{
  "frozen_at": "2026-10-03 Asia/Beijing",
  "status": "research protocol; not production signal",
  "primary": "sector_consensus_gold10",
  "change_policy": "Do not change after observing forward performance. Any user budget change starts a new dated protocol.",
  "portfolio_signal_targets": {
    "A_industry_max": 0.3,
    "Nasdaq100_max": 0.3,
    "Nikkei225_max": 0.3,
    "gold_target": 0.1,
    "unused_budget": "cash; never funnel to gold"
  },
  "within_A": "up to 3 distinct current industry/theme groups, .1 each; representative first chosen by past 120-session average actual RMB turnover, then rank mean percentile of 60/120/240-session returns; at least two horizons positive",
  "trend": "A: CSI300>MA120; foreign: own traded CNY ETF>MA120. Inherited convention, not independently validated.",
  "execution": "Monthly close known signal, next Chinese session close approximation; actual operation needs timestamped limit orders and fills.",
  "known_nav_proxy": "Prior-session-disclosed unit NAV, <=7 calendar day age, <=5% deviation on net purchase; this is NOT contemporaneous IOPV premium.",
  "risk_budget": 0.25,
  "leverage": false,
  "minimum_liquidity_rmb": 10000000,
  "readiness_gates": [
    "Dated ETF/benchmark/industry registry rather than current fund labels backcast",
    "Live reference value and announced NAV timestamps, splits, broker corporate actions",
    "Archive signal inputs and actual order/partial-fill/cost logs prospectively",
    "Compare industry sleeve against same-risk broad and no-return-ranking comparators using only subsequently collected data"
  ],
  "future_validation_start": "first actually collected Chinese trading session after 2026-10-03; none included in this report",
  "review_horizon": "Collect execution evidence monthly; at least 12 months for initial assessment, longer across regimes; no statistical guarantee from 12 months",
  "daily_gold_limit_note": "10% is monthly signal target; price drift can exceed it between rebalances. A strict intraday cap needs additional execution rules."
}