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          "totalReturn": -0.5985893747362132,
          "annualizedReturn": -0.13437411559941936,
          "annualizedVolatility": 0.08441024088699853,
          "sharpe": -1.6667099161670615,
          "maxDrawdown": -0.6041046077417755,
          "dailyWinRate": 0.4755332496863237,
          "tradeWinRate": 0.4,
          "trades": 255
        }
      }
    ],
    "note": "成交机会削减仅把正收益日按比例折减，是没有逐笔数据时的保守机会成本代理，不是实际成交概率估计。"
  },
  "yearly": [
    {
      "year": 2020,
      "totalReturn": 0.14327566302604322,
      "annualizedReturn": 0.14895944064127908,
      "annualizedVolatility": 0.12237076141160338,
      "sharpe": 1.1968253706110907,
      "maxDrawdown": -0.09040786044003701,
      "dailyWinRate": 0.5390946502057613,
      "tradeWinRate": 0.5,
      "trades": 34
    },
    {
      "year": 2021,
      "totalReturn": -0.08544219211383164,
      "annualizedReturn": -0.08846250366956065,
      "annualizedVolatility": 0.10348165229155645,
      "sharpe": -0.8430301893325017,
      "maxDrawdown": -0.1578154075025453,
      "dailyWinRate": 0.4897119341563786,
      "tradeWinRate": 0.34375,
      "trades": 32
    },
    {
      "year": 2022,
      "totalReturn": -0.08811866284707293,
      "annualizedReturn": -0.09158795017666432,
      "annualizedVolatility": 0.08031462206582977,
      "sharpe": -1.1556437676537619,
      "maxDrawdown": -0.11839658840118694,
      "dailyWinRate": 0.47520661157024796,
      "tradeWinRate": 0.4642857142857143,
      "trades": 28
    },
    {
      "year": 2023,
      "totalReturn": -0.0907086720272261,
      "annualizedReturn": -0.09427456574632498,
      "annualizedVolatility": 0.08506014173993173,
      "sharpe": -1.121458907780057,
      "maxDrawdown": -0.15013262932459226,
      "dailyWinRate": 0.4256198347107438,
      "tradeWinRate": 0.3191489361702128,
      "trades": 47
    },
    {
      "year": 2024,
      "totalReturn": 0.17137817126755195,
      "annualizedReturn": 0.17905985030466542,
      "annualizedVolatility": 0.12198053029986271,
      "sharpe": 1.4108497242534064,
      "maxDrawdown": -0.06327893414723607,
      "dailyWinRate": 0.512396694214876,
      "tradeWinRate": 0.5652173913043478,
      "trades": 46
    },
    {
      "year": 2025,
      "totalReturn": 0.082981422976939,
      "annualizedReturn": 0.08618366324551863,
      "annualizedVolatility": 0.06577169546608787,
      "sharpe": 1.2899954861458807,
      "maxDrawdown": -0.040680643488661516,
      "dailyWinRate": 0.5102880658436214,
      "tradeWinRate": 0.4878048780487805,
      "trades": 41
    },
    {
      "year": 2026,
      "totalReturn": -0.036578971651593184,
      "annualizedReturn": -0.06532754749700931,
      "annualizedVolatility": 0.06339577104058884,
      "sharpe": -1.0338004473956253,
      "maxDrawdown": -0.0664849253792058,
      "dailyWinRate": 0.48201438848920863,
      "tradeWinRate": 0.25925925925925924,
      "trades": 27
    }
  ],
  "parameterStability": {
    "folds": 7,
    "aShareUniqueParameterSets": 4,
    "etfUniqueParameterSets": 6,
    "stable": false
  },
  "randomNull": {
    "method": "同一调仓频率、持仓数、敞口与成本下的随机选券；不用于预测价格",
    "runs": 200,
    "observedAnnualizedReturn": 0.009192696367993136,
    "medianAnnualizedReturn": 0.004622148782909452,
    "observedPercentile": 0.8
  },
  "costs": {
    "aShareOneWayBps": 13.5,
    "etfOneWayBps": 8,
    "note": "研究假设；不含个股印花税制度未来变化、真实排队机会成本和基金IOPV冲击"
  },
  "warnings": [
    "这是幸存者样本的日频可复现性试验，不是全量A股点时回测，也不是收益承诺。",
    "ETF结果仅是日频代理，不能验证日内信号、真实队位、IOPV、Level-2逐笔或撤单竞态。",
    "随机基线只检验策略是否优于相同约束下的随机选券；系统没有用随机游走预测股价点位。"
  ],
  "acceptance": {
    "status": "REJECTED",
    "gates": [
      {
        "name": "样本外Sharpe ≥ 0.80",
        "passed": false,
        "actual": 0.14300925444277654
      },
      {
        "name": "最大回撤不低于 -4%",
        "passed": false,
        "actual": -0.30189972777804863
      },
      {
        "name": "成交胜率 ≥ 50%",
        "passed": false,
        "actual": 0.42745098039215684
      },
      {
        "name": "成本加倍后年化收益 > 0",
        "passed": false,
        "actual": -0.0007230277174229416
      },
      {
        "name": "随机空模型百分位 ≥ 90%",
        "passed": false,
        "actual": 0.8
      },
      {
        "name": "全量点时数据",
        "passed": false,
        "actual": 0
      },
      {
        "name": "参数稳定（每袖套≤2套）",
        "passed": false,
        "actual": 10
      }
    ],
    "passedCount": 0,
    "totalCount": 7,
    "reason": "收益、风险、胜率、随机显著性、数据完整性和参数稳定性未全部通过；禁止进入券商选择和真实资金阶段。"
  }
}