diff --git a/sanguo_api/routes_paper.py b/sanguo_api/routes_paper.py
index 86145f1..6a9f810 100644
--- a/sanguo_api/routes_paper.py
+++ b/sanguo_api/routes_paper.py
@@ -34,6 +34,7 @@ class StrategyCfg(BaseModel):
     match_session: str = "next_open"
     symbol: str
     listing_days: int = 0
+    max_allocation: float | None = None   # 软限额（spec §195），None=用 initial_capital
 
 
 class PaperCreateRequest(BaseModel):
@@ -168,8 +169,10 @@ def _run_replay(db, aid, req: PaperCreateRequest):
         except Exception:
             pass
         cta.set_strategy(strat)
-        runners.append(StrategyRunner(s.name, strategy=strat, paper_cta_engine=cta,
-                                      symbol=s.symbol))
+        runners.append(StrategyRunner(
+            s.name, strategy=strat, paper_cta_engine=cta, symbol=s.symbol,
+            max_allocation=(s.max_allocation if s.max_allocation is not None
+                            else req.initial_capital)))
     pe = PaperEngine(account, runners, _DataSourceWrapper(data_cfg), acc_cfg,
                      db, aid, req.symbols, req.start, req.end, req.interval)
     pe.run()
diff --git a/sanguo_trader/engine.py b/sanguo_trader/engine.py
index fcf05e4..86df55e 100644
--- a/sanguo_trader/engine.py
+++ b/sanguo_trader/engine.py
@@ -120,6 +120,18 @@ class PaperEngine:
                                reject_reason="insufficient_position_no_short")
                     return
             if self.account.cash_enough(result):
+                # 软限额：BUY 检查该策略已用额度（消除多策略撮合顺序依赖，spec §195）
+                if result.side == OrderSide.BUY:
+                    closes = {sym: b.close_price for sym, b in bars.items()}
+                    if (runner.used_allocation(closes) + result.price * result.volume
+                            > runner.max_allocation):
+                        save_trade(self.db_path, self.account_id,
+                                   {"strategy_id": order.strategy_id,
+                                    "symbol": order.symbol,
+                                    "bar_date": str(bar_date)},
+                                   rejected=True,
+                                   reject_reason="max_allocation_exceeded")
+                        return
                 self.account.apply_trade(result)
                 runner.apply_trade(result)
                 save_trade(self.db_path, self.account_id,
diff --git a/sanguo_trader/live_orchestrator.py b/sanguo_trader/live_orchestrator.py
index dab2436..e87d308 100644
--- a/sanguo_trader/live_orchestrator.py
+++ b/sanguo_trader/live_orchestrator.py
@@ -80,8 +80,10 @@ def live_step(db_path: str, account_id: int, data_source, cfg, today: str | None
         if not hasattr(strat, "am"):
             strat.am = ArrayManager(20)
         cta.set_strategy(strat)
+        max_a = s.get("max_allocation")
         runner = StrategyRunner(s["name"], strategy=strat, paper_cta_engine=cta,
-                                symbol=s["symbol"])
+                                symbol=s["symbol"],
+                                max_allocation=max_a if max_a is not None else initial)
         runner.positions = _restore_ledger(
             load_positions(db_path, account_id, f"strategy:{s['name']}"))
         runners.append(runner)
diff --git a/sanguo_trader/strategy_runner.py b/sanguo_trader/strategy_runner.py
index 906c6ad..a56ba72 100644
--- a/sanguo_trader/strategy_runner.py
+++ b/sanguo_trader/strategy_runner.py
@@ -8,15 +8,27 @@ from .position_ledger import PositionLedger
 
 class StrategyRunner:
     def __init__(self, strategy_id: str, strategy=None, paper_cta_engine=None,
-                 symbol: str = "") -> None:
+                 symbol: str = "", max_allocation: float = float("inf")) -> None:
         self.strategy_id: str = strategy_id
         self.strategy = strategy
         self.paper_cta_engine = paper_cta_engine
         self.symbol: str = symbol
+        self.max_allocation: float = max_allocation   # 软限额（spec §195），默认不限
         self.positions: dict[str, PositionLedger] = {}
         self.realized_pnl: float = 0.0
         self.commission_paid: float = 0.0
 
+    def used_allocation(self, closes: dict[str, float] | None = None) -> float:
+        """该策略已占用资金 = 持仓市值（spec §195 软限额检查用）。
+
+        closes 为当日 raw 收盘价 {symbol: price}；缺省股票用 avg_price 兜底。
+        """
+        closes = closes or {}
+        return sum(
+            p.volume * closes.get(sym, p.avg_price)
+            for sym, p in self.positions.items() if p.volume > 0
+        )
+
     def _position(self, symbol: str) -> PositionLedger:
         if symbol not in self.positions:
             self.positions[symbol] = PositionLedger(symbol)
diff --git a/tests/trader/test_soft_limit.py b/tests/trader/test_soft_limit.py
new file mode 100644
index 0000000..fb57c9f
--- /dev/null
+++ b/tests/trader/test_soft_limit.py
@@ -0,0 +1,132 @@
+"""软限额（每策略 max_allocation）测试（spec §195）。
+
+消除多策略并发撮合的顺序依赖：BUY 检查该策略已用额度，超限拒单。
+"""
+from types import SimpleNamespace
+
+from sanguo_trader.account import Account
+from sanguo_trader.cta_adapter import PaperCtaEngine
+from sanguo_trader.engine import PaperEngine
+from sanguo_trader.models import (
+    AccountConfig, MatchSession, OrderSide, PaperOrder,
+)
+from sanguo_trader.persistence import init_db, list_trades, save_account
+from sanguo_trader.position_ledger import PositionLedger
+from sanguo_trader.strategy_runner import StrategyRunner
+
+
+def _bar(date, o, h, l, c):
+    return SimpleNamespace(open_price=o, high_price=h, low_price=l,
+                           close_price=c, datetime=date)
+
+
+class _FakeDataSource:
+    def __init__(self, sections):
+        self.sections = sections
+
+    def iter_bars(self, symbols, start, end, interval, adjust="qfq", cfg=None):
+        del symbols, start, end, interval, adjust, cfg
+        for date, bars in self.sections:
+            yield date, bars
+
+
+class _BuyEveryBar:
+    """每根 bar 发一张 BUY 单（volume 可配，用于累加测试）。"""
+
+    def __init__(self, engine, vt_symbol, volume=100):
+        self.cta_engine = engine
+        self.vt_symbol = vt_symbol
+        self.volume = volume
+
+    def on_bar(self, bar):
+        self.cta_engine.send_order(self, "LONG", "OPEN", bar.close_price, self.volume)
+
+
+def _build(tmp_path, sections, max_allocation=None, match_session=MatchSession.CURRENT_CLOSE):
+    """构造单策略 engine。max_allocation=None 表示不限（默认）。"""
+    db = str(tmp_path / "soft.db")
+    init_db(db)
+    aid = save_account(db, {"name": "t", "initial_capital": 1_000_000})
+    cfg = AccountConfig(initial_capital=1_000_000)
+    account = Account(1_000_000)
+    cta = PaperCtaEngine("s1", match_session=match_session)
+    strat = _BuyEveryBar(cta, "600000.SSE")
+    cta.set_strategy(strat)
+    kwargs = {"max_allocation": max_allocation} if max_allocation is not None else {}
+    runner = StrategyRunner("s1", strategy=strat, paper_cta_engine=cta,
+                            symbol="600000", **kwargs)
+    pe = PaperEngine(account, [runner], _FakeDataSource(sections), cfg, db, aid,
+                     symbols=["600000"], start="2024-01-01", end="2024-12-31")
+    return pe, db, aid, account, runner
+
+
+def test_buy_accumulation_beyond_max_allocation_rejected(tmp_path):
+    # Arrange：每 bar 买 100 股 @~10（turnover≈1000），max_allocation=2500
+    #   d1 fill→pos100；d2 fill→pos200(used2000+1000=3000>2500 看的是 d3)
+    #   d3: used=200×10=2000，+1000=3000 > 2500 → 拒单
+    sections = [
+        ("2024-01-01", {"600000": _bar("2024-01-01", 10.0, 10.5, 9.5, 10.0)}),
+        ("2024-01-02", {"600000": _bar("2024-01-02", 10.0, 10.5, 9.5, 10.0)}),
+        ("2024-01-03", {"600000": _bar("2024-01-03", 10.0, 10.5, 9.5, 10.0)}),
+    ]
+    pe, db, aid, *_ = _build(tmp_path, sections, max_allocation=2500)
+
+    # Act
+    pe.run()
+
+    # Assert：2 成交 + 1 拒单（max_allocation_exceeded）
+    trades = list_trades(db, aid)
+    fills = [t for t in trades if not t["rejected"]]
+    rejects = [t for t in trades if t["rejected"]]
+    assert len(fills) == 2
+    assert len(rejects) == 1
+    assert rejects[0]["reject_reason"] == "max_allocation_exceeded"
+
+
+def test_default_max_allocation_unlimited(tmp_path):
+    # Arrange：未设 max_allocation（默认不限）→ 同样 3 bar 全部成交
+    sections = [
+        ("2024-01-01", {"600000": _bar("2024-01-01", 10.0, 10.5, 9.5, 10.0)}),
+        ("2024-01-02", {"600000": _bar("2024-01-02", 10.0, 10.5, 9.5, 10.0)}),
+        ("2024-01-03", {"600000": _bar("2024-01-03", 10.0, 10.5, 9.5, 10.0)}),
+    ]
+    pe, db, aid, *_ = _build(tmp_path, sections)  # 不传 max_allocation
+
+    # Act
+    pe.run()
+
+    # Assert：3 成交 0 拒单
+    trades = list_trades(db, aid)
+    fills = [t for t in trades if not t["rejected"]]
+    rejects = [t for t in trades if t["rejected"]]
+    assert len(fills) == 3
+    assert len(rejects) == 0
+
+
+def test_sell_not_limited_by_max_allocation(tmp_path):
+    # Arrange：预置持仓已超 max_allocation（200 股×10=2000 > 1000），发 SELL
+    db = str(tmp_path / "sell.db")
+    init_db(db)
+    aid = save_account(db, {"name": "t", "initial_capital": 1_000_000})
+    cfg = AccountConfig(initial_capital=1_000_000)
+    account = Account(1_000_000)
+    runner = StrategyRunner("s1", symbol="600000", max_allocation=1000)
+    for r in (account, runner):
+        pos = PositionLedger("600000")
+        pos.volume = 200
+        pos.avg_price = 10.0
+        r.positions["600000"] = pos
+    pe = PaperEngine(account, [runner], None, cfg, db, aid,
+                     ["600000"], "x", "y")
+    sell_order = PaperOrder("s1", "600000", OrderSide.SELL, 10.0, 100,
+                            match_session=MatchSession.CURRENT_CLOSE)
+    bars = {"600000": _bar("2024-01-01", 10.0, 10.5, 9.5, 10.0)}
+
+    # Act：直接驱动 _match（SELL 路径）
+    pe._match(sell_order, runner, bars, {"600000": 10.0}, "2024-01-01")
+
+    # Assert：SELL 成交，不受 max_allocation 限制
+    trades = list_trades(db, aid)
+    assert len(trades) == 1
+    assert not trades[0]["rejected"]
+    assert runner.positions["600000"].volume == 100