diff --git a/sanguo_portfolio/runner_backtest.py b/sanguo_portfolio/runner_backtest.py
index 54b8af9..8bfb328 100644
--- a/sanguo_portfolio/runner_backtest.py
+++ b/sanguo_portfolio/runner_backtest.py
@@ -75,6 +75,10 @@ def parse_args() -> argparse.Namespace:
         "--json", action="store_true",
         help="JSON 模式:print(json.dumps(result)) 到 stdout,供 SSH 捕获",
     )
+    p.add_argument(
+        "--initial-positions", default="",
+        help='初始持仓 JSON(影子柜台 checkpoint 续跑用): [{"security":"600519.SH","amount":100,"avg_cost":1700.5}]',
+    )
     return p.parse_args()
 
 
@@ -283,6 +287,10 @@ def run_backtest(args: argparse.Namespace) -> Dict[str, Any]:
         )
 
     print(f"[runner] ENGINE_BUILD_PRE strategy={args.strategy}", flush=True)
+    initial_positions = None
+    ip_raw = getattr(args, "initial_positions", "") or ""
+    if ip_raw:
+        initial_positions = json.loads(ip_raw)  # malformed 直接抛,续跑账目不能静默丢
     engine = BacktestEngine(
         initialize=initialize,
         start_date=args.start,
@@ -290,11 +298,29 @@ def run_backtest(args: argparse.Namespace) -> Dict[str, Any]:
         frequency=args.frequency,
         initial_cash=args.cash,
         benchmark=args.benchmark,
+        initial_positions=initial_positions,
     )
     print("[runner] RUN_START", flush=True)
     result = engine.run()
     print("[runner] RUN_DONE type=%s" % type(result).__name__, flush=True)
 
+    # 期末组合状态(checkpoint 续跑对账用): 现金/持仓/总值从引擎 context 直取
+    try:
+        pf = engine.context.portfolio
+        if isinstance(result, dict):
+            result["final_portfolio"] = {
+                "cash": float(pf.available_cash),
+                "positions_value": float(pf.positions_value),
+                "total_value": float(pf.total_value),
+                "positions": [
+                    {"security": pos.security, "amount": int(pos.total_amount),
+                     "avg_cost": float(pos.avg_cost or 0.0), "price": float(pos.price or 0.0)}
+                    for pos in pf.positions.values() if pos.total_amount > 0
+                ],
+            }
+    except Exception as exc:
+        logger.warning("提取期末组合状态失败: %s", exc)
+
     # 引擎不把基准序列放进 results——这里带出(引擎已按区间加载 benchmark_data)
     try:
         bd = getattr(engine, "benchmark_data", None)
@@ -386,6 +412,8 @@ def run_backtest_json(params: Dict[str, Any]) -> Dict[str, Any]:
         stamp_duty_rate=float(params.get("stamp_duty_rate", 0.001)),
         min_commission=float(params.get("min_commission", 5.0)),
         slippage=float(params.get("slippage", 0.0)),
+        initial_positions=json.dumps(params["initial_positions"])
+        if params.get("initial_positions") else "",
     )
     raw = run_backtest(args)
 
@@ -422,6 +450,7 @@ def run_backtest_json(params: Dict[str, Any]) -> Dict[str, Any]:
         "drawdown_curve": drawdown_curve,
         "holdings_curve": holdings_curve,
         "metrics": metrics,
+        "final_portfolio": raw.get("final_portfolio"),
         "raw_summary": summary,
     }
 
diff --git a/scripts/shadow_desk/spike_p0_checkpoint_replay.py b/scripts/shadow_desk/spike_p0_checkpoint_replay.py
new file mode 100644
index 0000000..5d7d1d0
--- /dev/null
+++ b/scripts/shadow_desk/spike_p0_checkpoint_replay.py
@@ -0,0 +1,182 @@
+# -*- coding: utf-8 -*-
+"""影子柜台 P0 对账 spike（docs/design/paper-shadow-desk-design.md §6 P0）。
+
+验证目标：checkpoint 续跑（分段跑，段间用 initial_positions + 段末现金恢复）
+与全量重放（一次跑完整个区间）账目一致。
+
+判定标准：
+  - 期末持仓逐只证券数量完全一致；均价差 < 1e-6（相对）
+  - 期末现金 / 总值差 < 1e-6（相对）
+  - 两边净值曲线在共同交易日上的偏差 < 1e-6（相对）
+跨除权：区间拉长到年，段边界自然落在除权日前后的概率极高；可通过
+--split 显式把边界压在已知除权日上（前复权因子是否随段变化由对账暴露）。
+
+用法（VPS，真实数据）:
+    cd C:\\sanguo_vnpy_v2
+    C:\\Python310\\python.exe -X utf8 scripts\\shadow_desk\\spike_p0_checkpoint_replay.py ^
+        --strategy all_weather --start 2024-01-01 --end 2024-12-31 --cash 1000000
+
+输出末行 SPIKE_P0_PASS / SPIKE_P0_FAIL。
+"""
+from __future__ import annotations
+
+import argparse
+import json
+import sys
+
+TOL = 1e-6  # 相对容差
+
+
+def _run_segment(params: dict) -> dict:
+    """跑一段回测,返回含 final_portfolio 的结果 dict。"""
+    from sanguo_portfolio.runner_backtest import run_backtest_json
+    return run_backtest_json(params)
+
+
+def _positions_map(final: dict | None) -> dict[str, dict]:
+    fp = (final or {}).get("final_portfolio") or {}
+    return {p["security"]: p for p in fp.get("positions", [])}
+
+
+def _rel_diff(a: float, b: float) -> float:
+    denom = max(abs(a), abs(b), 1e-12)
+    return abs(a - b) / denom
+
+
+def compare(full: dict, segmented: dict) -> list[str]:
+    """返回问题清单(空 = 通过)。"""
+    problems: list[str] = []
+    fpf = (full.get("final_portfolio") or {})
+    fps = (segmented.get("final_portfolio") or {})
+    if not fpf or not fps:
+        return [f"缺 final_portfolio: full={bool(fpf)} segmented={bool(fps)}"]
+
+    # 1. 期末持仓
+    pf, ps = _positions_map(full), _positions_map(segmented)
+    for code in sorted(set(pf) | set(ps)):
+        a, b = pf.get(code), ps.get(code)
+        if a is None or b is None:
+            problems.append(f"持仓 {code}: 单边缺失 full={a is not None} seg={b is not None}")
+            continue
+        if int(a["amount"]) != int(b["amount"]):
+            problems.append(f"持仓 {code}: 数量 full={a['amount']} seg={b['amount']}")
+        if _rel_diff(a["avg_cost"], b["avg_cost"]) > TOL:
+            problems.append(
+                f"持仓 {code}: 均价 full={a['avg_cost']:.6f} seg={b['avg_cost']:.6f}")
+    # 2. 现金 / 总值
+    for key in ("cash", "total_value"):
+        d = _rel_diff(fpf[key], fps[key])
+        if d > TOL:
+            problems.append(f"{key}: full={fpf[key]:.4f} seg={fps[key]:.4f} rel_diff={d:.2e}")
+
+    # 3. 净值曲线共同交易日
+    ef = {p["date"]: float(p["equity"]) for p in full.get("equity_curve") or []}
+    es = {p["date"]: float(p["equity"]) for p in segmented.get("equity_curve") or []}
+    common = sorted(set(ef) & set(es))
+    if not common:
+        problems.append("净值曲线无共同交易日")
+    worst, worst_d = "", 0.0
+    for d in common:
+        rd = _rel_diff(ef[d], es[d])
+        if rd > worst_d:
+            worst, worst_d = d, rd
+    if worst_d > TOL:
+        problems.append(f"净值曲线最大偏差 {worst_d:.2e} @ {worst}")
+    return problems
+
+
+def main() -> int:
+    ap = argparse.ArgumentParser(description="影子柜台 P0 对账 spike")
+    ap.add_argument("--strategy", default="all_weather")
+    ap.add_argument("--start", default="2024-01-01")
+    ap.add_argument("--end", default="2024-12-31")
+    ap.add_argument("--cash", type=float, default=1_000_000.0)
+    ap.add_argument("--benchmark", default="000300.XSHG")
+    ap.add_argument("--max-pool", type=int, default=30)
+    ap.add_argument(
+        "--split", nargs="*", default=[],
+        help="段边界日期(升序, 2 个 = 3 段)。缺省自动取 1/3, 2/3 处的月初。")
+    ap.add_argument("--provider", default="unified")
+    ap.add_argument("--provider-config", default="{}")
+    ap.add_argument("--slippage", type=float, default=0.0)
+    args = ap.parse_args()
+
+    base = {
+        "strategy": args.strategy,
+        "start_date": args.start,
+        "end_date": args.end,
+        "initial_cash": args.cash,
+        "benchmark": args.benchmark,
+        "max_pool": args.max_pool,
+        "commission_rate": 0.0003,
+        "stamp_duty_rate": 0.001,
+        "min_commission": 5.0,
+        "slippage": args.slippage,
+        "provider": args.provider,
+        "provider_config": args.provider_config,
+    }
+
+    splits = args.split or _auto_splits(args.start, args.end)
+    print(f"[spike] 全量重放 {args.start} ~ {args.end} ...", flush=True)
+    full = _run_segment(base)
+
+    # 分段续跑: 每段用上一段期末现金 + 期末持仓恢复
+    bounds = [args.start] + list(splits) + [args.end]
+    carry_cash, carry_positions = args.cash, None
+    seg_results = []
+    for i in range(len(bounds) - 1):
+        seg = dict(base)
+        seg["start_date"], seg["end_date"] = bounds[i], bounds[i + 1]
+        seg["initial_cash"] = carry_cash
+        if carry_positions:
+            seg["initial_positions"] = carry_positions
+        print(f"[spike] 段{i + 1}/{len(bounds) - 1}: {seg['start_date']} ~ {seg['end_date']} "
+              f"cash={carry_cash:.2f} positions={len(carry_positions or [])}", flush=True)
+        r = _run_segment(seg)
+        seg_results.append(r)
+        fp = r.get("final_portfolio") or {}
+        carry_cash = fp.get("cash", 0.0)
+        carry_positions = [
+            {"security": p["security"], "amount": p["amount"], "avg_cost": p["avg_cost"]}
+            for p in fp.get("positions", [])
+        ]
+
+    last_seg = seg_results[-1]
+    # 分段侧期末 end_date 是最后一段区间,与全量一致
+    problems = compare(full, last_seg)
+
+    fpf = (full.get("final_portfolio") or {})
+    print("\n[spike] ===== 对账结果 =====", flush=True)
+    print(f"  全量期末: 现金={fpf.get('cash', 0):.2f} 总值={fpf.get('total_value', 0):.2f} "
+          f"持仓数={len(fpf.get('positions', []))}", flush=True)
+    if problems:
+        for p in problems:
+            print(f"  ❌ {p}", flush=True)
+        print("SPIKE_P0_FAIL", flush=True)
+        return 1
+    print("  ✅ 期末持仓逐只一致; 现金/总值/净值曲线相对偏差 < 1e-6", flush=True)
+    print("SPIKE_P0_PASS", flush=True)
+    return 0
+
+
+def _auto_splits(start: str, end: str) -> list[str]:
+    """缺省段边界: 区间 1/3 与 2/3 处最近月初(月度调仓策略段边界取月初更干净)。"""
+    from datetime import date
+
+    def to_date(s: str) -> date:
+        y, m, d = map(int, s.split("-"))
+        return date(y, m, d)
+
+    s, e = to_date(start), to_date(end)
+    total = (e - s).days
+    marks = []
+    for frac in (1 / 3, 2 / 3):
+        target = s + __import__("datetime").timedelta(days=int(total * frac))
+        # 回退到月初
+        first = target.replace(day=1)
+        marks.append(first.isoformat())
+    return marks
+
+
+if __name__ == "__main__":
+    sys.exit(main())
diff --git a/tests/shadow_desk/__init__.py b/tests/shadow_desk/__init__.py
new file mode 100644
index 0000000..e69de29
diff --git a/tests/shadow_desk/test_spike_p0_compare.py b/tests/shadow_desk/test_spike_p0_compare.py
new file mode 100644
index 0000000..a568159
--- /dev/null
+++ b/tests/shadow_desk/test_spike_p0_compare.py
@@ -0,0 +1,84 @@
+"""P0 对账 spike 的纯逻辑测试(compare / _auto_splits)。
+
+跑真实数据的对账在 VPS 上执行(见 scripts/shadow_desk/spike_p0_checkpoint_replay.py)。
+"""
+from __future__ import annotations
+
+import importlib.util
+import sys
+from pathlib import Path
+
+import pytest
+
+_SPEC = importlib.util.spec_from_file_location(
+    "spike_p0",
+    Path(__file__).resolve().parents[2] / "scripts" / "shadow_desk" / "spike_p0_checkpoint_replay.py",
+)
+spike = importlib.util.module_from_spec(_SPEC)
+sys.modules.setdefault("spike_p0", spike)
+_SPEC.loader.exec_module(spike)
+
+
+def _full(consistency: str = "same") -> dict:
+    if consistency == "same":
+        positions = [{"security": "600519.SH", "amount": 100, "avg_cost": 1700.5, "price": 1750.0}]
+        cash, total = 820_000.0, 995_000.0
+        equity = [("2024-01-05", 1_000_000.0), ("2024-02-01", 1_010_000.0)]
+    elif consistency == "amount_diff":
+        positions = [{"security": "600519.SH", "amount": 200, "avg_cost": 1700.5, "price": 1750.0}]
+        cash, total = 820_000.0, 995_000.0
+        equity = [("2024-01-05", 1_000_000.0), ("2024-02-01", 1_010_000.0)]
+    else:  # equity_drift
+        positions = [{"security": "600519.SH", "amount": 100, "avg_cost": 1700.5, "price": 1750.0}]
+        cash, total = 820_000.0, 995_000.0
+        equity = [("2024-01-05", 1_000_000.0), ("2024-02-01", 1_010_500.0)]
+    return {
+        "final_portfolio": {"cash": cash, "total_value": total, "positions": positions},
+        "equity_curve": [{"date": d, "equity": v} for d, v in equity],
+    }
+
+
+def _seg() -> dict:
+    return {
+        "final_portfolio": {
+            "cash": 820_000.000_000_4,  # 浮点级噪声
+            "total_value": 995_000.0,
+            "positions": [{"security": "600519.SH", "amount": 100,
+                           "avg_cost": 1700.500_000_1, "price": 1750.0}],
+        },
+        "equity_curve": [{"date": "2024-01-05", "equity": 1_000_000.0},
+                         {"date": "2024-02-01", "equity": 1_010_000.0}],
+    }
+
+
+def test_compare_pass_on_float_noise():
+    assert spike.compare(_full(), _seg()) == []
+
+
+def test_compare_catches_amount_diff():
+    problems = spike.compare(_full("amount_diff"), _seg())
+    assert any("数量" in p for p in problems)
+
+
+def test_compare_catches_equity_drift():
+    problems = spike.compare(_full("equity_drift"), _seg())
+    assert any("净值曲线最大偏差" in p for p in problems)
+
+
+def test_compare_catches_missing_position():
+    seg = _seg()
+    seg["final_portfolio"]["positions"] = []
+    problems = spike.compare(_full(), seg)
+    assert any("单边缺失" in p for p in problems)
+
+
+def test_compare_catches_missing_final_portfolio():
+    problems = spike.compare({"equity_curve": []}, _seg())
+    assert problems and "final_portfolio" in problems[0]
+
+
+def test_auto_splits_month_first_and_ascending():
+    splits = spike._auto_splits("2024-01-01", "2024-12-31")
+    assert len(splits) == 2
+    assert splits[0] < splits[1]
+    assert all(s.endswith("-01") for s in splits)  # 月初