::default();
+        for minute in [0, 2, 10] {
+            let batch = step(
+                &broker,
+                &mut account,
+                &data,
+                minute,
+                if minute == 0 { &decision } else { &empty },
+            );
+            fills.extend(batch.fill_events);
+            events.extend(batch.order_events);
+        }
+        assert_eq!(
+            fills.iter().map(|fill| fill.quantity).sum::<u32>(),
+            if acquired_today { 0 } else { 1_000 }
+        );
+        assert!(events.iter().all(|event| event.order_id == Some(1)));
+        if !acquired_today {
+            assert_eq!(events.last().unwrap().status, OrderStatus::Filled);
+            assert_eq!(events.last().unwrap().requested_quantity, 1_000);
+            assert_eq!(events.last().unwrap().filled_quantity, 1_000);
+        }
+        assert!(broker.open_order_views().is_empty());
+    }
+}
+
+#[test]
+fn an_explicit_ioc_or_fok_does_not_become_a_persistent_algorithm() {
+    let data = data(&[(0, 10., 400), (2, 10., 4_000), (10, 10., 4_000)]);
+    for tif in [
+        OrderTimeInForce::Ioc,
+        OrderTimeInForce::Fok,
+        OrderTimeInForce::Day,
+        OrderTimeInForce::Gtc,
+    ] {
+        let broker = broker();
+        let mut account = PortfolioState::new(20_000.);
+        let mut decision = intent(AlgoOrderStyle::Vwap, 10_000.);
+        if !decision.order_intents[0].supports_time_in_force(tif) {
+            decision.order_intents = decision
+                .order_intents
+                .into_iter()
+                .map(|intent| intent.with_time_in_force(tif))
+                .collect();
+            let error = broker
+                .execute_between(
+                    limit_test_snapshot().date,
+                    &mut account,
+                    &data,
+                    &decision,
+                    Some(time(0)),
+                    Some(time(0)),
+                )
+                .unwrap_err();
+            assert!(
+                error
+                    .to_string()
+                    .contains("is not supported for this order intent")
+            );
+            assert_eq!(account.cash(), 20_000.);
+            assert!(broker.open_order_views().is_empty());
+            continue;
+        }
+        decision.order_intents = decision
+            .order_intents
+            .into_iter()
+            .map(|intent| intent.with_time_in_force(tif))
+            .collect();
+        let first = step(&broker, &mut account, &data, 0, &decision);
+        let persists = matches!(tif, OrderTimeInForce::Day | OrderTimeInForce::Gtc);
+        assert_eq!(
+            !broker.open_order_views().is_empty(),
+            persists,
+            "{tif:?}: {:?}",
+            first.order_events
+        );
+        if !persists {
+            assert!(
+                step(
+                    &broker,
+                    &mut account,
+                    &data,
+                    10,
+                    &StrategyDecision::default()
+                )
+                .fill_events
+                .is_empty()
+            );
+        }
+    }
+}
+
+#[test]
+fn two_working_algorithms_reserve_only_real_cash_without_starving_the_first() {
+    let data = data(&[(0, 10., 40_000), (10, 10., 40_000)]);
+    let broker = broker();
+    let mut account = PortfolioState::new(15_000.);
+    let mut decision = intent(AlgoOrderStyle::Twap, 10_000.);
+    decision
+        .order_intents
+        .extend(intent(AlgoOrderStyle::Twap, 10_000.).order_intents);
+    step(&broker, &mut account, &data, 0, &decision);
+    assert_eq!(
+        broker
+            .open_order_views()
+            .iter()
+            .map(|order| order.reserved_cash.unwrap())
+            .collect::<Vec<_>>(),
+        vec![10_000., 5_000.]
+    );
+    let report = step(
+        &broker,
+        &mut account,
+        &data,
+        10,
+        &StrategyDecision::default(),
+    );
+    assert_eq!(
+        report
+            .fill_events
+            .iter()
+            .map(|fill| (fill.order_id, fill.quantity))
+            .collect::<Vec<_>>(),
+        vec![(Some(1), 900), (Some(2), 500)]
+    );
+    assert!(account.cash() >= 0.);
+    assert!(broker.open_order_views().is_empty());
+}
+
+#[test]
+fn a_clock_slice_does_not_turn_window_twap_into_an_unlimited_instant_order() {
+    let data = data(&[(0, 10., 100), (2, 10., 100), (10, 10.1, 100)]);
+    let broker = broker()
+        .with_volume_limit(false)
+        .with_liquidity_limit(false);
+    let mut account = PortfolioState::new(20_000.);
+    step(
+        &broker,
+        &mut account,
+        &data,
+        0,
+        &intent(AlgoOrderStyle::Twap, 10_000.),
+    );
+    let first = step(
+        &broker,
+        &mut account,
+        &data,
+        2,
+        &StrategyDecision::default(),
+    );
+    let last = step(
+        &broker,
+        &mut account,
+        &data,
+        10,
+        &StrategyDecision::default(),
+    );
+    assert_eq!(
+        first
+            .fill_events
+            .iter()
+            .map(|fill| fill.quantity)
+            .sum::<u32>(),
+        100
+    );
+    assert_eq!(
+        last.fill_events
+            .iter()
+            .map(|fill| fill.quantity)
+            .sum::<u32>(),
+        100
+    );
+    assert_eq!(
+        last.order_events.last().unwrap().status,
+        OrderStatus::Expired
+    );
+    assert_eq!(last.order_events.last().unwrap().filled_quantity, 200);
+    assert!(broker.open_order_views().is_empty());
+}
+
+#[test]
+fn non_matching_controls_amend_or_cancel_without_filling_a_crossing_quote() {
+    let data = data(&[(0, 10., 4_000), (2, 9.4, 4_000)]);
+    let broker = broker();
+    let mut account = PortfolioState::new(20_000.);
+    step(
+        &broker,
+        &mut account,
+        &data,
+        0,
+        &StrategyDecision {
+            order_intents: vec![
+                OrderIntent::LimitShares {
+                    symbol: "000001.SZ".into(),
+                    quantity: 100,
+                    limit_price: 9.5,
+                    reason: "resting".into(),
+                }
+                .with_time_in_force(OrderTimeInForce::Gtc),
+            ],
+            ..Default::default()
+        },
+    );
+    assert_eq!(broker.open_order_views().len(), 1);
+    let modify = broker
+        .execute_controls_without_matching(
+            limit_test_snapshot().date,
+            limit_test_snapshot().date,
+            &mut account,
+            &data,
+            &StrategyDecision {
+                order_intents: vec![OrderIntent::ModifyOrder {
+                    order_id: 1,
+                    new_total_quantity: Some(200),
+                    new_limit_price: Some(9.3),
+                    reason: "pre-open-amend".into(),
+                }],
+                ..Default::default()
+            },
+            Some(time(2)),
+        )
+        .unwrap();
+    assert!(modify.fill_events.is_empty());
+    assert_eq!(broker.open_order_views()[0].limit_price, 9.3);
+    assert_eq!(broker.open_order_views()[0].requested_quantity, 200);
+    let cancel = broker
+        .execute_controls_without_matching(
+            limit_test_snapshot().date,
+            limit_test_snapshot().date,
+            &mut account,
+            &data,
+            &StrategyDecision {
+                order_intents: vec![OrderIntent::CancelAll {
+                    reason: "pre-open-cancel".into(),
+                }],
+                ..Default::default()
+            },
+            Some(time(2)),
+        )
+        .unwrap();
+    assert!(cancel.fill_events.is_empty());
+    assert_eq!(
+        cancel.order_events.last().unwrap().status,
+        OrderStatus::Canceled
+    );
+    assert_eq!(account.cash(), 20_000.);
+    assert!(broker.open_order_views().is_empty());
+}
+
+#[test]
+fn control_only_phase_cannot_be_used_to_submit_an_order_or_leave_matching_disabled() {
+    let data = data(&[(0, 10., 4_000)]);
+    let broker = broker();
+    let mut account = PortfolioState::new(20_000.);
+    let submit = StrategyDecision {
+        order_intents: vec![OrderIntent::Shares {
+            symbol: "000001.SZ".into(),
+            quantity: 100,
+            reason: "normal-order".into(),
+        }],
+        ..Default::default()
+    };
+    assert!(
+        broker
+            .execute_controls_without_matching(
+                limit_test_snapshot().date,
+                limit_test_snapshot().date,
+                &mut account,
+                &data,
+                &submit,
+                Some(time(0))
+            )
+            .is_err()
+    );
+    assert_eq!(account.cash(), 20_000.);
+    assert_eq!(
+        step(&broker, &mut account, &data, 0, &submit).fill_events[0].quantity,
+        100
+    );
+}

crates/fidc-core/src/corporate_book.rs

@@ -0,0 +1,161 @@
+use crate::{
+    AccountEvent, BacktestError, BrokerExecutionReport, CashReceivable, DataSet, PortfolioState,
+    PositionEvent,
+};
+use chrono::NaiveDate;
+
+/// One corporate-action calculation for normal processing and audited replay.
+pub(crate) fn apply(
+    date: NaiveDate,
+    data: &DataSet,
+    portfolio: &mut PortfolioState,
+    notes: &mut Vec<String>,
+    cash_dividends_enabled: bool,
+    cash_dividend_adjusts_cost_basis: bool,
+) -> Result<BrokerExecutionReport, BacktestError> {
+    let mut report = BrokerExecutionReport::default();
+    for action in data.corporate_actions_on(date) {
+        if !action.has_effect() {
+            continue;
+        }
+        let Some(existing_position) = portfolio.position(&action.symbol) else {
+            continue;
+        };
+        if existing_position.quantity == 0 {
+            continue;
+        }
+
+        if cash_dividends_enabled && action.share_cash.abs() > f64::EPSILON {
+            let cash_before = portfolio.cash();
+            let (cash_delta, quantity_after, average_cost) = {
+                let position = portfolio
+                    .position_mut_if_exists(&action.symbol)
+                    .expect("position exists for dividend action");
+                let cash_delta = if cash_dividend_adjusts_cost_basis {
+                    position.apply_cash_dividend(action.share_cash)
+                } else {
+                    position.apply_cash_dividend_preserve_cost_basis(action.share_cash)
+                };
+                (cash_delta, position.quantity, position.average_cost)
+            };
+            if cash_delta.abs() > f64::EPSILON {
+                let payable_date = action.payable_date.unwrap_or(date);
+                portfolio.add_cash_receivable(CashReceivable {
+                    symbol: action.symbol.clone(),
+                    ex_date: date,
+                    payable_date,
+                    amount: cash_delta,
+                    reason: format!("cash_dividend {:.6}", action.share_cash),
+                });
+                let note = format!(
+                    "cash_dividend_receivable {} share_cash={:.6} quantity={} payable_date={} cash={:.2}",
+                    action.symbol, action.share_cash, quantity_after, payable_date, cash_delta
+                );
+                notes.push(note.clone());
+                report.account_events.push(AccountEvent {
+                    date,
+                    cash_before,
+                    cash_after: portfolio.cash(),
+                    total_equity: portfolio.total_equity(),
+                    note,
+                });
+                report.position_events.push(PositionEvent {
+                    date,
+                    symbol: action.symbol.clone(),
+                    delta_quantity: 0,
+                    quantity_after,
+                    average_cost,
+                    realized_pnl_delta: 0.0,
+                    reason: format!("cash_dividend {:.6}", action.share_cash),
+                });
+            }
+        }
+
+        let split_ratio = action.split_ratio();
+        if (split_ratio - 1.0).abs() > f64::EPSILON {
+            portfolio
+                .adjust_stock_pool_split(&action.symbol, split_ratio)
+                .map_err(BacktestError::Execution)?;
+            let (delta_quantity, quantity_after, average_cost) = {
+                let position = portfolio
+                    .position_mut_if_exists(&action.symbol)
+                    .expect("position exists for split action");
+                let delta_quantity = position.apply_split_ratio(split_ratio);
+                (delta_quantity, position.quantity, position.average_cost)
+            };
+            if delta_quantity != 0 {
+                let note = format!(
+                    "stock_split {} ratio={:.6} delta_qty={}",
+                    action.symbol, split_ratio, delta_quantity
+                );
+                notes.push(note);
+                report.position_events.push(PositionEvent {
+                    date,
+                    symbol: action.symbol.clone(),
+                    delta_quantity,
+                    quantity_after,
+                    average_cost,
+                    realized_pnl_delta: 0.0,
+                    reason: format!("stock_split {:.6}", split_ratio),
+                });
+            }
+        }
+
+        if action.has_successor_conversion() {
+            let successor_symbol = action
+                .successor_symbol
+                .as_deref()
+                .expect("successor symbol checked");
+            let Some(outcome) = portfolio.apply_successor_conversion(
+                &action.symbol,
+                successor_symbol,
+                action.successor_ratio_value(),
+                action.successor_cash_value(),
+            ) else {
+                continue;
+            };
+            let reason = format!(
+                "successor_conversion {}->{} ratio={:.6} cash_per_share={:.6}",
+                outcome.old_symbol,
+                outcome.new_symbol,
+                action.successor_ratio_value(),
+                action.successor_cash_value()
+            );
+            notes.push(reason.clone());
+            report.position_events.push(PositionEvent {
+                date,
+                symbol: outcome.old_symbol.clone(),
+                delta_quantity: -(outcome.old_quantity as i32),
+                quantity_after: 0,
+                average_cost: 0.0,
+                realized_pnl_delta: 0.0,
+                reason: reason.clone(),
+            });
+            report.position_events.push(PositionEvent {
+                date,
+                symbol: outcome.new_symbol.clone(),
+                delta_quantity: outcome.new_quantity_delta,
+                quantity_after: outcome.new_quantity_after,
+                average_cost: outcome.new_average_cost_after,
+                realized_pnl_delta: 0.0,
+                reason: reason.clone(),
+            });
+            if outcome.cash_delta.abs() > f64::EPSILON {
+                let cash_before = portfolio.cash();
+                portfolio
+                    .apply_cash_delta(outcome.cash_delta)
+                    .map_err(BacktestError::Execution)?;
+                report.account_events.push(AccountEvent {
+                    date,
+                    cash_before,
+                    cash_after: portfolio.cash(),
+                    total_equity: portfolio.total_equity(),
+                    note: format!("{} cash={:.2}", reason, outcome.cash_delta),
+                });
+            }
+        }
+    }
+
+    portfolio.prune_flat_positions();
+    Ok(report)
+}

crates/fidc-core/src/data.rs

@@ -313,8 +313,8 @@ pub enum QuoteObservationKind {
 
 /// Sparse same-day fields layered onto an already-built immutable daily panel.
 ///
-/// These fields do not participate in daily price series, adjustment series,
+/// These fields leave daily OHLC, adjustment series and symbol indexes intact,
-/// symbol indexes, or rolling windows. Applying them in place lets the runner
+/// but update quote history and Last-price rolling windows. Applying them lets the runner
 /// reuse the candidate-planning `DataSet` as the final execution `DataSet`
 /// without rebuilding the full market panel.
 #[derive(Debug, Clone, Serialize, Deserialize)]
@@ -597,17 +597,21 @@ pub fn decision_free_float_cap_bn(factor: &DailyFactorSnapshot) -> f64 {
 #[derive(Debug, Clone)]
 struct SymbolPriceSeries {
     base: Arc<SymbolDailySeriesBase>,
-    timestamps: Vec<Option<String>>,
+    timestamps: RepeatedValues<Option<String>>,
-    last_prices: Vec<f64>,
+    last_prices: ReferenceMatchedValues,
-    bid1s: Vec<f64>,
+    bid1s: ReferenceMatchedValues,
-    ask1s: Vec<f64>,
+    ask1s: ReferenceMatchedValues,
-    minute_volumes: Vec<u64>,
+    minute_volumes: RepeatedValues<u64>,
-    bid1_volumes: Vec<u64>,
+    bid1_volumes: RepeatedValues<u64>,
-    ask1_volumes: Vec<u64>,
+    ask1_volumes: RepeatedValues<u64>,
-    trading_phases: Vec<Option<String>>,
+    trading_phases: RepeatedValues<Option<String>>,
-    last_prefix: Vec<f64>,
+    last_prefix: ReferenceMatchedValues,
 }
 
+#[path = "series_columns.rs"]
+mod series_columns;
+use series_columns::{ReferenceMatchedValues, RepeatedValues};
+
 #[derive(Debug)]
 struct SymbolDailySeriesBase {
     symbol: String,
@@ -623,6 +627,7 @@ struct SymbolDailySeriesBase {
     upper_limits: Vec<f64>,
     lower_limits: Vec<f64>,
     price_ticks: Vec<f64>,
+    day_open_prefix: Vec<f64>,
     open_prefix: Vec<f64>,
     close_prefix: Vec<f64>,
     prev_close_prefix: Vec<f64>,
@@ -839,51 +844,52 @@ impl SymbolPriceSeries {
         );
         let row_count = rows.len();
         let mut dates = Vec::with_capacity(row_count);
-        let mut timestamps = Vec::with_capacity(row_count);
+        let mut timestamps = RepeatedValues::new();
         let mut day_opens = Vec::with_capacity(row_count);
         let mut opens = Vec::with_capacity(row_count);
         let mut highs = Vec::with_capacity(row_count);
         let mut lows = Vec::with_capacity(row_count);
         let mut closes = Vec::with_capacity(row_count);
         let mut prev_closes = Vec::with_capacity(row_count);
-        let mut last_prices = Vec::with_capacity(row_count);
+        let mut last_prices = ReferenceMatchedValues::Identical;
-        let mut bid1s = Vec::with_capacity(row_count);
+        let mut bid1s = ReferenceMatchedValues::Identical;
-        let mut ask1s = Vec::with_capacity(row_count);
+        let mut ask1s = ReferenceMatchedValues::Identical;
         let mut volumes = Vec::with_capacity(row_count);
-        let mut minute_volumes = Vec::with_capacity(row_count);
+        let mut minute_volumes = RepeatedValues::new();
-        let mut bid1_volumes = Vec::with_capacity(row_count);
+        let mut bid1_volumes = RepeatedValues::new();
-        let mut ask1_volumes = Vec::with_capacity(row_count);
+        let mut ask1_volumes = RepeatedValues::new();
-        let mut trading_phases = Vec::with_capacity(row_count);
+        let mut trading_phases = RepeatedValues::new();
         let mut paused = Vec::with_capacity(row_count);
         let mut upper_limits = Vec::with_capacity(row_count);
         let mut lower_limits = Vec::with_capacity(row_count);
         let mut price_ticks = Vec::with_capacity(row_count);
         for row in rows {
             dates.push(row.date);
-            timestamps.push(row.timestamp.clone());
+            timestamps.push(&row.timestamp, row_count);
             day_opens.push(row.day_open);
             opens.push(row.open);
             highs.push(row.high);
             lows.push(row.low);
             closes.push(row.close);
             prev_closes.push(row.prev_close);
-            last_prices.push(row.last_price);
+            last_prices.push(row.last_price, &closes, row_count);
-            bid1s.push(row.bid1);
+            bid1s.push(row.bid1, &closes, row_count);
-            ask1s.push(row.ask1);
+            ask1s.push(row.ask1, &closes, row_count);
             volumes.push(row.volume);
-            minute_volumes.push(row.minute_volume);
+            minute_volumes.push(&row.minute_volume, row_count);
-            bid1_volumes.push(row.bid1_volume);
+            bid1_volumes.push(&row.bid1_volume, row_count);
-            ask1_volumes.push(row.ask1_volume);
+            ask1_volumes.push(&row.ask1_volume, row_count);
-            trading_phases.push(row.trading_phase.clone());
+            trading_phases.push(&row.trading_phase, row_count);
             paused.push(row.paused);
             upper_limits.push(row.upper_limit);
             lower_limits.push(row.lower_limit);
             price_ticks.push(row.price_tick);
         }
+        let day_open_prefix = prefix_sums(&day_opens);
         let open_prefix = prefix_sums(&opens);
         let close_prefix = prefix_sums(&closes);
         let prev_close_prefix = prefix_sums(&prev_closes);
-        let last_prefix = prefix_sums(&last_prices);
+        let last_prefix = last_prices.prefix();
         let mut valid_volume_sum_prefix = Vec::with_capacity(volumes.len() + 1);
         let mut valid_volume_count_prefix = Vec::with_capacity(volumes.len() + 1);
         valid_volume_sum_prefix.push(0.0);
@@ -926,6 +932,7 @@ impl SymbolPriceSeries {
                 upper_limits,
                 lower_limits,
                 price_ticks,
+                day_open_prefix,
                 open_prefix,
                 close_prefix,
                 prev_close_prefix,
@@ -955,23 +962,23 @@ impl SymbolPriceSeries {
                 .dates
                 .binary_search(&overlay.date)
                 .map_err(|_| overlay.date)?;
-            self.timestamps[index] = overlay.timestamp.clone();
+            self.timestamps.set(index, overlay.timestamp.clone());
             if let Some(last_price) = overlay
                 .last_price
                 .filter(|value| value.is_finite() && *value > 0.0)
             {
-                self.last_prices[index] = last_price;
+                self.last_prices.set(index, last_price, &self.base.closes);
                 last_price_changed = true;
             }
-            self.bid1s[index] = overlay.bid1;
+            self.bid1s.set(index, overlay.bid1, &self.base.closes);
-            self.ask1s[index] = overlay.ask1;
+            self.ask1s.set(index, overlay.ask1, &self.base.closes);
-            self.minute_volumes[index] = overlay.minute_volume;
+            self.minute_volumes.set(index, overlay.minute_volume);
-            self.bid1_volumes[index] = overlay.bid1_volume;
+            self.bid1_volumes.set(index, overlay.bid1_volume);
-            self.ask1_volumes[index] = overlay.ask1_volume;
+            self.ask1_volumes.set(index, overlay.ask1_volume);
-            self.trading_phases[index] = overlay.trading_phase.clone();
+            self.trading_phases.set(index, overlay.trading_phase.clone());
         }
         if last_price_changed {
-            self.last_prefix = prefix_sums(&self.last_prices);
+            self.last_prefix = self.last_prices.prefix();
         }
         Ok(())
     }
@@ -1191,7 +1198,7 @@ impl SymbolPriceSeries {
             PriceField::DayOpen => &self.day_opens,
             PriceField::Open => &self.opens,
             PriceField::Close => &self.closes,
-            PriceField::Last => &self.last_prices,
+            PriceField::Last => self.last_prices.values(&self.closes),
         }
     }
 
@@ -1205,10 +1212,10 @@ impl SymbolPriceSeries {
 
     fn prefix_for(&self, field: PriceField) -> &[f64] {
         match field {
-            PriceField::DayOpen => &self.open_prefix,
+            PriceField::DayOpen => &self.day_open_prefix,
             PriceField::Open => &self.open_prefix,
             PriceField::Close => &self.close_prefix,
-            PriceField::Last => &self.last_prefix,
+            PriceField::Last => self.last_prefix.values(&self.close_prefix),
         }
     }
 
@@ -1222,9 +1229,9 @@ impl SymbolPriceSeries {
             high: self.highs[index],
             low: self.lows[index],
             close: self.closes[index],
-            last_price: self.last_prices[index],
+            last_price: self.last_prices.values(&self.closes)[index],
-            bid1: self.bid1s[index],
+            bid1: self.bid1s.values(&self.closes)[index],
-            ask1: self.ask1s[index],
+            ask1: self.ask1s.values(&self.closes)[index],
             prev_close: self.prev_closes[index],
             volume: self.volumes[index],
             minute_volume: self.minute_volumes[index],
@@ -1245,12 +1252,12 @@ impl SymbolPriceSeries {
             "high" => Some(self.highs[index]),
             "low" => Some(self.lows[index]),
             "close" | "price" => Some(self.closes[index]),
-            "last" | "last_price" => Some(self.last_prices[index]),
+            "last" | "last_price" => Some(self.last_prices.values(&self.closes)[index]),
             "prev_close" | "pre_close" => Some(self.prev_closes[index]),
             "volume" => Some(self.volumes[index] as f64),
             "minute_volume" => Some(self.minute_volumes[index] as f64),
-            "bid1" => Some(self.bid1s[index]),
+            "bid1" => Some(self.bid1s.values(&self.closes)[index]),
-            "ask1" => Some(self.ask1s[index]),
+            "ask1" => Some(self.ask1s.values(&self.closes)[index]),
             "bid1_volume" => Some(self.bid1_volumes[index] as f64),
             "ask1_volume" => Some(self.ask1_volumes[index] as f64),
             "upper_limit" => Some(self.upper_limits[index]),
@@ -6553,6 +6560,103 @@ mod tests {
         }
     }
 
+    #[test]
+    fn series_columns_preserve_full_snapshots_and_distinct_price_bits() {
+        for mixed in [false, true] {
+            let mut rows = (0..6).map(|index| {
+                let date = NaiveDate::from_ymd_opt(2025, 1, 2 + index).unwrap();
+                let mut row = market_row(&date.to_string(), 10. + index as f64, 1_000);
+                row.minute_volume = 7;
+                row.trading_phase = Some("continuous".to_string());
+                row
+            }).collect::<Vec<_>>();
+            if mixed {
+                rows[2].last_price = 0.;
+                rows[3].bid1 = -0.;
+                rows[4].ask1 = f64::from_bits(0x7ff8_0000_0000_0042);
+                rows[4].timestamp = Some("2025-01-06 10:21:00".to_string());
+                rows[4].trading_phase = None;
+                rows[4].minute_volume = 10_000;
+            }
+            let series = SymbolPriceSeries::new("000001.SZ".to_string(), &rows);
+            for (index, expected) in rows.iter().enumerate() {
+                let actual = series.snapshot_at(index);
+                assert_eq!(serde_json::to_value(&actual).unwrap(), serde_json::to_value(expected).unwrap());
+                assert_eq!(actual.last_price.to_bits(), expected.last_price.to_bits());
+                assert_eq!(actual.bid1.to_bits(), expected.bid1.to_bits());
+                assert_eq!(actual.ask1.to_bits(), expected.ask1.to_bits());
+            }
+            let expected_prefix = prefix_sums(&rows.iter().map(|row| row.last_price).collect::<Vec<_>>());
+            let bits = |values: &[f64]| values.iter().map(|value| value.to_bits()).collect::<Vec<_>>();
+            assert_eq!(bits(series.prefix_for(PriceField::Last)), bits(&expected_prefix));
+            if !mixed {
+                assert!(matches!(series.last_prices, ReferenceMatchedValues::Identical));
+                assert!(matches!(series.bid1s, ReferenceMatchedValues::Identical));
+                assert!(matches!(series.ask1s, ReferenceMatchedValues::Identical));
+                assert_eq!(series.price_values_for(PriceField::Last).as_ptr(), series.closes.as_ptr());
+            }
+        }
+    }
+
+    #[test]
+    fn series_overlay_materializes_only_changed_values_and_preserves_history_cutoff() {
+        let rows = [
+            market_row("2025-01-02", 10., 1_000),
+            market_row("2025-01-03", 12., 2_000),
+            market_row("2025-01-06", 14., 3_000),
+        ];
+        let original = SymbolPriceSeries::new("000001.SZ".to_string(), &rows);
+        let mut changed = original.clone();
+        let overlay = IntradayMarketSnapshotOverlay {
+            date: rows[2].date, symbol: "000001.SZ".to_string(),
+            timestamp: Some("2025-01-06 13:20:00".to_string()), last_price: Some(15.),
+            bid1: 14., ask1: 15.01, minute_volume: 30, bid1_volume: 20, ask1_volume: 10,
+            trading_phase: Some("continuous".to_string()),
+        };
+        changed.apply_intraday_market_overlays(&[&overlay]).unwrap();
+        assert!(Arc::ptr_eq(&original.base, &changed.base));
+        assert!(matches!(original.last_prices, ReferenceMatchedValues::Identical));
+        assert!(matches!(changed.last_prices, ReferenceMatchedValues::Owned(_)));
+        assert!(matches!(changed.bid1s, ReferenceMatchedValues::Identical));
+        let mut expected = rows[2].clone();
+        expected.timestamp = overlay.timestamp.clone();
+        expected.last_price = 15.;
+        expected.bid1 = overlay.bid1;
+        expected.ask1 = overlay.ask1;
+        expected.minute_volume = overlay.minute_volume;
+        expected.bid1_volume = overlay.bid1_volume;
+        expected.ask1_volume = overlay.ask1_volume;
+        expected.trading_phase = overlay.trading_phase.clone();
+        assert_eq!(serde_json::to_value(changed.snapshot_at(2)).unwrap(), serde_json::to_value(expected).unwrap());
+        assert_eq!(original.snapshot_at(2).last_price, 14.);
+        assert_eq!(changed.moving_average(rows[1].date, 2, PriceField::Last), Some(11.));
+        assert_eq!(changed.trailing_values(rows[1].date, 2, PriceField::Last), vec![10., 12.]);
+        assert_eq!(changed.trailing_snapshots(rows[2].date, 2, false).len(), 2);
+        assert_eq!(changed.trailing_numeric_values(rows[2].date, 2, "last", false), vec![10., 12.]);
+        assert_eq!(changed.moving_average(rows[2].date, 2, PriceField::Last), Some(13.5));
+        let mut unknown = overlay;
+        unknown.date = NaiveDate::from_ymd_opt(2025, 2, 1).unwrap();
+        assert_eq!(changed.apply_intraday_market_overlays(&[&unknown]), Err(unknown.date));
+    }
+
+    #[test]
+    fn day_open_moving_average_uses_its_own_historical_column() {
+        let mut first = market_row("2025-01-02", 10.0, 100);
+        first.day_open = 10.0;
+        first.open = 20.0;
+        let mut second = market_row("2025-01-03", 12.0, 200);
+        second.day_open = 12.0;
+        second.open = 24.0;
+        let rows = [first, second];
+        let series = SymbolPriceSeries::new("000001.SZ".to_string(), &rows);
+        let date = NaiveDate::from_ymd_opt(2025, 1, 3).unwrap();
+        assert_eq!(series.trailing_values(date, 2, PriceField::DayOpen), vec![10.0, 12.0]);
+        assert_eq!(series.moving_average(date, 2, PriceField::DayOpen), Some(11.0));
+        assert_eq!(series.moving_average(date, 2, PriceField::Open), Some(22.0));
+        assert_eq!(series.moving_average(date, 0, PriceField::DayOpen), None);
+        assert_eq!(series.moving_average(date, 3, PriceField::DayOpen), None);
+    }
+
     #[test]
     fn symbol_price_series_test_constructor_sorts_unsorted_rows() {
         let series = SymbolPriceSeries::new(

crates/fidc-core/src/events.rs

@@ -311,6 +311,7 @@ pub enum ProcessEventKind {
     OrderUpdateReject,
     OrderUnsolicitedUpdate,
     Trade,
+    ManualExecutionObserved,
     UniverseUpdated,
     UniverseSubscribed,
     UniverseUnsubscribed,
@@ -358,6 +359,7 @@ impl ProcessEventKind {
             Self::OrderUpdateReject => "order_update_reject",
             Self::OrderUnsolicitedUpdate => "order_unsolicited_update",
             Self::Trade => "trade",
+            Self::ManualExecutionObserved => "manual_execution_observed",
             Self::UniverseUpdated => "universe_updated",
             Self::UniverseSubscribed => "universe_subscribed",
             Self::UniverseUnsubscribed => "universe_unsubscribed",
@@ -391,6 +393,7 @@ impl ProcessEventKind {
                 | Self::OrderUpdateReject
                 | Self::OrderUnsolicitedUpdate
                 | Self::Trade
+                | Self::ManualExecutionObserved
                 | Self::UniverseUpdated
                 | Self::UniverseSubscribed
                 | Self::UniverseUnsubscribed

crates/fidc-core/src/finite_serialization.rs

@@ -0,0 +1,196 @@
+//! Check typed pending intent numbers before JSON could replace NaN/Inf with null.
+//! This traverses the original Serialize representation without materializing it.
+use serde::{Serialize, Serializer, ser};
+
+#[derive(Clone, Copy)]
+struct Finite;
+
+pub(crate) fn validate(value: &impl Serialize) -> Result<(), serde_json::Error> {
+    value.serialize(Finite)
+}
+
+macro_rules! scalar {
+    ($($method:ident: $ty:ty),* $(,)?) => {$(
+        fn $method(self, _: $ty) -> Result<(), Self::Error> { Ok(()) }
+    )*};
+}
+
+impl Serializer for Finite {
+    type Ok = ();
+    type Error = serde_json::Error;
+    type SerializeSeq = Self;
+    type SerializeTuple = Self;
+    type SerializeTupleStruct = Self;
+    type SerializeTupleVariant = Self;
+    type SerializeMap = Self;
+    type SerializeStruct = Self;
+    type SerializeStructVariant = Self;
+
+    scalar!(serialize_bool: bool, serialize_i8: i8, serialize_i16: i16,
+        serialize_i32: i32, serialize_i64: i64, serialize_i128: i128,
+        serialize_u8: u8, serialize_u16: u16, serialize_u32: u32,
+        serialize_u64: u64, serialize_u128: u128, serialize_char: char,
+        serialize_str: &str, serialize_bytes: &[u8]);
+    fn serialize_f32(self, value: f32) -> Result<(), Self::Error> {
+        self.serialize_f64(f64::from(value))
+    }
+    fn serialize_f64(self, value: f64) -> Result<(), Self::Error> {
+        if value.is_finite() {
+            Ok(())
+        } else {
+            Err(ser::Error::custom(
+                "pending strategy intent contains a non-finite number",
+            ))
+        }
+    }
+    fn serialize_none(self) -> Result<(), Self::Error> {
+        Ok(())
+    }
+    fn serialize_some<T: ?Sized + Serialize>(self, value: &T) -> Result<(), Self::Error> {
+        value.serialize(self)
+    }
+    fn serialize_unit(self) -> Result<(), Self::Error> {
+        Ok(())
+    }
+    fn serialize_unit_struct(self, _: &'static str) -> Result<(), Self::Error> {
+        Ok(())
+    }
+    fn serialize_unit_variant(
+        self,
+        _: &'static str,
+        _: u32,
+        _: &'static str,
+    ) -> Result<(), Self::Error> {
+        Ok(())
+    }
+    fn serialize_newtype_struct<T: ?Sized + Serialize>(
+        self,
+        _: &'static str,
+        value: &T,
+    ) -> Result<(), Self::Error> {
+        value.serialize(self)
+    }
+    fn serialize_newtype_variant<T: ?Sized + Serialize>(
+        self,
+        _: &'static str,
+        _: u32,
+        _: &'static str,
+        value: &T,
+    ) -> Result<(), Self::Error> {
+        value.serialize(self)
+    }
+    fn serialize_seq(self, _: Option<usize>) -> Result<Self, Self::Error> {
+        Ok(self)
+    }
+    fn serialize_tuple(self, _: usize) -> Result<Self, Self::Error> {
+        Ok(self)
+    }
+    fn serialize_tuple_struct(self, _: &'static str, _: usize) -> Result<Self, Self::Error> {
+        Ok(self)
+    }
+    fn serialize_tuple_variant(
+        self,
+        _: &'static str,
+        _: u32,
+        _: &'static str,
+        _: usize,
+    ) -> Result<Self, Self::Error> {
+        Ok(self)
+    }
+    fn serialize_map(self, _: Option<usize>) -> Result<Self, Self::Error> {
+        Ok(self)
+    }
+    fn serialize_struct(self, _: &'static str, _: usize) -> Result<Self, Self::Error> {
+        Ok(self)
+    }
+    fn serialize_struct_variant(
+        self,
+        _: &'static str,
+        _: u32,
+        _: &'static str,
+        _: usize,
+    ) -> Result<Self, Self::Error> {
+        Ok(self)
+    }
+}
+
+macro_rules! sequence {
+    ($trait:ident, $method:ident) => {
+        impl ser::$trait for Finite {
+            type Ok = ();
+            type Error = serde_json::Error;
+            fn $method<T: ?Sized + Serialize>(&mut self, value: &T) -> Result<(), Self::Error> {
+                value.serialize(*self)
+            }
+            fn end(self) -> Result<(), Self::Error> {
+                Ok(())
+            }
+        }
+    };
+}
+sequence!(SerializeSeq, serialize_element);
+sequence!(SerializeTuple, serialize_element);
+sequence!(SerializeTupleStruct, serialize_field);
+sequence!(SerializeTupleVariant, serialize_field);
+
+impl ser::SerializeMap for Finite {
+    type Ok = ();
+    type Error = serde_json::Error;
+    fn serialize_key<T: ?Sized + Serialize>(&mut self, value: &T) -> Result<(), Self::Error> {
+        value.serialize(*self)
+    }
+    fn serialize_value<T: ?Sized + Serialize>(&mut self, value: &T) -> Result<(), Self::Error> {
+        value.serialize(*self)
+    }
+    fn end(self) -> Result<(), Self::Error> {
+        Ok(())
+    }
+}
+
+macro_rules! structure {
+    ($trait:ident) => {
+        impl ser::$trait for Finite {
+            type Ok = ();
+            type Error = serde_json::Error;
+            fn serialize_field<T: ?Sized + Serialize>(
+                &mut self,
+                _: &'static str,
+                value: &T,
+            ) -> Result<(), Self::Error> {
+                value.serialize(*self)
+            }
+            fn end(self) -> Result<(), Self::Error> {
+                Ok(())
+            }
+        }
+    };
+}
+structure!(SerializeStruct);
+structure!(SerializeStructVariant);
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use crate::strategy::{OrderIntent, StrategyDecision};
+
+    #[test]
+    fn pending_numbers_cannot_be_silently_serialized_as_optional_nulls() {
+        for value in [f64::NAN, f64::INFINITY, f64::NEG_INFINITY] {
+            let decision = StrategyDecision {
+                order_intents: vec![
+                    OrderIntent::LimitTargetPercent {
+                        symbol: "000001.SZ".into(),
+                        target_percent: 0.5,
+                        limit_price: value,
+                        reason: "test".into(),
+                    }
+                    .with_time_in_force(crate::strategy::OrderTimeInForce::Day),
+                ],
+                ..Default::default()
+            };
+            assert!(validate(&decision).is_err());
+            assert!(validate(&vec![Some(value)]).is_err());
+        }
+        assert!(validate(&(None::<f64>, vec![0., -0., 0.123456789], "NaN")).is_ok());
+    }
+}

crates/fidc-core/src/fixed_point.rs

@@ -28,6 +28,17 @@ impl FixedMoney {
         self.0
     }
 
+    pub fn to_decimal_string(self) -> String {
+        let magnitude = self.0.unsigned_abs();
+        let scale = MONEY_SCALE as u128;
+        let sign = if self.0 < 0 { "-" } else { "" };
+        let width = MONEY_SCALE.ilog10() as usize;
+        format!("{sign}{}.{:0width$}", magnitude / scale, magnitude % scale)
+            .trim_end_matches('0')
+            .trim_end_matches('.')
+            .to_string()
+    }
+
     pub fn from_decimal_str(value: &str) -> Result<Self, String> {
         let value = value.trim();
         if value.is_empty() {

crates/fidc-core/src/futures.rs

@@ -26,7 +26,7 @@ fn sum_futures_money(values: impl IntoIterator<Item = FixedMoney>, label: &str)
     })
 }
 
-#[derive(Debug, Clone, Copy, PartialEq, Eq, PartialOrd, Ord)]
+#[derive(Debug, Clone, Copy, PartialEq, Eq, PartialOrd, Ord, Serialize)]
 pub enum FuturesDirection {
     Long,
     Short,
@@ -62,7 +62,7 @@ impl FuturesDirection {
     }
 }
 
-#[derive(Debug, Clone, Copy, PartialEq, Eq)]
+#[derive(Debug, Clone, Copy, PartialEq, Eq, Serialize)]
 pub enum FuturesPositionEffect {
     Open,
     Close,
@@ -81,7 +81,7 @@ impl FuturesPositionEffect {
     }
 }
 
-#[derive(Debug, Clone, Copy)]
+#[derive(Debug, Clone, Copy, Serialize)]
 pub struct FuturesContractSpec {
     pub contract_multiplier: f64,
     pub long_margin_rate: f64,
@@ -190,7 +190,7 @@ impl FuturesTransactionCostModel {
     }
 }
 
-#[derive(Debug, Clone)]
+#[derive(Debug, Clone, Serialize)]
 pub struct FuturesOrderIntent {
     pub symbol: String,
     pub direction: FuturesDirection,

crates/fidc-core/src/holding_policy.rs

@@ -63,7 +63,7 @@ pub struct HoldingLifecycleEvidence {
     pub last_sell_date: Option<NaiveDate>,
 }
 
-#[derive(Debug, Clone, Default, PartialEq, Eq)]
+#[derive(Debug, Clone, Default, PartialEq, Eq, Serialize)]
 pub struct AutomaticTradePermission {
     pub buy_denial: Option<&'static str>,
     pub sell_denial: Option<&'static str>,

crates/fidc-core/src/lib.rs

@@ -1,6 +1,7 @@
 pub mod broker;
 pub mod calendar;
 pub mod cost;
+mod corporate_book;
 pub mod data;
 mod numeric_factors;
 pub mod daily_patterns;
@@ -17,9 +18,12 @@ pub mod engine;
 pub mod event_bus;
 pub mod events;
 pub mod fixed_point;
+mod finite_serialization;
 pub mod futures;
 pub mod instrument;
 pub mod metrics;
+pub mod manual_execution;
+mod manual_corporate_replay;
 mod numeric_expr_vm;
 pub mod platform_expr_strategy;
 pub mod platform_runtime_schema;
@@ -61,7 +65,7 @@ pub use engine::{
     AnalyzerTradeRow, BacktestConfig, BacktestDayProgress, BacktestEngine, BacktestError,
     BacktestResult, BacktestTerminalAssetClass, BacktestTerminalAudit, BacktestTerminalOpenOrder,
     BacktestTerminalStatus, DailyEquityPoint, ExecutionQuoteRequest, FuturesValidationConfig,
-    ProcessEventRetention, backtest_execution_dates,
+    ProcessEventRetention, backtest_execution_dates, backtest_execution_dates_with_rules,
 };
 pub use event_bus::{BacktestProcessMod, BacktestProcessModLoader, ProcessEventBus};
 pub use events::{

crates/fidc-core/src/manual_corporate_replay.rs

@@ -0,0 +1,431 @@
+use std::cell::{Cell, RefCell};
+use std::collections::{BTreeMap, BTreeSet};
+
+use chrono::{DateTime, FixedOffset, NaiveDate, NaiveDateTime, Utc};
+use sha2::{Digest, Sha256};
+
+use crate::manual_execution::{
+    AppliedManualFill, ManualCorporateActionReference, ManualCorporateAdjustment,
+    ManualCorporatePositionChange, ManualExecutionReplay, ManualFillObservation,
+};
+use crate::{DataSet, FillEvent, FixedMoney, MatchingType, OrderSide, PortfolioState, PriceField};
+
+#[derive(Debug, Clone)]
+struct CashEffect {
+    at: NaiveDateTime,
+    amount: FixedMoney,
+}
+
+/// Replays issued financial facts, never strategy callbacks or hypothetical orders.
+/// The ordinary book remains observable until an actual receipt is delivered.
+pub(crate) struct ManualCorporateReplay {
+    first_date: NaiveDate,
+    sessions: RefCell<BTreeSet<NaiveDate>>,
+    closed: RefCell<BTreeSet<NaiveDate>>,
+    cash: RefCell<Vec<CashEffect>>,
+    reconciled_count: Cell<usize>,
+    cash_dividends: bool,
+    adjust_cost: bool,
+    matching: MatchingType,
+    daily_price: PriceField,
+    same_day_mark_at_fill: bool,
+}
+
+impl ManualCorporateReplay {
+    pub(crate) fn new(
+        first_date: NaiveDate,
+        cash_dividends: bool,
+        adjust_cost: bool,
+        matching: MatchingType,
+        daily_price: PriceField,
+        same_day_mark_at_fill: bool,
+    ) -> Self {
+        Self {
+            first_date,
+            sessions: RefCell::new(BTreeSet::new()),
+            closed: RefCell::new(BTreeSet::new()),
+            cash: RefCell::new(Vec::new()),
+            reconciled_count: Cell::new(0),
+            cash_dividends,
+            adjust_cost,
+            matching,
+            daily_price,
+            same_day_mark_at_fill,
+        }
+    }
+
+    pub(crate) fn record_session(&self, date: NaiveDate) {
+        self.sessions.borrow_mut().insert(date);
+    }
+    pub(crate) fn record_close(&self, date: NaiveDate) {
+        self.closed.borrow_mut().insert(date);
+    }
+    pub(crate) fn committed(&self, count: usize) {
+        self.reconciled_count.set(count);
+    }
+
+    pub(crate) fn record_cash(
+        &self,
+        at: Option<NaiveDateTime>,
+        before: FixedMoney,
+        after: FixedMoney,
+    ) -> Result<(), String> {
+        let amount = after
+            .checked_sub(before)
+            .ok_or("manual corporate cash observation overflow")?;
+        if amount != FixedMoney::ZERO {
+            self.cash.borrow_mut().push(CashEffect {
+                at: at.ok_or("manual corporate cash observation has no execution clock")?,
+                amount,
+            });
+        }
+        Ok(())
+    }
+
+    fn action_references(
+        &self,
+        observation: ManualFillObservation<'_>,
+        data: &DataSet,
+    ) -> Result<Vec<ManualCorporateActionReference>, String> {
+        let mut symbols = BTreeSet::from([observation.order.symbol.clone()]);
+        let observed_date = local(observation.fill.observed_at).date();
+        let mut actions = Vec::new();
+        for date in self.sessions.borrow().range((
+            std::ops::Bound::Excluded(observation.fill.trade_date),
+            std::ops::Bound::Included(observed_date),
+        )) {
+            for action in data.corporate_actions_on(*date) {
+                if !symbols.contains(&action.symbol) {
+                    continue;
+                }
+                crate::finite_serialization::validate(action).map_err(|error| error.to_string())?;
+                let effective = (action.split_ratio() - 1.).abs() > f64::EPSILON
+                    || action.has_successor_conversion()
+                    || (self.cash_dividends && action.share_cash.abs() > f64::EPSILON);
+                if !effective {
+                    continue;
+                }
+                if let Some(successor) = action
+                    .successor_symbol
+                    .as_ref()
+                    .filter(|_| action.has_successor_conversion())
+                {
+                    if data.instrument(successor).is_none() {
+                        return Err(format!(
+                            "manual corporate successor is absent from frozen source data: symbol={successor} action_date={date}"
+                        ));
+                    }
+                    symbols.insert(successor.clone());
+                }
+                actions.push(ManualCorporateActionReference {
+                    date: *date,
+                    symbol: action.symbol.clone(),
+                    successor_symbol: action.successor_symbol.clone(),
+                    share_cash: action.share_cash.to_string(),
+                    split_ratio: action.split_ratio().to_string(),
+                    successor_ratio: action.successor_ratio.map(|value| value.to_string()),
+                    successor_cash: action.successor_cash.map(|value| value.to_string()),
+                    sha256: digest(
+                        &serde_json::to_value(action).map_err(|error| error.to_string())?,
+                    )?,
+                });
+            }
+        }
+        Ok(actions)
+    }
+
+    pub(crate) fn required(
+        &self,
+        observation: ManualFillObservation<'_>,
+        data: &DataSet,
+    ) -> Result<bool, String> {
+        Ok(!self.action_references(observation, data)?.is_empty())
+    }
+
+    pub(crate) fn project(
+        &self,
+        source: &ManualExecutionReplay,
+        applied_count: usize,
+        observation: ManualFillObservation<'_>,
+        current: &mut PortfolioState,
+        data: &DataSet,
+        fills: &[FillEvent],
+        has_pending: bool,
+    ) -> Result<(AppliedManualFill, ManualCorporateAdjustment), String> {
+        if has_pending {
+            return Err("manual observation conflicts with pending shadow orders".into());
+        }
+        let all = source.observations()?;
+        if all.get(applied_count).is_none_or(|next| {
+            next.fill.observation_event_id != observation.fill.observation_event_id
+        }) {
+            return Err(
+                "manual corporate observation prefix differs from the immutable trace".into(),
+            );
+        }
+        let actions = self.action_references(observation, data)?;
+        if actions.is_empty() {
+            return Err("manual corporate projection has no processed corporate action".into());
+        }
+        let at = local(observation.fill.observed_at);
+        let reference = self.replay(
+            current.initial_cash_fixed(),
+            &all[..applied_count],
+            self.reconciled_count.get(),
+            data,
+            fills,
+            at,
+        )?;
+        let expected = current.financial_replay_identity();
+        let reference_identity = reference.financial_replay_identity();
+        if reference_identity != expected {
+            return Err(format!(
+                "manual corporate ledger coverage mismatch: symbol={} observed_at={} expected={} replayed={}",
+                observation.order.symbol,
+                observation.fill.observed_at,
+                digest(&expected)?,
+                digest(&reference_identity)?
+            ));
+        }
+        let replayed = self.replay(
+            current.initial_cash_fixed(),
+            &all[..=applied_count],
+            applied_count + 1,
+            data,
+            fills,
+            at,
+        )?;
+        let replayed_identity = replayed.financial_replay_identity();
+        let gross = FixedMoney::from_decimal_str(&observation.fill.gross_amount()?.to_string())?;
+        let fees = FixedMoney::from_decimal_str(&observation.fill.total_fees()?.to_string())?;
+        let cash_delta = match observation.order.side {
+            OrderSide::Buy => gross.checked_add(fees).and_then(FixedMoney::checked_neg),
+            OrderSide::Sell => gross.checked_sub(fees),
+        }
+        .ok_or("manual corporate trade cash overflow")?;
+        let before = current.cash_fixed();
+        let after = replayed.cash_fixed();
+        let corporate_cash = after
+            .checked_sub(before)
+            .and_then(|delta| delta.checked_sub(cash_delta))
+            .ok_or("manual corporate adjustment overflow")?;
+        let symbols = current
+            .positions()
+            .keys()
+            .chain(replayed.positions().keys())
+            .cloned()
+            .chain(std::iter::once(observation.order.symbol.clone()))
+            .collect::<BTreeSet<_>>();
+        let mut positions = BTreeMap::new();
+        for symbol in symbols {
+            let change = ManualCorporatePositionChange {
+                quantity_before: current
+                    .position(&symbol)
+                    .map_or(0, |position| position.quantity),
+                quantity_after: replayed
+                    .position(&symbol)
+                    .map_or(0, |position| position.quantity),
+                cost_basis_before: current
+                    .financial_position_basis(&symbol)
+                    .to_decimal_string(),
+                cost_basis_after: replayed
+                    .financial_position_basis(&symbol)
+                    .to_decimal_string(),
+            };
+            if change.quantity_before != change.quantity_after
+                || change.cost_basis_before != change.cost_basis_after
+            {
+                positions.insert(symbol, change);
+            }
+        }
+        let quantity_after = replayed
+            .position(&observation.order.symbol)
+            .map_or(0, |position| position.quantity);
+        let adjustment = ManualCorporateAdjustment {
+            schema: "fidc.manual-corporate-adjustment/v1".into(),
+            observed_at: observation.fill.observed_at,
+            cash_dividends_enabled: self.cash_dividends,
+            dividend_cost_basis_adjustment: self.adjust_cost,
+            actions,
+            cash_before: before.to_decimal_string(),
+            cash_after: after.to_decimal_string(),
+            corporate_cash_delta: corporate_cash.to_decimal_string(),
+            positions,
+            reference_sha256: digest(&reference_identity)?,
+            replayed_sha256: digest(&replayed_identity)?,
+        };
+        current.replace_replayed_financial_book(replayed)?;
+        Ok((
+            AppliedManualFill {
+                gross,
+                fees,
+                cash_delta,
+                quantity_after,
+            },
+            adjustment,
+        ))
+    }
+
+    fn replay(
+        &self,
+        initial_cash: FixedMoney,
+        manual: &[ManualFillObservation<'_>],
+        economic_count: usize,
+        data: &DataSet,
+        fills: &[FillEvent],
+        at: NaiveDateTime,
+    ) -> Result<PortfolioState, String> {
+        enum Event<'a> {
+            Session,
+            Cash(&'a CashEffect),
+            Corporate(NaiveDate),
+            Settle(NaiveDate),
+            Manual(ManualFillObservation<'a>),
+            Simulated(&'a FillEvent),
+            Close(NaiveDate),
+        }
+        let mut events = Vec::new();
+        let sessions = self.sessions.borrow();
+        let closed = self.closed.borrow();
+        let cash = self.cash.borrow();
+        for date in &*sessions {
+            let clock = date.and_hms_opt(0, 0, 0).unwrap();
+            events.push((clock, 0, 0, Event::Session));
+            events.push((clock, 2, 0, Event::Corporate(*date)));
+            events.push((clock, 3, 0, Event::Settle(*date)));
+        }
+        for (index, effect) in cash.iter().enumerate() {
+            events.push((effect.at, 1, index, Event::Cash(effect)));
+        }
+        for (index, observation) in manual.iter().enumerate() {
+            let clock = if index < economic_count {
+                local(observation.fill.executed_at)
+            } else {
+                local(observation.fill.observed_at)
+            };
+            if clock.date() < self.first_date {
+                return Err("manual corporate execution precedes the represented initial ledger; opening facts are required".into());
+            }
+            events.push((clock, 4, fills.len() + index, Event::Manual(*observation)));
+        }
+        for (index, fill) in fills.iter().enumerate() {
+            let date = fill.execution_date.unwrap_or(fill.date);
+            // This is the frozen daily matching model, not a broker timestamp.
+            // Intraday contracts must supply their actual execution clock.
+            let clock = match fill.execution_timestamp {
+                Some(clock) => clock,
+                None if matches!(
+                    self.matching,
+                    MatchingType::OpenAuction | MatchingType::NextBarOpen
+                ) =>
+                {
+                    date.and_hms_opt(9, 30, 0).unwrap()
+                }
+                None if self.matching == MatchingType::CurrentBarClose
+                    && self.daily_price == PriceField::Close =>
+                {
+                    date.and_hms_opt(15, 0, 0).unwrap()
+                }
+                None => {
+                    return Err(
+                        "manual corporate replay lacks an intraday fill execution clock".into(),
+                    );
+                }
+            };
+            events.push((clock, 4, index, Event::Simulated(fill)));
+        }
+        for date in &*closed {
+            events.push((
+                date.and_hms_nano_opt(23, 59, 59, 999_999_999)
+                    .unwrap()
+                    .min(at),
+                5,
+                0,
+                Event::Close(*date),
+            ));
+        }
+        events.sort_by_key(|(clock, priority, sequence, _)| (*clock, *priority, *sequence));
+        let mut book = PortfolioState::from_fixed_initial_cash(initial_cash);
+        for (clock, _, _, event) in events {
+            if clock > at {
+                return Err("manual corporate replay contains a future financial fact".into());
+            }
+            match event {
+                Event::Session => book.begin_trading_day(),
+                Event::Cash(effect) => {
+                    book.apply_cash_delta_fixed(effect.amount)?;
+                    if book.cash_fixed() < FixedMoney::ZERO {
+                        return Err(
+                            "manual corporate replay conflicts with prior cash facts".into()
+                        );
+                    }
+                }
+                Event::Corporate(date) => {
+                    crate::corporate_book::apply(
+                        date,
+                        data,
+                        &mut book,
+                        &mut Vec::new(),
+                        self.cash_dividends,
+                        self.adjust_cost,
+                    )
+                    .map_err(|error| error.to_string())?;
+                }
+                Event::Settle(date) => {
+                    for receivable in book.take_due_cash_receivables(date) {
+                        book.settle_cash_receivable(&receivable)?;
+                    }
+                }
+                Event::Manual(observation) => {
+                    observation.apply(&mut book, data, false)?;
+                }
+                Event::Simulated(fill) => {
+                    let gross = FixedMoney::from_f64(fill.gross_amount)
+                        .ok_or("invalid simulated gross amount")?;
+                    let fees = FixedMoney::checked_sum_f64([
+                        fill.commission,
+                        fill.stamp_tax,
+                        fill.transfer_fee,
+                    ])
+                    .ok_or("invalid simulated fee amount")?;
+                    book.apply_observed_manual_fill(
+                        fill.execution_date.unwrap_or(fill.date),
+                        &fill.symbol,
+                        fill.side,
+                        fill.quantity,
+                        fill.price,
+                        fill.price,
+                        gross,
+                        fees,
+                    )?;
+                    book.prune_flat_positions();
+                }
+                Event::Close(date) => {
+                    book.update_prices_with_options(
+                        date,
+                        data,
+                        PriceField::Close,
+                        self.same_day_mark_at_fill,
+                    )
+                    .map_err(|error| error.to_string())?;
+                }
+            }
+            if book.cash_fixed() < FixedMoney::ZERO {
+                return Err("manual corporate replay would borrow unobserved cash".into());
+            }
+        }
+        Ok(book)
+    }
+}
+
+fn local(value: DateTime<Utc>) -> NaiveDateTime {
+    value
+        .with_timezone(&FixedOffset::east_opt(8 * 3600).unwrap())
+        .naive_local()
+}
+fn digest(value: &serde_json::Value) -> Result<String, String> {
+    Ok(format!(
+        "{:x}",
+        Sha256::digest(serde_json::to_vec(value).map_err(|error| error.to_string())?)
+    ))
+}

crates/fidc-core/src/manual_execution.rs

@@ -0,0 +1,744 @@
+//! Confirmed manual fills are external observations, not simulated broker fills.
+//! The producer must bind these records to the runtime's durable order/audit facts.
+
+use std::collections::{BTreeMap, BTreeSet};
+
+use chrono::{DateTime, FixedOffset, NaiveDate, Timelike, Utc};
+use rust_decimal::Decimal;
+use serde::{Deserialize, Serialize};
+use sha2::{Digest, Sha256};
+
+use crate::events::OrderSide;
+use crate::{DataSet, FixedMoney, PortfolioState};
+use rust_decimal::prelude::ToPrimitive;
+
+pub const MANUAL_REPLAY_SCHEMA: &str = "fidc.observed-manual-executions/v3";
+
+#[derive(Debug, Clone, Serialize, Deserialize, PartialEq)]
+#[serde(deny_unknown_fields, rename_all = "camelCase")]
+pub struct ManualExecutionReplay {
+    pub schema: String,
+    pub runtime_id: String,
+    pub account_id: String,
+    pub source_contract_sha256: String,
+    pub content_sha256: String,
+    pub observation_cutoff: DateTime<Utc>,
+    pub actions: Vec<ManualExecutionAction>,
+    #[serde(default, skip_serializing_if = "Vec::is_empty")]
+    pub position_exposure_events: Vec<crate::position_exposure::PositionExposureEvent>,
+    #[serde(default, skip_serializing_if = "BTreeMap::is_empty")]
+    pub legacy_position_exposure_bps: BTreeMap<NaiveDate, i32>,
+}
+
+#[derive(Debug, Clone, Serialize, Deserialize, PartialEq)]
+#[serde(deny_unknown_fields, rename_all = "camelCase")]
+pub struct ManualExecutionAction {
+    pub action_id: String,
+    pub source: ManualExecutionSource,
+    pub audit_event_ids: Vec<String>,
+    pub confirmed_at: DateTime<Utc>,
+    pub confirmation_observed_at: DateTime<Utc>,
+    pub outcome: ManualActionOutcome,
+    pub orders: Vec<ManualExecutionOrder>,
+}
+
+#[derive(Debug, Clone, Copy, Serialize, Deserialize, PartialEq, Eq)]
+#[serde(rename_all = "snake_case")]
+pub enum ManualActionOutcome {
+    NoOrdersNeeded,
+    NotExecuted,
+    OrdersTerminal,
+}
+
+#[derive(Debug, Clone, Copy, Serialize, Deserialize, PartialEq, Eq)]
+#[serde(rename_all = "snake_case")]
+pub enum ManualExecutionSource {
+    ManualSecurityTrade,
+    ManualPositionAction,
+    ManualRebalance,
+    StockPoolAllocation,
+}
+
+#[derive(Debug, Clone, Serialize, Deserialize, PartialEq)]
+#[serde(deny_unknown_fields, rename_all = "camelCase")]
+pub struct ManualExecutionOrder {
+    pub order_id: String,
+    pub broker_order_id: Option<String>,
+    pub source_adapter: Option<String>,
+    pub symbol: String,
+    pub side: OrderSide,
+    pub quantity: u32,
+    pub order_created_at: DateTime<Utc>,
+    pub terminal_observed_at: DateTime<Utc>,
+    pub terminal_status: ManualOrderTerminalStatus,
+    pub fills: Vec<ManualExecutionFill>,
+}
+
+#[derive(Debug, Clone, Copy, Serialize, Deserialize, PartialEq, Eq)]
+#[serde(rename_all = "snake_case")]
+pub enum ManualOrderTerminalStatus {
+    Filled,
+    Cancelled,
+    Rejected,
+    Expired,
+}
+
+#[derive(Debug, Clone, Serialize, Deserialize, PartialEq)]
+#[serde(deny_unknown_fields, rename_all = "camelCase")]
+pub struct ManualExecutionFill {
+    pub trade_id: String,
+    pub observation_event_id: String,
+    pub observation_sequence: u64,
+    pub fee_observation_event_id: String,
+    pub fee_observation_sequence: u64,
+    pub fee_observed_at: DateTime<Utc>,
+    pub trade_date: NaiveDate,
+    pub executed_at: DateTime<Utc>,
+    pub observed_at: DateTime<Utc>,
+    pub timestamp_precision: ManualTimestampPrecision,
+    pub quantity: u32,
+    #[serde(with = "rust_decimal::serde::str")]
+    pub price: Decimal,
+    #[serde(default, with = "rust_decimal::serde::str_option")]
+    pub commission: Option<Decimal>,
+    #[serde(default, with = "rust_decimal::serde::str_option")]
+    pub stamp_tax: Option<Decimal>,
+    #[serde(default, with = "rust_decimal::serde::str_option")]
+    pub transfer_fee: Option<Decimal>,
+    /// Full observed charge, including any venue fees not itemized above.
+    #[serde(with = "rust_decimal::serde::str")]
+    pub total_fee: Decimal,
+}
+
+#[derive(Debug, Clone, Copy, Serialize, Deserialize, PartialEq, Eq)]
+#[serde(rename_all = "snake_case")]
+pub enum ManualTimestampPrecision {
+    Second,
+    Millisecond,
+    Microsecond,
+    Nanosecond,
+}
+
+impl ManualTimestampPrecision {
+    fn nanoseconds(self) -> i64 {
+        match self {
+            Self::Second => 1_000_000_000,
+            Self::Millisecond => 1_000_000,
+            Self::Microsecond => 1_000,
+            Self::Nanosecond => 1,
+        }
+    }
+}
+
+impl ManualExecutionFill {
+    pub fn gross_amount(&self) -> Result<Decimal, String> {
+        self.price
+            .checked_mul(Decimal::from(self.quantity))
+            .ok_or_else(|| "manual fill gross amount overflow".into())
+    }
+
+    pub fn total_fees(&self) -> Result<Decimal, String> {
+        let known = [self.commission, self.stamp_tax, self.transfer_fee]
+            .into_iter()
+            .flatten()
+            .try_fold(Decimal::ZERO, |sum, fee| {
+                if fee < Decimal::ZERO {
+                    return Err("manual fill fee component is negative");
+                }
+                sum.checked_add(fee).ok_or("manual fill fees overflow")
+            })?;
+        if self.total_fee < known {
+            return Err("manual total fee is below its known components".into());
+        }
+        Ok(self.total_fee)
+    }
+}
+
+fn identifier(value: &str) -> Result<(), String> {
+    if value.is_empty()
+        || value.trim() != value
+        || value.len() > 256
+        || value.chars().any(char::is_control)
+    {
+        return Err("manual execution identity is empty, untrimmed or invalid".into());
+    }
+    Ok(())
+}
+
+impl ManualExecutionReplay {
+    /// Market/indicator data is needed for securities whose observed fills
+    /// change the portfolio. A rejected, never-filled order is not data demand.
+    pub fn required_data_symbols(&self) -> Result<BTreeSet<String>, String> {
+        self.validate()?;
+        Ok(self
+            .actions
+            .iter()
+            .flat_map(|action| &action.orders)
+            .filter(|order| !order.fills.is_empty())
+            .map(|order| order.symbol.clone())
+            .collect())
+    }
+
+    pub fn observations(&self) -> Result<Vec<ManualFillObservation<'_>>, String> {
+        self.validate()?;
+        let mut observations = Vec::new();
+        for action in &self.actions {
+            for order in &action.orders {
+                for fill in &order.fills {
+                    observations.push(ManualFillObservation {
+                        action,
+                        order,
+                        fill,
+                    });
+                }
+            }
+        }
+        observations.sort_by_key(|entry| (entry.fill.observed_at, entry.fill.observation_sequence));
+        Ok(observations)
+    }
+    pub fn content_digest(&self) -> Result<String, String> {
+        let mut value = serde_json::to_value(self).map_err(|error| error.to_string())?;
+        value
+            .as_object_mut()
+            .ok_or("manual replay is not an object")?
+            .remove("contentSha256");
+        let bytes = serde_json::to_vec(&value).map_err(|error| error.to_string())?;
+        Ok(format!("{:x}", Sha256::digest(bytes)))
+    }
+
+    pub fn validate(&self) -> Result<(), String> {
+        if self.schema != MANUAL_REPLAY_SCHEMA
+            && self.schema != "fidc.observed-manual-executions/v2"
+        {
+            return Err("unsupported manual replay schema".into());
+        }
+        if self.schema == "fidc.observed-manual-executions/v2"
+            && (!self.position_exposure_events.is_empty()
+                || !self.legacy_position_exposure_bps.is_empty())
+        {
+            return Err("runtime configuration requires manual replay v3".into());
+        }
+        crate::position_exposure::PositionExposureTimeline::from_events(
+            &self.position_exposure_events,
+        )?;
+        if self.position_exposure_events.iter().any(|event| event.effective_at > self.observation_cutoff) {
+            return Err("observed runtime position event is after the evidence cutoff".into());
+        }
+        if self
+            .legacy_position_exposure_bps
+            .values()
+            .any(|value| !(0..=10000).contains(value))
+        {
+            return Err("legacy manual exposure is outside 0..10000 bps".into());
+        }
+        identifier(&self.runtime_id)?;
+        identifier(&self.account_id)?;
+        if self.source_contract_sha256.len() != 64
+            || !self
+                .source_contract_sha256
+                .bytes()
+                .all(|v| v.is_ascii_hexdigit())
+        {
+            return Err("manual replay source contract hash is invalid".into());
+        }
+        if self.content_digest()? != self.content_sha256 {
+            return Err("manual replay content digest mismatch".into());
+        }
+        if self.actions.len() > 100_000 {
+            return Err("manual replay action limit exceeded; trace was not truncated".into());
+        }
+        let shanghai = FixedOffset::east_opt(8 * 3600).unwrap();
+        let mut actions = BTreeSet::new();
+        let mut audits = BTreeSet::new();
+        let mut orders = BTreeSet::new();
+        let mut broker_orders = BTreeSet::new();
+        let mut trades = BTreeSet::new();
+        let mut observation_events = BTreeSet::new();
+        let mut observation_sequences = BTreeSet::new();
+        let mut fee_observations = BTreeSet::new();
+        let mut receipt_ids = BTreeMap::new();
+        let mut receipt_sequences = BTreeMap::new();
+        for action in &self.actions {
+            identifier(&action.action_id)?;
+            if !actions.insert(action.action_id.as_str())
+                || action.confirmed_at > self.observation_cutoff
+                || action.confirmation_observed_at < action.confirmed_at
+                || action.confirmation_observed_at > self.observation_cutoff
+            {
+                return Err("duplicate manual action or confirmation after cutoff".into());
+            }
+            if action.audit_event_ids.is_empty() {
+                return Err("manual action has no immutable audit binding".into());
+            }
+            if (action.outcome != ManualActionOutcome::OrdersTerminal) != action.orders.is_empty() {
+                return Err("manual action outcome does not prove its order coverage".into());
+            }
+            for id in &action.audit_event_ids {
+                identifier(id)?;
+                if !audits.insert(id.as_str()) {
+                    return Err("manual audit event is bound more than once".into());
+                }
+            }
+            for order in &action.orders {
+                identifier(&order.order_id)?;
+                if let Some(adapter) = &order.source_adapter {
+                    identifier(adapter)?;
+                }
+                identifier(&order.symbol)?;
+                if let Some(id) = &order.broker_order_id {
+                    identifier(id)?;
+                    if !broker_orders.insert((
+                        order
+                            .source_adapter
+                            .as_deref()
+                            .ok_or("broker identity requires its source adapter")?,
+                        order.order_created_at.with_timezone(&shanghai).date_naive(),
+                        id.as_str(),
+                    )) {
+                        return Err("manual local orders share one broker order identity".into());
+                    }
+                }
+                if !order.fills.is_empty() && order.source_adapter.is_none() {
+                    return Err("manual fills require a known source adapter".into());
+                }
+                if !order.fills.is_empty()
+                    && order.source_adapter.as_deref() != Some("paper")
+                    && order.broker_order_id.is_none()
+                {
+                    return Err(
+                        "manual broker fills require their original broker order identity".into(),
+                    );
+                }
+                if !orders.insert(order.order_id.as_str())
+                    || order.quantity == 0
+                    || order.quantity > i32::MAX as u32
+                {
+                    return Err("duplicate manual order or invalid quantity".into());
+                }
+                if order.order_created_at < action.confirmed_at
+                    || order.terminal_observed_at < order.order_created_at
+                    || order.terminal_observed_at > self.observation_cutoff
+                {
+                    return Err(
+                        "manual order confirmation/submission/terminal time is inconsistent".into(),
+                    );
+                }
+                let mut filled = 0_u32;
+                for fill in &order.fills {
+                    identifier(&fill.trade_id)?;
+                    identifier(&fill.observation_event_id)?;
+                    identifier(&fill.fee_observation_event_id)?;
+                    if fill.observation_sequence == 0
+                        || fill.observation_sequence > i64::MAX as u64
+                        || !observation_events.insert(fill.observation_event_id.as_str())
+                        || !observation_sequences.insert(fill.observation_sequence)
+                    {
+                        return Err(
+                            "manual fill requires a unique durable observation event and sequence"
+                                .into(),
+                        );
+                    }
+                    if fill.fee_observation_sequence == 0
+                        || fill.fee_observation_sequence > i64::MAX as u64
+                        || fill.fee_observed_at < fill.observed_at
+                        || fill.fee_observed_at > self.observation_cutoff
+                        || !fee_observations.insert((
+                            fill.fee_observation_event_id.as_str(),
+                            fill.fee_observation_sequence,
+                        ))
+                    {
+                        return Err("manual finalized fees require their own unique observation within the cutoff".into());
+                    }
+                    if (fill.fee_observation_event_id == fill.observation_event_id)
+                        != (fill.fee_observation_sequence == fill.observation_sequence)
+                        || (fill.fee_observation_event_id == fill.observation_event_id
+                            && fill.fee_observed_at != fill.observed_at)
+                    {
+                        return Err("manual fill and fee observation identities disagree".into());
+                    }
+                    if !trades.insert((fill.trade_date, fill.trade_id.as_str()))
+                        || fill.quantity == 0
+                    {
+                        return Err("duplicate manual trade or zero fill quantity".into());
+                    }
+                    for (id, sequence) in [
+                        (&fill.observation_event_id, fill.observation_sequence),
+                        (
+                            &fill.fee_observation_event_id,
+                            fill.fee_observation_sequence,
+                        ),
+                    ] {
+                        if receipt_ids
+                            .insert(id, (&fill.trade_id, sequence))
+                            .is_some_and(|owner| owner != (&fill.trade_id, sequence))
+                            || receipt_sequences
+                                .insert(sequence, (&fill.trade_id, id))
+                                .is_some_and(|owner| owner != (&fill.trade_id, id))
+                        {
+                            return Err("manual observation identity is reused by a different trade or sequence".into());
+                        }
+                    }
+                    if fill.executed_at.with_timezone(&shanghai).date_naive() != fill.trade_date
+                        || fill.observed_at > self.observation_cutoff
+                        || fill.observed_at < order.order_created_at
+                        || fill.observed_at < action.confirmation_observed_at
+                        || fill.observed_at < fill.executed_at
+                        || fill.executed_at > order.terminal_observed_at
+                    {
+                        return Err("manual fill execution/observation time is inconsistent".into());
+                    }
+                    if i64::from(fill.executed_at.nanosecond())
+                        % fill.timestamp_precision.nanoseconds()
+                        != 0
+                    {
+                        return Err(
+                            "broker timestamp contains digits finer than its declared precision"
+                                .into(),
+                        );
+                    }
+                    let upper = fill
+                        .executed_at
+                        .checked_add_signed(chrono::Duration::nanoseconds(
+                            fill.timestamp_precision.nanoseconds(),
+                        ))
+                        .ok_or("manual execution timestamp overflow")?;
+                    let earliest = order.order_created_at.max(action.confirmation_observed_at);
+                    if fill.executed_at < earliest && earliest >= upper {
+                        return Err("manual fill predates its order or durable confirmation".into());
+                    }
+                    if fill.price <= Decimal::ZERO {
+                        return Err("manual fill requires a positive price".into());
+                    }
+                    fill.gross_amount()?
+                        .checked_add(fill.total_fees()?)
+                        .ok_or("manual fill cash amount overflow")?;
+                    filled = filled
+                        .checked_add(fill.quantity)
+                        .ok_or("manual cumulative fill quantity overflow")?;
+                }
+                if filled > order.quantity
+                    || (order.terminal_status == ManualOrderTerminalStatus::Filled
+                        && filled != order.quantity)
+                    || (order.terminal_status == ManualOrderTerminalStatus::Rejected && filled != 0)
+                    || (matches!(
+                        order.terminal_status,
+                        ManualOrderTerminalStatus::Cancelled | ManualOrderTerminalStatus::Expired
+                    ) && filled == order.quantity)
+                {
+                    return Err("manual terminal status disagrees with cumulative fills".into());
+                }
+            }
+        }
+        Ok(())
+    }
+}
+
+#[derive(Debug, Clone, Copy)]
+pub struct ManualFillObservation<'a> {
+    pub action: &'a ManualExecutionAction,
+    pub order: &'a ManualExecutionOrder,
+    pub fill: &'a ManualExecutionFill,
+}
+
+#[derive(Debug, Clone, PartialEq)]
+pub struct AppliedManualFill {
+    pub gross: FixedMoney,
+    pub fees: FixedMoney,
+    pub cash_delta: FixedMoney,
+    pub quantity_after: u32,
+}
+
+/// One replay owns its immutable trace and progress. Advancing is atomic even
+/// if a later receipt in the same step disagrees with the shadow account.
+pub struct ManualReplayCursor {
+    replay: std::sync::Arc<ManualExecutionReplay>,
+    indices: Vec<(usize, usize, usize)>,
+    cursor: usize,
+    clock: Option<DateTime<Utc>>,
+}
+
+#[derive(Debug, Clone, Serialize, Deserialize, PartialEq)]
+#[serde(rename_all = "camelCase")]
+pub struct ManualReplayApplication {
+    pub action_id: String,
+    pub order_id: String,
+    pub trade_id: String,
+    pub observation_event_id: String,
+    pub observation_sequence: u64,
+    pub observed_at: DateTime<Utc>,
+    pub fee_observation_event_id: String,
+    pub fee_observed_at: DateTime<Utc>,
+    pub executed_at: DateTime<Utc>,
+    pub symbol: String,
+    pub side: OrderSide,
+    pub quantity: u32,
+    pub quantity_after: u32,
+    pub price: String,
+    pub commission: Option<String>,
+    pub stamp_tax: Option<String>,
+    pub transfer_fee: Option<String>,
+    pub source_total_fee: String,
+    pub source_gross_amount: String,
+    pub ledger_gross_amount: String,
+    pub ledger_fees: String,
+    pub cash_delta: String,
+    #[serde(default, skip_serializing_if = "Option::is_none")]
+    pub corporate_adjustment: Option<ManualCorporateAdjustment>,
+}
+
+#[derive(Debug, Clone, Serialize, Deserialize, PartialEq)]
+#[serde(deny_unknown_fields, rename_all = "camelCase")]
+pub struct ManualCorporateAdjustment {
+    pub schema: String,
+    pub observed_at: DateTime<Utc>,
+    pub cash_dividends_enabled: bool,
+    pub dividend_cost_basis_adjustment: bool,
+    pub actions: Vec<ManualCorporateActionReference>,
+    pub cash_before: String,
+    pub cash_after: String,
+    pub corporate_cash_delta: String,
+    pub positions: BTreeMap<String, ManualCorporatePositionChange>,
+    pub reference_sha256: String,
+    pub replayed_sha256: String,
+}
+
+#[derive(Debug, Clone, Serialize, Deserialize, PartialEq)]
+#[serde(deny_unknown_fields, rename_all = "camelCase")]
+pub struct ManualCorporateActionReference {
+    pub date: NaiveDate,
+    pub symbol: String,
+    pub successor_symbol: Option<String>,
+    pub share_cash: String,
+    pub split_ratio: String,
+    pub successor_ratio: Option<String>,
+    pub successor_cash: Option<String>,
+    pub sha256: String,
+}
+
+#[derive(Debug, Clone, Serialize, Deserialize, PartialEq)]
+#[serde(deny_unknown_fields, rename_all = "camelCase")]
+pub struct ManualCorporatePositionChange {
+    pub quantity_before: u32,
+    pub quantity_after: u32,
+    pub cost_basis_before: String,
+    pub cost_basis_after: String,
+}
+
+impl ManualReplayCursor {
+    pub(crate) fn frozen_source(&self) -> std::sync::Arc<ManualExecutionReplay> {
+        self.replay.clone()
+    }
+
+    pub(crate) fn next_observation(&self) -> Option<ManualFillObservation<'_>> {
+        self.indices.get(self.cursor).map(|&(a, o, f)| ManualFillObservation {
+            action: &self.replay.actions[a], order: &self.replay.actions[a].orders[o],
+            fill: &self.replay.actions[a].orders[o].fills[f],
+        })
+    }
+
+    pub(crate) fn advance_next_projected<F>(
+        &mut self, portfolio: &mut PortfolioState, project: F,
+    ) -> Result<Option<ManualReplayApplication>, String>
+    where F: FnOnce(ManualFillObservation<'_>, &mut PortfolioState) -> Result<(AppliedManualFill, ManualCorporateAdjustment), String> {
+        let Some(observation) = self.next_observation() else { return Ok(None); };
+        let at = observation.fill.observed_at;
+        if at > self.replay.observation_cutoff || self.clock.is_some_and(|clock| at < clock) {
+            return Err("manual projected observation clock violates the frozen trace".into());
+        }
+        let mut next = portfolio.clone();
+        let (applied, adjustment) = project(observation, &mut next)?;
+        let mut application = observation.application(applied)?;
+        application.corporate_adjustment = Some(adjustment);
+        crate::finite_serialization::validate(&application).map_err(|error| error.to_string())?;
+        *portfolio = next;
+        self.cursor += 1;
+        self.clock = Some(at);
+        Ok(Some(application))
+    }
+
+    pub fn new(replay: ManualExecutionReplay) -> Result<Self, String> {
+        Self::from_shared(std::sync::Arc::new(replay))
+    }
+
+    pub fn from_shared(replay: std::sync::Arc<ManualExecutionReplay>) -> Result<Self, String> {
+        replay.validate()?;
+        let mut indices = Vec::new();
+        for (a, action) in replay.actions.iter().enumerate() {
+            for (o, order) in action.orders.iter().enumerate() {
+                for f in 0..order.fills.len() {
+                    indices.push((a, o, f));
+                }
+            }
+        }
+        indices.sort_by_key(|&(a, o, f)| {
+            let fill = &replay.actions[a].orders[o].fills[f];
+            (fill.observed_at, fill.observation_sequence)
+        });
+        Ok(Self {
+            replay,
+            indices,
+            cursor: 0,
+            clock: None,
+        })
+    }
+
+    pub fn next_observation_at(&self) -> Option<DateTime<Utc>> {
+        self.indices
+            .get(self.cursor)
+            .map(|&(a, o, f)| self.replay.actions[a].orders[o].fills[f].observed_at)
+    }
+
+    pub fn applied_count(&self) -> usize {
+        self.cursor
+    }
+
+    pub fn advance(
+        &mut self,
+        at: DateTime<Utc>,
+        portfolio: &mut PortfolioState,
+        data: &DataSet,
+        has_pending_orders: bool,
+    ) -> Result<Vec<ManualReplayApplication>, String> {
+        let end = self.cursor
+            + self.indices[self.cursor..].iter().take_while(|&&(a, o, f)| {
+                self.replay.actions[a].orders[o].fills[f].observed_at <= at
+            }).count();
+        self.advance_through(at, end, portfolio, data, has_pending_orders)
+    }
+
+    /// One receipt at a time lets callbacks observe the intermediate state
+    /// when multiple fills share a timestamp but have distinct durable sequences.
+    pub fn advance_next(
+        &mut self, portfolio: &mut PortfolioState, data: &DataSet, has_pending_orders: bool,
+    ) -> Result<Option<ManualReplayApplication>, String> {
+        let Some(at) = self.next_observation_at() else { return Ok(None); };
+        let mut applications = self.advance_through(at, self.cursor + 1, portfolio, data, has_pending_orders)?;
+        Ok(applications.pop())
+    }
+
+    fn advance_through(
+        &mut self, at: DateTime<Utc>, end: usize, portfolio: &mut PortfolioState,
+        data: &DataSet, has_pending_orders: bool,
+    ) -> Result<Vec<ManualReplayApplication>, String> {
+        if at > self.replay.observation_cutoff {
+            return Err("manual observation clock exceeds the frozen evidence cutoff".into());
+        }
+        if self.clock.is_some_and(|clock| at < clock) {
+            return Err("manual observation clock moved backwards".into());
+        }
+        if end == self.cursor {
+            self.clock = Some(at);
+            return Ok(vec![]);
+        }
+        let mut next = portfolio.clone();
+        let mut applications = Vec::with_capacity(end - self.cursor);
+        for &(a, o, f) in &self.indices[self.cursor..end] {
+            let action = &self.replay.actions[a];
+            let order = &action.orders[o];
+            let fill = &order.fills[f];
+            let applied = ManualFillObservation {
+                action,
+                order,
+                fill,
+            }
+            .apply(&mut next, data, has_pending_orders)?;
+            applications.push(ManualReplayApplication {
+                action_id: action.action_id.clone(),
+                order_id: order.order_id.clone(),
+                trade_id: fill.trade_id.clone(),
+                observation_event_id: fill.observation_event_id.clone(),
+                observation_sequence: fill.observation_sequence,
+                observed_at: fill.observed_at,
+                fee_observation_event_id: fill.fee_observation_event_id.clone(),
+                fee_observed_at: fill.fee_observed_at,
+                executed_at: fill.executed_at,
+                symbol: order.symbol.clone(),
+                side: order.side,
+                quantity: fill.quantity,
+                quantity_after: applied.quantity_after,
+                price: fill.price.to_string(),
+                commission: fill.commission.map(|fee| fee.to_string()),
+                stamp_tax: fill.stamp_tax.map(|fee| fee.to_string()),
+                transfer_fee: fill.transfer_fee.map(|fee| fee.to_string()),
+                source_total_fee: fill.total_fee.to_string(),
+                source_gross_amount: fill.gross_amount()?.to_string(),
+                ledger_gross_amount: applied.gross.to_decimal_string(),
+                ledger_fees: applied.fees.to_decimal_string(),
+                cash_delta: applied.cash_delta.to_decimal_string(),
+                corporate_adjustment: None,
+            });
+        }
+        *portfolio = next;
+        self.cursor = end;
+        self.clock = Some(at);
+        Ok(applications)
+    }
+}
+
+impl ManualFillObservation<'_> {
+    fn application(&self, applied: AppliedManualFill) -> Result<ManualReplayApplication, String> {
+        Ok(ManualReplayApplication {
+            action_id: self.action.action_id.clone(), order_id: self.order.order_id.clone(),
+            trade_id: self.fill.trade_id.clone(), observation_event_id: self.fill.observation_event_id.clone(),
+            observation_sequence: self.fill.observation_sequence, observed_at: self.fill.observed_at,
+            fee_observation_event_id: self.fill.fee_observation_event_id.clone(), fee_observed_at: self.fill.fee_observed_at,
+            executed_at: self.fill.executed_at, symbol: self.order.symbol.clone(), side: self.order.side,
+            quantity: self.fill.quantity, quantity_after: applied.quantity_after, price: self.fill.price.to_string(),
+            commission: self.fill.commission.map(|fee| fee.to_string()), stamp_tax: self.fill.stamp_tax.map(|fee| fee.to_string()),
+            transfer_fee: self.fill.transfer_fee.map(|fee| fee.to_string()), source_total_fee: self.fill.total_fee.to_string(),
+            source_gross_amount: self.fill.gross_amount()?.to_string(), ledger_gross_amount: applied.gross.to_decimal_string(),
+            ledger_fees: applied.fees.to_decimal_string(), cash_delta: applied.cash_delta.to_decimal_string(), corporate_adjustment: None,
+        })
+    }
+
+    pub(crate) fn apply(
+        &self,
+        portfolio: &mut PortfolioState,
+        data: &DataSet,
+        has_pending_orders: bool,
+    ) -> Result<AppliedManualFill, String> {
+        if has_pending_orders {
+            return Err("manual observation conflicts with pending shadow orders".into());
+        }
+        let instrument = data
+            .instrument(&self.order.symbol)
+            .ok_or("manual observation instrument is absent from frozen source data")?;
+        if instrument
+            .dated_market_absence_reason(self.fill.trade_date)
+            .is_some()
+        {
+            return Err("manual execution contradicts the frozen instrument lifecycle".into());
+        }
+        let gross = FixedMoney::from_decimal_str(&self.fill.gross_amount()?.to_string())?;
+        let fees = FixedMoney::from_decimal_str(&self.fill.total_fees()?.to_string())?;
+        let price = self
+            .fill
+            .price
+            .to_f64()
+            .filter(|price| price.is_finite() && *price > 0.)
+            .ok_or("manual execution price cannot be represented for valuation")?;
+        // This is the real observed trade price, not a fabricated quote. The
+        // normal market clock remains responsible for subsequent marks.
+        let cash_delta = portfolio.apply_observed_manual_fill(
+            self.fill.trade_date,
+            &self.order.symbol,
+            self.order.side,
+            self.fill.quantity,
+            price,
+            price,
+            gross,
+            fees,
+        )?;
+        Ok(AppliedManualFill {
+            gross,
+            fees,
+            cash_delta,
+            quantity_after: portfolio
+                .position(&self.order.symbol)
+                .map_or(0, |position| position.quantity),
+        })
+    }
+}
+
+#[cfg(test)]
+mod tests;

crates/fidc-core/src/manual_execution/tests.rs

@@ -0,0 +1,761 @@
+use super::*;
+use serde_json::{Value, json};
+
+fn sample() -> ManualExecutionReplay {
+    let fill = json!({"tradeId":"trade-1","observationEventId":"received-1","observationSequence":1,"tradeDate":"2026-09-14","executedAt":"2026-09-14T01:30:00Z",
+        "feeObservationEventId":"received-1","feeObservationSequence":1,"feeObservedAt":"2026-09-14T01:30:01Z",
+        "observedAt":"2026-09-14T01:30:01Z","timestampPrecision":"second","quantity":100,
+        "price":"10.1234567891","commission":"0.1000001","stampTax":"0","transferFee":"0.02","totalFee":"0.1200001"});
+    let mut input:ManualExecutionReplay=serde_json::from_value(json!({
+        "schema":MANUAL_REPLAY_SCHEMA,"runtimeId":"runtime-1","accountId":"account-1",
+        "sourceContractSha256":"a".repeat(64),"contentSha256":"", "observationCutoff":"2026-09-14T08:00:00Z",
+        "actions":[{"actionId":"action-1","source":"manual_security_trade","auditEventIds":["audit-1"],
+            "confirmedAt":"2026-09-14T01:30:00.500Z","confirmationObservedAt":"2026-09-14T01:30:00.550Z","outcome":"orders_terminal","orders":[{
+                "orderId":"order-1","brokerOrderId":"broker-1","sourceAdapter":"gt-api","symbol":"000001.SZ","side":"Buy","quantity":100,
+                "orderCreatedAt":"2026-09-14T01:30:00.600Z","terminalObservedAt":"2026-09-14T01:30:00.900Z","terminalStatus":"filled",
+                "fills":[fill]
+            }]}]
+    })).unwrap();
+    reseal(&mut input);
+    input
+}
+
+fn reseal(input: &mut ManualExecutionReplay) {
+    input.content_sha256 = input.content_digest().unwrap();
+}
+
+#[test]
+fn a_failed_corporate_projection_does_not_change_the_book_or_receipt_cursor() {
+    let mut cursor = ManualReplayCursor::new(sample()).unwrap();
+    let mut portfolio = PortfolioState::new(10000.);
+    let before = portfolio.financial_replay_identity();
+    let error = cursor.advance_next_projected(&mut portfolio, |_, next| {
+        next.apply_cash_delta(-50.)?;
+        next.position_mut("000001.SZ").buy(NaiveDate::from_ymd_opt(2026, 9, 11).unwrap(), 100, 10.);
+        Err("financial coverage mismatch".into())
+    }).unwrap_err();
+    assert_eq!(error, "financial coverage mismatch");
+    assert_eq!(portfolio.financial_replay_identity(), before);
+    assert_eq!(cursor.applied_count(), 0);
+}
+
+fn delayed_buy_replay() -> ManualExecutionReplay {
+    let mut input = sample();
+    let template = input.actions[0].clone();
+    input.actions.clear();
+    for (index, side, executed, observed, price, fee) in [
+        (
+            0,
+            OrderSide::Buy,
+            "2026-09-14T01:30:00Z",
+            "2026-09-14T01:30:01Z",
+            "20",
+            "0.25",
+        ),
+        (
+            1,
+            OrderSide::Buy,
+            "2026-09-11T06:00:00Z",
+            "2026-09-14T01:30:02Z",
+            "10",
+            "0.75",
+        ),
+        (
+            2,
+            OrderSide::Sell,
+            "2026-09-14T01:31:00Z",
+            "2026-09-14T01:31:01Z",
+            "10",
+            "0.5",
+        ),
+        (
+            3,
+            OrderSide::Sell,
+            "2026-09-14T01:32:00Z",
+            "2026-09-14T01:32:01Z",
+            "10",
+            "0.5",
+        ),
+    ] {
+        let executed: DateTime<Utc> = executed.parse().unwrap();
+        let observed: DateTime<Utc> = observed.parse().unwrap();
+        let mut action = template.clone();
+        action.action_id = format!("action-{index}");
+        action.audit_event_ids = vec![format!("audit-{index}")];
+        action.confirmed_at = executed - chrono::Duration::seconds(2);
+        action.confirmation_observed_at = action.confirmed_at;
+        let order = &mut action.orders[0];
+        order.order_id = format!("order-{index}");
+        order.broker_order_id = Some(format!("broker-{index}"));
+        order.side = side;
+        order.order_created_at = executed - chrono::Duration::seconds(1);
+        order.terminal_observed_at = observed;
+        let fill = &mut order.fills[0];
+        fill.trade_id = format!("trade-{index}");
+        fill.observation_event_id = format!("receipt-{index}");
+        fill.observation_sequence = index + 1;
+        fill.fee_observation_event_id = fill.observation_event_id.clone();
+        fill.fee_observation_sequence = fill.observation_sequence;
+        fill.trade_date = executed
+            .with_timezone(&FixedOffset::east_opt(8 * 3600).unwrap())
+            .date_naive();
+        fill.executed_at = executed;
+        fill.observed_at = observed;
+        fill.fee_observed_at = observed;
+        fill.price = price.parse().unwrap();
+        fill.commission = None;
+        fill.stamp_tax = None;
+        fill.transfer_fee = None;
+        fill.total_fee = fee.parse().unwrap();
+        input.actions.push(action);
+    }
+    reseal(&mut input);
+    input.validate().unwrap();
+    input
+}
+
+#[test]
+fn late_buy_retains_the_earliest_opening_and_latest_buy_dates() {
+    let mut cursor = ManualReplayCursor::new(delayed_buy_replay()).unwrap();
+    let data = identity_data(NaiveDate::from_ymd_opt(2020, 1, 1).unwrap());
+    let mut portfolio = PortfolioState::new(10000.);
+    let applications = cursor
+        .advance(
+            "2026-09-14T01:30:02Z".parse().unwrap(),
+            &mut portfolio,
+            &data,
+            false,
+        )
+        .unwrap();
+    assert_eq!(
+        applications
+            .iter()
+            .map(|row| row.trade_id.as_str())
+            .collect::<Vec<_>>(),
+        ["trade-0", "trade-1"]
+    );
+    let position = portfolio.position("000001.SZ").unwrap();
+    assert_eq!(position.opened_date(), NaiveDate::from_ymd_opt(2026, 9, 11));
+    assert_eq!(
+        position.last_buy_date(),
+        NaiveDate::from_ymd_opt(2026, 9, 14)
+    );
+    assert_eq!(position.quantity, 200);
+    let calendar = crate::TradingCalendar::new(
+        [11, 14, 15, 16, 17, 18]
+            .map(|day| NaiveDate::from_ymd_opt(2026, 9, day).unwrap())
+            .into(),
+    );
+    let evidence = crate::holding_policy::HoldingLifecycleEvidence {
+        has_position: true,
+        opened_date: position.opened_date(),
+        last_buy_date: position.last_buy_date(),
+        last_sell_date: None,
+    };
+    let mut policy = crate::holding_policy::AutomaticTradeProtection {
+        max_holding_days: 1,
+        ..Default::default()
+    };
+    assert!(
+        policy
+            .evaluate(
+                "000001.SZ",
+                NaiveDate::from_ymd_opt(2026, 9, 14).unwrap(),
+                &evidence,
+                &calendar
+            )
+            .unwrap()
+            .max_holding_exit
+    );
+    policy.buy_protection_days = 3;
+    for day in [14, 15, 16, 17] {
+        let permission = policy
+            .evaluate(
+                "000001.SZ",
+                NaiveDate::from_ymd_opt(2026, 9, day).unwrap(),
+                &evidence,
+                &calendar,
+            )
+            .unwrap();
+        assert_eq!(permission.sell_denial, Some("buy_fill_protection"));
+        assert!(!permission.max_holding_exit);
+    }
+    assert!(
+        policy
+            .evaluate(
+                "000001.SZ",
+                NaiveDate::from_ymd_opt(2026, 9, 18).unwrap(),
+                &evidence,
+                &calendar
+            )
+            .unwrap()
+            .max_holding_exit
+    );
+}
+
+#[test]
+fn late_buy_fifo_depletion_preserves_costs_and_cannot_unlock_today_lots() {
+    let mut cursor = ManualReplayCursor::new(delayed_buy_replay()).unwrap();
+    let data = identity_data(NaiveDate::from_ymd_opt(2020, 1, 1).unwrap());
+    let mut portfolio = PortfolioState::new(10000.);
+    let applications = cursor
+        .advance(
+            "2026-09-14T01:31:01Z".parse().unwrap(),
+            &mut portfolio,
+            &data,
+            false,
+        )
+        .unwrap();
+    assert_eq!(applications.len(), 3);
+    let position = portfolio.position("000001.SZ").unwrap();
+    assert_eq!(position.quantity, 100);
+    assert_eq!(position.unrealized_pnl(), -1000.25);
+    assert_eq!(
+        position.sellable_qty(NaiveDate::from_ymd_opt(2026, 9, 14).unwrap()),
+        0
+    );
+    assert_eq!(position.realized_pnl(), -0.75);
+    assert_eq!(portfolio.cash(), 7998.5);
+    assert_eq!(portfolio.external_cash_flow_total(), 0.);
+    assert!(
+        cursor
+            .advance(
+                "2026-09-14T01:32:01Z".parse().unwrap(),
+                &mut portfolio,
+                &data,
+                false
+            )
+            .unwrap_err()
+            .contains("T+1")
+    );
+    assert_eq!(cursor.applied_count(), 3);
+    assert_eq!(portfolio.cash(), 7998.5);
+    assert_eq!(portfolio.position("000001.SZ").unwrap().quantity, 100);
+}
+fn semantic_result(input: &ManualExecutionReplay) -> Result<(), String> {
+    let mut input = input.clone();
+    reseal(&mut input);
+    input.validate()
+}
+
+#[test]
+fn complete_exact_decimal_evidence_allows_later_observation_and_retains_source_digits() {
+    let input = sample();
+    input.validate().unwrap();
+    let fill = &input.actions[0].orders[0].fills[0];
+    assert_eq!(fill.gross_amount().unwrap().to_string(), "1012.3456789100");
+    assert_eq!(fill.total_fees().unwrap().to_string(), "0.1200001");
+    assert_eq!(
+        serde_json::to_value(&input).unwrap()["actions"][0]["orders"][0]["fills"][0]["price"],
+        "10.1234567891"
+    );
+}
+
+#[test]
+fn data_scope_only_contains_actual_filled_securities_and_validates_the_source() {
+    let mut input = sample();
+    let mut rejected = input.actions[0].orders[0].clone();
+    rejected.order_id = "rejected-order".into();
+    rejected.broker_order_id = None;
+    rejected.source_adapter = None;
+    rejected.symbol = "510300.SH".into();
+    rejected.terminal_status = ManualOrderTerminalStatus::Rejected;
+    rejected.fills.clear();
+    input.actions[0].orders.push(rejected);
+    reseal(&mut input);
+    assert_eq!(
+        input.required_data_symbols().unwrap(),
+        BTreeSet::from(["000001.SZ".into()])
+    );
+    input.actions[0].orders[0].symbol = "600000.SH".into();
+    assert!(input.required_data_symbols().is_err());
+}
+
+#[test]
+fn v2_facts_keep_their_encoding_but_cannot_silently_carry_new_runtime_settings() {
+    let mut input = sample();
+    input.schema = "fidc.observed-manual-executions/v2".into();
+    reseal(&mut input);
+    input.validate().unwrap();
+    let old = serde_json::to_value(&input).unwrap();
+    assert!(old.get("positionExposureEvents").is_none());
+    assert!(old.get("legacyPositionExposureBps").is_none());
+    input
+        .legacy_position_exposure_bps
+        .insert(NaiveDate::from_ymd_opt(2026, 9, 14).unwrap(), 5000);
+    reseal(&mut input);
+    assert!(input.validate().is_err());
+    input.schema = MANUAL_REPLAY_SCHEMA.into();
+    reseal(&mut input);
+    input.validate().unwrap();
+}
+
+#[test]
+fn runtime_position_events_cannot_claim_observations_after_the_source_cutoff() {
+    let mut input = sample();
+    input.position_exposure_events.push(serde_json::from_value(json!({
+        "eventId": "position-event", "sequence": 1, "effectiveAt": input.observation_cutoff,
+        "action": "scale", "requestedBps": 5000
+    })).unwrap());
+    semantic_result(&input).unwrap();
+    input.position_exposure_events[0].effective_at += chrono::Duration::nanoseconds(1);
+    assert!(semantic_result(&input).unwrap_err().contains("after the evidence cutoff"));
+}
+
+#[test]
+fn all_required_money_and_binding_fields_reject_missing_or_wrong_values() {
+    let original = serde_json::to_value(sample()).unwrap();
+    for field in ["price", "totalFee"] {
+        let mut missing = original.clone();
+        missing["actions"][0]["orders"][0]["fills"][0]
+            .as_object_mut()
+            .unwrap()
+            .remove(field);
+        assert!(
+            serde_json::from_value::<ManualExecutionReplay>(missing).is_err(),
+            "{field}"
+        );
+        let mut numeric = original.clone();
+        numeric["actions"][0]["orders"][0]["fills"][0][field] = json!(1.1);
+        assert!(
+            serde_json::from_value::<ManualExecutionReplay>(numeric).is_err(),
+            "numeric {field}"
+        );
+    }
+    for mutate in [
+        ("schema", json!("unknown")),
+        ("sourceContractSha256", json!("broken")),
+        ("accountId", json!(" ")),
+    ] {
+        let mut value = original.clone();
+        value[mutate.0] = mutate.1;
+        assert!(
+            semantic_result(&serde_json::from_value::<ManualExecutionReplay>(value).unwrap())
+                .is_err()
+        );
+    }
+}
+
+#[test]
+fn inconsistent_counts_terminals_audits_and_duplicate_facts_are_rejected() {
+    let original = sample();
+    let mut invalid = original.clone();
+    invalid.actions[0].orders[0].quantity = 200;
+    assert!(semantic_result(&invalid).is_err());
+    let mut invalid = original.clone();
+    invalid.actions[0].orders[0].terminal_status = ManualOrderTerminalStatus::Rejected;
+    assert!(semantic_result(&invalid).is_err());
+    let mut invalid = original.clone();
+    invalid.actions[0].audit_event_ids.clear();
+    assert!(semantic_result(&invalid).is_err());
+    let mut invalid = original.clone();
+    invalid.actions.push(invalid.actions[0].clone());
+    assert!(semantic_result(&invalid).is_err());
+    let mut invalid = original.clone();
+    let duplicate = invalid.actions[0].orders[0].fills[0].clone();
+    invalid.actions[0].orders[0].fills.push(duplicate);
+    assert!(semantic_result(&invalid).is_err());
+    let mut invalid = original.clone();
+    invalid.actions[0].orders[0].broker_order_id = None;
+    assert!(semantic_result(&invalid).is_err());
+    invalid.actions[0].orders[0].source_adapter = Some("paper".into());
+    reseal(&mut invalid);
+    invalid.validate().unwrap();
+}
+
+#[test]
+fn source_time_precision_is_not_invented_and_submitted_time_must_fit_the_interval() {
+    let mut input = sample();
+    input.actions[0].orders[0].order_created_at = "2026-09-14T01:30:00.999999Z".parse().unwrap();
+    input.actions[0].orders[0].terminal_observed_at = "2026-09-14T01:30:01.500Z".parse().unwrap();
+    input.actions[0].orders[0].fills[0].observed_at = "2026-09-14T01:30:02Z".parse().unwrap();
+    input.actions[0].orders[0].fills[0].fee_observed_at =
+        input.actions[0].orders[0].fills[0].observed_at;
+    reseal(&mut input);
+    input.validate().unwrap();
+    input.actions[0].orders[0].order_created_at = "2026-09-14T01:30:01Z".parse().unwrap();
+    assert!(semantic_result(&input).is_err());
+    let mut input = sample();
+    input.actions[0].orders[0].fills[0].executed_at = "2026-09-14T01:30:00.800Z".parse().unwrap();
+    assert!(semantic_result(&input).is_err());
+    input.actions[0].orders[0].fills[0].timestamp_precision = ManualTimestampPrecision::Millisecond;
+    reseal(&mut input);
+    input.validate().unwrap();
+    input.actions[0].orders[0].fills[0].executed_at =
+        "2026-09-14T01:30:00.800001Z".parse().unwrap();
+    assert!(semantic_result(&input).is_err());
+}
+
+#[test]
+fn confirmed_no_order_outcome_is_distinct_from_unconfirmed_or_unknown_work() {
+    let mut input = sample();
+    input.actions[0].orders.clear();
+    assert!(semantic_result(&input).is_err());
+    input.actions[0].outcome = ManualActionOutcome::NoOrdersNeeded;
+    reseal(&mut input);
+    input.validate().unwrap();
+    input.actions[0].outcome = ManualActionOutcome::NotExecuted;
+    reseal(&mut input);
+    input.validate().unwrap();
+    let mut value = serde_json::to_value(input).unwrap();
+    value["actions"][0]["outcome"] = json!("result_unknown");
+    assert!(serde_json::from_value::<ManualExecutionReplay>(value).is_err());
+}
+
+#[test]
+fn raw_timezone_and_cutoff_are_required() {
+    let mut value = serde_json::to_value(sample()).unwrap();
+    value["actions"][0]["orders"][0]["fills"][0]["executedAt"] = json!("2026-09-14T09:30:00");
+    assert!(serde_json::from_value::<ManualExecutionReplay>(value).is_err());
+    let mut input = sample();
+    input.observation_cutoff = "2026-09-14T01:30:00.700Z".parse().unwrap();
+    assert!(semantic_result(&input).is_err());
+    let mut value = serde_json::to_value(sample()).unwrap();
+    value["actions"][0]["orders"][0]["fills"][0]["totalFee"] = Value::Null;
+    assert!(serde_json::from_value::<ManualExecutionReplay>(value).is_err());
+}
+
+#[test]
+fn authoritative_total_fee_does_not_require_inventing_unknown_components() {
+    let mut input = sample();
+    let fill = &mut input.actions[0].orders[0].fills[0];
+    fill.commission = None;
+    fill.stamp_tax = None;
+    fill.transfer_fee = None;
+    assert_eq!(
+        fill.total_fees().unwrap(),
+        "0.1200001".parse::<Decimal>().unwrap()
+    );
+    assert!(semantic_result(&input).is_ok());
+    let value = serde_json::to_value(&input).unwrap();
+    assert!(value["actions"][0]["orders"][0]["fills"][0]["commission"].is_null());
+    assert_eq!(
+        value["actions"][0]["orders"][0]["fills"][0]["totalFee"],
+        "0.1200001"
+    );
+    for field in ["commission", "stampTax", "transferFee"] {
+        let mut numeric = value.clone();
+        numeric["actions"][0]["orders"][0]["fills"][0][field] = json!(0.1);
+        assert!(serde_json::from_value::<ManualExecutionReplay>(numeric).is_err());
+    }
+}
+
+#[test]
+fn manual_fee_total_includes_extra_charges_and_rejects_inconsistent_components() {
+    let mut input = sample();
+    input.actions[0].orders[0].fills[0].total_fee = "0.15".parse().unwrap();
+    assert!(semantic_result(&input).is_ok());
+    assert_eq!(
+        input.actions[0].orders[0].fills[0]
+            .total_fees()
+            .unwrap()
+            .to_string(),
+        "0.15"
+    );
+    input.actions[0].orders[0].fills[0].total_fee = "0.1".parse().unwrap();
+    assert!(semantic_result(&input).is_err());
+    input.actions[0].orders[0].fills[0].total_fee = "0.15".parse().unwrap();
+    input.actions[0].orders[0].fills[0].commission = Some(Decimal::NEGATIVE_ONE);
+    assert!(semantic_result(&input).is_err());
+}
+
+#[test]
+fn late_fee_evidence_keeps_the_original_fill_observation_clock() {
+    let data = identity_data(NaiveDate::from_ymd_opt(2020, 1, 1).unwrap());
+    let mut input = sample();
+    let fill = &mut input.actions[0].orders[0].fills[0];
+    let original = fill.observed_at;
+    fill.fee_observation_event_id = "fee-receipt-1".into();
+    fill.fee_observation_sequence = 2;
+    fill.fee_observed_at = original + chrono::Duration::hours(1);
+    let fee_time = fill.fee_observed_at;
+    reseal(&mut input);
+    let mut cursor = ManualReplayCursor::new(input).unwrap();
+    assert_eq!(cursor.next_observation_at(), Some(original));
+    let mut portfolio = PortfolioState::new(10_000.);
+    let result = cursor
+        .advance(original, &mut portfolio, &data, false)
+        .unwrap();
+    assert_eq!(result.len(), 1);
+    assert_eq!(result[0].observed_at, original);
+    assert_eq!(result[0].fee_observed_at, fee_time);
+    assert_eq!(result[0].source_total_fee, "0.1200001");
+    assert!(
+        cursor
+            .advance(fee_time, &mut portfolio, &data, false)
+            .unwrap()
+            .is_empty()
+    );
+}
+
+#[test]
+fn changing_any_external_price_or_identity_invalidates_the_frozen_trace() {
+    let input = sample();
+    let original = input.content_sha256.clone();
+    let mut changed = input.clone();
+    changed.actions[0].orders[0].fills[0].price += Decimal::ONE;
+    assert_ne!(changed.content_digest().unwrap(), original);
+    assert_eq!(
+        changed.validate().unwrap_err(),
+        "manual replay content digest mismatch"
+    );
+    let mut changed = input;
+    changed.account_id = "another-account".into();
+    assert_ne!(changed.content_digest().unwrap(), original);
+    assert!(changed.validate().is_err());
+}
+
+fn identity_data(listed: NaiveDate) -> DataSet {
+    DataSet::from_components(
+        vec![crate::Instrument {
+            symbol: "000001.SZ".into(),
+            name: "test".into(),
+            board: "SZ".into(),
+            round_lot: 100,
+            listed_at: Some(listed),
+            delisted_at: None,
+            status: "active".into(),
+        }],
+        vec![],
+        vec![],
+        vec![],
+        vec![crate::BenchmarkSnapshot {
+            date: listed,
+            benchmark: "000300.SH".into(),
+            open: 100.,
+            close: 100.,
+            prev_close: 100.,
+            volume: 0,
+        }],
+    )
+    .unwrap()
+}
+
+#[test]
+fn confirmed_manual_fill_changes_cash_and_lots_but_not_external_cash_flow_units() {
+    let input = sample();
+    let observations = input.observations().unwrap();
+    let data = identity_data(NaiveDate::from_ymd_opt(2020, 1, 1).unwrap());
+    let mut account = PortfolioState::new(10_000.);
+    let applied = observations[0].apply(&mut account, &data, false).unwrap();
+    assert_eq!(
+        applied.gross,
+        FixedMoney::from_decimal_str("1012.345679").unwrap()
+    );
+    assert_eq!(applied.fees, FixedMoney::from_decimal_str("0.12").unwrap());
+    assert_eq!(account.cash(), 8987.534321);
+    assert_eq!(account.position("000001.SZ").unwrap().quantity, 100);
+    assert_eq!(
+        account
+            .position("000001.SZ")
+            .unwrap()
+            .sellable_qty(input.actions[0].orders[0].fills[0].trade_date),
+        0
+    );
+    assert_eq!(account.external_cash_flow_total(), 0.);
+    assert_eq!(account.starting_cash(), 10_000.);
+}
+
+#[test]
+fn manual_mismatches_are_atomic_and_do_not_borrow_shares_cash_or_override_pending_orders() {
+    let data = identity_data(NaiveDate::from_ymd_opt(2020, 1, 1).unwrap());
+    let input = sample();
+    let observations = input.observations().unwrap();
+    let mut poor = PortfolioState::new(10.);
+    assert!(observations[0].apply(&mut poor, &data, false).is_err());
+    assert_eq!(poor.cash(), 10.);
+    assert!(poor.positions().is_empty());
+    let mut account = PortfolioState::new(10_000.);
+    assert!(observations[0].apply(&mut account, &data, true).is_err());
+    assert_eq!(account.cash(), 10_000.);
+    assert!(account.positions().is_empty());
+    observations[0].apply(&mut account, &data, false).unwrap();
+    let before = account.cash();
+    let mut sell = input.clone();
+    sell.actions[0].orders[0].side = OrderSide::Sell;
+    reseal(&mut sell);
+    assert!(
+        sell.observations().unwrap()[0]
+            .apply(&mut account, &data, false)
+            .unwrap_err()
+            .contains("T+1")
+    );
+    assert_eq!(account.cash(), before);
+    assert_eq!(account.position("000001.SZ").unwrap().quantity, 100);
+    let unlisted = identity_data(NaiveDate::from_ymd_opt(2027, 1, 1).unwrap());
+    assert!(
+        observations[0]
+            .apply(&mut account, &unlisted, false)
+            .unwrap_err()
+            .contains("lifecycle")
+    );
+    assert_eq!(account.cash(), before);
+}
+
+#[test]
+fn the_next_day_manual_sale_keeps_the_actual_quantity_and_fee_contract() {
+    let data = identity_data(NaiveDate::from_ymd_opt(2020, 1, 1).unwrap());
+    let input = sample();
+    let mut account = PortfolioState::new(10_000.);
+    input.observations().unwrap()[0]
+        .apply(&mut account, &data, false)
+        .unwrap();
+    let mut sell = input.clone();
+    let order = &mut sell.actions[0].orders[0];
+    order.side = OrderSide::Sell;
+    order.order_created_at += chrono::Duration::days(1);
+    order.terminal_observed_at += chrono::Duration::days(1);
+    order.fills[0].trade_date = order.fills[0].trade_date.succ_opt().unwrap();
+    order.fills[0].executed_at += chrono::Duration::days(1);
+    order.fills[0].observed_at += chrono::Duration::days(1);
+    order.fills[0].fee_observed_at += chrono::Duration::days(1);
+    sell.observation_cutoff += chrono::Duration::days(1);
+    reseal(&mut sell);
+    let applied = sell.observations().unwrap()[0]
+        .apply(&mut account, &data, false)
+        .unwrap();
+    assert_eq!(applied.quantity_after, 0);
+    assert_eq!(account.cash(), 9999.76);
+    assert_eq!(account.external_cash_flow_total(), 0.);
+}
+
+#[test]
+fn observations_follow_durable_receipt_order_and_not_input_array_order() {
+    let mut input = sample();
+    let mut second = input.actions[0].orders[0].fills[0].clone();
+    second.trade_id = "trade-2".into();
+    second.observation_event_id = "received-2".into();
+    second.observation_sequence = 2;
+    second.fee_observation_event_id = "received-2".into();
+    second.fee_observation_sequence = 2;
+    input.actions[0].orders[0].quantity = 200;
+    input.actions[0].orders[0].fills.insert(0, second);
+    reseal(&mut input);
+    assert_eq!(
+        input
+            .observations()
+            .unwrap()
+            .iter()
+            .map(|row| row.fill.observation_sequence)
+            .collect::<Vec<_>>(),
+        vec![1, 2]
+    );
+    let mut invalid = input.clone();
+    invalid.actions[0].orders[0].fills[0].observation_sequence = 1;
+    assert!(
+        semantic_result(&invalid)
+            .unwrap_err()
+            .contains("observation")
+    );
+    let mut invalid = input;
+    invalid.actions[0].orders[0].fills[0].observation_event_id = "received-1".into();
+    assert!(
+        semantic_result(&invalid)
+            .unwrap_err()
+            .contains("observation")
+    );
+}
+
+#[test]
+fn partial_cancel_is_valid_but_full_fill_cannot_be_reported_as_cancelled() {
+    let mut input = sample();
+    input.actions[0].orders[0].quantity = 200;
+    input.actions[0].orders[0].terminal_status = ManualOrderTerminalStatus::Cancelled;
+    semantic_result(&input).unwrap();
+    input.actions[0].orders[0].quantity = 100;
+    assert!(
+        semantic_result(&input)
+            .unwrap_err()
+            .contains("terminal status")
+    );
+}
+
+#[test]
+fn cursor_waits_for_observation_and_never_reapplies_or_rewinds() {
+    let input = sample();
+    let at = input.actions[0].orders[0].fills[0].observed_at;
+    let mut replay = ManualReplayCursor::new(input).unwrap();
+    let data = identity_data(NaiveDate::from_ymd_opt(2020, 1, 1).unwrap());
+    let mut account = PortfolioState::new(10_000.);
+    assert_eq!(replay.next_observation_at(), Some(at));
+    assert!(
+        replay
+            .advance(
+                at - chrono::Duration::milliseconds(1),
+                &mut account,
+                &data,
+                false
+            )
+            .unwrap()
+            .is_empty()
+    );
+    assert_eq!(account.cash(), 10_000.);
+    let records = replay.advance(at, &mut account, &data, false).unwrap();
+    assert_eq!(records.len(), 1);
+    assert_eq!(records[0].cash_delta, "-1012.465679");
+    assert_eq!(replay.applied_count(), 1);
+    assert_eq!(replay.next_observation_at(), None);
+    let cash = account.cash();
+    assert!(
+        replay
+            .advance(at, &mut account, &data, false)
+            .unwrap()
+            .is_empty()
+    );
+    assert_eq!(account.cash(), cash);
+    assert!(
+        replay
+            .advance(
+                at - chrono::Duration::seconds(1),
+                &mut account,
+                &data,
+                false
+            )
+            .unwrap_err()
+            .contains("backwards")
+    );
+}
+
+#[test]
+fn failed_multi_receipt_advance_keeps_both_progress_and_portfolio_unchanged() {
+    let mut input = sample();
+    let mut next = input.actions[0].orders[0].fills[0].clone();
+    next.trade_id = "trade-2".into();
+    next.observation_event_id = "received-2".into();
+    next.observation_sequence = 2;
+    next.fee_observation_event_id = "received-2".into();
+    next.fee_observation_sequence = 2;
+    input.actions[0].orders[0].quantity = 200;
+    input.actions[0].orders[0].fills.push(next);
+    reseal(&mut input);
+    let at = input.actions[0].orders[0].fills[0].observed_at;
+    let mut replay = ManualReplayCursor::new(input).unwrap();
+    let data = identity_data(NaiveDate::from_ymd_opt(2020, 1, 1).unwrap());
+    let mut account = PortfolioState::new(1_500.);
+    assert!(replay.advance(at, &mut account, &data, false).is_err());
+    assert_eq!(account.cash(), 1_500.);
+    assert!(account.positions().is_empty());
+    assert_eq!(replay.applied_count(), 0);
+    assert_eq!(replay.next_observation_at(), Some(at));
+}
+
+#[test]
+fn fixed_money_decimal_text_preserves_micro_units_without_float_conversion() {
+    for text in [
+        "0",
+        "100",
+        "-100",
+        "0.000001",
+        "-0.000001",
+        "12345678901234567890123456.123456",
+    ] {
+        assert_eq!(
+            FixedMoney::from_decimal_str(text)
+                .unwrap()
+                .to_decimal_string(),
+            text
+        );
+    }
+    let min = FixedMoney::from_raw(i128::MIN);
+    assert!(min.to_decimal_string().starts_with('-'));
+}

crates/fidc-core/src/metrics.rs

@@ -93,6 +93,15 @@ pub fn compute_backtest_metrics(
     account_events: &[AccountEvent],
     initial_cash: f64,
     risk_free_contract: Option<&RiskFreeRateContract>,
+) -> Result<BacktestMetrics, String> {
+    compute_backtest_metrics_with_manual(equity_curve, fills, &[], daily_holdings, account_events, initial_cash, risk_free_contract)
+}
+
+pub fn compute_backtest_metrics_with_manual(
+    equity_curve: &[DailyEquityPoint], fills: &[FillEvent],
+    manual_executions: &[crate::manual_execution::ManualReplayApplication],
+    daily_holdings: &[HoldingSummary], account_events: &[AccountEvent], initial_cash: f64,
+    risk_free_contract: Option<&RiskFreeRateContract>,
 ) -> Result<BacktestMetrics, String> {
     let Some(first_point) = equity_curve.first() else {
         return Ok(BacktestMetrics {
@@ -229,12 +238,20 @@ pub fn compute_backtest_metrics(
     );
     let monthly_volatility = annualized_std(&monthly_portfolio_returns, MONTHS_PER_YEAR);
 
-    let turnover_by_date = fills
+    let mut turnover_by_date = fills
         .iter()
         .fold(BTreeMap::<NaiveDate, f64>::new(), |mut acc, fill| {
             *acc.entry(fill.date).or_default() += fill.gross_amount.abs();
             acc
         });
+    for execution in manual_executions {
+        use rust_decimal::prelude::ToPrimitive;
+        let gross = execution.ledger_gross_amount.parse::<rust_decimal::Decimal>()
+            .ok().and_then(|value| value.to_f64()).filter(|value| value.is_finite() && *value >= 0.)
+            .ok_or("manual turnover requires its validated ledger gross amount")?;
+        let date = execution.observed_at.with_timezone(&chrono::FixedOffset::east_opt(8 * 3600).unwrap()).date_naive();
+        *turnover_by_date.entry(date).or_default() += gross;
+    }
     let equity_by_date = equity_curve
         .iter()
         .map(|point| (point.date, point.total_equity))

crates/fidc-core/src/platform_expr_strategy.rs

@@ -653,6 +653,8 @@ pub struct PlatformExprStrategyConfig {
     pub exposure_expr: String,
     pub position_exposure_schedule: BTreeMap<NaiveDate, f64>,
     pub position_exposure_timeline: crate::position_exposure::PositionExposureTimeline,
+    pub runtime_position_exposure_timeline: crate::position_exposure::PositionExposureTimeline,
+    pub runtime_position_exposure_schedule: BTreeMap<NaiveDate, f64>,
     pub portfolio_drawdown_control: Option<PlatformPortfolioDrawdownControlConfig>,
     pub portfolio_loss_control: Option<PortfolioLossConfig>,
     pub stop_loss_expr: String,
@@ -742,7 +744,11 @@ impl PlatformExprStrategyConfig {
             buy_scale_expr: "1.0".to_string(),
             exposure_expr: "1.0".to_string(),
             position_exposure_schedule: BTreeMap::new(),
-            position_exposure_timeline: crate::position_exposure::PositionExposureTimeline::default(),
+            position_exposure_timeline: crate::position_exposure::PositionExposureTimeline::default(
+            ),
+            runtime_position_exposure_timeline:
+                crate::position_exposure::PositionExposureTimeline::default(),
+            runtime_position_exposure_schedule: BTreeMap::new(),
             portfolio_drawdown_control: None,
             portfolio_loss_control: None,
             stop_loss_expr: String::new(),
@@ -8656,13 +8662,28 @@ impl PlatformExprStrategy {
         let strategy_exposure = self
             .eval_float(ctx, &self.config.exposure_expr, day, None, None)?
             .clamp(0.0, 1.0);
-        let risk_on_exposure = self.config.position_exposure_timeline.exposure_at(
+        let risk_on_exposure = self
-            portfolio_loss_decision_at(ctx), ctx.execution_date, &self.config.position_exposure_schedule,
+            .config
+            .position_exposure_timeline
+            .exposure_at(
+                portfolio_loss_decision_at(ctx),
+                ctx.execution_date,
+                &self.config.position_exposure_schedule,
                 strategy_exposure,
             )
             .unwrap_or(strategy_exposure)
             .clamp(0.0, 1.0);
-        let mut exposure = risk_on_exposure;
+        let mut exposure = self
+            .config
+            .runtime_position_exposure_timeline
+            .exposure_at(
+                portfolio_loss_decision_at(ctx),
+                ctx.execution_date,
+                &self.config.runtime_position_exposure_schedule,
+                risk_on_exposure,
+            )
+            .unwrap_or(risk_on_exposure)
+            .clamp(0., 1.);
         if let Some(controller) = self.portfolio_drawdown_controller.as_mut() {
             exposure = controller.update(ctx.decision_date, day.total_value, exposure)?.target_exposure;
         }
@@ -9986,10 +10007,28 @@ impl PlatformExprStrategy {
                 }
             }
         }
-        if let Some(bps)=self.config.position_exposure_timeline.scale_at(portfolio_loss_decision_at(ctx)) {
+        for bps in [
+            self.config
+                .position_exposure_timeline
+                .scale_at(portfolio_loss_decision_at(ctx)),
+            self.config
+                .runtime_position_exposure_timeline
+                .scale_at(portfolio_loss_decision_at(ctx)),
+        ]
+        .into_iter()
+        .flatten()
+        {
             let before = intents.len();
-            intents=intents.into_iter().map(|intent|crate::position_exposure::scale_explicit_intent(intent,bps,ctx.open_orders))
+            intents = intents
-                .collect::<Result<Vec<_>,_>>().map_err(BacktestError::Execution)?.into_iter().flatten().collect();
+                .into_iter()
+                .map(|intent| {
+                    crate::position_exposure::scale_explicit_intent(intent, bps, ctx.open_orders)
+                })
+                .collect::<Result<Vec<_>, _>>()
+                .map_err(BacktestError::Execution)?
+                .into_iter()
+                .flatten()
+                .collect();
             diagnostics.push(format!("position_override_scale requested_bps={bps} original_intents={before} emitted_intents={}",intents.len()));
         }
         Ok((intents, diagnostics))
@@ -10353,6 +10392,7 @@ impl PlatformExprStrategy {
     ) -> (Vec<u32>, Vec<FidcRiskDecisionAudit>) {
         let mut symbol_ids = Vec::new();
         let mut decisions = Vec::new();
+        let selection_checks_enabled = self.config.risk_config.static_rules.selection_checks_enabled();
         let mut eligible_symbols = vec![false; ctx.data.symbol_count()];
         let execution_day = ctx.data.daily_snapshot_view(date);
         let factor_day = ctx.data.daily_snapshot_view(factor_date);
@@ -10398,7 +10438,9 @@ impl PlatformExprStrategy {
             let Some(market) = execution_day.market(symbol_id) else {
                 continue;
             };
-            let (reject_from_universe, selection_decision) = if collect_risk_decisions {
+            let (reject_from_universe, selection_decision) = if !selection_checks_enabled {
+                (false, None)
+            } else if collect_risk_decisions {
                 let decision = ChinaAShareRiskControl::selection_rejection_decision_with_config(
                     date,
                     candidate,
@@ -12393,6 +12435,48 @@ impl PlatformExprStrategy {
 }
 
 impl Strategy for PlatformExprStrategy {
+    fn bind_runtime_position_configuration(
+        &mut self,
+        events: &[crate::position_exposure::PositionExposureEvent],
+        legacy: &BTreeMap<NaiveDate, i32>,
+    ) -> Result<(), BacktestError> {
+        let timeline = crate::position_exposure::PositionExposureTimeline::from_events(events)
+            .map_err(BacktestError::Execution)?;
+        if legacy.values().any(|value| !(0..=10000).contains(value)) {
+            return Err(BacktestError::Execution(
+                "invalid runtime exposure schedule".into(),
+            ));
+        }
+        self.config.runtime_position_exposure_timeline = timeline;
+        self.config.runtime_position_exposure_schedule = legacy
+            .iter()
+            .map(|(date, bps)| (*date, f64::from(*bps) / 10000.))
+            .collect();
+        Ok(())
+    }
+    fn on_observed_manual_execution(
+        &mut self,
+        execution: &crate::manual_execution::ManualReplayApplication,
+    ) -> Result<(), BacktestError> {
+        let date = execution
+            .executed_at
+            .with_timezone(&chrono::FixedOffset::east_opt(8 * 3600).unwrap())
+            .date_naive();
+        let history = match execution.side {
+            OrderSide::Buy => &mut self.protection_last_buys,
+            OrderSide::Sell => &mut self.protection_last_sells,
+        };
+        history
+            .entry(execution.symbol.clone())
+            .and_modify(|previous| *previous = (*previous).max(date))
+            .or_insert(date);
+        if let Some(adjustment) = &execution.corporate_adjustment {
+            for successor in adjustment.actions.iter().filter_map(|action| action.successor_symbol.as_ref()) {
+                history.entry(successor.clone()).and_modify(|previous| *previous = (*previous).max(date)).or_insert(date);
+            }
+        }
+        Ok(())
+    }
     fn name(&self) -> &str {
         self.config.strategy_name.as_str()
     }
@@ -36231,6 +36315,7 @@ mod tests {
             avg_price: 0.0,
             transaction_cost: 0.0,
             limit_price: 10.2,
+            reserved_cash: None,
             reason: "pending_limit_sell".to_string(),
         }];
         let subscriptions = BTreeSet::new();
@@ -36379,6 +36464,7 @@ mod tests {
                 avg_price: 0.0,
                 transaction_cost: 0.0,
                 limit_price: 9.9,
+                reserved_cash: None,
                 reason: "pending_limit_buy".to_string(),
             },
             OpenOrderView {
@@ -36393,6 +36479,7 @@ mod tests {
                 avg_price: 0.0,
                 transaction_cost: 0.0,
                 limit_price: 10.2,
+                reserved_cash: None,
                 reason: "pending_limit_sell".to_string(),
             },
         ];

crates/fidc-core/src/platform_stock_pool.rs

@@ -182,6 +182,15 @@ impl PlatformExprStrategy {
                 scope.push(symbol)
             }
         }
+        let allocation_weights = self
+            .config
+            .runtime_position_exposure_timeline
+            .allocation_weights_at(portfolio_loss_decision_at(ctx))
+            .or_else(|| {
+                self.config
+                    .position_exposure_timeline
+                    .allocation_weights_at(portfolio_loss_decision_at(ctx))
+            });
         let members = scope
             .iter()
             .enumerate()
@@ -198,15 +207,35 @@ impl PlatformExprStrategy {
                         take_profit: constraints.default_take_profit,
                     });
                 member.requested_order = index as i32;
+                if let Some(weights) = allocation_weights {
+                    member.target_weight_bps = Some(*weights.get(symbol).unwrap_or(&0));
+                }
                 member
             })
             .collect();
         let (base_ratio, reserve_cash) =
             pool::stock_pool_funding_from_configuration(&program.allocation_policy)
                 .map_err(BacktestError::Execution)?;
-        let ratio = self.config.position_exposure_timeline
+        let base_exposure = self
-            .exposure_at(portfolio_loss_decision_at(ctx), ctx.execution_date, &self.config.position_exposure_schedule,
+            .config
-                f64::from(base_ratio)/10000.)
+            .position_exposure_timeline
+            .exposure_at(
+                portfolio_loss_decision_at(ctx),
+                ctx.execution_date,
+                &self.config.position_exposure_schedule,
+                f64::from(base_ratio) / 10000.,
+            )
+            .unwrap_or(f64::from(base_ratio) / 10000.);
+        let ratio = self
+            .config
+            .runtime_position_exposure_timeline
+            .exposure_at(
+                portfolio_loss_decision_at(ctx),
+                ctx.execution_date,
+                &self.config.runtime_position_exposure_schedule,
+                base_exposure,
+            )
+            .or(Some(base_exposure))
             .map(|value| (value * 10000.).round() as i64)
             .unwrap_or(i64::from(base_ratio));
         let invest_ratio_bps = i32::try_from(ratio)

crates/fidc-core/src/portfolio.rs

@@ -138,18 +138,30 @@ impl Position {
         if quantity == 0 {
             return;
         }
+        let gross_amount = fixed_money_or_panic(execution_price * quantity as f64, "position buy gross amount");
+        self.buy_with_fixed_gross(date,quantity,execution_price,mark_price,gross_amount);
+    }
 
+    fn buy_with_fixed_gross(
+        &mut self,
+        date: NaiveDate,
+        quantity: u32,
+        execution_price: f64,
+        mark_price: f64,
+        gross_amount: FixedMoney,
+    ) {
         let previous_quantity = self.quantity;
-        self.last_buy_date = Some(self.last_buy_date.map_or(date, |previous| previous.max(date)));
+        self.last_buy_date = Some(
+            self.last_buy_date
+                .map_or(date, |previous| previous.max(date)),
+        );
         if previous_quantity == 0 {
             self.opened_date = Some(date);
+        } else if let Some(opened) = self.opened_date {
+            self.opened_date = Some(opened.min(date));
         }
         let previous_average_price = self.average_price;
         let previous_average_cost = self.average_cost;
-        let gross_amount = fixed_money_or_panic(
-            execution_price * quantity as f64,
-            "position buy gross amount",
-        );
         self.lots.push(PositionLot {
             acquired_date: date,
             quantity,
@@ -200,6 +212,20 @@ impl Position {
         quantity: u32,
         execution_price: f64,
         mark_price: f64,
+    ) -> Result<f64, String> {
+        if quantity > self.quantity {
+            return Err(format!("sell quantity {} exceeds current quantity {} for {}",quantity,self.quantity,self.symbol));
+        }
+        let total_proceeds = fixed_money(execution_price * quantity as f64,"position sell gross amount")?;
+        self.sell_with_fixed_gross(quantity,execution_price,mark_price,total_proceeds)
+    }
+
+    fn sell_with_fixed_gross(
+        &mut self,
+        quantity: u32,
+        execution_price: f64,
+        mark_price: f64,
+        total_proceeds: FixedMoney,
     ) -> Result<f64, String> {
         if quantity > self.quantity {
             return Err(format!(
@@ -208,10 +234,17 @@ impl Position {
             ));
         }
 
-        let total_proceeds = fixed_money(
+        // A delayed receipt or a successor conversion can append an older
-            execution_price * quantity as f64,
+        // acquisition after a newer lot. Deplete by actual acquisition date;
-            "position sell gross amount",
+        // stable ordering preserves same-day receipts and their attached fees.
-        )?;
+        if quantity > 0
+            && self
+                .lots
+                .windows(2)
+                .any(|pair| pair[0].acquired_date > pair[1].acquired_date)
+        {
+            self.lots.sort_by_key(|lot| lot.acquired_date);
+        }
         let mut remaining = quantity;
         let mut remaining_proceeds = total_proceeds;
         let mut realized = FixedMoney::ZERO;
@@ -701,6 +734,10 @@ impl PortfolioState {
     pub fn new(initial_cash: f64) -> Self {
         let initial_cash = fixed_money(initial_cash, "initial cash")
             .expect("initial cash must be finite fixed-point money");
+        Self::from_fixed_initial_cash(initial_cash)
+    }
+
+    pub(crate) fn from_fixed_initial_cash(initial_cash: FixedMoney) -> Self {
         Self {
             initial_cash,
             units: initial_cash,
@@ -723,6 +760,8 @@ impl PortfolioState {
         self.initial_cash.to_f64()
     }
 
+    pub(crate) fn initial_cash_fixed(&self) -> FixedMoney { self.initial_cash }
+
     pub(crate) fn stock_pool_execution_state(&self,pool_id:&str)->crate::stock_pool_state::StockPoolExecutionState{
         self.stock_pool_states.get(pool_id).cloned().unwrap_or_default()
     }
@@ -754,6 +793,46 @@ impl PortfolioState {
         self.cash.to_f64()
     }
 
+    pub(crate) fn cash_fixed(&self) -> FixedMoney { self.cash }
+
+    pub(crate) fn financial_replay_identity(&self) -> serde_json::Value {
+        let positions = self.positions.iter().filter(|(_, position)| position.quantity > 0)
+            .map(|(symbol, position)| {
+                let mut lots = position.lots.iter().map(|lot| (lot.acquired_date, lot.quantity,
+                    lot.entry_value.to_decimal_string(), lot.cost_basis.to_decimal_string())).collect::<Vec<_>>();
+                lots.sort();
+                (symbol.clone(), serde_json::json!({"quantity":position.quantity,"lots":lots,
+                    "openedDate":position.opened_date,"lastBuyDate":position.last_buy_date}))
+            }).collect::<std::collections::BTreeMap<_, _>>();
+        let mut receivables = self.cash_receivables.iter().map(|row| (row.symbol.clone(), row.ex_date,
+            row.payable_date, fixed_money_or_panic(row.amount, "receivable identity").to_decimal_string(), row.reason.clone())).collect::<Vec<_>>();
+        receivables.sort();
+        serde_json::json!({"cash":self.cash.to_decimal_string(),"positions":positions,"receivables":receivables})
+    }
+
+    pub(crate) fn financial_position_basis(&self, symbol: &str) -> FixedMoney {
+        self.positions.get(symbol).map_or(FixedMoney::ZERO, Position::total_cost_basis)
+    }
+
+    pub(crate) fn replace_replayed_financial_book(&mut self, mut replayed: PortfolioState) -> Result<(), String> {
+        if replayed.cash < FixedMoney::ZERO || replayed.initial_cash != self.initial_cash {
+            return Err("manual corporate replay changed initial capital or borrowed cash".into());
+        }
+        for (symbol, position) in &mut replayed.positions {
+            if let Some(current) = self.positions.get(symbol).filter(|current| current.quantity > 0) {
+                position.last_price = current.last_price;
+                position.refresh_day_pnl();
+            }
+        }
+        self.cash = replayed.cash;
+        self.positions = replayed.positions;
+        self.cash_receivables = replayed.cash_receivables;
+        self.day_sold_symbols = replayed.day_sold_symbols;
+        // Existing issued units, explicit cash-flow/financing facts, and task
+        // target state are observed controls, not counterfactual new orders.
+        Ok(())
+    }
+
     pub fn external_cash_flow_total(&self) -> f64 {
         self.external_cash_flow_total.to_f64()
     }
@@ -789,13 +868,117 @@ impl PortfolioState {
     }
 
     pub fn apply_cash_delta(&mut self, delta: f64) -> Result<(), String> {
+        self.apply_cash_delta_fixed(fixed_money(delta, "cash delta")?)
+    }
+
+    pub(crate) fn apply_cash_delta_fixed(&mut self, delta: FixedMoney) -> Result<(), String> {
         self.cash = self
             .cash
-            .checked_add(fixed_money(delta, "cash delta")?)
+            .checked_add(delta)
             .ok_or_else(|| "fixed-point cash overflow".to_string())?;
         Ok(())
     }
 
+    /// Apply one fully observed external fill atomically. Its money is already
+    /// quantized from the original decimal amounts, not from a float product.
+    pub(crate) fn apply_observed_manual_fill(
+        &mut self,
+        trade_date: NaiveDate,
+        symbol: &str,
+        side: crate::events::OrderSide,
+        quantity: u32,
+        price: f64,
+        mark_price: f64,
+        gross: FixedMoney,
+        fees: FixedMoney,
+    ) -> Result<FixedMoney, String> {
+        use crate::events::OrderSide;
+        if symbol.trim().is_empty()
+            || quantity == 0
+            || quantity > i32::MAX as u32
+            || !price.is_finite()
+            || price <= 0.
+            || !mark_price.is_finite()
+            || mark_price <= 0.
+            || gross <= FixedMoney::ZERO
+            || fees < FixedMoney::ZERO
+        {
+            return Err("invalid observed manual fill".into());
+        }
+        let mut position = self
+            .positions
+            .get(symbol)
+            .cloned()
+            .unwrap_or_else(|| Position::new(symbol));
+        let delta = match side {
+            OrderSide::Buy => gross.checked_add(fees).and_then(FixedMoney::checked_neg),
+            OrderSide::Sell => gross.checked_sub(fees),
+        }
+        .ok_or("manual fill cash delta overflow")?;
+        let next_cash = self
+            .cash
+            .checked_add(delta)
+            .filter(|cash| *cash >= FixedMoney::ZERO)
+            .ok_or("manual fill disagrees with shadow available cash")?;
+        let next_cost = position
+            .day_trade_cost
+            .checked_add(fees)
+            .ok_or("manual trade cost overflow")?;
+        match side {
+            OrderSide::Buy => {
+                let total_quantity = position
+                    .quantity
+                    .checked_add(quantity)
+                    .ok_or("manual position quantity overflow")?;
+                FixedMoney::from_f64(mark_price * f64::from(total_quantity))
+                    .ok_or("manual marked position value overflow")?;
+                position
+                    .day_buy_quantity
+                    .checked_add(quantity)
+                    .ok_or("manual daily buy quantity overflow")?;
+                position
+                    .day_trade_quantity_delta
+                    .checked_add(quantity as i32)
+                    .ok_or("manual daily quantity delta overflow")?;
+                position
+                    .day_buy_value
+                    .checked_add(gross)
+                    .ok_or("manual daily buy value overflow")?;
+                let total_basis = gross.checked_add(fees).ok_or("manual lot basis overflow")?;
+                position
+                    .total_cost_basis()
+                    .checked_add(total_basis)
+                    .ok_or("manual aggregate position basis overflow")?;
+                position.buy_with_fixed_gross(trade_date, quantity, price, mark_price, gross);
+                position
+                    .lots
+                    .last_mut()
+                    .ok_or("manual buy produced no lot")?
+                    .cost_basis = total_basis;
+                position.average_cost += fees.to_f64() / f64::from(position.quantity);
+            }
+            OrderSide::Sell => {
+                if quantity > position.sellable_qty(trade_date) {
+                    return Err("manual fill disagrees with shadow sellable holdings or T+1".into());
+                }
+                position
+                    .day_sell_quantity
+                    .checked_add(quantity)
+                    .ok_or("manual daily sell quantity overflow")?;
+                position
+                    .day_trade_quantity_delta
+                    .checked_sub(quantity as i32)
+                    .ok_or("manual daily quantity delta overflow")?;
+                position.sell_with_fixed_gross(quantity, price, mark_price, gross)?;
+            }
+        }
+        position.day_trade_cost = next_cost;
+        position.refresh_day_pnl();
+        self.positions.insert(symbol.to_string(), position);
+        self.cash = next_cash;
+        Ok(delta)
+    }
+
     pub fn prune_flat_positions(&mut self) {
         let mut sold_symbols = Vec::new();
         self.positions.retain(|symbol, position| {

crates/fidc-core/src/position_exposure.rs

@@ -25,13 +25,19 @@ pub struct PositionExposureEvent {
     pub sequence: u64,
     #[serde(alias = "effective_at")]
     pub effective_at: DateTime<Utc>,
+    #[serde(
+        default,
+        skip_serializing_if = "Option::is_none",
+        alias = "allocation_weights_bps"
+    )]
+    pub allocation_weights_bps: Option<BTreeMap<String, i32>>,
     #[serde(flatten)]
     pub action: PositionExposureAction,
 }
 
 #[derive(Debug, Clone, Default)]
 pub struct PositionExposureTimeline {
-    events: BTreeMap<(DateTime<Utc>, u64), PositionExposureAction>,
+    events: BTreeMap<(DateTime<Utc>, u64), (PositionExposureAction, Option<BTreeMap<String, i32>>)>,
 }
 
 impl PositionExposureTimeline {
@@ -58,9 +64,24 @@ impl PositionExposureTimeline {
             {
                 return Err("position exposure target must be between 0 and 10000 bps".into());
             }
-            result
+            if let Some(weights) = &event.allocation_weights_bps {
-                .events
+                let target = match event.action {
-                .insert((event.effective_at, event.sequence), event.action.clone());
+                    PositionExposureAction::Set {
+                        target_exposure_bps,
+                    } => target_exposure_bps,
+                    PositionExposureAction::Scale { requested_bps } => requested_bps,
+                    PositionExposureAction::Restore => {
+                        return Err(
+                            "restoring strategy allocation cannot carry manual weights".into()
+                        );
+                    }
+                };
+                validate_allocation_weights(weights, target)?;
+            }
+            result.events.insert(
+                (event.effective_at, event.sequence),
+                (event.action.clone(), event.allocation_weights_bps.clone()),
+            );
         }
         Ok(result)
     }
@@ -77,7 +98,7 @@ impl PositionExposureTimeline {
             .events
             .range(..=(at, u64::MAX))
             .next_back()
-            .map(|(_, action)| action)
+            .map(|(_, (action, _))| action)
         {
             Some(PositionExposureAction::Scale { requested_bps }) => {
                 Some(strategy_exposure * f64::from(*requested_bps) / 10000.)
@@ -98,12 +119,47 @@ impl PositionExposureTimeline {
             .events
             .range(..=(at, u64::MAX))
             .next_back()
-            .map(|(_, action)| action)
+            .map(|(_, (action, _))| action)
         {
             Some(PositionExposureAction::Scale { requested_bps }) => Some(*requested_bps),
             _ => None,
         }
     }
+
+    pub fn allocation_weights_at(&self, at: DateTime<Utc>) -> Option<&BTreeMap<String, i32>> {
+        self.events
+            .range(..=(at, u64::MAX))
+            .next_back()
+            .and_then(|(_, (_, weights))| weights.as_ref())
+    }
+}
+
+pub fn validate_allocation_weights(
+    weights: &BTreeMap<String, i32>,
+    exposure_bps: i32,
+) -> Result<(), String> {
+    if !(0..=10000).contains(&exposure_bps) || weights.len() > 10000 {
+        return Err("invalid allocation exposure or weight count".into());
+    }
+    for (symbol, weight) in weights {
+        if !(0..=10000).contains(weight)
+            || !symbol.rsplit_once('.').is_some_and(|(code, exchange)| {
+                code.len() == 6
+                    && code.bytes().all(|byte| byte.is_ascii_digit())
+                    && matches!(exchange, "SH" | "SZ" | "BJ")
+            })
+        {
+            return Err(
+                "allocation weights require canonical stock/ETF symbols and 0..10000 bps".into(),
+            );
+        }
+    }
+    if (weights.is_empty() && exposure_bps != 0)
+        || (!weights.is_empty() && weights.values().sum::<i32>() != 10000)
+    {
+        return Err("manual allocation weights must total 10000 bps; only a zero exposure may have no weights".into());
+    }
+    Ok(())
 }
 
 /// Scale new buys and desired targets without weakening sell/reduction or
@@ -241,6 +297,7 @@ mod tests {
             event_id: "scale".into(),
             sequence: 1,
             effective_at: at,
+            allocation_weights_bps: None,
             action: PositionExposureAction::Scale {
                 requested_bps: 5000,
             },
@@ -258,6 +315,7 @@ mod tests {
             event_id: "restore".into(),
             sequence: 2,
             effective_at: at,
+            allocation_weights_bps: None,
             action: PositionExposureAction::Restore,
         };
         let timeline = PositionExposureTimeline::from_events(&[event, restored]).unwrap();
@@ -274,6 +332,56 @@ mod tests {
         );
     }
 
+    #[test]
+    fn allocation_is_dated_and_any_later_scalar_or_restore_clears_it() {
+        let at = DateTime::parse_from_rfc3339("2026-09-14T10:00:00+08:00")
+            .unwrap()
+            .with_timezone(&Utc);
+        let weights = BTreeMap::from([("000001.SZ".into(), 3000), ("510300.SH".into(), 7000)]);
+        let event = PositionExposureEvent {
+            event_id: "allocation".into(),
+            sequence: 1,
+            effective_at: at,
+            action: PositionExposureAction::Set {
+                target_exposure_bps: 8000,
+            },
+            allocation_weights_bps: Some(weights.clone()),
+        };
+        let timeline = PositionExposureTimeline::from_events(&[event.clone()]).unwrap();
+        assert!(
+            timeline
+                .allocation_weights_at(at - chrono::Duration::seconds(1))
+                .is_none()
+        );
+        assert_eq!(timeline.allocation_weights_at(at), Some(&weights));
+        for action in [
+            PositionExposureAction::Set {
+                target_exposure_bps: 5000,
+            },
+            PositionExposureAction::Restore,
+        ] {
+            let next = PositionExposureEvent {
+                event_id: "new".into(),
+                sequence: 2,
+                effective_at: at + chrono::Duration::seconds(1),
+                action,
+                allocation_weights_bps: None,
+            };
+            assert!(
+                PositionExposureTimeline::from_events(&[event.clone(), next])
+                    .unwrap()
+                    .allocation_weights_at(at + chrono::Duration::seconds(1))
+                    .is_none()
+            );
+        }
+        assert!(
+            validate_allocation_weights(&BTreeMap::from([("000001.SZ".into(), 9000)]), 5000)
+                .is_err()
+        );
+        assert!(validate_allocation_weights(&BTreeMap::new(), 1).is_err());
+        assert!(validate_allocation_weights(&BTreeMap::new(), 0).is_ok());
+    }
+
     #[test]
     fn explicit_equity_targets_and_buys_scale_but_sales_cashflows_and_prices_do_not() {
         use crate::OrderIntent as I;

crates/fidc-core/src/risk_control.rs

@@ -76,6 +76,26 @@ impl Default for StaticRiskRuleConfig {
     }
 }
 
+impl StaticRiskRuleConfig {
+    pub(crate) fn selection_checks_enabled(&self) -> bool {
+        (self.blacklist_enabled && !self.blacklisted_symbols.is_empty())
+            || self.selection_state_checks_enabled()
+    }
+
+    fn selection_state_checks_enabled(&self) -> bool {
+        self.reject_st_selection
+            || self.reject_star_st_selection
+            || self.reject_paused_selection
+            || self.reject_inactive_selection
+            || self.reject_new_listing_selection
+            || self.reject_kcb_selection
+            || self.reject_bjse_selection
+            || self.reject_one_yuan_selection
+            || self.reject_upper_limit_selection
+            || self.reject_lower_limit_selection
+    }
+}
+
 #[derive(Debug, Clone, Copy, PartialEq, Serialize, Deserialize)]
 pub struct TradingConstraintConfig {
     /// Shared execution limits.  These fields intentionally use the same
@@ -654,16 +674,7 @@ fn missing_risk_state_fields(code: &str) -> Vec<String> {
 fn missing_selection_risk_state_rejected(code: &str, config: &FidcRiskControlConfig) -> bool {
     let fields = missing_risk_state_fields(code);
     if fields.is_empty() {
-        return config.static_rules.reject_st_selection
+        return config.static_rules.selection_state_checks_enabled();
-            || config.static_rules.reject_star_st_selection
-            || config.static_rules.reject_paused_selection
-            || config.static_rules.reject_inactive_selection
-            || config.static_rules.reject_new_listing_selection
-            || config.static_rules.reject_kcb_selection
-            || config.static_rules.reject_bjse_selection
-            || config.static_rules.reject_one_yuan_selection
-            || config.static_rules.reject_upper_limit_selection
-            || config.static_rules.reject_lower_limit_selection;
     }
     missing_field_rejected(&fields, config, RiskCheckScope::Selection)
 }
@@ -778,18 +789,7 @@ fn missing_single_field_rejected(
             RiskCheckScope::Sell => config.static_rules.reject_lower_limit_sell,
         },
         _ => match scope {
-            RiskCheckScope::Selection => {
+            RiskCheckScope::Selection => config.static_rules.selection_state_checks_enabled(),
-                config.static_rules.reject_st_selection
-                    || config.static_rules.reject_star_st_selection
-                    || config.static_rules.reject_paused_selection
-                    || config.static_rules.reject_inactive_selection
-                    || config.static_rules.reject_new_listing_selection
-                    || config.static_rules.reject_kcb_selection
-                    || config.static_rules.reject_bjse_selection
-                    || config.static_rules.reject_one_yuan_selection
-                    || config.static_rules.reject_upper_limit_selection
-                    || config.static_rules.reject_lower_limit_selection
-            }
             RiskCheckScope::Buy => {
                 config.static_rules.reject_st_buy
                     || config.static_rules.reject_star_st_buy
@@ -914,6 +914,69 @@ mod tests {
         position
     }
 
+    #[test]
+    fn selection_check_activation_covers_every_configured_flag_and_blacklist_state() {
+        let fields = [
+            "reject_st_selection", "reject_star_st_selection", "reject_paused_selection",
+            "reject_inactive_selection", "reject_new_listing_selection", "reject_kcb_selection",
+            "reject_bjse_selection", "reject_one_yuan_selection", "reject_upper_limit_selection",
+            "reject_lower_limit_selection",
+        ];
+        let base = serde_json::to_value(StaticRiskRuleConfig::default()).unwrap();
+        let declared = base.as_object().unwrap().keys()
+            .filter(|key| key.ends_with("_selection"))
+            .map(String::as_str).collect::<BTreeSet<_>>();
+        assert_eq!(declared, fields.into_iter().collect());
+        for mask in 0..(1_u32 << fields.len()) {
+            for (blacklist_enabled, populated) in [(false, false), (false, true), (true, false), (true, true)] {
+                let mut value = base.clone();
+                for (bit, field) in fields.iter().enumerate() {
+                    value[*field] = serde_json::json!(mask & (1 << bit) != 0);
+                }
+                value["blacklist_enabled"] = serde_json::json!(blacklist_enabled);
+                value["blacklisted_symbols"] = if populated {
+                    serde_json::json!(["002633.SZ"])
+                } else { serde_json::json!([]) };
+                let config: StaticRiskRuleConfig = serde_json::from_value(value).unwrap();
+                assert_eq!(config.selection_checks_enabled(), mask != 0 || (blacklist_enabled && populated));
+            }
+        }
+    }
+
+    #[test]
+    fn inactive_selection_checks_preserve_missing_facts_and_execution_rejections() {
+        let date = d(2025, 2, 6);
+        let mut candidate = candidate(date);
+        candidate.is_st = true;
+        candidate.is_star_st = true;
+        candidate.is_paused = true;
+        candidate.is_new_listing = true;
+        candidate.is_kcb = true;
+        candidate.is_one_yuan = true;
+        candidate.allow_buy = false;
+        let snapshot = market(date, 0.9, 0.9);
+        let config = FidcRiskControlConfig::default();
+        assert!(!config.static_rules.selection_checks_enabled());
+        let instrument = instrument("delisted", Some(date));
+        for code in [None, Some("not_listed"), Some("inactive_or_delisted"),
+            Some("missing_risk_state"), Some("missing_risk_state:is_st;is_kcb|allow_buy"),
+            Some("missing_risk_state:unknown_fact"), Some("missing_risk_state:IS_PAUSED")] {
+            candidate.risk_level_code = code.map(str::to_owned);
+            assert_eq!(ChinaAShareRiskControl::selection_rejection_decision_with_config(
+                date, &candidate, &snapshot, Some(&instrument), &config), None);
+        }
+        candidate.risk_level_code = None;
+        assert_eq!(ChinaAShareRiskControl::buy_rejection_reason_with_config(
+            date, &candidate, &snapshot, None, 0.9, &config), Some("paused"));
+        assert_eq!(ChinaAShareRiskControl::sell_rejection_reason_with_config(
+            date, &candidate, &snapshot, None, None, 0.9, &config), Some("paused"));
+        let mut blacklist_only = config;
+        blacklist_only.static_rules.blacklisted_symbols.insert(candidate.symbol.to_string());
+        assert!(blacklist_only.static_rules.selection_checks_enabled());
+        assert_eq!(ChinaAShareRiskControl::selection_rejection_reason_with_config(
+            date, &candidate, &snapshot, None, &blacklist_only), Some("blacklisted"));
+    }
+
     #[test]
     fn one_yuan_buy_rule_uses_execution_price_not_later_close_or_earlier_open() {
         let day = d(2025, 2, 6);

crates/fidc-core/src/scheduler.rs

@@ -233,7 +233,7 @@ impl<'a> Scheduler<'a> {
 pub fn default_stage_time(stage: ScheduleStage) -> Option<NaiveTime> {
     match stage {
         ScheduleStage::BeforeTrading => Some(NaiveTime::from_hms_opt(9, 0, 0).expect("valid time")),
-        ScheduleStage::OpenAuction => Some(NaiveTime::from_hms_opt(9, 31, 0).expect("valid time")),
+        ScheduleStage::OpenAuction => Some(NaiveTime::from_hms_opt(9, 25, 0).expect("valid time")),
         ScheduleStage::Bar => Some(NaiveTime::from_hms_opt(10, 18, 0).expect("valid time")),
         ScheduleStage::Minute => None,
         ScheduleStage::OnDay => Some(NaiveTime::from_hms_opt(10, 18, 0).expect("valid time")),

crates/fidc-core/src/series_columns.rs

@@ -0,0 +1,191 @@
+use std::ops::Index;
+
+use super::prefix_sums;
+
+#[derive(Debug, Clone)]
+pub(super) enum ReferenceMatchedValues {
+    Identical,
+    Owned(Vec<f64>),
+}
+
+impl ReferenceMatchedValues {
+    pub(super) fn push(&mut self, value: f64, reference: &[f64], capacity: usize) {
+        let previous_len = reference.len().checked_sub(1).expect("reference row is missing");
+        match self {
+            Self::Identical if value.to_bits() == reference[previous_len].to_bits() => {}
+            Self::Identical => {
+                let mut values = Vec::with_capacity(capacity);
+                values.extend_from_slice(&reference[..previous_len]);
+                values.push(value);
+                *self = Self::Owned(values);
+            }
+            Self::Owned(values) => {
+                debug_assert_eq!(values.len(), previous_len);
+                values.push(value);
+            }
+        }
+    }
+
+    pub(super) fn values<'a>(&'a self, reference: &'a [f64]) -> &'a [f64] {
+        match self {
+            Self::Identical => reference,
+            Self::Owned(values) => {
+                debug_assert_eq!(values.len(), reference.len());
+                values
+            }
+        }
+    }
+
+    pub(super) fn set(&mut self, index: usize, value: f64, reference: &[f64]) {
+        assert!(index < reference.len(), "series index out of bounds");
+        match self {
+            Self::Owned(values) => values[index] = value,
+            Self::Identical if value.to_bits() == reference[index].to_bits() => {}
+            Self::Identical => {
+                let mut values = reference.to_vec();
+                values[index] = value;
+                *self = Self::Owned(values);
+            }
+        }
+    }
+
+    pub(super) fn prefix(&self) -> Self {
+        match self {
+            Self::Identical => Self::Identical,
+            Self::Owned(values) => Self::Owned(prefix_sums(values)),
+        }
+    }
+}
+
+#[derive(Debug, Clone)]
+pub(super) struct RepeatedValues<T> {
+    repeated: T,
+    values: Option<Vec<T>>,
+    len: usize,
+}
+
+impl<T: Default + Clone + Eq> RepeatedValues<T> {
+    pub(super) fn new() -> Self {
+        Self { repeated: T::default(), values: None, len: 0 }
+    }
+
+    pub(super) fn push(&mut self, value: &T, capacity: usize) {
+        if let Some(values) = &mut self.values {
+            values.push(value.clone());
+        } else if self.len == 0 {
+            self.repeated = value.clone();
+        } else if *value != self.repeated {
+            let mut values = Vec::with_capacity(capacity);
+            values.resize(self.len, std::mem::take(&mut self.repeated));
+            values.push(value.clone());
+            self.values = Some(values);
+        }
+        self.len += 1;
+    }
+
+    pub(super) fn set(&mut self, index: usize, value: T) {
+        assert!(index < self.len, "series index out of bounds");
+        if let Some(values) = &mut self.values {
+            values[index] = value;
+        } else if value != self.repeated {
+            let mut values = vec![std::mem::take(&mut self.repeated); self.len];
+            values[index] = value;
+            self.values = Some(values);
+        }
+    }
+}
+
+impl<T> Index<usize> for RepeatedValues<T> {
+    type Output = T;
+
+    fn index(&self, index: usize) -> &T {
+        assert!(index < self.len, "series index out of bounds");
+        match &self.values {
+            Some(values) => &values[index],
+            None => &self.repeated,
+        }
+    }
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    fn bits(values: &[f64]) -> Vec<u64> {
+        values.iter().map(|value| value.to_bits()).collect()
+    }
+
+    #[test]
+    fn identical_prices_share_only_after_exact_bit_comparison() {
+        let reference = [10., -0., f64::from_bits(0x7ff8_0000_0000_0042), f64::INFINITY];
+        let mut column = ReferenceMatchedValues::Identical;
+        for (index, value) in reference.iter().copied().enumerate() {
+            column.push(value, &reference[..=index], reference.len());
+        }
+        assert!(matches!(column, ReferenceMatchedValues::Identical));
+        assert_eq!(column.values(&reference).as_ptr(), reference.as_ptr());
+        let prefix = prefix_sums(&reference);
+        assert_eq!(bits(column.prefix().values(&prefix)), bits(&prefix));
+
+        let original = column.clone();
+        column.set(1, 0., &reference);
+        assert!(matches!(column, ReferenceMatchedValues::Owned(_)));
+        assert_eq!(column.values(&reference)[1].to_bits(), 0_f64.to_bits());
+        assert_eq!(bits(original.values(&reference)), bits(&reference));
+        assert_eq!(bits(column.prefix().values(&prefix)), bits(&prefix_sums(column.values(&reference))));
+    }
+
+    #[test]
+    fn differing_prices_preserve_zero_nan_payloads_and_prior_rows() {
+        let reference = [10., 11., f64::from_bits(0x7ff8_0000_0000_0042), 13.];
+        for actual in [
+            [10., 0., reference[2], 13.],
+            [10., 11., f64::from_bits(0x7ff8_0000_0000_0043), 13.],
+        ] {
+            let mut column = ReferenceMatchedValues::Identical;
+            for (index, value) in actual.iter().copied().enumerate() {
+                column.push(value, &reference[..=index], actual.len());
+            }
+            assert!(matches!(column, ReferenceMatchedValues::Owned(_)));
+            assert_eq!(bits(column.values(&reference)), bits(&actual));
+        }
+    }
+
+    #[test]
+    fn repeated_values_preserve_nonzero_values_and_copy_on_change() {
+        let mut column = RepeatedValues::new();
+        for _ in 0..128 { column.push(&7_u64, 128); }
+        assert!(column.values.is_none());
+        assert_eq!(column[127], 7);
+        column.set(0, 7);
+        assert!(column.values.is_none());
+        let mut changed = column.clone();
+        changed.set(64, 9);
+        assert_eq!(changed[64], 9);
+        assert_eq!(changed[63], 7);
+        assert_eq!(column[64], 7);
+    }
+
+    #[test]
+    fn optional_values_keep_none_distinct_from_empty_and_repeated_text() {
+        for repeated in [None, Some(String::new()), Some("continuous".to_string())] {
+            let mut column = RepeatedValues::new();
+            for _ in 0..12 { column.push(&repeated, 16); }
+            assert!(column.values.is_none());
+            assert_eq!(column[0], repeated);
+            column.push(&Some("closing".to_string()), 16);
+            assert_eq!(column[11], repeated);
+            assert_eq!(column[12].as_deref(), Some("closing"));
+            column.set(5, None);
+            assert_eq!(column[5], None);
+            assert_eq!(column[4], repeated);
+        }
+    }
+
+    #[test]
+    #[should_panic(expected = "series index out of bounds")]
+    fn repeated_values_reject_out_of_range_access() {
+        let column = RepeatedValues::<u64>::new();
+        let _ = column[0];
+    }
+}

crates/fidc-core/src/stock_pool_execution.rs

@@ -479,7 +479,7 @@ pub struct StockPoolSelection {
     pub generation: Option<String>,
 }
 
-#[derive(Debug, Clone, Default, PartialEq)]
+#[derive(Debug, Clone, Default, PartialEq, Serialize)]
 pub struct StockPoolDecisionConstraints {
     pub execution_date: Option<NaiveDate>,
     pub frozen_positions: BTreeMap<String, FrozenStockPoolPosition>,
@@ -545,7 +545,7 @@ pub struct StockPoolPlan {
 
 /// A signal-time contract. Only the broker/execution adapter supplies later
 /// prices, actual cash and holdings; strategy code never sees those inputs.
-#[derive(Debug, Clone)]
+#[derive(Debug, Clone, Serialize)]
 pub struct FrozenStockPoolIntent {
     pub pool_id: String,
     pub signal_date: NaiveDate,

crates/fidc-core/src/strategy.rs

@@ -20,6 +20,18 @@ use crate::universe::{DynamicMarketCapBandSelector, SelectionContext, UniverseSe
 
 pub trait Strategy {
     fn name(&self) -> &str;
+    fn bind_runtime_position_configuration(
+        &mut self,
+        events: &[crate::position_exposure::PositionExposureEvent],
+        legacy: &BTreeMap<NaiveDate, i32>,
+    ) -> Result<(), BacktestError> {
+        if !events.is_empty() || !legacy.is_empty() {
+            return Err(BacktestError::Execution(
+                "strategy does not implement runtime position configuration".into(),
+            ));
+        }
+        Ok(())
+    }
     fn initial_subscriptions(&self) -> BTreeSet<String> {
         BTreeSet::new()
     }
@@ -40,6 +52,12 @@ pub trait Strategy {
     ) -> Result<(), BacktestError> {
         Ok(())
     }
+    /// External, already executed manual activity. It is not a new strategy
+    /// order and must not be run through order generation or transaction costs.
+    fn on_observed_manual_execution(
+        &mut self,
+        _execution: &crate::manual_execution::ManualReplayApplication,
+    ) -> Result<(), BacktestError> { Ok(()) }
     fn schedule_rules(&self) -> Vec<ScheduleRule> {
         Vec::new()
     }
@@ -102,6 +120,7 @@ pub struct OpenOrderView {
     pub avg_price: f64,
     pub transaction_cost: f64,
     pub limit_price: f64,
+    pub reserved_cash: Option<f64>,
     pub reason: String,
 }
 
@@ -497,6 +516,7 @@ impl StrategyContext<'_> {
             .iter()
             .filter(|order| order.side == OrderSide::Buy)
             .map(|order| {
+                if let Some(reserved) = order.reserved_cash { return reserved; }
                 let price = if order.limit_price.is_finite() {
                     order.limit_price.max(0.0)
                 } else {
@@ -975,7 +995,7 @@ fn safe_ratio(numerator: f64, denominator: f64) -> f64 {
     }
 }
 
-#[derive(Debug, Clone, Default)]
+#[derive(Debug, Clone, Default, serde::Serialize)]
 pub struct StrategyDecision {
     pub buy_denials: BTreeMap<String, String>,
     pub rebalance: bool,
@@ -988,6 +1008,15 @@ pub struct StrategyDecision {
 }
 
 impl StrategyDecision {
+    pub(crate) fn is_portfolio_target_only(&self) -> bool {
+        (self.rebalance && self.order_intents.is_empty())
+            || (self.order_intents.len() == 1
+                && matches!(
+                    self.order_intents[0].unwrapped(),
+                    OrderIntent::StockPool { .. } | OrderIntent::TargetPortfolioSmart { .. }
+                ))
+    }
+
     pub fn potential_buy_symbols(&self, open_orders: &[OpenOrderView]) -> BTreeSet<String> {
         let mut symbols = BTreeSet::new();
         if self.rebalance {
@@ -1001,9 +1030,24 @@ impl StrategyDecision {
     }
 
     pub fn merge_from(&mut self, mut other: StrategyDecision) {
+        if self.is_portfolio_target_only() && other.is_portfolio_target_only() {
+            let mut previous = std::mem::replace(self, other);
+            previous
+                .diagnostics
+                .push("unsubmitted_portfolio_target_superseded".into());
+            self.notes.splice(0..0, previous.notes);
+            self.diagnostics.splice(0..0, previous.diagnostics);
+            return;
+        }
         self.buy_denials.append(&mut other.buy_denials);
-        self.rebalance |= other.rebalance;
+        if other.rebalance {
+            // Rebalance targets are a complete portfolio, not an additive
+            // list. A newer unsent target replaces the earlier allocation.
+            self.rebalance = true;
+            self.target_weights = std::mem::take(&mut other.target_weights);
+        } else {
             self.target_weights.append(&mut other.target_weights);
+        }
         self.exit_symbols.append(&mut other.exit_symbols);
         self.order_intents.append(&mut other.order_intents);
         self.notes.append(&mut other.notes);
@@ -1023,13 +1067,59 @@ impl StrategyDecision {
     }
 }
 
-#[derive(Debug, Clone, Copy, PartialEq, Eq)]
+#[cfg(test)]
+mod decision_merge_tests {
+    use super::*;
+
+    #[test]
+    fn newer_complete_target_replaces_old_symbols_without_discarding_explicit_actions() {
+        let mut earlier = StrategyDecision {
+            rebalance: true,
+            target_weights: BTreeMap::from([("A".into(), 0.5), ("B".into(), 0.5)]),
+            exit_symbols: BTreeSet::from(["risk_exit".into()]),
+            order_intents: vec![OrderIntent::Shares {
+                symbol: "explicit".into(),
+                quantity: 100,
+                reason: "explicit action".into(),
+            }],
+            ..Default::default()
+        };
+        earlier.merge_from(StrategyDecision {
+            rebalance: true,
+            target_weights: BTreeMap::from([("C".into(), 1.)]),
+            ..Default::default()
+        });
+        assert_eq!(earlier.target_weights, BTreeMap::from([("C".into(), 1.)]));
+        assert!(earlier.rebalance);
+        assert!(earlier.exit_symbols.contains("risk_exit"));
+        assert_eq!(earlier.order_intents.len(), 1);
+    }
+
+    #[test]
+    fn explicit_empty_complete_target_replaces_old_allocation_but_empty_callback_does_not() {
+        let mut decision = StrategyDecision {
+            rebalance: true,
+            target_weights: BTreeMap::from([("A".into(), 1.)]),
+            ..Default::default()
+        };
+        decision.merge_from(StrategyDecision::default());
+        assert_eq!(decision.target_weights.len(), 1);
+        decision.merge_from(StrategyDecision {
+            rebalance: true,
+            ..Default::default()
+        });
+        assert!(decision.target_weights.is_empty());
+        assert!(decision.rebalance);
+    }
+}
+
+#[derive(Debug, Clone, Copy, PartialEq, Eq, serde::Serialize)]
 pub enum AlgoOrderStyle {
     Vwap,
     Twap,
 }
 
-#[derive(Debug, Clone, Copy, PartialEq, Eq)]
+#[derive(Debug, Clone, Copy, PartialEq, Eq, serde::Serialize)]
 pub enum OrderTimeInForce {
     Day,
     Ioc,
@@ -1058,7 +1148,7 @@ impl OrderTimeInForce {
     }
 }
 
-#[derive(Debug, Clone)]
+#[derive(Debug, Clone, serde::Serialize)]
 pub enum TargetPortfolioOrderPricing {
     LimitPrices(BTreeMap<String, f64>),
     AlgoOrder {
@@ -1068,7 +1158,7 @@ pub enum TargetPortfolioOrderPricing {
     },
 }
 
-#[derive(Debug, Clone)]
+#[derive(Debug, Clone, serde::Serialize)]
 pub enum OrderIntent {
     StockPool {
         contract: Box<crate::stock_pool_execution::FrozenStockPoolIntent>,

crates/fidc-core/tests/automatic_trade_protection.rs

@@ -105,6 +105,158 @@ fn action(quantity: &str, when: &str) -> PlatformTradeAction {
         reason: "configured_strategy_action".into(),
     }
 }
+
+#[test]
+fn observed_manual_trades_then_split_keep_real_fill_protection_and_lock_dates() {
+    for sell_during_lock in [false, true] {
+    let sale = if sell_during_lock {
+        ("manual-sell", "Sell", "2026-09-16T01:31:00Z", "2026-09-16T01:31:01Z", "5", "0.5", 200)
+    } else {
+        ("manual-sell", "Sell", "2026-09-14T01:31:00Z", "2026-09-14T01:31:01Z", "10", "0.5", 100)
+    };
+    let actions = [
+        ("new-buy", "Buy", "2026-09-14T01:30:00Z", "2026-09-14T01:30:01Z", "10", "0.25", 100),
+        ("late-buy", "Buy", "2026-09-11T06:00:00Z", "2026-09-14T01:30:02Z", "10", "0.75", 100),
+        sale,
+    ].into_iter().enumerate().map(|(index, (id, side, executed, observed, price, fee, quantity))| {
+        let executed: chrono::DateTime<chrono::Utc> = executed.parse().unwrap();
+        let observed: chrono::DateTime<chrono::Utc> = observed.parse().unwrap();
+        let created = executed - chrono::Duration::seconds(1);
+        serde_json::json!({"actionId":id,"source":"manual_security_trade","auditEventIds":[format!("audit-{id}")],
+            "confirmedAt":created,"confirmationObservedAt":created,"outcome":"orders_terminal","orders":[{
+                "orderId":id,"brokerOrderId":id,"sourceAdapter":"paper","symbol":"000001.SZ","side":side,"quantity":quantity,
+                "orderCreatedAt":created,"terminalObservedAt":observed,"terminalStatus":"filled","fills":[{
+                    "tradeId":id,"observationEventId":id,"observationSequence":index+1,
+                    "tradeDate":executed.date_naive(),"executedAt":executed,"observedAt":observed,
+                    "feeObservationEventId":id,"feeObservationSequence":index+1,"feeObservedAt":observed,
+                    "timestampPrecision":"second","quantity":quantity,"price":price,"totalFee":fee
+                }]
+            }]})
+    }).collect::<Vec<_>>();
+    let mut replay: fidc_core::manual_execution::ManualExecutionReplay = serde_json::from_value(serde_json::json!({
+        "schema":fidc_core::manual_execution::MANUAL_REPLAY_SCHEMA,"runtimeId":"r","accountId":"a",
+        "sourceContractSha256":"a".repeat(64),"contentSha256":"","observationCutoff":"2026-09-18T08:00:00Z","actions":actions,
+    })).unwrap();
+    replay.content_sha256 = replay.content_digest().unwrap();
+    let mut parts = data().snapshot_components();
+    for row in &mut parts.market {
+        if row.date >= d(15) {
+            row.day_open = 5.;
+            row.open = 5.;
+            row.high = 5.;
+            row.low = 5.;
+            row.close = 5.;
+            row.last_price = 5.;
+            row.bid1 = 5.;
+            row.ask1 = 5.;
+            row.prev_close = 5.;
+            row.upper_limit = 5.5;
+            row.lower_limit = 4.5;
+        }
+    }
+    parts.corporate_actions.push(fidc_core::CorporateAction {
+        date: d(15),
+        symbol: "000001.SZ".into(),
+        payable_date: None,
+        share_cash: 0.,
+        share_bonus: 1.,
+        share_gift: 0.,
+        issue_quantity: 0.,
+        issue_price: 0.,
+        reform: false,
+        adjust_factor: None,
+        successor_symbol: None,
+        successor_ratio: None,
+        successor_cash: None,
+    });
+    let data = DataSet::from_components_with_actions(
+        parts.instruments,
+        parts.market,
+        parts.factors,
+        parts.candidates,
+        parts.benchmarks,
+        parts.corporate_actions,
+    )
+    .unwrap();
+    let mut config = PlatformExprStrategyConfig::generic();
+    config.signal_symbol = "000001.SZ".into();
+    config.benchmark_symbol = "000300.SH".into();
+    config.rotation_enabled = false;
+    config.matching_type = MatchingType::CurrentBarClose;
+    config.volume_capacity_mode =
+        fidc_core::execution_capacity::VolumeCapacityMode::SessionCapacityAudit;
+    config.automatic_trade_protection = AutomaticTradeProtection {
+        buy_protection_days: 3,
+        sell_cooldown_days: 3,
+        max_holding_days: 1,
+        locks: vec![AutomaticTradeLock {
+            symbol: "000001.SZ".into(),
+            start_date: d(16),
+            end_date: Some(d(17)),
+        }],
+    };
+    config.explicit_actions = vec![action("-200", "decision_date >= \"2026-09-14\"")];
+    let result = BacktestEngine::new(
+        data,
+        PlatformExprStrategy::new(config),
+        BrokerSimulator::new(ChinaAShareCostModel::default(), ChinaEquityRuleHooks)
+            .with_matching_type(MatchingType::CurrentBarClose)
+            .with_volume_capacity_mode(
+                fidc_core::execution_capacity::VolumeCapacityMode::SessionCapacityAudit,
+            ),
+        BacktestConfig {
+            initial_cash: 10000.,
+            benchmark_code: "000300.SH".into(),
+            start_date: Some(d(11)),
+            end_date: Some(d(18)),
+            decision_lag_trading_days: 0,
+            execution_price_field: PriceField::Close,
+        },
+    )
+    .with_observed_manual_executions(replay)
+    .unwrap()
+    .run()
+    .unwrap();
+    assert_eq!(result.manual_executions.len(), 3);
+    assert_eq!(result.manual_executions[2].quantity_after, if sell_during_lock { 200 } else { 100 });
+    assert_eq!(result.fills.len(), 1, "{:?}", result.fills);
+    assert_eq!(
+        (
+            result.fills[0].date,
+            result.fills[0].side,
+            result.fills[0].quantity,
+            result.fills[0].price
+        ),
+        (d(18), OrderSide::Sell, 200, 5.)
+    );
+    assert!(result.fills[0].reason.contains("max_holding_days_exit"));
+    for day in [14, 15] {
+        for rule in ["buy_fill_protection", "sell_fill_cooldown"] {
+            if rule == "sell_fill_cooldown" && sell_during_lock { continue; }
+            assert!(result.risk_decisions.iter().any(|audit| audit.date == d(day)
+                && audit.symbol == "000001.SZ" && audit.rule_code == rule && !audit.accepted), "day={day} rule={rule}");
+        }
+    }
+    for day in [16, 17] {
+        assert!(result.risk_decisions.iter().any(|audit| audit.date == d(day)
+            && audit.symbol == "000001.SZ" && audit.rule_code == "automatic_trade_locked" && !audit.accepted));
+    }
+    assert!(
+        result
+            .daily_holdings
+            .iter()
+            .any(|row| row.date == d(15) && row.quantity == if sell_during_lock { 400 } else { 200 })
+    );
+    assert!(result.holdings_summary.is_empty());
+    assert!(
+        result
+            .equity_curve
+            .iter()
+            .all(|point| point.external_cash_flow == 0.)
+    );
+    }
+}
+
 fn run(policy: AutomaticTradeProtection) -> fidc_core::BacktestResult {
     let mut config = PlatformExprStrategyConfig::generic();
     config.volume_capacity_mode = fidc_core::execution_capacity::VolumeCapacityMode::SessionCapacityAudit;

crates/fidc-core/tests/corporate_actions.rs

@@ -177,6 +177,157 @@ fn benchmark_snapshot(date: NaiveDate) -> BenchmarkSnapshot {
     }
 }
 
+#[test]
+fn successor_conversion_depletes_older_source_lots_before_newer_successor_buys() {
+    struct ConvertedSale {
+        dates: [NaiveDate; 3],
+        seen: std::rc::Rc<std::cell::RefCell<Option<(Option<NaiveDate>, Option<NaiveDate>)>>>,
+    }
+    impl Strategy for ConvertedSale {
+        fn name(&self) -> &str {
+            "successor FIFO"
+        }
+        fn on_day(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+        ) -> Result<StrategyDecision, fidc_core::BacktestError> {
+            let (symbol, quantity) = if ctx.execution_date == self.dates[0] {
+                ("000001.SZ", 100)
+            } else if ctx.execution_date == self.dates[1] {
+                ("000002.SZ", 100)
+            } else {
+                let holding = ctx.portfolio.position("000002.SZ").unwrap();
+                *self.seen.borrow_mut() = Some((holding.opened_date(), holding.last_buy_date()));
+                ("000002.SZ", -200)
+            };
+            Ok(StrategyDecision {
+                order_intents: vec![fidc_core::OrderIntent::Shares {
+                    symbol: symbol.into(),
+                    quantity,
+                    reason: "dated lot test".into(),
+                }],
+                ..Default::default()
+            })
+        }
+    }
+    let dates = [d(2026, 9, 11), d(2026, 9, 14), d(2026, 9, 15)];
+    let symbols = ["000001.SZ", "000002.SZ"];
+    let mut market = Vec::new();
+    let mut factors = Vec::new();
+    let mut candidates = Vec::new();
+    for date in dates {
+        for symbol in symbols {
+            let price = if symbol == symbols[0] {
+                10.
+            } else if date == dates[2] {
+                6.
+            } else {
+                20.
+            };
+            let mut quote = stock_market_snapshot(date);
+            quote.symbol = symbol.into();
+            quote.day_open = price;
+            quote.open = price;
+            quote.high = price;
+            quote.low = price;
+            quote.close = price;
+            quote.last_price = price;
+            quote.bid1 = price;
+            quote.ask1 = price;
+            quote.prev_close = price;
+            quote.upper_limit = price * 1.1;
+            quote.lower_limit = price * 0.9;
+            market.push(quote);
+            let mut factor = stock_factor_snapshot(date);
+            factor.symbol = symbol.into();
+            factors.push(factor);
+            let mut candidate = stock_candidate(date);
+            candidate.symbol = symbol.into();
+            candidates.push(candidate);
+        }
+    }
+    let data = DataSet::from_components_with_actions(
+        symbols
+            .into_iter()
+            .map(|symbol| Instrument {
+                symbol: symbol.into(),
+                name: symbol.into(),
+                board: "SZ".into(),
+                round_lot: 100,
+                listed_at: Some(d(2020, 1, 1)),
+                delisted_at: None,
+                status: "active".into(),
+            })
+            .collect(),
+        market,
+        factors,
+        candidates,
+        dates.map(benchmark_snapshot).into(),
+        vec![CorporateAction {
+            date: dates[2],
+            symbol: symbols[0].into(),
+            payable_date: None,
+            share_cash: 0.,
+            share_bonus: 0.,
+            share_gift: 0.,
+            issue_quantity: 0.,
+            issue_price: 0.,
+            reform: false,
+            adjust_factor: None,
+            successor_symbol: Some(symbols[1].into()),
+            successor_ratio: Some(2.),
+            successor_cash: Some(0.),
+        }],
+    )
+    .unwrap();
+    let seen = std::rc::Rc::new(std::cell::RefCell::new(None));
+    let broker = BrokerSimulator::new_with_execution_price(
+        ChinaAShareCostModel::default(),
+        ChinaEquityRuleHooks,
+        PriceField::Open,
+    )
+    .with_matching_type(fidc_core::MatchingType::NextBarOpen)
+    .with_volume_limit(false)
+    .with_liquidity_limit(false);
+    let result = BacktestEngine::new(
+        data,
+        ConvertedSale {
+            dates,
+            seen: seen.clone(),
+        },
+        broker,
+        BacktestConfig {
+            initial_cash: 10000.,
+            benchmark_code: "000300.SH".into(),
+            start_date: Some(dates[0]),
+            end_date: Some(dates[2]),
+            decision_lag_trading_days: 0,
+            execution_price_field: PriceField::Open,
+        },
+    )
+    .run()
+    .unwrap();
+    assert_eq!(*seen.borrow(), Some((Some(dates[0]), Some(dates[1]))));
+    assert_eq!(result.fills.len(), 3);
+    assert_eq!(result.fills[2].quantity, 200);
+    assert_eq!(result.fills[2].symbol, symbols[1]);
+    let remaining = result
+        .holdings_summary
+        .iter()
+        .find(|row| row.symbol == symbols[1])
+        .unwrap();
+    assert_eq!(remaining.quantity, 100);
+    assert_eq!(remaining.realized_pnl, 200.);
+    assert!(
+        result
+            .position_events
+            .iter()
+            .any(|event| event.symbol == symbols[0]
+                && event.quantity_after == 0
+                && event.reason.starts_with("successor_conversion"))
+    );
+}
+
 #[test]
 fn engine_reinvests_dividend_receivable_in_round_lots() {
     let buy_date = d(2025, 1, 1);

crates/fidc-core/tests/engine_hooks.rs

@@ -1535,6 +1535,90 @@ fn engine_executes_futures_order_intents_against_future_account() {
     assert!((futures_account.cash() - 355_988.0).abs() < 1e-6);
 }
 
+#[test]
+fn futures_directive_notifications_include_the_actual_recorded_fill() {
+    struct Observed {
+        inner: FuturesOrderStrategy,
+        seen: Rc<RefCell<Vec<u64>>>,
+    }
+    impl Strategy for Observed {
+        fn name(&self) -> &str {
+            "observed-futures-directive"
+        }
+        fn on_day(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+        ) -> Result<StrategyDecision, fidc_core::BacktestError> {
+            self.inner.on_day(ctx)
+        }
+        fn on_process_event(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+            event: &ProcessEvent,
+        ) -> Result<(), fidc_core::BacktestError> {
+            if event.kind == ProcessEventKind::Trade
+                && event.symbol.as_deref() == Some("IF2501")
+            {
+                let id = event.order_id.unwrap();
+                assert!(
+                    ctx.fills
+                        .iter()
+                        .any(|fill| fill.order_id == Some(id) && fill.symbol == "IF2501")
+                );
+                assert!(
+                    ctx.order_events
+                        .iter()
+                        .any(|order| order.order_id == Some(id)
+                            && order.status == OrderStatus::Filled)
+                );
+                assert_eq!(
+                    ctx.current_datetime().map(|time| time.date()),
+                    Some(ctx.execution_date)
+                );
+                self.seen.borrow_mut().push(id);
+            }
+            Ok(())
+        }
+    }
+    let seen = Rc::new(RefCell::new(Vec::new()));
+    let broker = BrokerSimulator::new_with_execution_price(
+        ChinaAShareCostModel::default(),
+        ChinaEquityRuleHooks,
+        PriceField::Open,
+    )
+    .with_volume_capacity_mode(
+        fidc_core::execution_capacity::VolumeCapacityMode::SessionCapacityAudit,
+    );
+    let mut engine = BacktestEngine::new(
+        two_day_futures_data(),
+        Observed {
+            inner: FuturesOrderStrategy,
+            seen: seen.clone(),
+        },
+        broker,
+        BacktestConfig {
+            initial_cash: 100_000.,
+            benchmark_code: "000300.SH".into(),
+            start_date: Some(d(2025, 1, 2)),
+            end_date: Some(d(2025, 1, 3)),
+            decision_lag_trading_days: 0,
+            execution_price_field: PriceField::Open,
+        },
+    )
+    .with_futures_initial_cash(500_000.);
+    let result = engine.run().unwrap();
+    assert_eq!(
+        *seen.borrow(),
+        result
+            .fills
+            .iter()
+            .filter(|fill| fill.symbol == "IF2501")
+            .map(|fill| fill.order_id.unwrap())
+            .collect::<Vec<_>>()
+    );
+    assert_eq!(seen.borrow().len(), 1);
+}
+
 #[test]
 fn platform_runtime_actions_execute_generic_futures_open_and_close() {
     let mut cfg = PlatformExprStrategyConfig::generic();
@@ -2748,6 +2832,7 @@ fn strategy_context_exposes_engine_native_account_runtime_view() {
         avg_price: 0.0,
         transaction_cost: 0.0,
         limit_price: 12.0,
+        reserved_cash: None,
         reason: "pending_buy".to_string(),
     }];
     let subscriptions = BTreeSet::new();

crates/fidc-core/tests/manual_corporate_observation.rs

@@ -0,0 +1,505 @@
+use chrono::{DateTime, NaiveDate, Utc};
+use fidc_core::manual_execution::{MANUAL_REPLAY_SCHEMA, ManualExecutionReplay};
+use fidc_core::{
+    BacktestConfig, BacktestEngine, BenchmarkSnapshot, BrokerSimulator, CandidateEligibility,
+    ChinaAShareCostModel, ChinaEquityRuleHooks, CorporateAction, DailyFactorSnapshot,
+    DailyMarketSnapshot, DataSet, Instrument, MatchingType, PriceField, Strategy,
+};
+
+fn date(day: u32) -> NaiveDate {
+    NaiveDate::from_ymd_opt(2026, 9, day).unwrap()
+}
+
+#[derive(Clone, Copy, Debug)]
+enum Action {
+    Split,
+    Dividend,
+    Successor,
+}
+
+fn data(action: Action) -> DataSet {
+    let days = [10, 11, 14, 15].map(date);
+    let mut market = Vec::new();
+    let mut factors = Vec::new();
+    let mut candidates = Vec::new();
+    for day in days {
+        for symbol in ["000001.SZ", "000002.SZ"] {
+            if matches!(action, Action::Successor) && symbol == "000001.SZ" && day >= date(14) {
+                continue;
+            }
+            let price = if day < date(14)
+                || (symbol == "000002.SZ" && !matches!(action, Action::Successor))
+            {
+                10.
+            } else if matches!(action, Action::Dividend) {
+                9.
+            } else {
+                5.
+            };
+            market.push(DailyMarketSnapshot {
+                date: day,
+                symbol: symbol.into(),
+                timestamp: Some(format!("{day} 15:00:00")),
+                day_open: price,
+                open: price,
+                high: price,
+                low: price,
+                close: price,
+                last_price: price,
+                bid1: price,
+                ask1: price,
+                prev_close: price,
+                volume: 100000,
+                minute_volume: 100000,
+                bid1_volume: 100000,
+                ask1_volume: 100000,
+                trading_phase: Some("continuous".into()),
+                paused: false,
+                upper_limit: price * 1.1,
+                lower_limit: price * 0.9,
+                price_tick: 0.01,
+            });
+            factors.push(DailyFactorSnapshot {
+                date: day,
+                symbol: symbol.into(),
+                market_cap_bn: 10.,
+                free_float_cap_bn: 10.,
+                pe_ttm: 10.,
+                turnover_ratio: None,
+                effective_turnover_ratio: None,
+                adjustment_factor_backward1: Some(1.),
+                extra_factors: Default::default(),
+            });
+            candidates.push(CandidateEligibility {
+                date: day,
+                symbol: symbol.into(),
+                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: None,
+            });
+        }
+    }
+    DataSet::from_components_with_actions(
+        ["000001.SZ", "000002.SZ"]
+            .into_iter()
+            .map(|symbol| Instrument {
+                symbol: symbol.into(),
+                name: symbol.into(),
+                board: "SZ".into(),
+                round_lot: 100,
+                listed_at: Some(date(1)),
+                delisted_at: (matches!(action, Action::Successor) && symbol == "000001.SZ")
+                    .then_some(date(14)),
+                status: "active".into(),
+            })
+            .collect(),
+        market,
+        factors,
+        candidates,
+        days.map(|day| BenchmarkSnapshot {
+            date: day,
+            benchmark: "000300.SH".into(),
+            open: 100.,
+            close: 100.,
+            prev_close: 100.,
+            volume: 100000,
+        })
+        .into(),
+        vec![CorporateAction {
+            date: date(14),
+            symbol: "000001.SZ".into(),
+            payable_date: Some(date(14)),
+            share_cash: if matches!(action, Action::Dividend) {
+                1.
+            } else {
+                0.
+            },
+            share_bonus: if matches!(action, Action::Split) {
+                1.
+            } else {
+                0.
+            },
+            share_gift: 0.,
+            issue_quantity: 0.,
+            issue_price: 0.,
+            reform: false,
+            adjust_factor: None,
+            successor_symbol: matches!(action, Action::Successor).then(|| "000002.SZ".into()),
+            successor_ratio: matches!(action, Action::Successor).then_some(2.),
+            successor_cash: matches!(action, Action::Successor).then_some(0.5),
+        }],
+    )
+    .unwrap()
+}
+
+fn source(delayed: bool, sell: bool) -> ManualExecutionReplay {
+    let trades = if sell {
+        vec![
+            ("initial-buy", "Buy", 10, 200, false),
+            ("sale", "Sell", 11, 100, delayed),
+        ]
+    } else {
+        vec![("buy", "Buy", 11, 100, delayed)]
+    };
+    let actions = trades.into_iter().enumerate().map(|(index, (id, side, day, quantity, late))| {
+        let executed = format!("2026-09-{day:02}T06:00:00Z").parse::<DateTime<Utc>>().unwrap();
+        let observed = if late { "2026-09-15T05:00:00Z".parse().unwrap() } else { executed + chrono::Duration::seconds(1) };
+        let created = executed - chrono::Duration::seconds(1);
+        serde_json::json!({"actionId":id,"source":"manual_security_trade","auditEventIds":[format!("audit-{id}")],
+            "confirmedAt":created,"confirmationObservedAt":created,"outcome":"orders_terminal","orders":[{
+                "orderId":id,"brokerOrderId":id,"sourceAdapter":"paper","symbol":"000001.SZ","side":side,"quantity":quantity,
+                "orderCreatedAt":created,"terminalObservedAt":observed,"terminalStatus":"filled","fills":[{
+                    "tradeId":id,"observationEventId":id,"observationSequence":index+1,"tradeDate":date(day),
+                    "executedAt":executed,"observedAt":observed,"feeObservationEventId":id,"feeObservationSequence":index+1,
+                    "feeObservedAt":observed,"timestampPrecision":"second","quantity":quantity,"price":"10","totalFee":"1"
+                }]
+            }]})
+    }).collect::<Vec<_>>();
+    let mut source: ManualExecutionReplay = serde_json::from_value(serde_json::json!({
+        "schema":MANUAL_REPLAY_SCHEMA,"runtimeId":"r","accountId":"a","sourceContractSha256":"a".repeat(64),
+        "contentSha256":"","observationCutoff":"2026-09-15T08:00:00Z","actions":actions,
+    })).unwrap();
+    source.content_sha256 = source.content_digest().unwrap();
+    source.validate().unwrap();
+    source
+}
+
+struct Hold;
+impl Strategy for Hold {
+    fn name(&self) -> &str {
+        "manual corporate observation"
+    }
+    fn requires_minute_callbacks(&self) -> bool {
+        false
+    }
+}
+
+fn run_custom<S: Strategy>(
+    data: DataSet,
+    source: ManualExecutionReplay,
+    strategy: S,
+    cash_dividends: bool,
+    adjust_cost: bool,
+) -> Result<fidc_core::BacktestResult, fidc_core::BacktestError> {
+    let broker = BrokerSimulator::new(ChinaAShareCostModel::default(), ChinaEquityRuleHooks)
+        .with_matching_type(MatchingType::NextBarOpen)
+        .with_volume_limit(false)
+        .with_liquidity_limit(false);
+    BacktestEngine::new(
+        data,
+        strategy,
+        broker,
+        BacktestConfig {
+            initial_cash: 10000.,
+            benchmark_code: "000300.SH".into(),
+            start_date: Some(date(10)),
+            end_date: Some(date(15)),
+            decision_lag_trading_days: 0,
+            execution_price_field: PriceField::Open,
+        },
+    )
+    .with_cash_dividends(cash_dividends)
+    .with_cash_dividend_cost_basis_adjustment(adjust_cost)
+    .with_observed_manual_executions(source)
+    .unwrap()
+    .run()
+}
+
+fn run(
+    action: Action,
+    delayed: bool,
+    sell: bool,
+) -> Result<fidc_core::BacktestResult, fidc_core::BacktestError> {
+    run_custom(data(action), source(delayed, sell), Hold, true, true)
+}
+
+#[test]
+fn delayed_buy_does_not_lose_corporate_entitlements() {
+    for action in [Action::Split, Action::Dividend, Action::Successor] {
+        let timely = run(action, false, false).unwrap();
+        let delayed = run(action, true, false).unwrap();
+        let project = |result: &fidc_core::BacktestResult| {
+            (
+                result.equity_curve.last().unwrap().cash,
+                result.equity_curve.last().unwrap().total_equity,
+                result
+                    .holdings_summary
+                    .iter()
+                    .map(|row| (row.symbol.clone(), row.quantity))
+                    .collect::<Vec<_>>(),
+            )
+        };
+        assert_eq!(project(&delayed), project(&timely), "{action:?}");
+        assert_eq!(delayed.manual_executions.len(), 1);
+        assert!(delayed.fills.is_empty());
+        if matches!(action, Action::Successor)
+            && let Ok(directory) = std::env::var("FIDC_CORPORATE_QA_OUTPUT")
+        {
+            use std::io::Write;
+            let path = std::path::Path::new(&directory).join("corporate-successor-result.json");
+            let mut options = std::fs::OpenOptions::new();
+            options.write(true).create_new(true);
+            #[cfg(unix)]
+            {
+                use std::os::unix::fs::OpenOptionsExt;
+                options.mode(0o600);
+            }
+            let mut file = options.open(path).unwrap();
+            file.write_all(&serde_json::to_vec(&serde_json::json!({
+                "source":delayed.manual_execution_source.as_deref(), "applications":delayed.manual_executions,
+            })).unwrap()).unwrap();
+        }
+    }
+}
+
+#[test]
+fn delayed_sale_does_not_keep_unearned_corporate_entitlements() {
+    for action in [Action::Split, Action::Dividend, Action::Successor] {
+        let timely = run(action, false, true).unwrap();
+        let delayed = run(action, true, true).unwrap();
+        let project = |result: &fidc_core::BacktestResult| {
+            (
+                result.equity_curve.last().unwrap().cash,
+                result.equity_curve.last().unwrap().total_equity,
+                result
+                    .holdings_summary
+                    .iter()
+                    .map(|row| (row.symbol.clone(), row.quantity))
+                    .collect::<Vec<_>>(),
+            )
+        };
+        assert_eq!(project(&delayed), project(&timely), "{action:?}");
+        assert_eq!(delayed.manual_executions.len(), 2);
+        assert!(delayed.fills.is_empty());
+    }
+}
+
+#[test]
+fn corporate_replay_preserves_issued_orders_cash_flows_financing_and_charged_fees() {
+    struct ExistingActivity {
+        receiving_days: usize,
+    }
+    impl Strategy for ExistingActivity {
+        fn name(&self) -> &str {
+            "corporate replay with original activity"
+        }
+        fn requires_minute_callbacks(&self) -> bool {
+            false
+        }
+        fn on_day(
+            &mut self,
+            ctx: &fidc_core::StrategyContext<'_>,
+        ) -> Result<fidc_core::StrategyDecision, fidc_core::BacktestError> {
+            use fidc_core::OrderIntent;
+            let order_intents = if ctx.execution_date == date(10) {
+                vec![
+                    OrderIntent::DepositWithdraw {
+                        amount: 500.,
+                        receiving_days: self.receiving_days,
+                        reason: "original deposit".into(),
+                    },
+                    OrderIntent::FinanceRepay {
+                        amount: 200.,
+                        reason: "original financing".into(),
+                    },
+                    OrderIntent::SetManagementFeeRate {
+                        rate: 0.001,
+                        reason: "original fee policy".into(),
+                    },
+                ]
+            } else if ctx.execution_date == date(11) {
+                vec![OrderIntent::Shares {
+                    symbol: "000002.SZ".into(),
+                    quantity: 100,
+                    reason: "unrelated stock".into(),
+                }]
+            } else if ctx.execution_date == date(14) {
+                vec![OrderIntent::Shares {
+                    symbol: "000001.SZ".into(),
+                    quantity: 100,
+                    reason: "already issued after corporate action".into(),
+                }]
+            } else {
+                vec![]
+            };
+            Ok(fidc_core::StrategyDecision {
+                order_intents,
+                ..Default::default()
+            })
+        }
+        fn management_fee(
+            &mut self,
+            _: &fidc_core::StrategyContext<'_>,
+            _: f64,
+        ) -> Result<Option<f64>, fidc_core::BacktestError> {
+            Ok(Some(0.25))
+        }
+    }
+    for receiving_days in [0, 1] {
+        for sell in [false, true] {
+            let timely = run_custom(
+                data(Action::Split),
+                source(false, sell),
+                ExistingActivity { receiving_days },
+                true,
+                true,
+            )
+            .unwrap();
+            let delayed = run_custom(
+                data(Action::Split),
+                source(true, sell),
+                ExistingActivity { receiving_days },
+                true,
+                true,
+            )
+            .unwrap();
+            assert_eq!(
+                serde_json::to_value(&timely.fills).unwrap(),
+                serde_json::to_value(&delayed.fills).unwrap()
+            );
+            assert_eq!(delayed.fills.len(), 2);
+            assert_eq!(
+                delayed.equity_curve.last().unwrap().cash,
+                timely.equity_curve.last().unwrap().cash
+            );
+            assert_eq!(
+                delayed.equity_curve.last().unwrap().total_equity,
+                timely.equity_curve.last().unwrap().total_equity
+            );
+            assert_eq!(
+                delayed
+                    .equity_curve
+                    .iter()
+                    .map(|row| row.external_cash_flow)
+                    .sum::<f64>(),
+                500.
+            );
+            assert_eq!(delayed.manual_executions.len(), if sell { 2 } else { 1 });
+        }
+    }
+}
+
+#[test]
+fn pending_and_disabled_dividends_keep_the_configured_cash_and_cost_contract() {
+    for paid in [false, true] {
+        for enabled in [false, true] {
+            for adjust_cost in [false, true] {
+                let fixture = || {
+                    let mut parts = data(Action::Dividend).snapshot_components();
+                    parts.corporate_actions[0].payable_date =
+                        Some(date(if paid { 14 } else { 16 }));
+                    DataSet::from_components_with_actions(
+                        parts.instruments,
+                        parts.market,
+                        parts.factors,
+                        parts.candidates,
+                        parts.benchmarks,
+                        parts.corporate_actions,
+                    )
+                    .unwrap()
+                };
+                let timely =
+                    run_custom(fixture(), source(false, false), Hold, enabled, adjust_cost)
+                        .unwrap();
+                let delayed =
+                    run_custom(fixture(), source(true, false), Hold, enabled, adjust_cost).unwrap();
+                assert_eq!(
+                    delayed.equity_curve.last().unwrap().cash,
+                    timely.equity_curve.last().unwrap().cash
+                );
+                let financial = |result: &fidc_core::BacktestResult| {
+                    result
+                        .holdings_summary
+                        .iter()
+                        .map(|row| {
+                            (
+                                row.symbol.clone(),
+                                row.quantity,
+                                row.average_cost,
+                                row.last_price,
+                                row.market_value,
+                                row.unrealized_pnl,
+                                row.realized_pnl,
+                                row.pnl,
+                                row.dividend_receivable,
+                            )
+                        })
+                        .collect::<Vec<_>>()
+                };
+                // Receipt-day turnover is deliberately different when the
+                // dividend option is disabled and no adjustment is required.
+                assert_eq!(financial(&delayed), financial(&timely));
+                assert_eq!(
+                    delayed.manual_executions[0].corporate_adjustment.is_some(),
+                    enabled
+                );
+                if enabled && !paid {
+                    assert_eq!(delayed.terminal_audit.cash_receivable_count, 1);
+                }
+            }
+        }
+    }
+}
+
+#[test]
+fn late_fill_replays_aggregate_split_rounding_not_an_independent_rounded_fragment() {
+    let fixture = || {
+        let mut parts = data(Action::Split).snapshot_components();
+        parts.corporate_actions[0].share_bonus = 0.125;
+        for row in &mut parts.market {
+            if row.symbol == "000001.SZ" && row.date >= date(14) {
+                row.day_open = 8.89;
+                row.open = 8.89;
+                row.close = 8.89;
+                row.last_price = 8.89;
+                row.high = 8.89;
+                row.low = 8.89;
+                row.prev_close = 8.89;
+                row.bid1 = 8.89;
+                row.ask1 = 8.89;
+                row.upper_limit = 9.78;
+                row.lower_limit = 8.;
+            }
+        }
+        DataSet::from_components_with_actions(
+            parts.instruments,
+            parts.market,
+            parts.factors,
+            parts.candidates,
+            parts.benchmarks,
+            parts.corporate_actions,
+        )
+        .unwrap()
+    };
+    let input = |delayed| {
+        let mut value = source(delayed, true);
+        value.actions[0].orders[0].quantity = 100;
+        value.actions[0].orders[0].fills[0].quantity = 100;
+        value.actions[1].orders[0].side = fidc_core::OrderSide::Buy;
+        value.content_sha256 = value.content_digest().unwrap();
+        value
+    };
+    let timely = run_custom(fixture(), input(false), Hold, true, true).unwrap();
+    let delayed = run_custom(fixture(), input(true), Hold, true, true).unwrap();
+    assert_eq!(timely.holdings_summary[0].quantity, 225);
+    assert_eq!(delayed.holdings_summary[0].quantity, 225);
+    assert_eq!(
+        delayed.equity_curve.last().unwrap().total_equity,
+        timely.equity_curve.last().unwrap().total_equity
+    );
+    assert_eq!(
+        delayed.manual_executions[1]
+            .corporate_adjustment
+            .as_ref()
+            .unwrap()
+            .positions["000001.SZ"]
+            .quantity_before,
+        113
+    );
+}

crates/fidc-core/tests/stock_pool_execution_contract.rs

@@ -224,6 +224,117 @@ fn decision(contract: FrozenStockPoolIntent) -> StrategyDecision {
     }
 }
 
+#[test]
+fn a_fresh_zero_target_prevents_resuming_the_previous_unsubmitted_buy_leg() {
+    use fidc_core::{ScheduleRule, ScheduleStage, ScheduleTimeRule, Strategy, StrategyContext};
+    struct Probe;
+    impl Strategy for Probe {
+        fn name(&self) -> &str {
+            "fresh-target-before-resume"
+        }
+        fn requires_minute_callbacks(&self) -> bool {
+            false
+        }
+        fn schedule_rules(&self) -> Vec<ScheduleRule> {
+            vec![
+                ScheduleRule::daily("earlier-pool", ScheduleStage::Minute)
+                    .with_time_rule(ScheduleTimeRule::physical_time(9, 30)),
+            ]
+        }
+        fn on_scheduled(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+            _: &ScheduleRule,
+        ) -> Result<StrategyDecision, fidc_core::BacktestError> {
+            if ctx.execution_date != day(5) {
+                return Ok(StrategyDecision::default());
+            }
+            let mut old = contract(day(5), 2, false);
+            old.out_of_pool_policy = "reduce_to_zero_when_sellable".into();
+            old.rule.window_end = "13:30".into();
+            old.rule.pricing_mode = POOL_PRICE_FORMULA_LIMIT.into();
+            old.generation = "earlier-pool-at-open".into();
+            Ok(decision(old))
+        }
+        fn on_day(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+        ) -> Result<StrategyDecision, fidc_core::BacktestError> {
+            if ctx.execution_date == day(2) {
+                return Ok(StrategyDecision {
+                    order_intents: vec![OrderIntent::Shares {
+                        symbol: code(1),
+                        quantity: 100,
+                        reason: "original-holding".into(),
+                    }],
+                    ..Default::default()
+                });
+            }
+            assert!(ctx.open_orders.is_empty());
+            let mut latest = contract(day(5), 2, false);
+            latest.out_of_pool_policy = "reduce_to_zero_when_sellable".into();
+            latest.rule.window_end = "13:30".into();
+            latest.invest_ratio_bps = 0;
+            latest.generation = "fresh-zero-at-1300".into();
+            Ok(decision(latest))
+        }
+    }
+    let mut rows = data(false).snapshot_components();
+    let mut quotes = Vec::new();
+    for mut quote in rows.execution_quotes {
+        if quote.date > day(5) {
+            continue;
+        }
+        let mut afternoon = quote.clone();
+        afternoon.timestamp = quote.date.and_hms_opt(13, 0, 0).unwrap();
+        quotes.push(afternoon);
+        if quote.date == day(5) && quote.symbol == code(1) {
+            quote.volume_delta = 100;
+            quote.amount_delta = quote.last_price * 100.;
+        }
+        quotes.push(quote);
+    }
+    rows.execution_quotes = quotes;
+    let data = DataSet::from_components_with_actions_and_quotes(
+        rows.instruments,
+        rows.market,
+        rows.factors,
+        rows.candidates,
+        rows.benchmarks,
+        rows.corporate_actions,
+        rows.execution_quotes,
+    )
+    .unwrap();
+    let broker = broker(true)
+        .with_matching_type(MatchingType::MinuteLast)
+        .with_intraday_execution_start_time(chrono::NaiveTime::from_hms_opt(13, 0, 0).unwrap());
+    let result = BacktestEngine::new(
+        data,
+        Probe,
+        broker,
+        BacktestConfig {
+            initial_cash: 30_000.,
+            benchmark_code: "000300.SH".into(),
+            start_date: Some(day(2)),
+            end_date: Some(day(5)),
+            decision_lag_trading_days: 0,
+            execution_price_field: PriceField::Last,
+        },
+    )
+    .run()
+    .unwrap();
+    assert_eq!(result.fills.len(), 3, "{:?}", result.fills);
+    assert!(result.fills.iter().all(|fill| fill.symbol == code(1)));
+    assert_eq!(result.fills[1].side, fidc_core::OrderSide::Sell);
+    assert_eq!(
+        result.fills[2].execution_timestamp,
+        day(5).and_hms_opt(13, 0, 0)
+    );
+    assert_eq!(result.fills[1].order_id, result.fills[2].order_id);
+    assert_eq!(result.fills[1].quantity + result.fills[2].quantity, 100);
+    assert!(result.holdings_summary.is_empty());
+}
+
 #[test]
 fn paused_execution_day_keeps_the_prior_slot_and_never_submits_an_exit() {
     let data = data_with_suspension(1_000_000, Some(day(6)));
@@ -659,6 +770,150 @@ fn pool_position_adjustments_use_execution_clock_and_restore_original_twenty_per
     }
 }
 
+#[test]
+fn runtime_allocation_is_separate_from_the_frozen_pool_and_restores_its_weights() {
+    let program = StockPoolProgram {
+        schema_version: 1,
+        pool_id: "manual-allocation".into(),
+        version_id: "v1".into(),
+        members: contract(day(2), 2, false).members,
+        exit_signals: vec![],
+        allocation_policy: serde_json::json!({"target_holding_count":2,"invest_ratio_bps":10000,"portfolio_policy":{"schema_version":1,"membership":"follow_candidates","rebalance_weights":true}}),
+        timing_policy: serde_json::json!({"pricing_mode":"first_tick"}),
+        stop_take_policy: serde_json::json!({}),
+        out_of_pool_policy: "hold".into(),
+    };
+    let mut cfg = platform_expr_config_from_value(
+        "manual-allocation",
+        "000300.SH",
+        &serde_json::json!({"stockPool":program,"universe":{"include":[code(1),code(2)]}}),
+    )
+    .unwrap();
+    cfg.market_cap_field = "close".into();
+    cfg.market_cap_lower_expr = "0".into();
+    cfg.market_cap_upper_expr = "1e12".into();
+    cfg.stock_filter_expr = "true".into();
+    cfg.selection_limit_expr = "2".into();
+    cfg.selection_candidate_limit_expr = "2".into();
+    cfg.rank_expr = "0".into();
+    cfg.matching_type = MatchingType::NextBarOpen;
+    let mut replay:fidc_core::manual_execution::ManualExecutionReplay=serde_json::from_value(serde_json::json!({
+        "schema":fidc_core::manual_execution::MANUAL_REPLAY_SCHEMA,"runtimeId":"r","accountId":"a","sourceContractSha256":"a".repeat(64),"contentSha256":"",
+        "observationCutoff":"2026-01-06T08:00:00Z","actions":[],"positionExposureEvents":[
+            {"eventId":"weights","sequence":1,"effectiveAt":"2026-01-05T09:30:00+08:00","action":"set","targetExposureBps":8000,"allocationWeightsBps":{"000001.SZ":3000,"000002.SZ":7000}},
+            {"eventId":"restore","sequence":2,"effectiveAt":"2026-01-06T09:30:00+08:00","action":"restore"}
+        ]})).unwrap();
+    replay.content_sha256 = replay.content_digest().unwrap();
+    let result = BacktestEngine::new(
+        data(false),
+        PlatformExprStrategy::new(cfg),
+        broker(false),
+        BacktestConfig {
+            initial_cash: 30000.,
+            benchmark_code: "000300.SH".into(),
+            start_date: Some(day(2)),
+            end_date: Some(day(6)),
+            decision_lag_trading_days: 1,
+            execution_price_field: PriceField::Open,
+        },
+    )
+    .with_observed_manual_executions(replay)
+    .unwrap()
+    .run()
+    .unwrap();
+    let quantities = |date| {
+        result
+            .daily_holdings
+            .iter()
+            .filter(|row| row.date == date)
+            .map(|row| (row.symbol.clone(), row.quantity))
+            .collect::<BTreeMap<_, _>>()
+    };
+    assert_eq!(
+        quantities(day(5)),
+        BTreeMap::from([(code(1), 300), (code(2), 1600)]),
+        "{:?}",
+        result.fills
+    );
+    assert_eq!(
+        quantities(day(6)),
+        BTreeMap::from([(code(1), 700), (code(2), 1500)]),
+        "{:?}",
+        result.fills
+    );
+    assert!(
+        result.manual_executions.is_empty(),
+        "parameter events are not fabricated fills"
+    );
+}
+
+#[test]
+fn outside_manual_holding_data_does_not_become_a_pool_candidate() {
+    let program = StockPoolProgram {
+        schema_version: 1,
+        pool_id: "manual-data-scope".into(),
+        version_id: "v1".into(),
+        members: vec![contract(day(2), 1, false).members.remove(0)],
+        exit_signals: vec![],
+        allocation_policy: serde_json::json!({"target_holding_count":1,"invest_ratio_bps":2000}),
+        timing_policy: serde_json::json!({"pricing_mode":"first_tick"}),
+        stop_take_policy: serde_json::json!({}),
+        out_of_pool_policy: "hold".into(),
+    };
+    let mut cfg = platform_expr_config_from_value(
+        "manual-data-scope",
+        "000300.SH",
+        &serde_json::json!({"stockPool":program,"universe":{"include":[code(1)]}}),
+    )
+    .unwrap();
+    cfg.market_cap_field = "close".into();
+    cfg.market_cap_lower_expr = "0".into();
+    cfg.market_cap_upper_expr = "1e12".into();
+    cfg.stock_filter_expr = "true".into();
+    cfg.selection_limit_expr = "1".into();
+    cfg.selection_candidate_limit_expr = "2".into();
+    cfg.rank_expr = "0".into();
+    cfg.matching_type = MatchingType::NextBarOpen;
+    let fill = serde_json::json!({"tradeId":"fill","observationEventId":"receipt","observationSequence":1,"tradeDate":"2026-01-05","executedAt":"2026-01-05T01:31:00Z","observedAt":"2026-01-05T01:31:01Z",
+        "feeObservationEventId":"receipt","feeObservationSequence":1,"feeObservedAt":"2026-01-05T01:31:01Z","timestampPrecision":"second","quantity":100,"price":"10","totalFee":"0"});
+    let order = serde_json::json!({"orderId":"external-order","sourceAdapter":"paper","symbol":code(2),"side":"Buy","quantity":100,"orderCreatedAt":"2026-01-05T01:30:00Z","terminalObservedAt":"2026-01-05T01:31:01Z","terminalStatus":"filled","fills":[fill]});
+    let mut replay:fidc_core::manual_execution::ManualExecutionReplay=serde_json::from_value(serde_json::json!({
+        "schema":fidc_core::manual_execution::MANUAL_REPLAY_SCHEMA,"runtimeId":"r","accountId":"a","sourceContractSha256":"a".repeat(64),"contentSha256":"","observationCutoff":"2026-01-06T08:00:00Z",
+        "actions":[{"actionId":"manual","source":"manual_security_trade","auditEventIds":["audit"],"confirmedAt":"2026-01-05T01:29:59Z","confirmationObservedAt":"2026-01-05T01:29:59Z","outcome":"orders_terminal","orders":[order]}]})).unwrap();
+    replay.content_sha256 = replay.content_digest().unwrap();
+    let result = BacktestEngine::new(
+        data(false),
+        PlatformExprStrategy::new(cfg),
+        broker(false),
+        BacktestConfig {
+            initial_cash: 30000.,
+            benchmark_code: "000300.SH".into(),
+            start_date: Some(day(2)),
+            end_date: Some(day(6)),
+            decision_lag_trading_days: 1,
+            execution_price_field: PriceField::Open,
+        },
+    )
+    .with_observed_manual_executions(replay)
+    .unwrap()
+    .run()
+    .unwrap();
+    assert!(
+        result.fills.iter().all(|fill| fill.symbol != code(2)),
+        "extra data cannot authorize an extra candidate"
+    );
+    assert_eq!(result.manual_executions.len(), 1);
+    assert_eq!(
+        result
+            .holdings_summary
+            .iter()
+            .find(|row| row.symbol == code(2))
+            .unwrap()
+            .quantity,
+        100
+    );
+}
+
 #[test]
 fn parsed_typed_exit_program_keeps_ordinary_gates_and_independent_risk_targets_separate() {
     for (ordinary, risk, quote, sold) in [
@@ -887,6 +1142,411 @@ fn historical_etf_late_signal_freezes_money_and_requantifies_at_next_official_op
     assert!(result.terminal_audit.is_clean());
 }
 
+#[test]
+fn deferred_etf_open_does_not_appear_in_a_pre_open_minute_callback() {
+    use fidc_core::strategy::{Strategy,StrategyContext};
+    use std::{cell::RefCell,rc::Rc};
+    struct ObservedPool { inner:EtfPoolSignal, observations:Rc<RefCell<Vec<(chrono::NaiveDateTime,u32,usize)>>> }
+    impl Strategy for ObservedPool {
+        fn name(&self)->&str {"ETF actual opening clock"}
+        fn initial_subscriptions(&self)->BTreeSet<String> {BTreeSet::from([code(1)])}
+        fn decision_quote_times(&self)->Vec<chrono::NaiveTime> {self.inner.decision_quote_times()}
+        fn decision_quote_symbols(&mut self,ctx:&StrategyContext<'_>)->Result<BTreeSet<String>,fidc_core::BacktestError> {self.inner.decision_quote_symbols(ctx)}
+        fn on_day(&mut self,ctx:&StrategyContext<'_>)->Result<StrategyDecision,fidc_core::BacktestError> {self.inner.on_day(ctx)}
+        fn on_minute(&mut self,ctx:&StrategyContext<'_>,quote:&IntradayExecutionQuote)->Result<StrategyDecision,fidc_core::BacktestError> {
+            if quote.date==day(5) {self.observations.borrow_mut().push((quote.timestamp,
+                ctx.portfolio.position(&code(2)).map_or(0,|position|position.quantity),ctx.fills.iter().filter(|fill|fill.symbol==code(2)).count()));}
+            Ok(StrategyDecision::default())
+        }
+    }
+    let time=chrono::NaiveTime::from_hms_opt(13,0,0).unwrap();
+    let mut data=etf_fallback_fixture(time);
+    let quote=data.execution_quotes_on(day(5),&code(1))[0].clone();
+    data.add_execution_quotes([(9,15),(9,31)].into_iter().map(|(hour,minute)| {
+        let mut row=quote.clone();row.timestamp=day(5).and_hms_opt(hour,minute,0).unwrap();row
+    }).collect());
+    let observations=Rc::new(RefCell::new(Vec::new()));
+    let broker=broker(false).with_matching_type(MatchingType::MinuteLast)
+        .with_execution_price_field(PriceField::Last).with_intraday_execution_start_time(time)
+        .with_historical_etf_open_fallback(true);
+    let result=BacktestEngine::new(data,ObservedPool {inner:EtfPoolSignal{at:time,condition:String::new()},observations:observations.clone()},broker,BacktestConfig {
+        initial_cash:30000.,benchmark_code:"000300.SH".into(),start_date:Some(day(2)),end_date:Some(day(5)),decision_lag_trading_days:0,execution_price_field:PriceField::Last,
+    }).with_execution_quote_loader(|_|Ok(vec![])).run().unwrap();
+    let observations=observations.borrow();
+    assert_eq!(observations[0],(day(5).and_hms_opt(9,15,0).unwrap(),0,0));
+    assert_eq!(observations[1],(day(5).and_hms_opt(9,31,0).unwrap(),3700,1));
+    assert_eq!(result.fills.iter().filter(|fill|fill.symbol==code(2)).count(),1);
+}
+
+#[test]
+fn late_opening_rule_sees_the_etf_open_fill_after_earlier_quote_callbacks() {
+    use fidc_core::scheduler::{ScheduleRule, ScheduleStage, ScheduleTimeRule};
+    use fidc_core::strategy::{Strategy, StrategyContext};
+    use std::{cell::RefCell, rc::Rc};
+    struct ObservedPool {
+        inner: EtfPoolSignal,
+        observations: Rc<RefCell<Vec<(String, chrono::NaiveDateTime, u32, usize)>>>,
+    }
+    impl ObservedPool {
+        fn record(&self, label: &str, ctx: &StrategyContext<'_>) {
+            if ctx.execution_date == day(5) {
+                self.observations.borrow_mut().push((
+                    label.into(),
+                    ctx.current_datetime().unwrap(),
+                    ctx.portfolio
+                        .position(&code(2))
+                        .map_or(0, |position| position.quantity),
+                    ctx.fills
+                        .iter()
+                        .filter(|fill| fill.symbol == code(2))
+                        .count(),
+                ));
+            }
+        }
+    }
+    impl Strategy for ObservedPool {
+        fn name(&self) -> &str {
+            "late opening with ETF fill"
+        }
+        fn initial_subscriptions(&self) -> BTreeSet<String> {
+            BTreeSet::from([code(1)])
+        }
+        fn decision_quote_times(&self) -> Vec<chrono::NaiveTime> {
+            self.inner.decision_quote_times()
+        }
+        fn decision_quote_symbols(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+        ) -> Result<BTreeSet<String>, fidc_core::BacktestError> {
+            self.inner.decision_quote_symbols(ctx)
+        }
+        fn schedule_rules(&self) -> Vec<ScheduleRule> {
+            vec![
+                ScheduleRule::daily("open", ScheduleStage::OpenAuction)
+                    .with_time_rule(ScheduleTimeRule::market_open(0, 0)),
+            ]
+        }
+        fn on_scheduled(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+            _: &ScheduleRule,
+        ) -> Result<StrategyDecision, fidc_core::BacktestError> {
+            self.record("opening", ctx);
+            Ok(Default::default())
+        }
+        fn on_day(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+        ) -> Result<StrategyDecision, fidc_core::BacktestError> {
+            self.inner.on_day(ctx)
+        }
+        fn on_minute(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+            _: &IntradayExecutionQuote,
+        ) -> Result<StrategyDecision, fidc_core::BacktestError> {
+            self.record("quote", ctx);
+            Ok(Default::default())
+        }
+    }
+    let time = chrono::NaiveTime::from_hms_opt(13, 0, 0).unwrap();
+    let mut data = etf_fallback_fixture(time);
+    let quote = data.execution_quotes_on(day(5), &code(1))[0].clone();
+    data.add_execution_quotes(
+        [(9, 15), (9, 30), (9, 32)]
+            .into_iter()
+            .map(|(hour, minute)| {
+                let mut row = quote.clone();
+                row.timestamp = day(5).and_hms_opt(hour, minute, 0).unwrap();
+                row
+            })
+            .collect(),
+    );
+    let observations = Rc::new(RefCell::new(Vec::new()));
+    let broker = broker(false)
+        .with_matching_type(MatchingType::MinuteLast)
+        .with_execution_price_field(PriceField::Last)
+        .with_intraday_execution_start_time(time)
+        .with_historical_etf_open_fallback(true);
+    let result = BacktestEngine::new(
+        data,
+        ObservedPool {
+            inner: EtfPoolSignal {
+                at: time,
+                condition: String::new(),
+            },
+            observations: observations.clone(),
+        },
+        broker,
+        BacktestConfig {
+            initial_cash: 30000.,
+            benchmark_code: "000300.SH".into(),
+            start_date: Some(day(2)),
+            end_date: Some(day(5)),
+            decision_lag_trading_days: 0,
+            execution_price_field: PriceField::Last,
+        },
+    )
+    .with_execution_quote_loader(|_| Ok(vec![]))
+    .run()
+    .unwrap();
+    let seen = observations.borrow();
+    assert_eq!(
+        seen[..4],
+        [
+            ("quote".into(), day(5).and_hms_opt(9, 15, 0).unwrap(), 0, 0),
+            (
+                "quote".into(),
+                day(5).and_hms_opt(9, 30, 0).unwrap(),
+                3700,
+                1
+            ),
+            (
+                "opening".into(),
+                day(5).and_hms_opt(9, 31, 0).unwrap(),
+                3700,
+                1
+            ),
+            (
+                "quote".into(),
+                day(5).and_hms_opt(9, 32, 0).unwrap(),
+                3700,
+                1
+            ),
+        ]
+    );
+    let etf = result
+        .fills
+        .iter()
+        .filter(|fill| fill.symbol == code(2))
+        .collect::<Vec<_>>();
+    assert_eq!(etf.len(), 1);
+    assert_eq!(
+        (etf[0].quantity, etf[0].price, etf[0].execution_timestamp),
+        (3700, 4., Some(day(5).and_hms_opt(9, 30, 0).unwrap()))
+    );
+}
+
+#[test]
+fn no_signal_day_executes_the_etf_open_before_later_deferred_stock_orders() {
+    use fidc_core::scheduler::{ScheduleRule, ScheduleStage, ScheduleTimeRule};
+    use fidc_core::strategy::{Strategy, StrategyContext};
+    struct DeferredStockAndEtf {
+        inner: EtfPoolSignal,
+        quantity: i32,
+    }
+    impl Strategy for DeferredStockAndEtf {
+        fn name(&self) -> &str {
+            "no signal ETF and deferred stock"
+        }
+        fn requires_minute_callbacks(&self) -> bool {
+            false
+        }
+        fn decision_quote_times(&self) -> Vec<chrono::NaiveTime> {
+            self.inner.decision_quote_times()
+        }
+        fn decision_quote_symbols(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+        ) -> Result<BTreeSet<String>, fidc_core::BacktestError> {
+            self.inner.decision_quote_symbols(ctx)
+        }
+        fn schedule_rules(&self) -> Vec<ScheduleRule> {
+            vec![
+                ScheduleRule::daily("deferred-stock", ScheduleStage::AfterTrading)
+                    .with_time_rule(ScheduleTimeRule::physical_time(16, 0)),
+            ]
+        }
+        fn on_day(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+        ) -> Result<StrategyDecision, fidc_core::BacktestError> {
+            self.inner.on_day(ctx)
+        }
+        fn on_scheduled(
+            &mut self,
+            ctx: &StrategyContext<'_>,
+            _: &ScheduleRule,
+        ) -> Result<StrategyDecision, fidc_core::BacktestError> {
+            Ok(if ctx.execution_date == day(2) && self.quantity != 0 {
+                StrategyDecision {
+                    order_intents: vec![OrderIntent::Shares {
+                        symbol: code(1),
+                        quantity: self.quantity,
+                        reason: "after-close stock order".into(),
+                    }],
+                    ..Default::default()
+                }
+            } else {
+                StrategyDecision::default()
+            })
+        }
+    }
+    let time = chrono::NaiveTime::from_hms_opt(13, 0, 0).unwrap();
+    let mut parts = etf_fallback_fixture(time).snapshot_components();
+    parts.factors.retain(|row| row.date != day(5));
+    let data = DataSet::from_components_with_actions_and_quotes(
+        parts.instruments,
+        parts.market,
+        parts.factors,
+        parts.candidates,
+        parts.benchmarks,
+        parts.corporate_actions,
+        parts.execution_quotes,
+    )
+    .unwrap();
+    for quantity in [100, -100, 0] {
+        let broker = broker(false)
+            .with_matching_type(MatchingType::MinuteLast)
+            .with_execution_price_field(PriceField::Last)
+            .with_intraday_execution_start_time(time)
+            .with_historical_etf_open_fallback(true);
+        let result = BacktestEngine::new(
+            data.clone(),
+            DeferredStockAndEtf {
+                inner: EtfPoolSignal {
+                    at: time,
+                    condition: String::new(),
+                },
+                quantity,
+            },
+            broker,
+            BacktestConfig {
+                initial_cash: 30000.,
+                benchmark_code: "000300.SH".into(),
+                start_date: Some(day(2)),
+                end_date: Some(day(5)),
+                decision_lag_trading_days: 0,
+                execution_price_field: PriceField::Last,
+            },
+        )
+        .with_execution_quote_loader(|_| Ok(vec![]))
+        .run()
+        .unwrap();
+        let fills = result
+            .fills
+            .iter()
+            .filter(|fill| fill.date == day(5))
+            .collect::<Vec<_>>();
+        assert_eq!(fills.len(), if quantity < 0 { 2 } else { 1 }, "{fills:?}");
+        assert_eq!(
+            (
+                fills[0].symbol.clone(),
+                fills[0].quantity,
+                fills[0].price,
+                fills[0].execution_timestamp
+            ),
+            (code(2), 3700, 4., day(5).and_hms_opt(9, 30, 0))
+        );
+        if quantity < 0 {
+            assert_eq!(
+                (
+                    fills[1].symbol.clone(),
+                    fills[1].side,
+                    fills[1].quantity,
+                    fills[1].execution_timestamp
+                ),
+                (
+                    code(1),
+                    fidc_core::OrderSide::Sell,
+                    100,
+                    Some(day(5).and_time(time))
+                )
+            );
+        } else if quantity > 0 {
+            // The later stock buy cannot spend money that the 09:30 ETF fill
+            // already consumed. It is rejected, not allowed to shrink that fill.
+            assert!(
+                result.order_events.iter().any(|order| order.date == day(5)
+                    && order.symbol == code(1)
+                    && order.status == fidc_core::OrderStatus::Rejected
+                    && order.reason.contains("cash")),
+                "{:?}",
+                result.order_events
+            );
+        }
+        if quantity != 0 {
+            assert!(
+                result.equity_curve.iter().any(
+                    |point| point.date == day(5) && point.diagnostics.contains("no_new_signal")
+                )
+            );
+        }
+        assert!(result.terminal_audit.is_clean());
+    }
+
+    for minute in [15, 31] {
+        let observed = format!("2026-01-05T01:{minute}:00Z");
+        let created = format!("2026-01-05T01:{}:00Z", minute - 1);
+        let fill = serde_json::json!({"tradeId":"fill","observationEventId":"receipt","observationSequence":1,"tradeDate":"2026-01-05",
+            "executedAt":observed,"observedAt":observed,"feeObservationEventId":"receipt","feeObservationSequence":1,
+            "feeObservedAt":observed,"timestampPrecision":"second","quantity":100,"price":"10","totalFee":"0"});
+        let order = serde_json::json!({"orderId":"manual-order","sourceAdapter":"paper","symbol":code(1),"side":"Sell","quantity":100,
+            "orderCreatedAt":created,"terminalObservedAt":observed,"terminalStatus":"filled","fills":[fill]});
+        let mut replay: fidc_core::manual_execution::ManualExecutionReplay = serde_json::from_value(serde_json::json!({
+            "schema":fidc_core::manual_execution::MANUAL_REPLAY_SCHEMA,"runtimeId":"r","accountId":"a","sourceContractSha256":"a".repeat(64),"contentSha256":"",
+            "observationCutoff":"2026-01-05T08:00:00Z","actions":[{"actionId":"manual","source":"manual_security_trade","auditEventIds":["audit"],
+                "confirmedAt":created,"confirmationObservedAt":created,"outcome":"orders_terminal","orders":[order]}]})).unwrap();
+        replay.content_sha256 = replay.content_digest().unwrap();
+        let broker = broker(false)
+            .with_matching_type(MatchingType::MinuteLast)
+            .with_execution_price_field(PriceField::Last)
+            .with_intraday_execution_start_time(time)
+            .with_historical_etf_open_fallback(true);
+        let result = BacktestEngine::new(
+            data.clone(),
+            DeferredStockAndEtf {
+                inner: EtfPoolSignal {
+                    at: time,
+                    condition: String::new(),
+                },
+                quantity: 0,
+            },
+            broker,
+            BacktestConfig {
+                initial_cash: 30000.,
+                benchmark_code: "000300.SH".into(),
+                start_date: Some(day(2)),
+                end_date: Some(day(5)),
+                decision_lag_trading_days: 0,
+                execution_price_field: PriceField::Last,
+            },
+        )
+        .with_execution_quote_loader(|_| Ok(vec![]))
+        .with_observed_manual_executions(replay)
+        .unwrap()
+        .run();
+        if minute < 30 {
+            assert!(
+                result
+                    .unwrap_err()
+                    .to_string()
+                    .contains("manual observation conflicts with pending shadow orders")
+            );
+        } else {
+            let result = result.unwrap();
+            assert_eq!(result.manual_executions.len(), 1);
+            assert_eq!(
+                result
+                    .fills
+                    .iter()
+                    .filter(|fill| fill.symbol == code(2))
+                    .count(),
+                1
+            );
+            assert_eq!(
+                result
+                    .daily_holdings
+                    .iter()
+                    .find(|position| position.date == day(5) && position.symbol == code(1))
+                    .unwrap()
+                    .quantity,
+                1400
+            );
+        }
+    }
+}
+
 #[test]
 fn historical_etf_pending_target_at_end_is_not_a_fake_order_or_fill() {
     let result=run_etf_fallback(chrono::NaiveTime::from_hms_opt(13,0,0).unwrap(),day(2),true,"",false,false).unwrap();

docs/callback-context-and-pending-targets-20260914.md

@@ -0,0 +1,55 @@
+# 回报上下文、盘前意图与尚未提交的目标
+
+2026-09-14。本轮已配套发布177，annotated tag `v2026.9.14.5`。Engine81acc54 / Service e81bf47 / Trading94f99d2；完整股票池Goal继续，不据本阶段关闭。
+
+## 已复现问题
+
+1. `on_process_event`总是收到`active_datetime=None`及空委托/成交数组。10:00账本已有100股，但Trade/PostMinute回调的成交数量仍为0；不能靠普通`on_minute`已修复就认为通知链也完整。
+2. 15:05盘后成交后，PreAfterTrading仍被标为15:00；跨日模式的PostOnDay又使用信号日描述执行日已发生的成交。
+3. BeforeTrading调度只处理订阅、账户和期货指令，剩余股票买卖/撤改意图没有后续消费。简单在开盘调用普通broker执行还会让旧挂单先成交再撤单。
+4. 合并完整目标时只追加权重会保留旧证券；更重要的是，不能先提交盘前旧组合，之后才计算同一窗口的新目标，否则T+1可能使错误买入无法纠正。
+5. 策略计算前的空broker调用也会恢复上一目标的未提交买入腿。反例中原持仓100股，09:30卖25股、13:00卖剩余75股；若此时先恢复旧买入，已经准备将新目标设为0%的策略仍会买入另一股票3000股。
+
+## 本轮处理
+
+- 事件通知显式携带当前可见的委托、成交与回调时钟，移动已完成记录后再通知，不按每个回调复制整段历史。上下文是通知时已完成批次的最新状态，不冒充每一历史通知发生瞬间的账本快照。
+- 信号计算回调保留信号日；账户/委托通知使用实际执行日与物理时钟。默认收盘和结算不早于已处理时刻及当前适用的盘后结束点，管理费回调沿用同一完成时钟。
+- 盘前撤改走明确的非撮合控制阶段，保持原订单ID和实际已成交量；该入口拒绝买卖目标，不会顺带撮合旧单。普通显式买卖按原配置窗口执行，后续回调读取撤改后的真实活动订单。
+- 盘前与集合竞价的显式命令保留各自批次及约束。纯完整组合（完整rebalance或单一StockPool/TargetPortfolioSmart）可以被更新的完整意图替换；空回调不等于清仓，显式空完整目标才清仓。被替换意图的旧买入限制不能污染新完整目标。
+- 尚未提交的完整目标保留到当前窗口日度策略算完；新执行意图优先，只有没有新执行意图时才使用前面的目标。已提交挂单可以先更新实际成交，但策略计算前不恢复旧的未提交买入腿，之后再由正常执行路径处理当前意图。
+- 订阅/账户/直接期货指令通知同样获得完成后的历史；本轮不改变期货成交、会话或费用规则。
+
+## 回归证据
+
+- 通知链：09:30为空、10:00/10:01均看到100股及1笔实际成交，Trade通知可找到相同订单。
+- 盘后：15:05成交后的默认收盘/结算和管理费通知不倒退；next-open保持独立信号日和执行日。
+- 盘前：09:00生成100股命令，分别只在09:30/13:00配置窗口成交；保留备注/诊断。跨日撤销原GTC订单后，新订单只成交100股，未让旧单先成交。
+- 完整目标：盘前A、集合竞价B、日度A或显式空目标，最终只采用有效最新目标；日度无新信号时保持B。显式逐股命令不会被目标合并丢弃。
+- 恢复顺序：开启正常旧恢复的单点负向对照确实多买3000股；恢复BeforeStrategy阶段后，只有原股票同一卖单的25+75股成交，无新增买入，最终持仓为空。
+- 本机Core834项通过（9项原有ignore），Trading613、最新main Runner446/API119通过。外部数据库及平台ignore不当作通过。
+
+精确只读快照在Linux通过Core834及Trading613。旧二进制先独立归档，构建保持1GiB磁盘余量；本轮未再次删除缓存或业务文件。
+
+## 发布与真实历史复验
+
+已推送annotated tag `v2026.9.14.5`对应Engine `81acc5422878abc855fca72b35766ffad6159200`、Service `e81bf47806f5ac4ae4798bb5f5955a56638f754c`、Trading `94f99d20f49f6cd1810996706cb94f610c302385`。回测API/Runner于06:15:53 CST切换，五交易单元06:21:09切换，06:22实际运行文件和业务事实复核通过。
+
+三组冻结合同共六次独立原生A/B，完整Canonical及equity/orders/trades/holdings逐行一致；再通过生产HTTP各提交一次，结果分别匹配原生候选，旧记录未改写：
+
+| 案例 | 生产回测ID | 成交 / 持仓 | 期末权益 |
+| --- | --- | --- | ---: |
+| 手选优先四证券 | btr_req_44f1bb067559946ef22941a0c425ed53e47515e04b399e20 | 10 / 4 | 9706248.648662 |
+| 自动优先四证券 | btr_req_078f129ed46b55ba72b47605983a00ae3eef14b1995e1237 | 10 / 4 | 9706248.648662 |
+| 许总24只原v3 | btr_req_ef37b8ea403f489e4798d2878e0ef85966ace550f6b4f3c4 | 51 / 21 | 9685563.876924999 |
+
+重复目标委托0。三条新记录各5个交易日事件落库，持久事件27/18/32条，唯一键计数分别相同；旧流式样本仍27条/5日。仍为原合同下的日终容量审计，不外推实时盘口成交能力；首次Source准备和后续快速返回也不作为性能优化证明。
+
+API SHA `dea170902d77734d0a77c4da7dad71a70b33f76467e0608675dfbcc9d35d67fc`，Runner SHA `b1d93215deb275fbec6217c6b9afbf717d5649600716bf4f3a1bf5d1cfa69731`，运行实现身份 `fed10e9fa61836aa271921f5d58490054210d83da935cad5de11cfacab45c13e`。API发布目录`/srv/fidc/canonical/run/backtest-api/releases/callback-81acc54-7w1zx9fb`，回退目录`/srv/fidc/canonical/run/build/callback-rollback-j7oje2tz`；交易回退`holding-protection-rollback-czuric4r`。
+
+六服务实际SHA与manifest吻合，新增ERROR0。3Paper/0Live、配置、旧活动单、3个未确认Paper预览、迁移、影子配置0及disabled未变；发布后Paper/Live新订单0，未发送真实通知、委托或撤单。Source d5/PID1700096与UI6a2/PID3089476未重启，研究/信号暂停不变。177维护中的Engine9a54156完整保留，实际构建使用81acc54/e81bf47及81acc54/94f99d2的只读Git快照。
+
+原始回放/HTTP证据`/srv/fidc/canonical/run/research/stock-pool-callback-20260914/`；发布和最终审计`/tmp/fidc-callback-{candidate,api-release,trading-release,final-audit}-20260914.json`；非敏感汇总在`docs/evidence/callback-target-20260914/acceptance.json`。
+
+## 继续范围
+
+显式逐笔手工影子回放仍未完成，四类手工来源继续拒绝纯比例影子；原始撤单意图时刻不能用网关回报时刻冒充。还需继续检查会话外调度产生的未提交意图、完整阶段日历与其余参数/生命周期/适配器矩阵。Source冻结、研究/信号暂停、现有任务配置和真实路由不改。

docs/evidence/callback-target-20260914/acceptance.json

@@ -0,0 +1,191 @@
+{
+  "verified_at": "2026-09-13T22:22:38.597836+00:00",
+  "tag": "v2026.9.14.5",
+  "processes": {
+    "fidc-backtest-service-highmem177.service": {
+      "pid": 3692551,
+      "sha256": "dea170902d77734d0a77c4da7dad71a70b33f76467e0608675dfbcc9d35d67fc",
+      "journal_since": "2026-09-13T22:15:53.225719+00:00",
+      "journal_lines": 54,
+      "error_lines": 0
+    },
+    "fidc-trading-control-highmem177.service": {
+      "pid": 3697497,
+      "sha256": "a8f62ba74caf7ce2f5ba9cc6f67f41c844dee3747852611051c8dfb7b36295a3",
+      "journal_since": "2026-09-13T22:21:09.122548+00:00",
+      "journal_lines": 5,
+      "error_lines": 0
+    },
+    "fidc-market-data-highmem177.service": {
+      "pid": 3697498,
+      "sha256": "89395ab4c9e11274f171f4386f88949ce616fe45d15aae9a829216d53ed11db7",
+      "journal_since": "2026-09-13T22:21:09.122548+00:00",
+      "journal_lines": 5,
+      "error_lines": 0
+    },
+    "fidc-strategy-runtime-highmem177.service": {
+      "pid": 3697688,
+      "sha256": "041a0103d2c46c55221d169965ece9fdacee3905abc0d46edd9c8a2a86f6cd54",
+      "journal_since": "2026-09-13T22:21:09.122548+00:00",
+      "journal_lines": 5,
+      "error_lines": 0
+    },
+    "fidc-paper-trading-highmem177.service": {
+      "pid": 3697792,
+      "sha256": "8460008f712810f7d3876b9f2274aef88f82d46cd33e1593dbd0361f6d158b75",
+      "journal_since": "2026-09-13T22:21:09.122548+00:00",
+      "journal_lines": 6,
+      "error_lines": 0
+    },
+    "fidc-live-trading-highmem177.service": {
+      "pid": 3697762,
+      "sha256": "e89d6ba68655a5d4a164793ad67a9003cf2c49733063018497339930feafaac3",
+      "journal_since": "2026-09-13T22:21:09.122548+00:00",
+      "journal_lines": 6,
+      "error_lines": 0
+    }
+  },
+  "source": {
+    "commit": "d5b682c6d097",
+    "pid": 1700096,
+    "loaded_at": "2026-09-12T03:57:06.665536+00:00",
+    "source_stale": false,
+    "loaded_server_sha256": "ef827ce6b95e0ea63047a0068af2677633716e0a5d63cf350de6c91a3413e352"
+  },
+  "source_checkouts": {
+    "fidc-backtest-engine": {
+      "head": "9a54156df94cfbf11a1e6335ec6ef5449bd6ac17",
+      "runtime_commit": "81acc5422878abc855fca72b35766ffad6159200",
+      "tracked_dirty": false
+    },
+    "fidc-backtest-service": {
+      "head": "5ec8dc86d99736a0c0140440bd039d11e118c1c6",
+      "runtime_commit": "e81bf47806f5ac4ae4798bb5f5955a56638f754c",
+      "tracked_dirty": false
+    },
+    "fidc-trading-platform": {
+      "head": "94f99d20f49f6cd1810996706cb94f610c302385",
+      "runtime_commit": "94f99d20f49f6cd1810996706cb94f610c302385",
+      "tracked_dirty": false
+    },
+    "omniquant": {
+      "head": "6a2b2604b40505fa754453307c517fef60743426",
+      "runtime_commit": "6a2b2604b40505fa754453307c517fef60743426",
+      "tracked_dirty": false
+    }
+  },
+  "ui_unchanged": {
+    "commit": "6a2b2604b40505fa754453307c517fef60743426",
+    "pid": 3089476
+  },
+  "http_cases": [
+    {
+      "name": "manual_first",
+      "run_id": "btr_req_44f1bb067559946ef22941a0c425ed53e47515e04b399e20",
+      "status": "succeeded",
+      "canonical_sha256": "0830216850b64d6e83291e072b31a9989f179915ee3341a75a77c73d1f9081a3",
+      "trade_count": 10,
+      "holding_count": 4,
+      "final_equity": 9706248.648662,
+      "old_result_unchanged": true
+    },
+    {
+      "name": "automatic_first",
+      "run_id": "btr_req_078f129ed46b55ba72b47605983a00ae3eef14b1995e1237",
+      "status": "succeeded",
+      "canonical_sha256": "c75cabcc03760f415bb664d20060e81c620d7a0201dd348ea71f75c932571de7",
+      "trade_count": 10,
+      "holding_count": 4,
+      "final_equity": 9706248.648662,
+      "old_result_unchanged": true
+    },
+    {
+      "name": "stock24",
+      "run_id": "btr_req_ef37b8ea403f489e4798d2878e0ef85966ace550f6b4f3c4",
+      "status": "succeeded",
+      "canonical_sha256": "270b403542ab41290c3d6e027b89cdab24dd41a8e2851d8786b33daa51e0051f",
+      "trade_count": 51,
+      "holding_count": 21,
+      "final_equity": 9685563.876924999,
+      "old_result_unchanged": true
+    }
+  ],
+  "durable_events": [
+    {
+      "run_id": "btr_req_44f1bb067559946ef22941a0c425ed53e47515e04b399e20",
+      "count": 27,
+      "unique_keys": 27,
+      "days": 5
+    },
+    {
+      "run_id": "btr_req_078f129ed46b55ba72b47605983a00ae3eef14b1995e1237",
+      "count": 18,
+      "unique_keys": 18,
+      "days": 5
+    },
+    {
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+  },
+  "scope": "Callback and pending-target release verification; historical simulation only. Full manual shadow replay remains incomplete.",
+  "native_replays": 6
+}

docs/evidence/intraday-clock-20260914/acceptance.json

@@ -0,0 +1,258 @@
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+}

docs/evidence/late-fill-lifecycle-20260914/linux-tests.json

@@ -0,0 +1,40 @@
+{
+  "source": "/srv/fidc/programs/runtime-snapshots/lot-lifecycle-20260914-AEGDYL",
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+}

docs/evidence/late-fill-lifecycle-20260914/runtime.json

@@ -0,0 +1,61 @@
+{
+  "observed_date": "2026-09-14",
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+  "remaining": [
+    "Source freeze authorization and physical partition validation",
+    "Actual Source and Runner shadow joint acceptance",
+    "Unaccepted Arrow performance candidate gate",
+    "Delayed observations spanning already applied corporate actions and remaining cross-mode matrix"
+  ],
+  "source_runtime_tracked_clean": true
+}

docs/evidence/manual-corporate-replay-20260914/linux-tests.json

@@ -0,0 +1,40 @@
+{
+  "source": "/srv/fidc/programs/runtime-snapshots/corporate-replay-20260914-ZAnvlO",
+  "build": "/srv/fidc/canonical/build/corporate-replay-20260914-ZAnvlO",
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+    {
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+  ],
+  "available_bytes": 90635833344
+}

docs/evidence/manual-corporate-replay-20260914/runtime.json

@@ -0,0 +1,61 @@
+{
+  "observed_date": "2026-09-14",
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+  "test_scope": "fidc-corporate-replay-check-20260914-ZAnvlO.scope",
+  "test_cpu_quota_percent": 400,
+  "test_memory_max_gib": 12,
+  "source_runtime_commit": "d5b682c6d09704ff23d725a8dd8b155db3eb6967",
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+  "preserved_service_development_checkout": "5991e7733d9e2a770f740e971924b12cc5f7d29d",
+  "production_order_or_cancel_requests_by_this_verification": 0,
+  "production_task_configuration_writes_by_this_verification": 0,
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+    "Actual Source and Runner shadow joint acceptance",
+    "Unaccepted Arrow performance candidate gate",
+    "Dividend reinvestment execution clocks, successor data scope, target state and cross-mode ETF matrix"
+  ],
+  "source_runtime_tracked_clean": true
+}

docs/evidence/opening-clock-20260914/linux-tests.json

@@ -0,0 +1,40 @@
+{
+  "source": "/srv/fidc/programs/runtime-snapshots/opening-clock-20260914-UUx5ru",
+  "build": "/srv/fidc/canonical/build/opening-clock-20260914-UUx5ru",
+  "commits": {
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+    "fidc-trading-platform": "ae83fd30f56a5420a235022b0a169aaf0bae55cf"
+  },
+  "source_unchanged": true,
+  "results": [
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+    {
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+  "available_bytes": 97373085696
+}

docs/evidence/opening-clock-20260914/runtime.json

@@ -0,0 +1,60 @@
+{
+  "observed_date": "2026-09-14",
+  "status": "tested_not_deployed",
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+  "test_memory_max_gib": 12,
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+  "source_runtime_pid": 1700096,
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+}

docs/evidence/selection-risk-plan-20260914/acceptance.json

@@ -0,0 +1,588 @@
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+  "candidateApiSha256": "30ac3b50996e1769c1d93bd5d302a23c4af7ebe773d3e8110ee278c44aeb9501",
+  "bounds": [
+    "All twelve are new runner processes and private result artifacts using the same verified shared input files.",
+    "Input hashing is outside the elapsed benchmark timer; no GDB samples are in these measurements.",
+    "The first control had 12.244s Source validation and a slower preparation phase. Its entire latency difference is not candidate speedup.",
+    "The full input set is identical across the twelve runs, not only a global cache hit counter.",
+    "No Source/trading service was changed and no paused research/signal task resumed.",
+    "The independently recorded intraday-clock counterexample remains open. These day-level replays do not close it."
+  ]
+}

docs/evidence/series-column-storage-20260914/acceptance.json

@@ -0,0 +1,648 @@
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+  "sharedInputFiles": 9257,
+  "sharedInputBytes": 12596608049,
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+  "verifiedFactBlocks": 3506,
+  "status": "candidate-not-deployed",
+  "scope": "exact in-memory column reuse; separate DayOpen correctness fix included in both control and candidate",
+  "controlRunnerSha256": "8859459f54389f12af1ab7d4e36802c01aff63fb10fbb679243ccdd54d013e2d",
+  "candidateRunnerSha256": "40bcf65c1977dbd93ab8bc80e3ff04d0db5e27b61fce1afdce99cf1b5e58eb43",
+  "candidateApiSha256": "c54be3a8196c32051520c709f793bcb974d869467bb12700d846efaad8c2180e",
+  "engineCommit": "996b909608589fb1987f33c0cfb4c62099f69617",
+  "serviceCommit": "443ed421c2c9c854a01fab69ce58957690504570",
+  "boundaries": [
+    "The DayOpen prefix correction is present in both storage A/B binaries.",
+    "No file format, cache schema, input values or execution policy changed for the storage comparison.",
+    "Original shared inputs were hashed and remained unchanged; results were recalculated into private artifacts.",
+    "The last pair ran candidate before control. It did not establish a general latency improvement.",
+    "Source remains frozen and paused research/signal tasks were not resumed.",
+    "The independent same-day intraday clock counterexample remains unresolved."
+  ]
+}

docs/intraday-clock-causality-20260914.md

@@ -0,0 +1,70 @@
+# 日内时钟与手工回放前置问题
+
+2026-09-14。本轮日内时钟与工作中算法单修复已配套发布177，annotated tag `v2026.9.14.4`。当前Engine237ee15 / Service e81bf47 / Trading dab98e0；完整手工影子回放尚未实现，不据本阶段关闭Goal。
+
+## 已复现的精确反例
+
+`engine::tests::minute_observer_never_sees_a_later_fill_from_a_coarse_phase`使用实际BacktestEngine/BrokerSimulator测试入口、同一证券及合法测试日行情。开盘竞价回调生成100股限价10.0的委托，全天存在09:30、10:00、10:15、13:00、13:01报价，后续分钟回调读取真实模拟账本。
+
+- CurrentBarClose/09:30窗口：10:15成交；10:00观察为0股，通过。
+- NextBarOpen/一天信号滞后/09:30窗口：10:15成交；10:00观察为0股，通过。
+- CurrentBarClose/13:00窗口：实际FillEvent时间13:00、数量100，但09:30、10:00、10:15回调均已观察到100股，失败。完整观察序列为`[(09:30,100),(10:00,100),(10:15,100),(13:00,100),(13:01,100)]`，不是仅日志显示错误。
+
+根因路径是粗粒度auction/on_day阶段调用broker时使用未来的全局intraday_execution_start_time，先将13:00成交写进PortfolioState，随后引擎才从09:30开始遍历分钟事件。正常09:30路径已有边界，不能因为一次测试通过就断言所有时点安全，也不能把所有粗粒度调用一概认定有问题。
+
+首次盘前调度夹具没有产生订单，因此不作为时钟证据；改用明确返回委托的open_auction回调完成上述复现。盘前on_scheduled普通委托是否被忽略应另行核对其正式合同，不能当空成功。
+
+## 必须按真实执行时序修复
+
+不能删掉早间回调或给显示持仓做遮掩。需要使已生成的未来执行意图、待执行批次、订单回报、策略回调、手工意图及实际投影按执行时钟前进；保留独立信号日与数据可见性。不能仅把新订单延迟却让依赖持仓的后续策略回调仍提前计算。
+
+需覆盖当前/下一开盘、显式时间和默认收盘、限价/市价/算法单、部分成交及取消、股票池卖后续买、跨日/T+1、0%人工覆盖和恢复。已有真实回放与六类Canonical必须按各自合同核对，不能用收益接近或单个对照替代。
+
+上述原失败回归已保留并修复：晚窗口执行与日度回调进入真实日内时钟，不再先写未来持仓。独立信号日及滞后执行的数据合同保留。仅有日内观察或待处理开盘目标时，未显式设时间的日线收盘回调才延至15:00；物理时钟与委托提交时点分离，不能把普通日线收盘撮合误变为15:05盘后委托。
+
+## 本轮新增证据
+
+- TWAP旧路径在13:00一次消费13:01、13:05报价，导致13:00观察到900股；现在逐时钟消费，同一父订单保留原始总量、已成交量、剩余金额、最低佣金余额和期限，不重新生成订单。
+- 分片时钟继续使用原算法窗口决定TWAP比例及深度约束，不把每个瞬时时钟当作新的不限量算法单；VWAP全局撮合也延续同一工作中订单。
+- 算法定量使用提交时已经可见的报价。改变当日后续收盘价不改变早先订单数量；真正缺报价明确失败，不读未来报价或日线价替代。
+- 当天已完成委托/成交记录及时移动到运行历史，后续分钟、日度与定时策略回调能读取；不逐分钟复制全部历史。
+- ETF下一开盘回退保留真实日线开盘价、3700股及原信号日，入账从早间预处理移到09:30事件；反例09:15原来可见3700股，修复后为0，09:31为3700且仅一笔ETF成交。不合成ETF分钟线。
+- 工作中算法单只预留真实可用现金；两个各10000元意图、15000元账户按顺序预留10000/5000，后续分别成交900/500股，先到订单不被后到订单的超额预留饿死。
+- 已验证部分成交后撤单、无末尾报价到期、T+1、IOC终止及原合同拒绝算法FOK/GTC；未新增不支持的有效期。
+- 同一TWAP与同步参考逐笔数量/价格/时间/订单ID/各项费用完全一致；VWAP逐时钟成交金额与总费用一致。最低佣金只扣一次，成交资金不超过冻结预算。
+
+本机Core 822项通过、9项原有ignore；Trading工作区613项通过（外部PG等原有ignore未当通过）；最新main的Runner446/API119项通过。同期main风控候选d2aa16a已保留并组合回归。本机测试不代替177不可变构建与真实数据回放。
+
+## 发布前置与剩余边界
+
+177于03:46只读核对仍为3Paper/0Live，原配置与旧委托摘要不变，Source d5b682c6/PID1700096未变，真实路由disabled。SSD剩约1.6GiB；首次Linux测试在18.02秒触及1GiB余量保护并中止，只停止本次Cargo进程，未重启服务，保留`clock-candidate-cena8gz9/first-attempt.json`及日志，不能算测试通过。
+
+初次把清理预览的`reclaimed_allocated_bytes=0`误读为没有候选；完整plan实际已有5项、12,453,273,600字节。正式工具引用/锁/身份复核后仅清理2处闲置debug增量缓存和3个过期测试可执行文件，保留最新测试、全部静态/共享库、release、源码、行情及结果，余量恢复13,168,623,616字节。收据位于`/srv/fidc/canonical/run/fidc-private/evidence/clock-default-cleanup-20260914-0422/`。暂拟的静态库清理选项未执行并已撤回；最终Service脚本5ec8dc8只明确区分计划量与实际回收量，保持原清理边界。
+
+代码修复已推送Engine `237ee15a518a668297959509daffc4b88995f310`；官方复用审计确认target-backtest无运行引用，新一轮仍保留1GiB余量保护，并独立保存重建前的旧二进制及SHA。实际构建读取只读Git archive快照237ee15与生产Service e81bf47，不夹带尚未生产验收的并行缓存规划代码，不覆盖维护工作树。
+
+Linux精确快照Core822、Trading613通过。首次配套优化构建276.06秒成功，但收据写入因/tmp的跨用户既有文件保护失败；改为原子替换收据后，重新核对同一快照/测试/制品，未把日志缺失或异常算通过。前一轮日志及旧二进制仍保留，最终收据`/tmp/fidc-clock-candidate-20260914.json`。
+
+## 发布与真实合同验收
+
+Engine `237ee15a518a668297959509daffc4b88995f310`、Service `e81bf47806f5ac4ae4798bb5f5955a56638f754c`、Trading `dab98e0cc09793df15b8c72841a6dc7e9a58a208`均有已推送annotated tag `v2026.9.14.4`。API/Runner于04:14:17 CST切换，五交易服务于04:19:57切换；04:22只读复验实际SHA、迁移、旧单及配置。
+
+| 已冻结原合同 | 原生A/B | 生产HTTP | 成交 / 期末持仓 | 期末权益 |
+| --- | --- | --- | --- | ---: |
+| 手选优先四证券 | 完整Canonical及四类逐行导出相同 | btr_req_60612ec2af9f97df26a81c13448aec7d95b23a93f824c303 | 10 / 4 | 9706248.648662 |
+| 自动优先四证券 | 完整Canonical及四类逐行导出相同 | btr_req_373da23c5ea5aaf4e59c38fbe37d663ae37731aeed8cc054 | 10 / 4 | 9706248.648662 |
+| 许总24只原v3 | 完整Canonical及四类逐行导出相同 | btr_req_5bb965ea83e047c998ec16be656f40ec28a4e5d870aa6d74 | 51 / 21 | 9685563.876924999 |
+
+共六次独立原生执行、三次持久幂等HTTP提交，旧请求/旧结果未改写。候选顺序、父订单及卖后续买合同保持；重复目标委托0。三条新记录各有5个交易日事件，持久事件总数27/18/32、唯一键数完全相等；旧流式样本仍27条/5日。上述数据来自原历史合同，仍属日终容量审计，不证明实时盘口容量；1秒样本与首轮12秒Source准备不作为性能提速证据。
+
+API二进制SHA `4e9f142be0ae3f9ca8e1c126507d4a9905cde4b69859df4544472afd1bda1ff2`，Runner `8b98a2ae9a13899e87d9931162d1637de7e9ab81844c284e00135904cda7b0e4`，运行实现身份 `96cf0dcfcec94c6f7e2a9fc64ba8b8e8547b12c869ad6a61a0e492f6c76b5d57`。当前不可变API目录`/srv/fidc/canonical/run/backtest-api/releases/clock-237ee15-c37rs7zq`，回退目录`/srv/fidc/canonical/run/build/clock-rollback-7qnhgco7`；交易回退目录`holding-protection-rollback-dkd1njej`。
+
+五交易服务逐一核对实际文件SHA与manifest，新增ERROR日志0；3Paper/0Live、配置、旧活动委托、3个未确认Paper预览、迁移、shadow配置0及disabled均未变化，发布后Paper/Live新订单0。Source d5/PID1700096、UI6a2/PID3089476未重启，研究/信号暂停保持。177维护中的Engine9a54156工作树完整保留，不把该未部署候选冒充本次运行代码；实际编译来自237/e81和237/dab只读快照。
+
+完整原始回放与HTTP收据：`/srv/fidc/canonical/run/research/stock-pool-clock-20260914/`。发布/审计收据：`/tmp/fidc-clock-{api-release,trading-release,final-audit}-20260914.json`。非敏感汇总已归档`docs/evidence/intraday-clock-20260914/acceptance.json`。
+
+## 下一步
+
+通用process-event回调的完整时间/订单观察、盘前调度普通意图、显式手工委托/撤单回放和所有剩余参数矩阵继续跟踪，不以当前阶段声明完整Goal完成。下一轮直接处理这些缺口，不重新做已通过的金额、页头、流式及本轮三组回放；当前仍不解除手工影子拒绝门禁，不修改既有任务配置、Source冻结和研究/信号暂停。
+
+Live取消请求另有待核对项：`CancelRequested`当前在网关返回后才持久化，不能不加说明就把回报时间当最初请求时间。完整手工回放需要验证并补齐真实意图/提交/成交/取消关联，当前生产手工影子仍保持明确拒绝纯比例模拟。

docs/late-fill-lot-lifecycle-20260914.md

@@ -0,0 +1,43 @@
+# 迟到成交、批次成本与持有保护
+
+2026-09-14。阶段修复；完整股票池目标仍未完成，未据此发布生产。
+
+## 根因与修复
+
+旧持仓账本按收到买入回报的顺序追加批次，卖出直接扣列表首批。当较早成交的回报晚到，或旧证券换股并入已有新证券持仓时，列表先后不再等于取得日期。T+1 校验计算了合法老批次数量，却实际扣掉新批次；剩余旧批次可能再次被当作可卖。FIFO 成本与已实现/未实现盈亏随之错配。
+
+另一问题是已有持仓收到更早买入事实时，`opened_date` 没有更新，最长持有期从较晚日期起算。
+
+修复在账本扣减入口按真实取得日期稳定执行 FIFO；同日回报及其费用保持原关联，不重排收到的外部事件，不补单、不回写历史结果。正常日期顺序不排序，零股操作不排序。连续持仓的已知开仓日取较早日期，最近买入日仍取较晚日期；缺失的原始建仓日期不靠新买入猜测填充。移动均价展示合同与固定精度现金/费用不变。
+
+## 负向证据
+
+基线 `b2eaaa0d269d4aee5e2e500cd0f2b2edbda648b8` 上新增两个测试实际失败：
+
+- 9月14日新买100股先被观察，9月11日老买100股随后才被观察。旧 `opened_date` 仍为9月14日，期望9月11日。
+- 随后卖出100股时，旧代码扣了新批次，剩余未实现盈亏为 -0.75，而按老批次先卖应为 -1000.25。该样例分别使用20元/10元买入、0.25/0.75元买入费用和0.5元卖出费用；只有证券身份数据，不冒充真实市场行情。
+
+## 回归覆盖
+
+- 回报仍按原观察序号应用；老买入不得在收到之前进入持仓。
+- 合法卖出老100股后，新100股仍不可在9月14日卖出。第二次冲突卖出拒绝且现金、股数、游标原子保留；现金7998.5、出入金0、剩余FIFO成本2000.25，费用没有串到另一批次。
+- 最长持有期使用9月11日，买后3个交易日保护使用最新买入日9月14日，保护优先于最长持有退出。
+- 整段引擎换股：旧股较早买入100股、已有新股较晚买入100股，旧股按2倍换成新股200股。随后卖200股先扣旧来源，留下新买100股；不重置开仓/最近买入日，成交来源及换股事件保留，已实现不含费用盈亏200。
+- 整段平台表达式：真实手工两买一卖、次日送转、3日买后保护/卖后禁买、16日至17日显式锁定、最长持有退出同时配置。14日至15日审计分别记录保护和禁买，16日至17日记录锁定；18日只生成一笔卖200股、5元的最长持有退出，不重复附加显式卖单。三笔手工来源保留、不计出入金，旧股转成200股后计时不重置。
+- 同一整段测试另验16日锁定期间的已确认手工卖出200股：与14日保护期间卖100股两个变体分别验证。前者15日送转后400股，手工卖出后200股；两个变体最终都在18日仅自动退出剩余200股。锁定仍阻止自动交易，不阻止已授权手工事实入账；T+1未绕过，买后保护和卖后禁买分别沿实际日期计算。
+
+本机Core889、Trading625、Runner460/API127通过，ignore另计；针对性完整审计断言另行通过。两次测试编写阶段的私有方法/辅助函数名编译错误已修正，不计作框架失败或通过证据。不是实际Source或GT交易验收。
+
+## 仍须继续
+
+实际 Source/Runner 联合回放和未准入 Arrow 性能门禁尚未通过；Source明确冻结仍待独立解除授权。另需继续验证迟到回报跨越已经执行过的除权/派息/换股事件、跨模式历史持有事实及其余参数矩阵。本节只证明列出的组合，不能外推全部公司行为或关闭完整目标。
+
+旧opening-clock-UUx5ru与FewUWP收据均不包含本次账本修复，不得覆盖。后续新的Linux/发布证据另附，本轮不修改原池、任务、历史或交易开关。
+
+## Linux复验与当前状态
+
+代码修复e9c9ecb、两组锁定/保护变体b4c68be均已提交推送；177引擎开发树已更新到b4c68be、tracked clean。新的`lot-lifecycle-20260914-AEGDYL`只读快照绑定Engineb4c68be/Service49f2800/Tradingae83fd3，962个文件、独立build根、4CPU/12GiB及1GiB容量线。
+
+Core889、Trading625、Runner/API589（含Linux额外2项平台测试）通过，源码前后不变，测试已结束。收据[linux-tests.json](evidence/late-fill-lifecycle-20260914/linux-tests.json)及[runtime.json](evidence/late-fill-lifecycle-20260914/runtime.json)。本轮只是新快照测试，没有再构建release或创建发布tag，不覆盖已完成批次。
+
+Source仍d5/PID1700096、tracked clean，生产UI及五后端PID/实际二进制SHA与上一轮相同；保留Service并行开发5991e77。没有委托/撤单/任务配置写入，没有解冻Source或重启生产。完整Goal继续上述剩余矩阵及正式Source/Runner验收，不把这些确定性测试外推为真实交易通过。

docs/manual-corporate-replay-20260914.md

@@ -0,0 +1,52 @@
+# 迟到成交跨公司行为：校正候选
+
+2026-09-14。仅开发验收，未发布生产；完整股票池目标保持进行中。
+
+## 已复现
+
+相同成交与同一数据/配置，仅推迟回报收到时间，原实现会丢失或多留公司行为权益：
+
+- 买100股后送转2倍：及时回报为200股、权益9999；迟到回报只有100股、权益9499。
+- 原持有200股、送转前卖100股：及时回报最后200股、权益9998；迟到回报最后300股、权益10498。
+- 派息会漏记或多记应收/现金；换股后的迟到旧代码成交不能直接写回旧证券持仓。
+
+这些是隔离的确定性引擎样例，不是实际GT账户金额。
+
+## 实现
+
+正常公司行为与校正共用 `corporate_book` 的原始计算逻辑。迟到回报跨过已处理的有效公司行为时，先复算当前已观察前缀，核对现金、批次取得日/成本及应收身份；覆盖不完整就失败，不以账户最终快照覆盖结果。
+
+随后在私有经济账本按实际成交时间放入已经确认的手工事实，重放已发出的模拟成交、原现金变动与已执行的公司行为。原始策略不重跑，委托不补造，旧成交/历史日终行不重写；不存在的税费或现金对价不推算。普通日线成交的内部顺序使用冻结撮合模型，不把模型时刻写成实际券商时间。
+
+现金与持仓在真实回报收到时原子替换；失败不推进游标。已发行单位、融资/资金流控制和任务目标状态保留，不重新发行单位或改用户参数。已收管理费和既有委托价格/费用保持原事实。现金计算直接使用固定金额，避免大额资金再经浮点转换。
+
+校正新增独立审计：公司行为日期、冻结参数和SHA；现金前后与权益现金变化；逐代码股数及成本前后；前后账本摘要。原始成交股数、价格、费用和资金变动仍分开保存。换股后的卖后禁买事实沿已证实的后继代码传递，不冒充新增交易。
+
+这是冻结回测合同内的经济账本校正，不是对实际GT税后派息或权益到账的独立核验。
+
+## 验证范围
+
+- 买/卖两方向 × 送转、派息、换股的最终股数/现金/权益对照通过。
+- 期间存在已执行的同股/其他股票买入、即期或延期入金、显式融资及固定已收管理费，对照通过；原模拟成交列表逐字段不变。
+- 派息启用/禁用、已付/待付、成本调整开/关八组合通过。禁用时不改变原观察日成交统计，仅比较最终经济事实，不将其误称同日成交。
+- 两个100股批次、1.125倍送转，合计225股；不是把两段分别取整得到226股。
+- 原子投影失败测试、来源绑定/金额/日期/后继链篡改拒绝测试通过。
+- 本机Core895、交易625、Runner462/API127、前端2277通过；原ignore/skip不计通过。三项私有PG提交/权限/租约用例实际执行通过，最初错误筛选匹配0项的命令不计通过。
+
+Runner正常构建保留现有Mac专属dead-code提示；格式化辅助脚本在lib.rs的模块排序比较处主动停止，没有强行覆盖模块顺序。最终源码检查与测试仍单独执行。
+
+## 贯通与剩余门禁
+
+提交能力增加 `corporate_adjustments: v1`，旧消费者不接受本轮手工输入。共享最终/流式成交投影保留校正结构并核对固定金额；页面保留原始交易，额外证据无效时单独报错而不藏掉原交易。
+
+真实Rust样例经共享投影导出后，通过本机HTTP加载实际审计弹窗，1440/390、短屏及明暗主题共六组通过；无横向溢出、页面错误或交易写请求。原生Tab曾短暂离开弹窗，已补循环焦点；Esc回到原按钮。详见OmniQuant同名文档及 `docs/evidence/manual-corporate-replay-20260914/browser.json`。
+
+Source d5明确冻结尚未获准解除，实际Source/Runner/生产联合验收仍未完成。新Linux配套验收与生产发布另列，不用旧AEGDYL/UUx5ru/FewUWP收据冒充本轮。继续核对红利再投入场时钟、后继证券数据范围、目标状态及跨模式ETF等剩余矩阵；本轮通过不代表完整Goal完成。
+
+## Linux配套补验
+
+已推送功能提交：Engine05f1cbb、Service879a5a7、Trading559f5b1、UIf3c5470b（双远端已核对）。177引擎开发源码已ff到05，保留Service并行5991e77。独立只读`corporate-replay-20260914-ZAnvlO`快照972文件，4CPU/12GiB、boris运行、1GiB容量线保持。
+
+Linux Core895、Trading625、Runner/API591全部通过（原9/63/16项ignore不计），源码前后未变。收据[linux-tests.json](evidence/manual-corporate-replay-20260914/linux-tests.json)及[runtime.json](evidence/manual-corporate-replay-20260914/runtime.json)。测试已结束；没有新的release构建、tag或生产重启，不覆盖旧完成快照。
+
+生产UI/Paper/Live/Backtest等PID/实际SHA与前阶段相同，Source d5/PID1700096且tracked clean。没有真实委托、撤单或配置/通知写入。下一步直接处理上述剩余边界及正式Source/Runner准入，不重复本轮确定性测试或据此关闭完整Goal。

docs/manual-execution-clock-20260914.md

@@ -0,0 +1,53 @@
+# 手工观察主时钟接入候选
+
+最新显式开盘/跨日 ETF 修复与验收见 [opening-and-deferred-clock-20260914.md](opening-and-deferred-clock-20260914.md)。下面保留早期阶段证据；原“开盘晚于配置窗口一律拒绝”已改为共享时钟与真实收盘边界，不再依赖订阅是否启用。
+
+2026-09-14，未发布，完整Goal不关闭。不是生产手工影子回放验收。
+
+## 本阶段已实现
+
+- BacktestEngine可显式绑定严格v2手工观察输入。原始回报时刻驱动账本；同一时刻按真实观察序号逐笔原子应用，回调能看到100、200而不是第一笔就看到两笔总量。
+- 默认盘前、开盘、盘中、收盘/结算及当日晚到回报纳入处理；跨会话观察先于下一会话公司行为，不生成行情行；结束后仍未覆盖的观察明确失败，不截断成成功。
+- 手工成交写独立来源及应用明细，不冒充模拟策略FillEvent。账户变化不计作出入金；手续费只扣一次，最终费用来源/时间仍单独保留。
+- 股数及现金改变后通知策略，真实买卖日期更新持有保护和卖后禁买证据；券商模拟器的当日卖后禁买规则同样接收手工卖出，不把手工绕过自动条件理解为抹掉真实成交历史。
+- 分钟时钟不必依赖策略订阅或同一时刻市场报价，手工价格也不会伪造为市场行情。已有挂单/待执行目标冲突仍明确拒绝，不替用户撤单或重建目标。
+- 流式数量、原始观察明细及换手率纳入手工应用；纯无成交的来源不会改变自然策略时钟。
+
+## 已复现并修正的问题
+
+旧默认OpenAuction回调在09:31，接着却可能执行09:30日内步骤。手工09:27观察会由此先进入09:31再倒退到09:30。已把默认开盘阶段放在09:25，并保留显式调度时间。
+
+盘前08:50/09:10规则原来在同一状态上顺序计算，不能正确看到夹在两者之间的08:55回报。现按实际到期时间交错处理回报、调度、资金等指令和撤改控制；盘前阶段若跨越开盘阶段，明确报告冲突，不把晚时点状态带回早时点。
+
+## 当前验证
+
+Core872通过（9项原ignore不计通过），交易工作区619普通测试通过；不是实际券商行情验收。此前默认阶段样例最终600股、现金3991、权益9991、出入金0，原四个基础用例保留。
+
+本轮新增8项回归，不重复把基础样例当新验收：
+
+- OpenAuction 09:20/09:26、AfterTrading 15:15/16:00、Settlement 16:10与09:22/15:30/16:05手工观察交错。原候选09:20提前读到100股，16:00/16:10仍只读到100股；修复后依次为0/100/100/200/300股。
+- 盘后16:00的100股与结算16:10的200股显式指令，下一交易日各执行一次、共300股，信号日价格10不冒充执行日价格12。lag0/lag1保留原信号日、意图创建日和实际成交日；测试还抓到立即成交记录曾被统一注释为新信号日，已按批次原始日期记录。
+- 多个完整目标在进入待执行队列时就只保留最新一份；次日新的0%完整目标不会先执行旧买入。显式股数指令不作为完整目标覆盖。
+- 结束日期的两笔显式意图没有生成委托/成交，完整原指令留在terminalAudit；完整目标只留最新一份。NaN/Inf不能在JSON中被悄悄变成null。
+- 存在真实行情/风控但没有新因子选股快照的下一交易日，仍执行已有指令，不等到后日再运行。声明盘后阶段的策略使用完整市场日历，外部指标可用同一`backtest_execution_dates_with_rules`对齐；当前Runner的Platform策略只暴露OpenAuction/OnDay/Minute，不宣称已支持配置盘后阶段。
+- 显式开盘调度越过已配置执行窗口被拒绝；盘后GTC撤单立即作为控制执行，不变成次日新委托。
+
+盘后处理使用正常账本/报价/风控入口，不创建模拟外部Fill，不越过结束日期。旧DAY订单仍按到期失效，下一日处理的是尚未提交的策略意图，并非延长旧订单有效期。无新信号的报价时钟复用有序迭代器，不复制整日Tick列表。
+
+结果协议和API/Runner的候选接入见fidc-backtest-service/docs/manual-execution-run-contract-20260914.md。当前正常记录/费用原始精度不改；所有新代码尚未发布，影子调用仍没有解除四类纯比例拒绝门禁。
+
+## 必须继续
+
+1. 本轮已覆盖上述显式阶段与跨日用例；仍需补完整混合时钟矩阵，特别是显式开盘晚于盘中报价/ETF开盘、无新信号日同时有ETF待执行目标、公司行为和跨日保护组合。不得修改market_open已有09:31语义或把这些未验组合静默跳过以让测试通过。
+2. 完成影子调度调用、所需历史证券范围、来源权限/归属、实际HTTP和Linux验收；不以独立输入/结果单测冒充端到端。
+3. 结果委托/成交分页接口与统一UI仍须合并展示外部手工来源，保留未知组件和完整原始ID，不把仅落库视为呈现已完成。
+4. 核对GT正式总费用来源、整仓关键日志严格持久化及完整参数矩阵后再配套发布。
+
+本轮未重启生产或发送委托。同期其他维护已将Backtest发布为Engine665653c/Service501f6d0；这不包含本文件所述主时钟候选。交易仍166998d/v2026.9.14.6，Source d5/PID1700096冻结与研究暂停不改。
+
+## 2026-09-14 运行级仓位配置补充
+
+v3 手工输入独立携带审计仓位/权重时间线与旧日级前缀，不覆盖原策略或股票池。仅已成交证券产生独立行情需求；补充范围不会成为选股候选。恢复跟随回到原规则，未来事件不能被伪称为截止时刻前已观察事实。Core 878 项本机通过，尚未部署；PG、期间隔离、权限与剩余联合验收见 `../../fidc-trading-platform/docs/shadow-manual-input-20260914.md`。本节不替代前述时钟证据，也不宣称全部矩阵完成。
+## 逐日手工交付补充
+
+手工观察输入可通过Arc与进度投影共享；默认紧凑进度保留当日手工应用及独立累计计数，原生明细开关不改。新增可失败进度回调，投影来源/计数错误会终止本次回测，不忽略错误后返回成功。Core879本机通过，当前完整版本Linux及发布验收未完成；共享最终/逐日投影与真实本机WebSocket证据见Service `docs/manual-stream-projection-20260914.md`。

docs/manual-replay-foundation-20260914.md

@@ -0,0 +1,45 @@
+# 手工成交观察回放：基础合同与当前断点
+
+2026-09-14。当前候选已升级v2并与交易端权威读取配套，仍未接入Runner/API或引擎主时钟、未发布。交易最近发布是166998d/v2026.9.14.6，回测仍81acc54/e81；完整Goal和手工影子回放均未完成。
+
+## v2读取合同补充
+
+默认主时钟、盘前交错与独立结果来源已开始配套接入，当前阶段/真实缺口改由docs/manual-execution-clock-20260914.md维护。本基础模块通过不等于完整阶段日历或生产影子已启用。
+
+总费用必须来自权威事实，佣金/印花税/过户费等组件可以未知，不能反过来用已知组件推定费用完整。保留组件原精度、总费用和微元账本费用；未知组件不写成0。新增费用来源事件/序号/可见时刻，原FillReceived继续决定股数变化时刻，后补费用不推迟成交、也不重复入账。历史采用最终费用回放口径，不能声称费用明细当时已经可见。
+
+分别表达订单创建、确认登记、成交、原始观察、费用观察与终态核对，不伪装GT实际发送时间。无订单区分NoOrdersNeeded与NotExecuted；无成交且无券商身份时允许适配器未知，不造名称。确认登记之前的成交、证据跨交易复用、费用少于已知组件及越截止点均拒绝。
+
+最新main a29c434的DayOpen和列存变更已按ff-only保留合入；组合Core860通过，其中本模块18项。交易端读取四类来源及验证范围见fidc-trading-platform/docs/manual-replay-capture-20260914.md。未将整仓无订单、Paper一例与Live一例外推完整参数/时钟/券商验收，不据此解除门禁。
+
+## 已实现
+
+`manual_execution`提供`fidc.observed-manual-executions/v2`严格合同及`ManualReplayCursor`。这是将已确认的手工成交事实作为外部输入，不是让回测券商独立重演其真实成交。下面保留初版阶段的实现说明，费用和时间字段以本节v2补充为准。
+
+- 保留确认、提交、成交、观察和终态时间，声明秒/毫秒/微秒/纳秒精度；同秒报告只允许在其真实精度区间内与提交时间对应，不伪造纳秒。
+- 手工动作、审计事件、订单、券商订单、成交和`FillReceived`观察事件/序号均有唯一性与完整性校验。账户/运行身份及源合同摘要进入完整内容SHA；改价格、费用、身份或时间会使旧摘要失效。
+- 明确区分无须生成订单与有终态订单，拒绝不完整、未知、超量、状态不一致、超截止日期的数据。不将空订单列表直接当成功。
+- 金额输入使用十进制字符串，不先经过JSON浮点数。保留原价、原费用、原成交额；账本沿用既有微元精度，真实十进制金额在入口统一量化，并分开返回原值和账本值。
+- 游标按真实观察时间和已持久化事件序号前进，重入同一时点不会重复入账，时间倒退或越过证据截止时间会失败。
+- 资金、持仓及游标在一次advance中原子变更。资金不足、T+1、生命周期冲突或活动影子订单冲突不借股、不借款、不取消原订单，也不留下半笔状态。
+- 人工交易不是出入金，不更改现金流中性单位或初始资金；原始买卖账本入口继续使用原有计算，仅抽出可传固定金额的内部函数。
+
+本机Core849项通过（9项原有ignore），其中15项新专项覆盖精度/摘要/关联/时间/顺序/无订单/部分撤单/原子失败/不重复和跨日出售。此结果不代表服务、完整影子请求或生产成交验收。
+
+## 已核对的持久化入口
+
+Paper `paper_manual_position_actions`保存确认、执行合同SHA、计划与order_ids；`paper_fills`及`paper_event_log.FillReceived`可以提供真实成交及观察事件序号。Live单证券动作在`live_manual_trade_intents`，逐笔事实在`live_broker_trade_facts`，对应`live_event_log.FillReceived`提供recorded_at和序号。事件序号表示持久化观察顺序，不冒充交易所执行顺序。
+
+Live整仓的历史审计原来只有confirmation_hash，执行ID在另一个开始事件中；当前候选已将服务端生成的execution_id和所选account_id写入同一仓位审计详情，并校验非空ID和账户范围。旧历史仍只能依据原始审计/事件做唯一关联，不能猜测或重写。
+
+费用仍需在读取层核对实际适配器合同：当前Paper账本收取commission+stamp_tax；Live事实的complete也按这两个已声明字段判定。不能仅凭complete名字断言其他费用不存在，不能以默认0补缺失。
+
+## 必须继续，不能把本阶段当完成
+
+1. 实现全部四类来源的权威PG读取、审计/动作/订单/成交/事件绑定与一致快照；未知/活动状态等待，不能变成空成功。
+2. 在API/Runner传递完整受控合同和源范围，补齐手工证券的历史资料/行情需求。当前没有任何运行入口调用此游标。
+3. 把观察事件与盘前、集合竞价、日度、分钟、收盘/结算阶段按完整时钟合并；跨交易日/会话外观察不可简单塞进on_minute或提前应用。
+4. 输出须区分外部人工成交与策略模拟成交，保留原始执行时间、观察时间、费用和实际投影时间线，不能宣称人工成交被独立验证。
+5. 完成两套隔离PG、真实引擎、完整HTTP和发布验证后，才可解除四类手工来源的纯比例影子拒绝门禁。
+
+下一轮直接进行上述读取/引擎/结果链，不能重复15项基础用例或v2026.9.14.5固定三组回放替代集成。Source冻结、研究/信号暂停、现有3Paper/0Live与disabled不变；本轮无生产写入、真实订单或通知。

docs/opening-and-deferred-clock-20260914.md

@@ -0,0 +1,43 @@
+# 显式开盘、跨日 ETF 与委托时钟修复
+
+2026-09-14。候选本机及独立 Linux 已验证，尚未发布；完整股票池工作不以本阶段关闭。
+
+## 已复现的错误
+
+1. `market_open(0, 0)` 的既有语义为 09:31。旧引擎先执行该开盘回调，再执行 09:30 行情回调。09:31 的手工买入 100 股提前出现在 09:30 上下文，造成未来状态可见。
+2. 开盘回调顺序修正后，`MinuteLast` 撮合仍把配置的 09:30 窗口起点当作实际执行时刻，将 09:31 新订单记成 09:30 成交；新挂单也可能记成较早起点。
+3. 没有新因子/选股快照的下一交易日，原实现先执行 13:00 的普通待执行指令，再执行 ETF 的 09:30 开盘目标。负向测试中第一笔是股票 100 股、20 元、13:00，后面才出现较早 ETF 成交。此顺序会影响实际现金分配，不能只排序最终表格。
+4. 行情可用但剩余现金不足一手时，报价撮合丢失预算阻断原因，最终错误显示“intraday quote liquidity exhausted”。
+
+## 修复合同
+
+- 开盘调度、已订阅行情、ETF 开盘、实际手工观察、委托窗口与到期时刻进入同一时间序列。保留 09:31 的已配置含义，不改成 09:25 避开反例。开盘阶段不允许越过收盘阶段；其可用性不再依赖是否订阅分钟回调。
+- 新订阅从实际启用时刻开始接收后续行情，不重放较早缓存报价；仍订阅中的证券不丢失其较早合法行情。
+- 新委托和续撮使用当前执行时刻，原委托创建时刻在后续重试中保留。行情来源时刻与成交时刻分开，日线/分钟/ETF 既有定价合同、价格精度、费用和证券规则不改。
+- 无新信号日不重新生成策略目标；只执行已存在意图、ETF 目标及挂单。相同时间先处理到期 ETF，再执行普通批次，后续按真实报价和到期时刻推进。没有可用信号上下文时只发布原始事实，不伪造策略回调。
+- 手工观察遇到尚未结束的影子订单/ETF 目标仍明确拒绝。不能把 09:30 的成交提前应用以让 09:15 的手工冲突消失。
+- 零成交预算阻断保留资金不足/金额预算/非法价原因，不伪装成流动性不足。真实无行情或容量不足的规则保持。
+
+## 本机验证
+
+源基线 Engine `232e9ae1546842224d7a21aa07d3c0696ece4b11`；Service `49f280075e6b9dce2ef149fc190cfe663411b905`、Trading `ae83fd30f56a5420a235022b0a169aaf0bae55cf`。
+
+- Core 885 项通过，9 项原 ignore 不计通过。
+- Trading 工作区 625 项通过，63 项私有依赖 ignore 不计通过；没有重复运行已有数据库夹具。
+- Runner 460、API 127 项通过，16 项 ignore 不计通过。Mac 原 `is_source_row_file` dead-code 警告仍存在。
+- 手工 09:31 买入：09:30 回调 0 股，09:31 开盘回调 100 股；后续报价只处理一次。
+- NextBarOpen/MinuteLast × 订阅/未订阅四种组合：09:31 的 100 股新单恰好成交一次，时间均为 09:31；后续重试不改原创建时刻。
+- ETF 和晚开盘：09:15 回调未持有；09:30 成交 3,700 股、4 元；09:31 开盘及 09:32 行情各看见该唯一成交。
+- 无新信号日：ETF 09:30 先成交 3,700 股。13:00 股票卖出 100 股随后成交；股票买入 100 股的对照因剩余现金不足而拒绝，不能抢先花费 ETF 应使用的现金。无普通待执行意图的 ETF 单独分支也通过。
+- 同一无信号日的手工卖出：09:15 与未结束 ETF 目标冲突时拒绝；09:31、ETF 完成后的真实手工卖出应用一次，原股票持仓从 1,500 到 1,400 股。
+- 定位过程的失败、类型修正和资金不足断言修正不计通过；没有改动原池或补造行情。
+
+## 发布与剩余工作
+
+功能提交 `13c89e8d59f21df6280d722f369d0ec8d9a6457e` 已推送并核对 main，177 引擎开发源码已快进到同一 SHA，tracked clean。保留 Service 并行开发提交 `5991e7733d9e2a770f740e971924b12cc5f7d29d`；联合测试使用已推送 Service49f2800/Tradingae83fd3，不覆盖该工作树。
+
+新的只读 `opening-clock-20260914-UUx5ru` 快照 959 个文件，4CPU/12GiB独立 scope、boris 执行、1GiB磁盘线不变。Linux Core885、Trading625、Runner/API589（Linux额外2项平台测试）全部通过，源码前后不变。收据 [linux-tests.json](evidence/opening-clock-20260914/linux-tests.json)，只读生产状态 [runtime.json](evidence/opening-clock-20260914/runtime.json)。这是独立程序测试，不是 Source 正式数据回放或生产交易验收。
+
+本修复不在已构建的 `manual-stream-20260914-FewUWP` 二进制中。该目录及既有 Linux 收据继续保留，不能覆盖或改写成包含本修复。本轮没有新 release 构建/发布 tag；仍须真实 Source/Runner 联合验收及未准入 Arrow 性能门禁。
+
+Source `d5` 版本冻结、研究/信号暂停、Live disabled 与旧任务/历史不变。Source 清单权威修复和新验证合同仍待明确解冻授权；本阶段没有发单、撤单或生产重启。后续继续公司行为、跨日保护/禁买及完整参数/适配器矩阵，不把以上确定性例子外推为全量生产完成。

docs/selection-risk-plan-performance-20260914.md

@@ -0,0 +1,146 @@
+# Selection Risk Plan Performance
+
+## Status
+
+Published to Backtest in the combined 665653c/501f6d0 release described below.
+The change removes selection calls that have
+no possible effect under the current frozen policy. It does not disable any
+configured rule, execution-day check or strategy expression. Engine time falls
+slightly in the measured cases; this is not the solution to the main remaining
+data construction cost and is not a general whole-backtest speedup claim.
+
+The independent [intraday-clock counterexample](intraday-clock-causality-20260914.md)
+was subsequently resolved by business-main work and published in the clock and
+81acc54 callback releases. That correction is not attributed to this candidate.
+Current published Backtest uses 501f6d0/665653c; the measurements below retain
+their earlier c98 baseline. Complete manual-replay integration remains open.
+Source d5b682c6 remains frozen;
+research and signal work stay paused. No trading operation was submitted.
+
+## Evidence Leading to the Change
+
+The official HTTP diagnostic replay btr_1789322878865_2871869_0 preserved the
+original canonical and result-store SHA. Ten bounded Boris-only GDB snapshots
+showed source inventory, PreparedDayBuilder, factor normalization and price
+series construction, followed by repeated selection risk calls. GDB pauses are
+not normal performance measurements and snapshot counts are not flamegraph
+percentages. Source/target PID, binary SHA and CPU/thread resources stayed fixed.
+
+The diagnostic helper now shares the existing canonical executable policy with
+the saved-run profiler: it accepts both audited build roots and immutable API
+release directories, but not arbitrary paths. Seven related tests passed.
+
+## Implementation and Correctness
+
+StaticRiskRuleConfig reports whether selection has an enabled state rule or an
+enabled nonempty blacklist. The strategy computes this once before iterating
+candidate symbols. If no such rule exists, the old selection function would
+always return None, so that no-op call is omitted. Explicit universe conditions,
+market/factor checks and all buy/sell execution paths are unchanged.
+
+The ten state flags are also shared with the existing missing-risk-state checks
+to avoid maintaining three separate flag lists. Blacklist presence is kept
+separate: a blacklist is not missing market-risk data. No cross-strategy cache,
+strategy identifier, fixed date, trading time or account state is introduced.
+
+Tests enumerate all 4,096 combinations of ten selection flags and blacklist
+enabled/populated states. The flag list is checked against the serialized
+configuration, so adding a selection field requires updating the activation
+test. Further tests retain missing-state behavior and show that paused buys
+and sells remain rejected when selection checks are inactive.
+
+On 177: 805 core unit/integration tests passed (9 ignored), 448 runner tests
+passed (9 ignored), 119 API tests passed (5 ignored), and 28 benchmark/profiler
+tests passed. These counts do not resolve the independently recorded clock
+failure, which is not part of this frozen committed test tree.
+
+## Reproducible Shared-Input Method
+
+Each of the twelve replays has a new process and a new private result root.
+The official runner benchmark gained --shared-runtime-cache. It resolves the
+explicit cache root from the declared Boris service, requires canonical private
+storage, hashes existing inputs before and after, and refuses any changed or
+removed original. This mode cannot invoke copied-input disposal.
+
+All twelve runs used the same 9,257 files / 12,596,608,049 bytes. Their complete
+input inventories, file identities and byte SHA values are equal. No new Arrow
+or binary cache input appeared. No backtest result was reused. Hash preparation
+and verification are outside the measured runner interval; this is a shared
+warm-input test, not raw-disk cold IO. Unlike the earlier copied-cache method,
+it does not allocate another approximately 2 GB per replay on the nearly full
+SSD. Original inputs and every result remain intact.
+
+The common execution interval is 2021-08-23 through 2025-11-17 with 10,000,000
+initial cash and each case's unchanged frozen strategy/bundle. This is not five
+complete execution years. CPU affinity and 8 Rayon / 16 Tokio threads match the
+declared reference service; no global resource limit was increased.
+
+## Measurements
+
+| Case | Wall seconds | Source validation | Data preparation | Engine |
+|---|---:|---:|---:|---:|
+| Rotation control 1 | 30.986 | 12.244 | 8.445 | 8.790 |
+| Rotation candidate 1 | 12.977 | 0.004 | 5.132 | 6.682 |
+| Rotation control 2 | 13.275 | 0.209 | 5.190 | 6.739 |
+| Rotation candidate 2 | 12.927 | 0.005 | 5.128 | 6.640 |
+| Rotation candidate 3 | 12.926 | 0.006 | 5.113 | 6.664 |
+| Rotation control 3 | 13.044 | 0.005 | 5.159 | 6.732 |
+| Trend 40 control | 15.628 | 0.694 | 5.234 | 8.199 |
+| Trend 40 candidate | 14.826 | 0.004 | 5.276 | 8.087 |
+| Pullback 40 control | 13.776 | 0.005 | 4.893 | 7.374 |
+| Pullback 40 candidate | 13.928 | 0.003 | 5.137 | 7.239 |
+| Volume momentum 80 control | 18.176 | 0.004 | 4.585 | 11.154 |
+| Volume momentum 80 candidate | 18.627 | 0.005 | 5.200 | 11.013 |
+
+Rotation engine medians are 6.739 versus 6.664 seconds, approximately 1.1%.
+The other paired engine reductions are approximately 1.4%, 1.8% and 1.3%.
+These are small CPU-path improvements. Pullback and volume total latency did
+not improve because their preparation times were higher. The first control's
+Source wait and unexplained slower construction are recorded, not attributed
+to this code or discarded to manufacture a large speedup. Peak RSS stays about
+6.76-6.83 GiB; there is no significant memory reduction claim.
+
+Each case matches its independent prior baseline for all six canonical
+sections and store bytes: 21,393 / 29,776 / 31,862 / 51,300 fills. Result receipts,
+runtime/strategy identities, physical manifests and 3,506 fact blocks were
+verified. The shared input inventory SHA is in the acceptance record. Full
+unaltered receipts remain on 177; the repository stores the compact verified
+summary rather than repeating the 9,257-file inventory in every document.
+
+## Remaining Work
+
+Prioritize direct typed-column reuse during daily snapshot and DataSet
+construction; approximately five seconds of preparation remain in these warm
+cases. Do not skip normalization, NULL, adjustment or date/uniqueness checks.
+Source cold-query and contract-validation latency remain separate tasks under
+the Source freeze. The cache-boundary candidate later passed its conditional
+cross-window/full-input gate and the combination passed daily HTTP publication;
+neither establishes cold or universal performance. Financial PIT, broader minute
+behavior, signal lifecycle and UI factor
+condition acceptance are not claimed complete.
+
+- Candidate engine: d2aa16a2f0064297d0d8c931060646d66422e9d4.
+- Candidate service source: 4e23c7558d8301ba697543c39d5604289bb82c53.
+- Control runner SHA: b90886b80634c7565ca215fbe1f9ed0cbb5a6bd967373a9b1f6753be5164737d.
+- Candidate runner SHA: 1bda2d3acc016ca5addbb12e33cfcc31a23ece562f1d7d1ff8a825fbc83873fb.
+- Candidate API SHA: 30ac3b50996e1769c1d93bd5d302a23c4af7ebe773d3e8110ee278c44aeb9501.
+- Evidence root: /srv/fidc/canonical/run/research/selection-risk-plan-20260914.
+- HTTP diagnostic: /srv/fidc/canonical/run/research/http-phase-profile-20260914.
+
+[Verified acceptance summary](evidence/selection-risk-plan-20260914/acceptance.json).
+
+## Combined Release
+
+After merging engine 665653c, 860 core / 448 runner / 119 API tests and six
+additional new-process replays passed. The guarded official workflow deployed
+Backtest only, then nine HTTP runs matched their respective canonical/store
+baselines. A multi-strategy sequence proved actual immutable DataSet hit counts
+0/1/2/3/4 with distinct strategy results and repeatable trend results. Default
+90-day cleared-DataSet HTTP mean 13.646 before versus 13.740 seconds after does
+not demonstrate a general latency gain.
+
+The active root /srv/fidc/canonical/build/factor-reserve-20260913 is protected
+from reuse/cleanup. Source, paused research, trading services and all execution
+permissions remain unchanged. This does not activate the manual-replay module.
+Actual identities, timings and evidence are maintained in
+`/Users/boris/WorkSpace/fidc-backtest-service/docs/cache-boundary-planning-performance-20260914.md`.

docs/series-column-storage-performance-20260914.md

@@ -0,0 +1,147 @@
+# Exact Series Column Storage
+
+## Status
+
+The subsequent business-main merge includes the separately published 81acc54
+clock/callback fixes and 5e11f3d manual-replay foundation. The combined version
+passed 857 core, 448 runner and 119 API tests, six long reference replays and
+three additional strategy replays;
+see `/Users/boris/WorkSpace/fidc-backtest-service/docs/arrow-factor-scratch-rejection-20260914.md`.
+The scratch candidate from that experiment was removed. Series storage is
+now published to Backtest only in the combined 665653c/501f6d0 release below;
+existing measurements retain their original versions.
+
+The original twelve real long replays preserve their independent
+business baselines and reduce peak RSS by about 9.5%. Construction latency is
+mixed, including a reversed pair where the control is faster. This is accepted
+as evidence of a smaller working set, not as a proved general speedup or closure
+of the main performance objective. Original results are retained unchanged.
+
+The Source implementation remains d5b682c6d09704ff23d725a8dd8b155db3eb6967.
+Research/signal work remains paused. The initial experiments ran while e81bf47/c98
+was published; later business work published e81bf47/81acc54. This performance
+task did not restart Source, trading or another user's process. The original
+clock counterexample was resolved by that business work; complete manual-replay
+integration remains open and is not proved by these performance tests.
+
+## Separate DayOpen Correction
+
+Code inspection found that PriceField::DayOpen selected the Open prefix sums,
+although direct history access returned day_open. For day_open values 10/12
+and open values 20/24, that path computes 22 instead of the expected 11.
+The correction adds its own day-open prefix and a regression checking both
+fields plus empty/insufficient windows. No price field is substituted.
+
+This correction was built and tested independently before the storage change:
+806 core unit/integration tests, 448 runner tests and 119 API tests passed.
+The resulting control runner is
+8859459f54389f12af1ab7d4e36802c01aff63fb10fbb679243ccdd54d013e2d.
+It also preserves the real rotation baseline. Both subsequent A/B variants
+include the fix, so corrected calculation semantics are not counted as speedup.
+
+## Storage Design
+
+SymbolPriceSeries previously allocated separate vectors for last/bid/ask,
+their prefix, timestamps, trading phases and three quote-volume fields, even
+when actual data repeated or exactly matched the existing close series.
+
+- ReferenceMatchedValues aliases the existing column only after every consumed
+  value matches by f64::to_bits. A mismatch materializes the exact preceding
+  values and continues as an owned vector. No missing/invalid price is replaced
+  by close; signed zero and NaN payload differences prevent sharing.
+- RepeatedValues retains the actual first value and logical length. It avoids
+  expanding equal values, including nonzero volumes and Some strings. The
+  first difference materializes the exact prior values. None is distinct from
+  an empty string; no value is inferred from the backtest frequency.
+- Intraday updates materialize only changed columns. Cloned views retain their
+  original values and immutable daily base. Last-price prefix sums use the same
+  accumulation order and actual values as before. History cutoffs are unchanged.
+
+There is no new dependency, unsafe code, strategy-specific branch, disk schema,
+source-data rewrite or account/result sharing. Construction and data validation
+remain in the existing paths. The overlay comment now accurately states that
+quote fields affect Last history while daily OHLC remains unchanged.
+
+The full candidate passes 813 core unit/integration tests (9 ignored), 448 runner
+tests (9 ignored) and 119 API tests (5 ignored). New tests cover exact bit
+identity, distinct zero/NaN values, repeated nonzero/string values, mutation
+isolation, unknown dates, full snapshot equality and history-date cutoffs.
+These tests do not prove the separately known same-day execution-clock issue.
+
+## Real A/B
+
+All cases execute 2021-08-23 through 2025-11-17 with their unchanged frozen
+strategy/runtime/bundle and 10,000,000 initial cash. This is not five complete
+execution years. Every run is a new process with private result artifacts and
+the same verified shared inputs: 9,257 files / 12,596,608,049 bytes. No original
+input changed and no Arrow/bin input was newly created. Hashing is outside the
+runner timer; no result is reused. Source/OS caches are not cold.
+
+| Case | Wall s | Data s | DataSet construction s | Engine s | RSS KiB |
+|---|---:|---:|---:|---:|---:|
+| Rotation control 1 | 23.879 | 5.213 | 1.901 | 6.612 | 7,137,676 |
+| Rotation candidate 1 | 24.126 | 4.818 | 1.589 | 6.674 | 6,463,660 |
+| Rotation control 2 | 18.180 | 7.272 | 2.824 | 9.509 | 7,138,628 |
+| Rotation candidate 2 | 15.078 | 5.543 | 2.094 | 8.171 | 6,454,624 |
+| Rotation candidate 3 | 13.125 | 5.103 | 1.853 | 6.649 | 6,457,728 |
+| Rotation control 3 | 12.725 | 4.955 | 1.713 | 6.583 | 7,140,772 |
+| Trend 40 control | 14.779 | 5.418 | 1.921 | 7.867 | 7,157,844 |
+| Trend 40 candidate | 15.012 | 5.168 | 1.851 | 8.011 | 6,470,768 |
+| Pullback 40 control | 14.011 | 5.172 | 1.893 | 7.298 | 7,167,408 |
+| Pullback 40 candidate | 13.877 | 5.117 | 1.837 | 7.219 | 6,478,492 |
+| Volume 80 control | 18.577 | 5.163 | 1.891 | 10.960 | 7,210,220 |
+| Volume 80 candidate | 18.476 | 5.051 | 1.844 | 10.989 | 6,527,236 |
+
+The final rotation pair deliberately ran candidate before control. Rotation
+RSS medians are 7,138,628 versus 6,457,728 KiB, about 665 MiB / 9.5% lower.
+Other strategy pairs save about 670-673 MiB. These are measured process peaks,
+not estimates obtained by adding cgroup limits or counting mmap as private RAM.
+
+Construction medians are 1.901 versus 1.853 seconds for rotation. The first pair
+has a larger reduction, but other samples and the reversed pair do not support
+a universal 16% construction or total-latency claim. Source validation waits and
+independent phase variation remain in the full evidence. A read-only host sample
+showed load near 49 and thermal readings 53/58/69 C; it does not prove the cause
+of timing variation. No host policy or another user's workload was changed.
+
+All six canonical sections and result-store SHA match the appropriate existing
+baselines: 21,393 / 29,776 / 31,862 / 51,300 fills. Result and request evidence,
+physical manifests and all 3,506 fact blocks were verified. No earlier failed
+or successful receipt was rewritten. Complete receipts remain on 177; only the
+compact verified summary is stored here to avoid duplicating input inventories.
+
+## Remaining Work
+
+Do not publish this as the main performance fix. Next, target the remaining
+daily snapshot/factor construction and direct typed-column reuse, avoiding
+new per-access branches or post-hoc compression passes. Cold-query acceptance,
+real minute-mode acceptance remain outstanding for this storage change. The
+combined version subsequently passed daily HTTP publication below. The original
+clock issue was fixed by subsequent business
+work, not this experiment. Signal lifecycle, financial PIT and UI factor conditions
+remain outside this completed storage experiment.
+
+- Engine candidate: 996b909608589fb1987f33c0cfb4c62099f69617.
+- Service source: 443ed421c2c9c854a01fab69ce58957690504570.
+- Candidate runner: 40bcf65c1977dbd93ab8bc80e3ff04d0db5e27b61fce1afdce99cf1b5e58eb43.
+- Candidate API: c54be3a8196c32051520c709f793bcb974d869467bb12700d846efaad8c2180e.
+- Evidence: /srv/fidc/canonical/run/research/series-column-storage-20260914.
+
+[Verified summary](evidence/series-column-storage-20260914/acceptance.json).
+
+## Combined Release
+
+Engine 665653c / service 501f6d0 passed 860 core, 448 runner and 119 API tests,
+six additional independent-process replays and nine post-publication HTTP runs.
+Complete canonical/store results remain equal to each strategy's own baseline.
+An adjacent original/new rotation pair measures 15.279/14.579 seconds and
+6,923,640/6,369,900 KiB peak RSS, but the default-window HTTP means are essentially
+unchanged (13.646/13.740 seconds). Reduced memory and conditional cross-window
+reuse are not promoted to a universal latency improvement.
+
+The official Backtest-only publication preserves Source d5, paused research,
+trading services and execution permissions. Its active build root
+/srv/fidc/canonical/build/factor-reserve-20260913 must not be overwritten or
+reused. Shared DataSet acceptance proves input reuse while distinct strategies
+execute independently; no results are cached. Identities and original receipts:
+`/Users/boris/WorkSpace/fidc-backtest-service/docs/cache-boundary-planning-performance-20260914.md`.

docs/stock-pool-sell-buy-continuation-20260913.md

@@ -1,6 +1,6 @@
 # 股票池卖出批次与买入续执行
 
-2026-09-13，开发候选，尚未部署。不是完整股票池验收结论。
+2026-09-13开发，2026-09-14 00:00至00:06 CST完成177配套发布，annotated tag v2026.9.13.16。Engine c98bcc3、Service aa3fe40、Trading b1d402e；不是完整股票池验收结论。
 
 ## 原问题
 
@@ -21,4 +21,8 @@
 
 9项新增专项覆盖未成交卖出续买、部分成交/买单ID、窗口结束、新信号覆盖、发送前新价/日期、缺价拒绝、止盈清仓禁回买、跨日清理和不订阅分钟的完整引擎执行。全工作区803项通过、9项外部/专项忽略单列；配套Trading613通过，Runner本机432通过、9项忽略。完整引擎测试夹具需显式提供每日因子与候选，缺少两者会得到无执行日期，不能据空运行当作成功。
 
-下一步以已推送精确源码构建177隔离Runner，用原两个混合请求、原24只配置和冻结数据包核对逐日目标/委托/成交/持仓及Canonical，再配套发布。优先级仍可在真实资金或仓位约束不足时影响分配，不能预设所有不同排序的结果必须相同。
+177独立进程对三个原请求分别执行原版和修复版，共六次原生回放；原版各自与原历史Canonical相等，原请求及数据包不变。修复后两种优先级均10成交/4持仓/权益9,706,248.648662，逐股数量、费用、时钟、逐日权益和持仓完全一致（订单ID仍按各自原顺序生成，不伪装为同一Canonical）。原24只回放51成交/21持仓/权益9,685,563.876924999，不强求保留旧54笔：09-08和09-10卖出晚于窗口，未提交买入阶段到期；09-11卖出09:31完成后继续买入。混合样本09-09与09-10同样在窗外不新建买单，09-11在09:34完成卖出后续买，已提交DAY单可在窗口后继续成交。
+
+生产API三次验收分别为btr_req_6854471517438a896378785b96a81e4ab41f0d77f898bf37、btr_req_0d32c6e07598c16728992374f1800804ad2cd06d85f18d15、btr_req_4ae4ee17bf90bbba5ca579a79c7d4e1c410fc2d4506e5800，均与对应原生候选Canonical相同；旧结果/配置回读保持。未提交券商委托、创建交易任务或改写配置，Source冻结及研究/信号暂停保持。完整逐笔回执在177 /srv/fidc/canonical/run/research/stock-pool-sell-buy-20260913，部署回执/tmp/fidc-sell-buy-api-release-20260913.json与/tmp/fidc-sell-buy-trading-release-20260913.json。
+
+优先级在真实资金或仓位约束不足时仍可影响分配，不能将本例结论外推所有排序。完整Goal下一项仍是手工委托影子回放、流式日期消息/摘要投影和剩余参数矩阵；不重复此已解决样本。