diff --git a/frontend/src/api/paper.ts b/frontend/src/api/paper.ts
index e67a12b..07ef7e5 100644
--- a/frontend/src/api/paper.ts
+++ b/frontend/src/api/paper.ts
@@ -16,6 +16,11 @@ export interface PaperCreate {
   initial_capital: number
   start: string
   end: string
+  // 组合策略实走（E1）：strategy_type=portfolio 时 mode 须 live
+  strategy_type?: string
+  pool?: string
+  max_pool?: number
+  benchmark?: string
 }
 
 export interface PaperAccount {
@@ -24,6 +29,7 @@ export interface PaperAccount {
   mode: string
   interval: string
   status: string
+  strategy_type?: string
   symbols?: string
   initial_capital?: number
   start_date?: string
diff --git a/frontend/src/views/paper/New.vue b/frontend/src/views/paper/New.vue
index bb72255..a6e3a25 100644
--- a/frontend/src/views/paper/New.vue
+++ b/frontend/src/views/paper/New.vue
@@ -1,5 +1,5 @@
 <script setup lang="ts">
-import { ref, onMounted, watch } from 'vue'
+import { ref, reactive, computed, onMounted, watch } from 'vue'
 import { useRoute, useRouter } from 'vue-router'
 import { ElMessage } from 'element-plus'
 import { createPaper, type PaperCreate } from '@/api/paper'
@@ -11,10 +11,38 @@ const router = useRouter()
 const loading = ref(false)
 const fromInstance = ref('')
 const strategyOptions = ref<StrategyItem[]>([])
+const portfolioOptions = ref<string[]>([])
+
+// 策略类型：cta=个股策略 / portfolio=组合策略（组合仅支持实走，历史回放走「组合回测」）
+const strategyType = ref<'cta' | 'portfolio'>('cta')
+const poolForm = reactive({ pool: 'hs300_subset', max_pool: 30, benchmark: '000300.XSHG' })
+const POOL_OPTIONS = [
+  { label: 'HS300 子集(小范围验证)', value: 'hs300_subset' },
+  { label: '全市场(慢,非 MVP)', value: 'all' },
+]
+const BENCH_OPTIONS = [
+  { label: '沪深300', value: '000300.XSHG' },
+  { label: '中证500', value: '000905.XSHG' },
+  { label: '中证1000', value: '000852.XSHG' },
+  { label: '中证2000', value: '932000.XSHG' },
+]
+const PORTFOLIO_LABELS: Record<string, string> = {
+  all_weather: '全天候轮动',
+  momentum_timing: '牛熊动量',
+  value_selection: '价值精选',
+  small_cap: '小市值轮动',
+}
 
 onMounted(async () => {
   try {
-    strategyOptions.value = await getStrategies()
+    const [strats, files] = await Promise.all([
+      getStrategies(),
+      apiClient.get<{ files: { name: string; type: string }[] }>('/strategy/files'),
+    ])
+    strategyOptions.value = strats
+    portfolioOptions.value = files.data.files
+      .filter((f) => f.type === 'portfolio')
+      .map((f) => f.name.replace(/\.py$/, ''))
   } catch {
     /* 下拉加载失败不阻塞表单 */
   }
@@ -88,12 +116,40 @@ onMounted(async () => {
   }
 })
 
+const isPortfolio = computed(() => strategyType.value === 'portfolio')
+const portfolioStrategy = ref('all_weather')
+
+// 组合类型锁定实走（历史回放走「组合回测」页）
+watch(strategyType, (t) => {
+  if (t === 'portfolio') {
+    form.value.mode = 'live'
+    if (!portfolioStrategy.value && portfolioOptions.value.length) {
+      portfolioStrategy.value = portfolioOptions.value[0]
+    }
+  }
+})
+
 async function onSubmit(): Promise<void> {
   loading.value = true
   try {
-    const aid = await createPaper(form.value)
-    ElMessage.success(`已创建模拟盘 #${aid}`)
-    router.push(form.value.mode === 'live' ? `/paper/live/${aid}` : `/paper/result/${aid}`)
+    const payload: PaperCreate = { ...form.value }
+    if (strategyType.value === 'portfolio') {
+      payload.strategy_type = 'portfolio'
+      payload.mode = 'live'
+      payload.symbols = [poolForm.pool]
+      payload.strategies = [{
+        name: portfolioStrategy.value,
+        params: { max_pool: poolForm.max_pool, benchmark: poolForm.benchmark },
+        match_session: 'next_open',
+        symbol: poolForm.pool,
+      }]
+      payload.pool = poolForm.pool
+      payload.max_pool = Number(poolForm.max_pool)
+      payload.benchmark = poolForm.benchmark
+    }
+    const aid = await createPaper(payload)
+    ElMessage.success(`已创建模拟盘 #${aid}（今晚 20:30 起每日结算）`)
+    router.push(payload.mode === 'live' ? `/paper/live/${aid}` : `/paper/result/${aid}`)
   } catch (e: unknown) {
     ElMessage.error(e instanceof Error ? e.message : '创建失败')
   } finally {
@@ -117,27 +173,70 @@ function onSymbols(v: string): void {
 
     <el-card class="blk" shadow="never">
       <template #header><span class="section-title">基本配置</span></template>
-      <div class="seg-label">运行模式</div>
+      <div class="seg-label">策略类型</div>
       <div class="seg-row">
         <div
-          v-for="m in modes" :key="m.value"
-          class="seg-card" :class="{ active: form.mode === m.value }"
-          @click="form.mode = m.value"
+          class="seg-card" :class="{ active: strategyType === 'cta' }"
+          @click="strategyType = 'cta'"
         >
-          <div class="seg-title">{{ m.label }}</div>
-          <div class="seg-desc">{{ m.desc }}</div>
+          <div class="seg-title">CTA 个股策略</div>
+          <div class="seg-desc">单标的信号型，回放 / 实走</div>
+        </div>
+        <div
+          class="seg-card" :class="{ active: strategyType === 'portfolio' }"
+          @click="strategyType = 'portfolio'"
+        >
+          <div class="seg-title">组合策略</div>
+          <div class="seg-desc">选股轮动型，仅实走（回放走「组合回测」）</div>
         </div>
       </div>
 
-      <div class="seg-label" style="margin-top:16px">频率</div>
-      <el-radio-group v-model="form.interval">
+      <div class="seg-label" style="margin-top:16px">运行模式</div>
+      <div class="seg-row">
+        <div
+          v-for="m in modes" :key="m.value"
+          class="seg-card" :class="{ active: form.mode === m.value, disabled: isPortfolio && m.value === 'replay' }"
+          @click="if (!(isPortfolio && m.value === 'replay')) form.mode = m.value"
+        >
+          <div class="seg-title">{{ m.label }}</div>
+          <div class="seg-desc">{{ isPortfolio && m.value === 'replay' ? '组合策略不支持（请用组合回测）' : m.desc }}</div>
+        </div>
+      </div>
+
+      <div v-if="!isPortfolio" class="seg-label" style="margin-top:16px">频率</div>
+      <el-radio-group v-if="!isPortfolio" v-model="form.interval">
         <el-radio-button v-for="i in intervals" :key="i.value" :value="i.value">{{ i.label }}</el-radio-button>
       </el-radio-group>
     </el-card>
 
     <el-card class="blk" shadow="never">
-      <template #header><span class="section-title">标的与策略</span></template>
-      <el-form :model="form" label-width="120px">
+      <template #header><span class="section-title">{{ isPortfolio ? '组合策略与选股' : '标的与策略' }}</span></template>
+      <el-form v-if="isPortfolio" :model="poolForm" label-width="120px">
+        <el-form-item label="组合策略">
+          <el-select v-model="portfolioStrategy" style="width: 320px">
+            <el-option
+              v-for="p in portfolioOptions" :key="p"
+              :label="PORTFOLIO_LABELS[p] ? `${PORTFOLIO_LABELS[p]}（${p}）` : p"
+              :value="p"
+            />
+          </el-select>
+        </el-form-item>
+        <el-form-item label="标的池">
+          <el-select v-model="poolForm.pool" style="width: 320px">
+            <el-option v-for="o in POOL_OPTIONS" :key="o.value" :label="o.label" :value="o.value" />
+          </el-select>
+        </el-form-item>
+        <el-form-item label="选股池上限">
+          <el-input-number v-model="poolForm.max_pool" :min="0" :step="10" :controls="false" style="width: 220px" />
+          <span class="muted form-hint">0=不限, N=前N只（默认30）</span>
+        </el-form-item>
+        <el-form-item label="比较基准">
+          <el-select v-model="poolForm.benchmark" style="width: 220px">
+            <el-option v-for="b in BENCH_OPTIONS" :key="b.value" :label="b.label" :value="b.value" />
+          </el-select>
+        </el-form-item>
+      </el-form>
+      <el-form v-else :model="form" label-width="120px">
         <el-form-item label="标的（逗号分隔）">
           <el-input
             :model-value="form.symbols.join(',')"
@@ -208,6 +307,7 @@ function onSymbols(v: string): void {
 }
 .seg-card:hover { border-color: var(--brand); background: var(--bg-hover); }
 .seg-card.active { border-color: var(--brand); background: rgba(24, 144, 255, 0.10); }
+.seg-card.disabled { opacity: 0.45; cursor: not-allowed; }
 .seg-title { font-size: 14px; font-weight: 600; color: var(--text); }
 .seg-desc { font-size: 12px; color: var(--text-3); margin-top: 4px; }
 
diff --git a/sanguo_api/routes_paper.py b/sanguo_api/routes_paper.py
index 5b2d401..79c40ea 100644
--- a/sanguo_api/routes_paper.py
+++ b/sanguo_api/routes_paper.py
@@ -53,6 +53,12 @@ class PaperCreateRequest(BaseModel):
     min_commission: float = 5.0
     start: str
     end: str
+    # 组合策略实走（E1）：strategy_type=portfolio 时 mode 必须 live，
+    # strategies[0].name=组合策略名，pool/max_pool/benchmark 进 params
+    strategy_type: str = "cta"
+    pool: str = "hs300_subset"
+    max_pool: int = 30
+    benchmark: str = "000300.XSHG"
 
 
 @router.post("/paper/create", dependencies=[Depends(verify_token)])
@@ -62,6 +68,20 @@ def create_paper(req: PaperCreateRequest):
 
     db = _db_path["path"] or ":memory:"
     init_db(db)
+    if req.strategy_type == "portfolio":
+        if req.mode != "live":
+            raise HTTPException(400, "组合策略模拟盘仅支持实走(live)模式；历史回放请用「组合回测」")
+        payload = req.model_dump()
+        payload["symbols"] = [req.pool]
+        payload["strategies"] = [{
+            "name": (req.strategies[0].name if req.strategies else "all_weather"),
+            "params": {"max_pool": req.max_pool, "benchmark": req.benchmark},
+        }]
+        aid = save_account(db, payload)
+        from sanguo_trader.persistence import update_account_status
+        update_account_status(db, aid, "running")
+        return {"account_id": aid, "status": "running"}
+
     aid = save_account(db, req.model_dump())
     status = "created"
     if req.mode == "replay":   # 回放后台线程跑，create 立即返回（避免阻塞 worker 502）
diff --git a/sanguo_trader/live_orchestrator.py b/sanguo_trader/live_orchestrator.py
index 241de33..0ebc83d 100644
--- a/sanguo_trader/live_orchestrator.py
+++ b/sanguo_trader/live_orchestrator.py
@@ -322,6 +322,7 @@ def list_live_accounts(db_path: str) -> list[int]:
 def run_live_step(db_path: str) -> None:
     """每日全局 step：遍历所有 live accounts 调 live_step（scheduler 20:30 调）。
 
+    strategy_type=portfolio 的账户走组合实走（全量重放，portfolio_paper）。
     lazy import _DataSourceWrapper 避免与 routes_paper 循环 import。
     """
     from sanguo_data.config import find_config_path, load_config
@@ -331,6 +332,19 @@ def run_live_step(db_path: str) -> None:
     data_source = _DataSourceWrapper(cfg)
     for aid in list_live_accounts(db_path):
         try:
-            live_step(db_path, aid, data_source, cfg)
+            if _is_portfolio_account(db_path, aid):
+                from .portfolio_paper import run_portfolio_live_step
+                run_portfolio_live_step(db_path, aid)
+            else:
+                live_step(db_path, aid, data_source, cfg)
         except Exception as e:  # noqa: BLE001
             logger.error("live_step account %s 失败: %s", aid, e)
+
+
+def _is_portfolio_account(db_path: str, account_id: int) -> bool:
+    """strategy_type=portfolio → 组合实走引擎。"""
+    with sqlite3.connect(db_path) as conn:
+        row = conn.execute(
+            "SELECT strategy_type FROM paper_accounts WHERE id=?", (account_id,)
+        ).fetchone()
+    return bool(row) and (row[0] or "cta") == "portfolio"
diff --git a/sanguo_trader/persistence.py b/sanguo_trader/persistence.py
index b1fa088..d583829 100644
--- a/sanguo_trader/persistence.py
+++ b/sanguo_trader/persistence.py
@@ -14,6 +14,7 @@ SCHEMA = """
 CREATE TABLE IF NOT EXISTS paper_accounts (
     id INTEGER PRIMARY KEY AUTOINCREMENT,
     task_id TEXT, owner_id TEXT DEFAULT 'admin', name TEXT,
+    strategy_type TEXT DEFAULT 'cta',
     mode TEXT, interval TEXT,
     symbols TEXT, strategies TEXT,
     initial_capital REAL, rate REAL, slippage REAL, size REAL, pricetick REAL,
@@ -68,6 +69,11 @@ def init_db(db_path: str) -> None:
     Path(db_path).parent.mkdir(parents=True, exist_ok=True)
     with sqlite3.connect(db_path) as conn:
         conn.executescript(SCHEMA)
+        # 迁移：老库补 strategy_type 列（组合策略实走，E1）
+        try:
+            conn.execute("ALTER TABLE paper_accounts ADD COLUMN strategy_type TEXT DEFAULT 'cta'")
+        except sqlite3.OperationalError:
+            pass  # 列已存在
         conn.execute("PRAGMA journal_mode=WAL")
         conn.commit()
 
@@ -76,14 +82,15 @@ def save_account(db_path: str, account: dict[str, Any]) -> int:
     with sqlite3.connect(db_path) as conn:
         cur = conn.execute(
             """INSERT INTO paper_accounts
-               (task_id, owner_id, name, mode, interval, symbols, strategies,
+               (task_id, owner_id, name, strategy_type, mode, interval, symbols, strategies,
                 initial_capital, rate, slippage, size, pricetick,
                 stamp_duty_rate, transfer_fee_rate, min_commission,
                 status, start_date, end_date, created_at, updated_at)
-               VALUES (?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?)""",
+               VALUES (?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?)""",
             (
                 account.get("task_id"), account.get("owner_id", "admin"),
-                account.get("name"), account.get("mode"), account.get("interval"),
+                account.get("name"), account.get("strategy_type", "cta"),
+                account.get("mode"), account.get("interval"),
                 json.dumps(account.get("symbols", [])),
                 json.dumps(account.get("strategies", [])),
                 account.get("initial_capital", 0), account.get("rate", 0.0003),
diff --git a/sanguo_trader/portfolio_paper.py b/sanguo_trader/portfolio_paper.py
new file mode 100644
index 0000000..90664d0
--- /dev/null
+++ b/sanguo_trader/portfolio_paper.py
@@ -0,0 +1,148 @@
+"""组合策略模拟盘实走（E1，spec §13.2 前后端 session 职责）。
+
+设计：每晚 20:30（scheduler 全局 job）对每个 strategy_type=portfolio 的 live
+账户，用回测引擎从 start_date **全量重放到今天**，取末日持仓/当日成交/净值落
+paper 表。不做增量引擎——回测引擎是单一真相源，避免增量状态与回测口径漂移；
+1 年区间全量重放约 2-3 分钟（NAS 26G 库），20:30 后台跑可接受。区间拉长到
+数年后可优化为 checkpoint 续跑（见 update_checkpoint）。
+"""
+from __future__ import annotations
+
+import json
+import logging
+from datetime import datetime, timedelta
+from typing import Any
+
+logger = logging.getLogger(__name__)
+
+
+def _bj_today() -> str:
+    """北京时间今天（NAS 容器 TZ 可能为 UTC）。"""
+    return (datetime.utcnow() + timedelta(hours=8)).strftime("%Y-%m-%d")
+
+
+def _nas_provider_config() -> dict[str, Any]:
+    """NAS 容器 unified provider 配置（与 portfolio_worker NAS 分支一致）。"""
+    return {
+        "db_path": "/volume1/stock/sanguo_vnpy_v2/data_backup/quant_trading.db",
+        "data_dir": "/volume1/stock/sanguo_vnpy_v2/data",
+    }
+
+
+def _provider_config() -> dict[str, Any]:
+    import os
+    if os.path.isdir("/app"):
+        return _nas_provider_config()
+    # 开发机兜底：默认 data 目录（Mac 无全量数据，step 会因数据缺失跳过）
+    return {"mode": "backtest"}
+
+
+def run_portfolio_live_step(db_path: str, account_id: int, today: str | None = None) -> dict[str, Any]:
+    """组合实走单日 step：全量重放 → 当日成交/末日持仓/净值 落库。
+
+    幂等：当日已结算（checkpoint_date == today 或最新净值日期 == today）则跳过。
+    """
+    import sqlite3
+
+    from sanguo_trader.persistence import (
+        load_checkpoint, load_last_balance, save_daily_balance, save_positions,
+        save_trade, update_checkpoint,
+    )
+
+    today = today or _bj_today()
+    with sqlite3.connect(db_path) as conn:
+        conn.row_factory = sqlite3.Row
+        row = conn.execute("SELECT * FROM paper_accounts WHERE id=?", (account_id,)).fetchone()
+    if not row:
+        raise ValueError(f"paper account {account_id} not found")
+    acc = dict(row)
+    if (acc.get("strategy_type") or "cta") != "portfolio":
+        raise ValueError(f"account {account_id} 不是 portfolio 类型")
+    if acc["status"] != "running":
+        return {"account_id": account_id, "skipped": f"status={acc['status']}"}
+
+    # 幂等：今天已结算过
+    ck = load_checkpoint(db_path, account_id)
+    last_bal = load_last_balance(db_path, account_id)
+    if ck == today or (last_bal and last_bal.get("date") == today):
+        return {"account_id": account_id, "skipped": "already stepped today"}
+
+    strategies = json.loads(acc["strategies"] or "[]")
+    if not strategies:
+        raise ValueError("portfolio 账户缺少策略配置")
+    strategy_name = strategies[0].get("name", "all_weather")
+    pool = (json.loads(acc["symbols"] or "[]") or ["hs300_subset"])[0]
+    max_pool = int(strategies[0].get("params", {}).get("max_pool", 30))
+    benchmark = strategies[0].get("params", {}).get("benchmark", "000300.XSHG")
+
+    from sanguo_portfolio.runner_backtest import run_backtest_json
+    result = run_backtest_json({
+        "strategy": strategy_name,
+        "pool": pool,
+        "max_pool": max_pool,
+        "start_date": acc["start_date"],
+        "end_date": today,
+        "initial_cash": acc["initial_capital"],
+        "benchmark": benchmark,
+        "commission_rate": acc.get("rate") or 0.0003,
+        "stamp_duty_rate": acc.get("stamp_duty_rate") or 0.001,
+        "min_commission": acc.get("min_commission") or 5.0,
+        "slippage": acc.get("slippage") or 0.0,
+        "provider": "unified",
+        "provider_config": json.dumps(_provider_config()),
+    })
+
+    equity_curve = result.get("equity_curve") or []
+    if not equity_curve:
+        return {"account_id": account_id, "skipped": "no equity point (数据未到?)"}
+    last_point = equity_curve[-1]
+    if last_point["date"] <= _acc_last_date(last_bal):
+        return {"account_id": account_id, "skipped": "no new trading day"}
+    settle_date = last_point["date"]
+
+    # 当日成交（回放里 settle_date 发生的全部交易）
+    n_trades = 0
+    for t in result.get("trades") or []:
+        d = str(t.get("datetime") or t.get("date") or "")
+        if not d.startswith(settle_date):
+            continue
+        side = str(t.get("side") or t.get("action") or "").lower()
+        save_trade(db_path, account_id, {
+            "strategy_id": strategy_name,
+            "datetime": d,
+            "symbol": str(t.get("code", "")),
+            "direction": "long" if side in ("buy", "open", "多") else "short",
+            "offset": "open" if side in ("buy", "open") else "close",
+            "match_session": "current_close",
+            "price": float(t.get("filled_price") or t.get("price") or 0),
+            "volume": int(float(t.get("filled_amount") or t.get("amount") or 0)),
+            "commission": float(t.get("commission") or 0),
+            "stamp_duty": 0.0,
+            "bar_date": settle_date,
+        })
+        n_trades += 1
+
+    # 末日持仓 + 净值
+    stocks = result.get("stocks_selected") or []
+    positions_value = sum(float(s.get("value") or 0) for s in stocks)
+    equity = float(last_point["equity"])
+    save_positions(db_path, account_id, "account", {
+        str(s["code"]): {"volume": int(float(s.get("amount", 0))),
+                         "frozen": 0,
+                         "avg_price": float(s.get("avg_cost", 0) or 0)}
+        for s in stocks
+    }, date=settle_date)
+    save_daily_balance(db_path, account_id, settle_date,
+                       cash=equity - positions_value,
+                       market_value=positions_value,
+                       total_equity=equity)
+    update_checkpoint(db_path, account_id, settle_date)
+
+    logger.info("portfolio live step aid=%s date=%s trades=%s equity=%.2f",
+                account_id, settle_date, n_trades, equity)
+    return {"account_id": account_id, "date": settle_date, "trades": n_trades, "equity": equity}
+
+
+def _acc_last_date(last_bal: dict | None) -> str:
+    """账户已有净值的最新日期（无则空串，任何新数据都算新）。"""
+    return (last_bal or {}).get("date") or ""
diff --git a/tests/trader/test_portfolio_paper.py b/tests/trader/test_portfolio_paper.py
new file mode 100644
index 0000000..d65b14b
--- /dev/null
+++ b/tests/trader/test_portfolio_paper.py
@@ -0,0 +1,120 @@
+"""组合策略模拟盘实走 step 单测（E1）：mock run_backtest_json 验证落库/幂等/分流。"""
+import json
+
+import pytest
+
+from sanguo_trader import portfolio_paper
+from sanguo_trader.persistence import (
+    init_db, load_last_balance, load_positions, list_trades, save_account,
+    update_account_status,
+)
+
+
+def _mk_account(db, strategy_type="portfolio", status="running"):
+    aid = save_account(db, {
+        "name": "pf1", "mode": "live", "strategy_type": strategy_type,
+        "symbols": ["hs300_subset"],
+        "strategies": [{"name": "all_weather",
+                        "params": {"max_pool": 30, "benchmark": "000300.XSHG"}}],
+        "initial_capital": 1_000_000, "start": "2026-01-01", "end": "2026-12-31",
+    })
+    update_account_status(db, aid, status)
+    return aid
+
+
+def _fake_result(date="2026-08-13", equity=1_050_000.0):
+    return {
+        "strategy": "all_weather",
+        "equity_curve": [{"date": "2026-08-12", "equity": 1_040_000.0},
+                         {"date": date, "equity": equity}],
+        "stocks_selected": [
+            {"code": "600000", "amount": 1000, "avg_cost": 10.0, "price": 10.5, "value": 10500.0},
+        ],
+        "trades": [
+            {"date": f"{date} 14:50:00", "code": "600000", "side": "buy",
+             "filled_amount": 1000, "filled_price": 10.5, "commission": 5.0},
+            {"date": "2026-08-12 14:50:00", "code": "000001", "side": "buy",
+             "filled_amount": 500, "filled_price": 11.0},
+        ],
+        "metrics": {},
+    }
+
+
+def test_step_writes_balance_positions_today_trades(tmp_path, monkeypatch):
+    db = str(tmp_path / "paper.db")
+    init_db(db)
+    aid = _mk_account(db)
+    monkeypatch.setattr("sanguo_portfolio.runner_backtest.run_backtest_json",
+                        lambda params: _fake_result())
+    out = portfolio_paper.run_portfolio_live_step(db, aid, today="2026-08-13")
+    assert out["date"] == "2026-08-13"
+    assert out["trades"] == 1  # 只落当日成交
+
+    bal = load_last_balance(db, aid)
+    assert bal["date"] == "2026-08-13"
+    assert bal["total_equity"] == pytest.approx(1_050_000.0)
+    assert bal["cash"] == pytest.approx(1_050_000.0 - 10500.0)
+
+    pos = load_positions(db, aid, "account")
+    assert pos["600000"]["volume"] == 1000
+
+    trades = list_trades(db, aid)
+    assert len(trades) == 1
+    assert trades[0]["symbol"] == "600000"
+    assert trades[0]["strategy_id"] == "all_weather"
+
+
+def test_step_idempotent_same_day(tmp_path, monkeypatch):
+    db = str(tmp_path / "paper.db")
+    init_db(db)
+    aid = _mk_account(db)
+    calls = []
+    monkeypatch.setattr("sanguo_portfolio.runner_backtest.run_backtest_json",
+                        lambda p: calls.append(1) or _fake_result())
+    r1 = portfolio_paper.run_portfolio_live_step(db, aid, today="2026-08-13")
+    r2 = portfolio_paper.run_portfolio_live_step(db, aid, today="2026-08-13")
+    assert r1.get("date") == "2026-08-13"
+    assert r2.get("skipped") == "already stepped today"
+    assert len(calls) == 1
+
+
+def test_step_skips_no_new_trading_day(tmp_path, monkeypatch):
+    db = str(tmp_path / "paper.db")
+    init_db(db)
+    aid = _mk_account(db)
+    # 数据滞后：回放末日仍 08-12（账户已结算到 08-13 前先结算到 12）
+    monkeypatch.setattr("sanguo_portfolio.runner_backtest.run_backtest_json",
+                        lambda p: _fake_result(date="2026-08-11", equity=1_030_000.0))
+    portfolio_paper.run_portfolio_live_step(db, aid, today="2026-08-12")
+    monkeypatch.setattr("sanguo_portfolio.runner_backtest.run_backtest_json",
+                        lambda p: _fake_result(date="2026-08-11", equity=1_030_000.0))
+    r = portfolio_paper.run_portfolio_live_step(db, aid, today="2026-08-13")
+    assert r.get("skipped") == "no new trading day"
+
+
+def test_step_stopped_account_skipped(tmp_path, monkeypatch):
+    db = str(tmp_path / "paper.db")
+    init_db(db)
+    aid = _mk_account(db, status="stopped")
+    monkeypatch.setattr("sanguo_portfolio.runner_backtest.run_backtest_json",
+                        lambda p: (_ for _ in ()).throw(AssertionError("不应跑引擎")))
+    r = portfolio_paper.run_portfolio_live_step(db, aid, today="2026-08-13")
+    assert r.get("skipped") == "status=stopped"
+
+
+def test_step_rejects_cta_account(tmp_path):
+    db = str(tmp_path / "paper.db")
+    init_db(db)
+    aid = _mk_account(db, strategy_type="cta")
+    with pytest.raises(ValueError):
+        portfolio_paper.run_portfolio_live_step(db, aid)
+
+
+def test_is_portfolio_branch(tmp_path):
+    from sanguo_trader.live_orchestrator import _is_portfolio_account
+    db = str(tmp_path / "paper.db")
+    init_db(db)
+    p_aid = _mk_account(db, strategy_type="portfolio")
+    c_aid = _mk_account(db, strategy_type="cta")
+    assert _is_portfolio_account(db, p_aid) is True
+    assert _is_portfolio_account(db, c_aid) is False