{
 "window": "2025-04 ~ 2026-06 (~15个月, 单regime)",
 "n_funds": 69,
 "ac1_median": 0.63,
 "dist_note": "纳指科技+14.3%/98%溢价时间; 纳指+2.5~4.5%; 标普+3.4%; 中概-0.58%; 印度-0.59%; 慢性折价<-1%的:0只; 慢性溢价>2%的:17只",
 "corr": {
  "within_zhonggai": 0.62,
  "within_meigu": 0.53,
  "within_gold": 0.5,
  "within_oil": 0.41,
  "cross_range": "0.0~0.31",
  "PC1": 0.347,
  "PC2": 0.25,
  "PC3": 0.13
 },
 "stale_nav_beta": -0.134,
 "stale_nav_pct_pos": 0.0,
 "backtest_25osc": {
  "买入持有(基准)": {
   "ret": 8.0,
   "cagr": 6.4,
   "sharpe": 0.43,
   "mdd": -17.2
  },
  "打地鼠 买≤-1%卖≥1%": {
   "ret": 17.8,
   "cagr": 14.1,
   "sharpe": 0.78,
   "mdd": -16.5
  },
  "打地鼠 买≤-2%卖≥2%": {
   "ret": 8.1,
   "cagr": 6.5,
   "sharpe": 0.43,
   "mdd": -17.4
  },
  "打地鼠 买≤-0%卖≥0%": {
   "ret": 21.2,
   "cagr": 16.7,
   "sharpe": 0.91,
   "mdd": -13.7
  },
  "打地鼠 买≤-2%卖≥3%": {
   "ret": 8.0,
   "cagr": 6.4,
   "sharpe": 0.44,
   "mdd": -15.1
  }
 },
 "cost_sens_wam_pm1pct": {
  "0.15%": 14.1,
  "0.30%": 7.9,
  "0.50%": 0.1,
  "0.80%": -10.5
 },
 "turnover_per_yr": 934,
 "breakeven_cost_per_side": "~0.35%",
 "liquidity": "震荡池日成交额中位~3270万, 最小~410万/天, 真实价差0.5-1%",
 "verdict": "信号真(溢价均值回归)但实现假(换手934次/年×真实0.5-1%价差吃光); 唯一kernel=已持有基金的进出择时(零额外换手)"
}