diff --git a/sanguo_trader/position_ledger.py b/sanguo_trader/position_ledger.py
new file mode 100644
index 0000000..c88cb6c
--- /dev/null
+++ b/sanguo_trader/position_ledger.py
@@ -0,0 +1,40 @@
+"""单标的持仓对象（raw 计均价、T+1 冻结）。
+
+mutable，被 Account / StrategyRunner 持有（spec §6.3 双层记账）。
+- 均价：移动加权平均，买入刷新；卖出不影响剩余持仓成本（A 股惯例）
+- T+1：买入当日 frozen，次日开盘前由 Account.unfreeze_all() 解冻
+- 零股：卖出允许零股（退出持仓基本操作），买入由 matcher 保证 100 股整取
+"""
+class PositionLedger:
+    def __init__(self, symbol: str):
+        self.symbol: str = symbol
+        self.volume: int = 0
+        self.frozen: int = 0       # T+1 当日买入冻结
+        self.avg_price: float = 0.0
+
+    @property
+    def available(self) -> int:
+        """可卖出量 = 总持仓 - T+1 冻结。"""
+        return self.volume - self.frozen
+
+    def apply_buy(self, price: float, volume: int) -> None:
+        """买入：刷新移动加权均价，新买入量计入 frozen（T+1）。"""
+        total_cost = self.avg_price * self.volume + price * volume
+        self.volume += volume
+        self.avg_price = total_cost / self.volume if self.volume else 0.0
+        self.frozen += volume      # T+1
+
+    def apply_sell(self, price: float, volume: int) -> None:
+        """卖出：扣减持仓量。price 保留接口对称（不影响剩余持仓均价）。
+        清仓时 avg_price 归零（避免下一次买入残留历史成本）。"""
+        if volume > self.available:
+            raise ValueError(
+                f"卖出超过可卖量: want {volume}, available {self.available}"
+            )
+        self.volume -= volume
+        if self.volume == 0:
+            self.avg_price = 0.0
+
+    def unfreeze(self) -> None:
+        """次日开盘前调用：frozen → available。"""
+        self.frozen = 0
diff --git a/tests/trader/test_position_ledger.py b/tests/trader/test_position_ledger.py
new file mode 100644
index 0000000..af0446d
--- /dev/null
+++ b/tests/trader/test_position_ledger.py
@@ -0,0 +1,91 @@
+"""PositionLedger 单标的持仓对象测试（raw 计均价、T+1 冻结）。"""
+import pytest
+
+from sanguo_trader.position_ledger import PositionLedger
+
+
+def test_new_position_empty():
+    p = PositionLedger(symbol="600000")
+    assert p.volume == 0
+    assert p.frozen == 0
+    assert p.avg_price == 0.0
+    assert p.available == 0
+
+
+def test_buy_sets_avg_price_and_freezes():
+    p = PositionLedger(symbol="600000")
+    p.apply_buy(price=10.0, volume=100)
+    assert p.volume == 100
+    assert p.frozen == 100          # T+1：买入当日冻结
+    assert p.available == 0         # 当日不可卖
+    assert p.avg_price == 10.0
+
+
+def test_avg_price_weighted_on_add():
+    p = PositionLedger(symbol="600000")
+    p.apply_buy(10.0, 100)
+    p.unfreeze()                    # 次日解冻
+    p.apply_buy(12.0, 100)
+    assert p.avg_price == 11.0      # (10*100 + 12*100)/200
+    assert p.volume == 200
+    # 新买的 100 又被冻结（T+1）
+    assert p.frozen == 100
+    assert p.available == 100
+
+
+def test_cannot_sell_frozen():
+    p = PositionLedger(symbol="600000")
+    p.apply_buy(10.0, 100)
+    assert p.frozen == 100
+    assert p.available == 0         # 当日不可卖
+
+
+def test_unfreeze_makes_available():
+    p = PositionLedger(symbol="600000")
+    p.apply_buy(10.0, 100)
+    p.unfreeze()
+    assert p.frozen == 0
+    assert p.available == 100
+
+
+def test_sell_reduces_volume():
+    p = PositionLedger(symbol="600000")
+    p.apply_buy(10.0, 200)
+    p.unfreeze()
+    p.apply_sell(11.0, 100)
+    assert p.volume == 100
+    assert p.available == 100
+
+
+def test_sell_odd_lot_allowed():
+    """A 股卖出允许零股（退出持仓的基本操作）。"""
+    p = PositionLedger(symbol="600000")
+    p.apply_buy(10.0, 200)
+    p.unfreeze()
+    p.apply_sell(11.0, 50)          # 50 股零股
+    assert p.volume == 150
+
+
+def test_sell_over_available_raises():
+    p = PositionLedger(symbol="600000")
+    p.apply_buy(10.0, 100)
+    p.unfreeze()
+    with pytest.raises(ValueError, match="available"):
+        p.apply_sell(11.0, 200)
+
+
+def test_sell_frozen_raises():
+    """T+1：当日买入冻结，卖出冻结量必报错。"""
+    p = PositionLedger(symbol="600000")
+    p.apply_buy(10.0, 100)
+    with pytest.raises(ValueError):
+        p.apply_sell(11.0, 50)
+
+
+def test_clear_position_avg_price_resets():
+    p = PositionLedger(symbol="600000")
+    p.apply_buy(10.0, 100)
+    p.unfreeze()
+    p.apply_sell(11.0, 100)
+    assert p.volume == 0
+    assert p.avg_price == 0.0