diff --git a/frontend/src/api/factor.ts b/frontend/src/api/factor.ts
new file mode 100644
index 0000000..b3e403e
--- /dev/null
+++ b/frontend/src/api/factor.ts
@@ -0,0 +1,35 @@
+import { apiClient } from './client'
+import { useAuthStore } from '@/stores/auth'
+
+export interface FactorItem {
+  name: string
+  category: string
+}
+
+export interface FactorSubmit {
+  symbols: string[]
+  factor_names: string[]
+  start: string
+  end: string
+}
+
+export async function getFactors(): Promise<FactorItem[]> {
+  const { data } = await apiClient.get<{ factors: FactorItem[] }>('/factor/list')
+  return data.factors
+}
+
+export async function submitFactor(req: FactorSubmit): Promise<string> {
+  const { data } = await apiClient.post<{ task_id: string }>('/factor/analyze', req)
+  return data.task_id
+}
+
+export async function getIcSummary(taskId: string): Promise<Record<string, unknown>> {
+  const { data } = await apiClient.get<{ ic_summary: Record<string, unknown> }>(`/task/${taskId}/ic-summary`)
+  return data.ic_summary
+}
+
+/** Report URL with token in query (iframe can't set Authorization header). */
+export function reportUrl(taskId: string, factor: string): string {
+  const auth = useAuthStore()
+  return `/api/v1/task/${taskId}/report/${factor}?token=${encodeURIComponent(auth.token ?? '')}`
+}
diff --git a/frontend/src/router/index.ts b/frontend/src/router/index.ts
index de0e552..91bc0cb 100644
--- a/frontend/src/router/index.ts
+++ b/frontend/src/router/index.ts
@@ -12,6 +12,7 @@ const routes: RouteRecordRaw[] = [
       { path: 'backtest/progress/:id', name: 'bt-progress', component: () => import('@/views/backtest/Progress.vue') },
       { path: 'backtest/result/:id', name: 'bt-result', component: () => import('@/views/backtest/Result.vue') },
       { path: 'factor/new', name: 'fc-new', component: () => import('@/views/factor/New.vue') },
+      { path: 'factor/progress/:id', name: 'fc-progress', component: () => import('@/views/backtest/Progress.vue') },
       { path: 'factor/result/:id', name: 'fc-result', component: () => import('@/views/factor/Result.vue') },
     ],
   },
diff --git a/frontend/src/views/backtest/Progress.vue b/frontend/src/views/backtest/Progress.vue
index 90605f9..fce622a 100644
--- a/frontend/src/views/backtest/Progress.vue
+++ b/frontend/src/views/backtest/Progress.vue
@@ -11,7 +11,10 @@ const { status, stage, start } = useTask(taskId)
 start()
 
 watch(status, (s) => {
-  if (s === 'done') router.push(`/backtest/result/${taskId}`)
+  if (s === 'done') {
+    const base = route.path.startsWith('/factor') ? '/factor' : '/backtest'
+    router.push(`${base}/result/${taskId}`)
+  }
 })
 
 function pct(): number {
diff --git a/frontend/src/views/factor/New.vue b/frontend/src/views/factor/New.vue
index 50ae65b..1c0e5e4 100644
--- a/frontend/src/views/factor/New.vue
+++ b/frontend/src/views/factor/New.vue
@@ -1,4 +1,82 @@
-<script setup lang="ts"></script>
+<script setup lang="ts">
+import { ref, reactive, onMounted } from 'vue'
+import { useRouter } from 'vue-router'
+import { ElMessage } from 'element-plus'
+import { getFactors, submitFactor, type FactorItem } from '@/api/factor'
+
+const router = useRouter()
+const factors = ref<FactorItem[]>([])
+const loading = ref(false)
+const submitting = ref(false)
+
+const form = reactive({
+  factor_names: [] as string[],
+  symbolsText: '600000\n000001\n300750',
+  start: '2024-01-01',
+  end: '2024-06-30',
+})
+
+onMounted(async () => {
+  loading.value = true
+  try {
+    factors.value = await getFactors()
+  } catch {
+    ElMessage.error('因子列表加载失败')
+  } finally {
+    loading.value = false
+  }
+})
+
+async function onSubmit(): Promise<void> {
+  const symbols = form.symbolsText
+    .split(/[\s,，]+/)
+    .map((s) => s.trim())
+    .filter(Boolean)
+  if (!form.factor_names.length || symbols.length < 2) {
+    ElMessage.warning('至少选 1 个因子 + 2 个标的（IC 横截面需多标的）')
+    return
+  }
+  submitting.value = true
+  try {
+    const tid = await submitFactor({
+      symbols,
+      factor_names: form.factor_names,
+      start: form.start,
+      end: form.end,
+    })
+    ElMessage.success('因子分析已提交')
+    router.push(`/factor/progress/${tid}`)
+  } catch {
+    ElMessage.error('提交失败')
+  } finally {
+    submitting.value = false
+  }
+}
+</script>
+
 <template>
-  <el-empty description="投研 - 新建因子分析（S2 切片实现）" />
+  <el-card v-loading="loading">
+    <template #header>
+      <h3>新建因子分析</h3>
+    </template>
+    <el-form label-width="140px">
+      <el-form-item label="因子">
+        <el-select v-model="form.factor_names" multiple placeholder="选择因子" style="width: 380px">
+          <el-option v-for="f in factors" :key="f.name" :label="f.name" :value="f.name" />
+        </el-select>
+      </el-form-item>
+      <el-form-item label="标的（≥2，每行一个）">
+        <el-input v-model="form.symbolsText" type="textarea" :rows="3" placeholder="600000&#10;000001&#10;300750" />
+      </el-form-item>
+      <el-form-item label="开始日期">
+        <el-date-picker v-model="form.start" type="date" value-format="YYYY-MM-DD" style="width: 220px" />
+      </el-form-item>
+      <el-form-item label="结束日期">
+        <el-date-picker v-model="form.end" type="date" value-format="YYYY-MM-DD" style="width: 220px" />
+      </el-form-item>
+      <el-form-item>
+        <el-button type="primary" :loading="submitting" @click="onSubmit">提交分析</el-button>
+      </el-form-item>
+    </el-form>
+  </el-card>
 </template>
diff --git a/frontend/src/views/factor/Result.vue b/frontend/src/views/factor/Result.vue
index 9c9daf1..274be58 100644
--- a/frontend/src/views/factor/Result.vue
+++ b/frontend/src/views/factor/Result.vue
@@ -1,4 +1,89 @@
-<script setup lang="ts"></script>
+<script setup lang="ts">
+import { ref, computed, onMounted } from 'vue'
+import { useRoute } from 'vue-router'
+import { ElMessage } from 'element-plus'
+import { getIcSummary, reportUrl } from '@/api/factor'
+
+interface IcStats {
+  mean?: number
+  std?: number
+  icir?: number
+  t_stat?: number
+  count?: number
+  error?: string
+}
+interface FactorInfo {
+  status?: string
+  ic?: Record<string, IcStats>
+  error?: string
+}
+
+const route = useRoute()
+const taskId = String(route.params.id)
+const loading = ref(true)
+const icSummary = ref<Record<string, FactorInfo>>({})
+
+const rows = computed(() => {
+  const out: Array<Record<string, unknown>> = []
+  for (const [factor, info] of Object.entries(icSummary.value)) {
+    const ic = info?.ic || {}
+    for (const [period, s] of Object.entries(ic)) {
+      out.push({ factor, period, ...s })
+    }
+  }
+  return out
+})
+
+const factors = computed(() => Object.keys(icSummary.value))
+
+function fmt(v: unknown): string {
+  if (typeof v === 'number') return (Math.round(v * 10000) / 10000).toString()
+  return v == null ? '' : String(v)
+}
+
+onMounted(async () => {
+  try {
+    icSummary.value = (await getIcSummary(taskId)) as Record<string, FactorInfo>
+  } catch {
+    ElMessage.error('IC 摘要加载失败')
+  } finally {
+    loading.value = false
+  }
+})
+</script>
+
 <template>
-  <el-empty description="投研 - 结果（S2 切片实现）" />
+  <div v-loading="loading">
+    <el-card>
+      <template #header>
+        <h3>IC 统计</h3>
+      </template>
+      <el-table :data="rows" stripe size="small" empty-text="无 IC 数据">
+        <el-table-column prop="factor" label="因子" width="120" />
+        <el-table-column prop="period" label="周期" width="80" />
+        <el-table-column label="IC 均值">
+          <template #default="{ row }">{{ fmt(row.mean) }}</template>
+        </el-table-column>
+        <el-table-column label="IC 标准差">
+          <template #default="{ row }">{{ fmt(row.std) }}</template>
+        </el-table-column>
+        <el-table-column label="ICIR">
+          <template #default="{ row }">{{ fmt(row.icir) }}</template>
+        </el-table-column>
+        <el-table-column label="t 统计">
+          <template #default="{ row }">{{ fmt(row.t_stat) }}</template>
+        </el-table-column>
+        <el-table-column label="样本数">
+          <template #default="{ row }">{{ row.count }}</template>
+        </el-table-column>
+      </el-table>
+    </el-card>
+
+    <el-card v-for="f in factors" :key="f" style="margin-top: 16px">
+      <template #header>
+        <h3>tears 报告 — {{ f }}</h3>
+      </template>
+      <iframe :src="reportUrl(taskId, f)" style="width: 100%; height: 600px; border: 0" />
+    </el-card>
+  </div>
 </template>
diff --git a/sanguo_api/routes.py b/sanguo_api/routes.py
index 3c6842a..b64665c 100644
--- a/sanguo_api/routes.py
+++ b/sanguo_api/routes.py
@@ -1,7 +1,9 @@
 """
 FastAPI routes for Sanguo Quant API
 """
+import os
 from fastapi import APIRouter, HTTPException, Depends, WebSocket, Query, Header
+from fastapi.responses import FileResponse
 from pydantic import BaseModel
 from .schemas import CtaBacktestRequest, OptimizeRequest, FactorAnalysisRequest
 from .auth import verify_token as verify_token_impl, verify_password, create_token
@@ -111,11 +113,14 @@ def get_status(task_id: str):
     s = get_orchestrator().get_status(task_id)
     if s is None:
         raise HTTPException(status_code=404, detail="task not found")
-    stage = get_orchestrator().pool.get_stage(task_id)
+    pool = get_orchestrator().pool
+    stage = pool.get_stage(task_id)
+    task = pool.get_task(task_id)
     return {
         "task_id": task_id,
         "status": s.value if hasattr(s, "value") else str(s),
-        "stage": stage or ""
+        "stage": stage or "",
+        "error_msg": task.error_msg if task else None,
     }
 
 
@@ -222,4 +227,43 @@ def kline(symbol: str, start: str, end: str):
     try:
         return {"symbol": symbol, "kline": load_kline(symbol, start, end)}
     except Exception as e:
-        raise HTTPException(status_code=500, detail=f"kline load failed: {type(e).__name__}: {e}")
\ No newline at end of file
+        raise HTTPException(status_code=500, detail=f"kline load failed: {type(e).__name__}: {e}")
+
+
+# ===== Factor (投研) endpoints (S2) =====
+
+@router.get("/factor/list", dependencies=[Depends(verify_token)])
+def factor_list():
+    """List registered factors for the UI dropdown."""
+    from sanguo_factor.registry import list_factors
+    items = [{"name": f["name"], "category": f.get("category", "")} for f in list_factors()]
+    return {"factors": items}
+
+
+@router.get("/task/{task_id}/ic-summary", dependencies=[Depends(verify_token)])
+def ic_summary(task_id: str):
+    """Factor IC summary (mean/std/icir/t_stat per period)."""
+    r = get_orchestrator().get_raw_result(task_id)
+    if r is None:
+        raise HTTPException(status_code=404, detail="result not ready")
+    ic = getattr(r, "ic_summary", None)
+    if ic is None:
+        raise HTTPException(status_code=404, detail="no ic_summary (not a factor result?)")
+    return {"task_id": task_id, "ic_summary": ic}
+
+
+@router.get("/task/{task_id}/report/{factor}")
+def factor_report(task_id: str, factor: str, token: str = Query(...)):
+    """Serve the alphalens tears HTML report (token via query for iframe use)."""
+    try:
+        verify_token_impl(token)
+    except Exception:
+        raise HTTPException(status_code=401, detail="invalid token")
+    r = get_orchestrator().get_raw_result(task_id)
+    if r is None:
+        raise HTTPException(status_code=404, detail="result not ready")
+    paths = getattr(r, "report_paths", {}) or {}
+    path = paths.get(factor)
+    if not path or not os.path.exists(path):
+        raise HTTPException(status_code=404, detail=f"report for {factor} not found")
+    return FileResponse(path)
\ No newline at end of file
diff --git a/sanguo_factor/analyzer.py b/sanguo_factor/analyzer.py
index 99bccb8..e62206c 100644
--- a/sanguo_factor/analyzer.py
+++ b/sanguo_factor/analyzer.py
@@ -66,6 +66,12 @@ def run_factor_analysis(
     """
     from .registry import get_factor
 
+    # API path passes cfg=None → load default data_platform.yaml (so read_db_daily
+    # and AlphaLabSession can find the A-share DB).
+    if cfg is None:
+        from sanguo_data.config import load_config, find_config_path
+        cfg = load_config(find_config_path())
+
     # Check if alphalens is available
     if get_clean_factor_and_forward_returns is None or create_full_tear_sheet is None or factor_information_coefficient is None:
         return FactorReport(
diff --git a/sanguo_orchestrator/runner.py b/sanguo_orchestrator/runner.py
index 89a955f..7866b95 100644
--- a/sanguo_orchestrator/runner.py
+++ b/sanguo_orchestrator/runner.py
@@ -135,6 +135,7 @@ class Orchestrator:
         # S1.1: use the persisted DB row id (BacktestResult.id) so get_result can
         # load_result(result.id). FactorReport (no .id) falls back to None until S2.
         task.complete(result_id=getattr(result, "id", None))
+        task.raw_result = result  # S2: keep in-memory result (FactorReport) for ic-summary/report
         await self._notify_stage(task_id, "完成")
 
     def get_status(self, task_id: str) -> TaskState | None:
@@ -150,6 +151,15 @@ class Orchestrator:
             return load_result(task.result_id, self.db_path)
         return None
 
+    def get_raw_result(self, task_id: str):
+        """Get the raw in-memory result object (e.g. FactorReport) by task ID.
+
+        Used by factor endpoints (ic-summary, tears report) where the result
+        isn't a BacktestResult persisted to the DB.
+        """
+        task = self.pool.get_task(task_id)
+        return task.raw_result if task else None
+
 
 # Module-level worker functions (must be top-level for ProcessPoolExecutor pickle)
 def _cta_worker(strategy_class, symbol: str, params: dict, start: str, end: str, cfg, db_path: str) -> any:
diff --git a/sanguo_orchestrator/task.py b/sanguo_orchestrator/task.py
index 83f67da..8a6ab33 100644
--- a/sanguo_orchestrator/task.py
+++ b/sanguo_orchestrator/task.py
@@ -4,6 +4,7 @@ Defines Task state machine and transitions
 """
 import enum
 from dataclasses import dataclass
+from typing import Any
 
 
 class TaskState(enum.Enum):
@@ -21,6 +22,7 @@ class Task:
     task_type: str
     status: TaskState = TaskState.PENDING
     result_id: int | None = None
+    raw_result: Any = None  # in-memory result object (e.g. FactorReport for factor tasks)
     error_msg: str | None = None
     stage: str = ""  # Current stage (数据加载/算因子/回测中...)
 
diff --git a/scripts/smoke_phase3b_factor.py b/scripts/smoke_phase3b_factor.py
new file mode 100644
index 0000000..2470c93
--- /dev/null
+++ b/scripts/smoke_phase3b_factor.py
@@ -0,0 +1,71 @@
+#!/usr/bin/env python3
+"""Phase 3b S2 end-to-end smoke: login -> submit factor analysis (ma5,
+multi-symbol) -> poll -> verify ic-summary non-empty.
+"""
+import json
+import sys
+import time
+import urllib.request
+
+BASE = "http://192.168.2.154:8000"
+
+
+def _req(method, path, token=None, body=None):
+    headers = {"Content-Type": "application/json"}
+    if token:
+        headers["Authorization"] = f"Bearer {token}"
+    data = json.dumps(body).encode() if body is not None else None
+    req = urllib.request.Request(BASE + path, data=data, headers=headers, method=method)
+    with urllib.request.urlopen(req, timeout=60) as resp:
+        return json.loads(resp.read())
+
+
+def main() -> int:
+    tok = _req("POST", "/api/v1/auth/login", body={"username": "admin", "password": "admin"})["token"]
+    print("[1] login OK")
+
+    fl = _req("GET", "/api/v1/factor/list", token=tok)
+    print(f"[2] factors: {[f['name'] for f in fl['factors']]}")
+
+    sub = _req("POST", "/api/v1/factor/analyze", token=tok, body={
+        "symbols": ["600000", "000001", "300750"],
+        "factor_names": ["ma5"],
+        "start": "2024-01-01",
+        "end": "2024-06-30",
+    })
+    tid = sub["task_id"]
+    print(f"[3] submitted: {tid}")
+
+    status = "pending"
+    for i in range(60):
+        s = _req("GET", f"/api/v1/task/{tid}", token=tok)
+        status = s["status"]
+        print(f"    [{i:02d}] status={status} stage={s.get('stage', '')}")
+        if status in ("done", "failed"):
+            break
+        time.sleep(3)
+
+    if status != "done":
+        print(f"[!] factor analysis did not complete: {status}")
+        return 1
+
+    ic = _req("GET", f"/api/v1/task/{tid}/ic-summary", token=tok)["ic_summary"]
+    print(f"[4] ic_summary keys: {list(ic.keys())}")
+    assert "ma5" in ic, "ma5 missing from ic_summary"
+    ma5 = ic["ma5"]
+    print(f"    ma5 status: {ma5.get('status')}")
+    print(f"    ma5 ic: {json.dumps(ma5.get('ic', {}), ensure_ascii=False)[:300]}")
+    assert ma5.get("ic"), "ma5 ic empty"
+    print("[5] SMOKE PASSED")
+    return 0
+
+
+if __name__ == "__main__":
+    try:
+        sys.exit(main())
+    except AssertionError as e:
+        print(f"[SMOKE FAILED] {e}")
+        sys.exit(2)
+    except Exception as e:
+        print(f"[SMOKE ERROR] {type(e).__name__}: {e}")
+        sys.exit(3)
diff --git a/tests/api/test_factor_routes.py b/tests/api/test_factor_routes.py
new file mode 100644
index 0000000..64fbca9
--- /dev/null
+++ b/tests/api/test_factor_routes.py
@@ -0,0 +1,73 @@
+"""Tests for factor (投研) endpoints (S2): /factor/list, /ic-summary, /report."""
+import pytest
+from fastapi.testclient import TestClient
+
+from sanguo_api.app import create_app
+from sanguo_api.routes import set_orchestrator
+from sanguo_api.auth import hash_password
+
+
+class FakeReport:
+    """Stand-in for FactorReport."""
+
+    def __init__(self, ic_summary: dict, report_paths: dict):
+        self.ic_summary = ic_summary
+        self.report_paths = report_paths
+
+
+class FakeOrch:
+    def __init__(self, raw):
+        self._raw = raw
+
+    def get_raw_result(self, task_id):
+        return self._raw
+
+
+@pytest.fixture(scope="module")
+def client() -> TestClient:
+    app = create_app(
+        db_path="/tmp/test_fc_routes.db",
+        auth_config={
+            "username": "admin",
+            "password_hash": hash_password("admin"),
+            "jwt_secret": "test-secret",
+            "expire_minutes": 60,
+        },
+        max_workers=1,
+    )
+    set_orchestrator(FakeOrch(FakeReport(
+        ic_summary={"ma5": {"status": "success", "ic": {
+            "1D": {"mean": -0.12, "std": 0.5, "icir": -0.24, "t_stat": -1.1, "count": 49},
+        }}},
+        report_paths={"ma5": "/tmp/__definitely_absent_ma5.html"},
+    )))
+    return TestClient(app)
+
+
+@pytest.fixture(scope="module")
+def token(client) -> str:
+    return client.post("/api/v1/auth/login", json={"username": "admin", "password": "admin"}).json()["token"]
+
+
+def test_factor_list_shape(client, token):
+    r = client.get("/api/v1/factor/list", headers={"Authorization": f"Bearer {token}"})
+    assert r.status_code == 200
+    assert isinstance(r.json()["factors"], list)
+
+
+def test_ic_summary(client, token):
+    r = client.get("/api/v1/task/t/ic-summary", headers={"Authorization": f"Bearer {token}"})
+    assert r.status_code == 200
+    ic = r.json()["ic_summary"]
+    assert "ma5" in ic
+    assert ic["ma5"]["ic"]["1D"]["mean"] == -0.12
+
+
+def test_report_bad_token_401(client):
+    r = client.get("/api/v1/task/t/report/ma5?token=bad")
+    assert r.status_code == 401
+
+
+def test_report_file_absent_404(client, token):
+    r = client.get(f"/api/v1/task/t/report/ma5?token={token}")
+    assert r.status_code == 404