{
  "design": {
    "declared_before_new_returns": true,
    "all_history_already_seen": true,
    "rules": [
      {
        "name": "baseline_cash",
        "family": "baseline",
        "defense": "cash",
        "vol": 0.25
      },
      {
        "name": "baseline_gold10",
        "family": "baseline",
        "defense": "gold10",
        "vol": 0.25
      },
      {
        "name": "phase3_cash",
        "family": "phase3",
        "defense": "cash",
        "vol": 0.25
      },
      {
        "name": "phase3_gold10",
        "family": "phase3",
        "defense": "gold10",
        "vol": 0.25
      },
      {
        "name": "monthly_buffer_cash",
        "family": "monthly_buffer",
        "defense": "cash",
        "vol": 0.25
      },
      {
        "name": "monthly_buffer_gold10",
        "family": "monthly_buffer",
        "defense": "gold10",
        "vol": 0.25
      },
      {
        "name": "phase3_buffer_cash",
        "family": "phase3_buffer",
        "defense": "cash",
        "vol": 0.25
      },
      {
        "name": "phase3_buffer_gold10",
        "family": "phase3_buffer",
        "defense": "gold10",
        "vol": 0.25
      },
      {
        "name": "phase3_fastvol_cash",
        "family": "phase3_fastvol",
        "defense": "cash",
        "vol": 0.25
      },
      {
        "name": "phase3_fastvol_gold10",
        "family": "phase3_fastvol",
        "defense": "gold10",
        "vol": 0.25
      },
      {
        "name": "phase3_exit_cash",
        "family": "phase3_exit",
        "defense": "cash",
        "vol": 0.25
      },
      {
        "name": "phase3_exit_gold10",
        "family": "phase3_exit",
        "defense": "gold10",
        "vol": 0.25
      },
      {
        "name": "phase3_top2_cash",
        "family": "phase3_top2",
        "defense": "cash",
        "vol": 0.25
      },
      {
        "name": "phase3_top2_gold10",
        "family": "phase3_top2",
        "defense": "gold10",
        "vol": 0.25
      },
      {
        "name": "phase3_foreign_split_cash",
        "family": "phase3_foreign_split",
        "defense": "cash",
        "vol": 0.25
      },
      {
        "name": "phase3_foreign_split_gold10",
        "family": "phase3_foreign_split",
        "defense": "gold10",
        "vol": 0.25
      },
      {
        "name": "phase3_own_exit_cash",
        "family": "phase3_own_exit",
        "defense": "cash",
        "vol": 0.25
      },
      {
        "name": "phase3_own_exit_gold10",
        "family": "phase3_own_exit",
        "defense": "gold10",
        "vol": 0.25
      }
    ],
    "primary": "phase3_cash",
    "why_primary": "Reduce dependence on a single close by three equal signal slots at month-end offsets0,2,5, one cash account; choose before returns, not highest CAGR.",
    "three_phase_offsets": [
      0,
      2,
      5
    ],
    "stresses": [
      [
        "cost50",
        0.005,
        0,
        0
      ],
      [
        "offset2",
        0.002,
        2,
        0
      ],
      [
        "offset5",
        0.002,
        5,
        0
      ],
      [
        "delay2",
        0.002,
        0,
        2
      ],
      [
        "joint_cost50_offset5",
        0.005,
        5,
        0
      ],
      [
        "joint_cost50_delay2",
        0.005,
        0,
        2
      ]
    ],
    "timing_diagnostic_names": [
      "baseline_cash",
      "phase3_cash",
      "phase3_buffer_cash",
      "phase3_own_exit_cash"
    ],
    "timing_offsets": [
      0,
      1,
      2,
      3,
      4,
      5,
      6,
      7,
      8,
      9,
      10
    ],
    "target_cagr": 20,
    "maximum_drawdown": 30,
    "leverage": false,
    "equity_score_window": 40,
    "volatility_budget": 0.25,
    "gold_target_cap": 0.1,
    "period": [
      "20190102",
      "20260811"
    ],
    "cost_each_side": 0.002,
    "no_untouched_holdout": true,
    "implementation": "Keep unscaled equal signal slots, update a slot only on its own calendar anchor; combine in one account then covariance-aware risk-size all holdings; quote/NAV execution waits may change actual holdings. Exit variants erase broken slots daily and reopen only on a slot anchor.",
    "selection": "Normal >=20 CAGR and MDD>=-30; every fixed stress must also pass. This is historical screening, not a forecast."
  },
  "pool_loaded": 410,
  "results": {
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      "full": {
        "cagr": 25.34,
        "sharpe": 1.047,
        "mdd": -24.24,
        "vol": 24.42,
        "days": 1845,
        "end": 5.5182
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      "train": {
        "cagr": 29.83,
        "sharpe": 1.193,
        "mdd": -17.72,
        "vol": 24.39,
        "days": 730,
        "end": 2.1835
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      "validation": {
        "cagr": 17.6,
        "sharpe": 0.887,
        "mdd": -20.79,
        "vol": 20.66,
        "days": 484,
        "end": 1.3793
      },
      "recent": {
        "cagr": 26.38,
        "sharpe": 1.001,
        "mdd": -24.24,
        "vol": 27.02,
        "days": 631,
        "end": 1.8322
      },
      "pre2024": {
        "cagr": 24.81,
        "sharpe": 1.08,
        "mdd": -21.7,
        "vol": 22.97,
        "days": 1214,
        "end": 3.0117
      },
      "annual_turnover": 12.31,
      "mean_exposure": 0.623,
      "max_frozen": 0.0,
      "mean_gold_pct": 0.0,
      "max_drifted_gold_pct": 0.0,
      "mean_cash_pct": 37.68,
      "blocked_sessions": 3,
      "yearly_returns_pct": {
        "2019": 9.47,
        "2020": 57.21,
        "2021": 26.87,
        "2022": -18.82,
        "2023": 69.9,
        "2024": -8.26,
        "2025": 77.86,
        "2026": 12.3
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      "log_pnl_contributions": {
        "full": {
          "A股行业": 1.550758,
          "美国": 0.269255,
          "日本": 0.074232,
          "黄金": 0.0,
          "国债": 0.0,
          "费用": -0.186186
        },
        "pre2024": {
          "A股行业": 0.944361,
          "美国": 0.211766,
          "日本": 0.059052,
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          "费用": -0.112662
        },
        "recent": {
          "A股行业": 0.606396,
          "美国": 0.057489,
          "日本": 0.01518,
          "黄金": 0.0,
          "国债": 0.0,
          "费用": -0.073524
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      },
      "rule": {
        "name": "baseline_cash",
        "family": "baseline",
        "defense": "cash",
        "vol": 0.25
      },
      "rolling3": {
        "min_cagr": 7.19,
        "median_cagr": 21.09,
        "max_cagr": 43.25,
        "pct_windows_at_least20": 56.1,
        "overlapping_windows": 1114
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      "stress": {
        "cost50": {
          "full": {
            "cagr": 20.8,
            "sharpe": 0.894,
            "mdd": -26.31,
            "vol": 24.47,
            "days": 1845,
            "end": 4.1751
          },
          "train": {
            "cagr": 24.5,
            "sharpe": 1.02,
            "mdd": -20.15,
            "vol": 24.4,
            "days": 730,
            "end": 1.9264
          },
          "validation": {
            "cagr": 15.06,
            "sharpe": 0.782,
            "mdd": -21.57,
            "vol": 20.64,
            "days": 484,
            "end": 1.3209
          },
          "recent": {
            "cagr": 21.1,
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            "mdd": -26.31,
            "vol": 27.14,
            "days": 631,
            "end": 1.6408
          },
          "pre2024": {
            "cagr": 20.65,
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            "mdd": -22.78,
            "vol": 22.97,
            "days": 1214,
            "end": 2.5446
          },
          "annual_turnover": 12.28,
          "mean_exposure": 0.623,
          "max_frozen": 0.0,
          "mean_gold_pct": 0.0,
          "max_drifted_gold_pct": 0.0,
          "mean_cash_pct": 37.68,
          "blocked_sessions": 3,
          "yearly_returns_pct": {
            "2019": 4.51,
            "2020": 50.38,
            "2021": 22.58,
            "2022": -19.76,
            "2023": 64.61,
            "2024": -12.54,
            "2025": 71.22,
            "2026": 9.57
          },
          "log_pnl_contributions": {
            "full": {
              "A股行业": 1.550994,
              "美国": 0.269429,
              "日本": 0.074182,
              "黄金": 0.0,
              "国债": 0.0,
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            },
            "pre2024": {
              "A股行业": 0.944708,
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            "recent": {
              "A股行业": 0.606287,
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              "日本": 0.015133,
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              "费用": -0.18382
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          }
        },
        "offset2": {
          "full": {
            "cagr": 20.74,
            "sharpe": 0.88,
            "mdd": -28.49,
            "vol": 24.95,
            "days": 1845,
            "end": 4.1586
          },
          "train": {
            "cagr": 22.16,
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            "end": 1.8202
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            "cagr": 6.96,
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            "mdd": -27.57,
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          },
          "recent": {
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          "pre2024": {
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          "annual_turnover": 12.11,
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          "mean_cash_pct": 34.58,
          "blocked_sessions": 0,
          "yearly_returns_pct": {
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            "2024": 16.93,
            "2025": 55.04,
            "2026": 10.29
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          "log_pnl_contributions": {
            "full": {
              "A股行业": 1.510283,
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              "日本": 0.025931,
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            "pre2024": {
              "A股行业": 0.838651,
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            "recent": {
              "A股行业": 0.671632,
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          }
        },
        "offset5": {
          "full": {
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            "vol": 23.61,
            "days": 1845,
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          "train": {
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          "validation": {
            "cagr": 6.29,
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          },
          "recent": {
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          },
          "pre2024": {
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          "blocked_sessions": 0,
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          "log_pnl_contributions": {
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        },
        "delay2": {
          "full": {
            "cagr": 20.59,
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          "validation": {
            "cagr": 14.03,
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          },
          "recent": {
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          },
          "pre2024": {
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          "annual_turnover": 12.28,
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          "max_drifted_gold_pct": 0.0,
          "mean_cash_pct": 37.53,
          "blocked_sessions": 8,
          "yearly_returns_pct": {
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            "2021": 16.18,
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            "2023": 64.25,
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            "2025": 73.74,
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          "log_pnl_contributions": {
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              "A股行业": 1.326334,
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              "日本": 0.114361,
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            "pre2024": {
              "A股行业": 0.759685,
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          }
        },
        "joint_cost50_offset5": {
          "full": {
            "cagr": 14.55,
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          "train": {
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          "blocked_sessions": 0,
          "yearly_returns_pct": {
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            "2026": 2.6
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          "log_pnl_contributions": {
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              "A股行业": 1.211695,
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            "pre2024": {
              "A股行业": 0.635017,
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            "recent": {
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          }
        },
        "joint_cost50_delay2": {
          "full": {
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            "cagr": 11.57,
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          },
          "recent": {
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          "pre2024": {
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          "annual_turnover": 12.25,
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          "mean_cash_pct": 37.53,
          "blocked_sessions": 8,
          "yearly_returns_pct": {
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            "2020": 36.74,
            "2021": 12.25,
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            "2025": 67.27,
            "2026": 6.96
          },
          "log_pnl_contributions": {
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              "A股行业": 1.326605,
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            "pre2024": {
              "A股行业": 0.75992,
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            },
            "recent": {
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          }
        }
      },
      "signal_count": 92,
      "broken_exit_signals": 0,
      "normal_target_pass": true,
      "every_stress_target_pass": false,
      "worst_stress_cagr": 14.55,
      "worst_stress_mdd": -33.48,
      "mean_foreign_pct": {
        "513100.SH": 15.34,
        "513520.SH": 3.6
      },
      "integer_lots": [
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