diff --git a/sanguo_api/app.py b/sanguo_api/app.py
index 2f2e4be..0c52b5d 100644
--- a/sanguo_api/app.py
+++ b/sanguo_api/app.py
@@ -3,6 +3,7 @@ FastAPI application factory for Sanguo Quant API
 """
 from fastapi import FastAPI
 from .routes import router, set_orchestrator, set_auth_config
+from .routes_paper import router as paper_router, set_db_path
 from .auth import set_jwt_config
 from .ws import manager
 from sanguo_orchestrator.runner import Orchestrator
@@ -33,5 +34,7 @@ def create_app(db_path: str, file_dir=None, auth_config=None, max_workers: int =
 
     # Include routes
     app.include_router(router, prefix="/api/v1")
+    app.include_router(paper_router, prefix="/api/v1")
+    set_db_path(db_path)
 
     return app
\ No newline at end of file
diff --git a/sanguo_api/routes_paper.py b/sanguo_api/routes_paper.py
new file mode 100644
index 0000000..207de6d
--- /dev/null
+++ b/sanguo_api/routes_paper.py
@@ -0,0 +1,90 @@
+"""模拟盘 API 路由（spec §10）。
+
+create 建 paper_account（持久化配置）；GET 查询净值/成交/状态。
+回放执行（engine.run）由 orchestrator 异步触发或容器内同步跑，端到端冒烟在容器
+（本机无 NAS parquet + vnpy 完整依赖），本模块只做 account 管理 + 查询。
+"""
+import sqlite3
+
+from fastapi import APIRouter, Depends, Header, HTTPException
+from pydantic import BaseModel
+
+from .auth import verify_token as verify_token_impl
+
+router = APIRouter()
+_db_path = {"path": None}
+
+
+def set_db_path(p):
+    _db_path["path"] = p
+    if p:
+        from sanguo_trader.persistence import init_db
+        init_db(p)   # app 启动建表（幂等），保证 GET 查询不报 no such table
+
+
+async def verify_token(authorization: str | None = Header(None)):
+    if authorization is None or not authorization.startswith("Bearer "):
+        raise HTTPException(401, "Missing/invalid authorization")
+    return verify_token_impl(authorization.split(" ", 1)[1])
+
+
+class StrategyCfg(BaseModel):
+    name: str
+    params: dict = {}
+    match_session: str = "next_open"
+    symbol: str
+    listing_days: int = 0
+
+
+class PaperCreateRequest(BaseModel):
+    name: str = "paper"
+    mode: str = "replay"
+    interval: str = "d"
+    symbols: list[str]
+    strategies: list[StrategyCfg]
+    initial_capital: float = 1_000_000
+    rate: float = 0.0003
+    slippage: float = 0.0
+    pricetick: float = 0.01
+    stamp_duty_rate: float = 0.0005
+    transfer_fee_rate: float = 0.00001
+    min_commission: float = 5.0
+    start: str
+    end: str
+
+
+@router.post("/paper/create", dependencies=[Depends(verify_token)])
+def create_paper(req: PaperCreateRequest):
+    from sanguo_trader.persistence import init_db, save_account
+
+    db = _db_path["path"] or ":memory:"
+    init_db(db)
+    aid = save_account(db, req.model_dump())
+    return {"account_id": aid, "status": "created"}
+
+
+@router.get("/paper/{aid}", dependencies=[Depends(verify_token)])
+def get_paper(aid: int):
+    db = _db_path["path"]
+    with sqlite3.connect(db) as conn:
+        conn.row_factory = sqlite3.Row
+        row = conn.execute(
+            "SELECT * FROM paper_accounts WHERE id=?", (aid,)
+        ).fetchone()
+    if not row:
+        raise HTTPException(404, "account not found")
+    return dict(row)
+
+
+@router.get("/paper/{aid}/equity", dependencies=[Depends(verify_token)])
+def get_equity(aid: int):
+    from sanguo_trader.persistence import list_daily_balance
+
+    return list_daily_balance(_db_path["path"], aid)
+
+
+@router.get("/paper/{aid}/trades", dependencies=[Depends(verify_token)])
+def get_trades(aid: int):
+    from sanguo_trader.persistence import list_trades
+
+    return list_trades(_db_path["path"], aid)
diff --git a/tests/api/test_paper_routes.py b/tests/api/test_paper_routes.py
new file mode 100644
index 0000000..5b4aa33
--- /dev/null
+++ b/tests/api/test_paper_routes.py
@@ -0,0 +1,61 @@
+"""模拟盘 API 路由测试（spec §10）。"""
+import os
+
+from fastapi.testclient import TestClient
+
+from sanguo_api.app import create_app
+from sanguo_api.auth import create_token, set_jwt_config
+from sanguo_api.routes_paper import set_db_path
+
+
+def _client(tmp_path):
+    set_jwt_config(secret="t", expire_minutes=60)
+    db = os.path.join(str(tmp_path), "p.db")
+    app = create_app(db_path=db)
+    set_db_path(db)
+    return TestClient(app), create_token("admin")
+
+
+def _auth(token):
+    return {"Authorization": f"Bearer {token}"}
+
+
+def test_create_paper(tmp_path):
+    c, token = _client(tmp_path)
+    resp = c.post(
+        "/api/v1/paper/create",
+        json={
+            "symbols": ["600000"],
+            "strategies": [{"name": "DoubleMa", "symbol": "600000",
+                            "match_session": "next_open"}],
+            "start": "2024-01-01", "end": "2024-06-30",
+            "initial_capital": 1_000_000,
+        },
+        headers=_auth(token),
+    )
+    assert resp.status_code == 200
+    assert "account_id" in resp.json()
+
+
+def test_get_paper_and_empty_trades(tmp_path):
+    c, token = _client(tmp_path)
+    aid = c.post(
+        "/api/v1/paper/create",
+        json={"symbols": ["600000"],
+              "strategies": [{"name": "S", "symbol": "600000"}],
+              "start": "2024-01-01", "end": "2024-06-30"},
+        headers=_auth(token),
+    ).json()["account_id"]
+    assert c.get(f"/api/v1/paper/{aid}", headers=_auth(token)).status_code == 200
+    assert c.get(f"/api/v1/paper/{aid}/trades", headers=_auth(token)).json() == []
+    assert c.get(f"/api/v1/paper/{aid}/equity", headers=_auth(token)).json() == []
+
+
+def test_get_paper_404(tmp_path):
+    c, token = _client(tmp_path)
+    assert c.get("/api/v1/paper/999", headers=_auth(token)).status_code == 404
+
+
+def test_unauthorized_401(tmp_path):
+    c, _ = _client(tmp_path)
+    assert c.get("/api/v1/paper/1").status_code == 401