diff --git a/sanguo_portfolio/runner_backtest.py b/sanguo_portfolio/runner_backtest.py
index c99b847..18839d4 100644
--- a/sanguo_portfolio/runner_backtest.py
+++ b/sanguo_portfolio/runner_backtest.py
@@ -494,6 +494,13 @@ 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)),
+        # factor_topn 四参数(2026-09-12:漏透传=矩阵三跑全空仓的根因——
+        # CLI --json 走本函数手工拼 Namespace,factor_dir 缺省空串使策略
+        # 「factor_dir 未配置」直接空仓跑完)
+        factor_name=params.get("factor_name", "composite_quant12_v2a"),
+        factor_dir=params.get("factor_dir", ""),
+        top_n=int(params.get("top_n", 100)),
+        rebalance_days=int(params.get("rebalance_days", 21)),
         initial_positions=json.dumps(params["initial_positions"])
         if params.get("initial_positions") else "",
     )
@@ -829,6 +836,10 @@ def main() -> None:
             "stamp_duty_rate": args.stamp_duty_rate,
             "min_commission": args.min_commission,
             "slippage": args.slippage,
+            "factor_name": getattr(args, "factor_name", ""),
+            "factor_dir": getattr(args, "factor_dir", ""),
+            "top_n": getattr(args, "top_n", 100),
+            "rebalance_days": getattr(args, "rebalance_days", 21),
         })
         print(json.dumps(result, ensure_ascii=False, default=str))
     else:
diff --git a/tests/portfolio/test_factor_topn.py b/tests/portfolio/test_factor_topn.py
index aa34aae..10f676c 100644
--- a/tests/portfolio/test_factor_topn.py
+++ b/tests/portfolio/test_factor_topn.py
@@ -170,3 +170,27 @@ def test_initialize_registers_daily_schedule(factor_dir):
     st.broker.run_daily = lambda fn, t: calls.append((fn, t))
     st.initialize(_ctx("2024-10-08"))
     assert calls == [(st.rebalance, "9:30")]
+
+
+def test_run_backtest_json_passes_factor_topn_params(monkeypatch):
+    """CLI --json 路径(run_backtest_json 手工拼 Namespace)必须透传 factor 四参——
+    2026-09-12 矩阵三跑全空仓根因: 漏透传→factor_dir=""→策略「未配置」直接空仓,
+    而进程内 run_backtest(parse_args()) 路径完整(诊断一直成交掩盖此 bug)."""
+    from sanguo_portfolio import runner_backtest
+    captured: dict = {}
+
+    def _fake_run_backtest(args):
+        captured.update({
+            k: getattr(args, k, "<MISSING>")
+            for k in ("factor_name", "factor_dir", "top_n", "rebalance_days")
+        })
+        return {}
+
+    monkeypatch.setattr(runner_backtest, "run_backtest", _fake_run_backtest)
+    runner_backtest.run_backtest_json({
+        "strategy": "factor_topn",
+        "factor_name": "composite_test", "factor_dir": "/x/y",
+        "top_n": 50, "rebalance_days": 10,
+    })
+    assert captured == {"factor_name": "composite_test", "factor_dir": "/x/y",
+                        "top_n": 50, "rebalance_days": 10}