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2 changes: 1 addition & 1 deletion docs/backtest-standard-v1.zh-CN.md
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## 8. 组合分配方法

最大复利(fractional Kelly / 带回撤约束的增长最优)与 Markowitz(均值–方差、最小方差、风险平价)属于组合分配研究,沿用 UES [组合风险预算研究契约](https://github.com/QuantStrategyLab/UsEquityStrategies/blob/main/docs/research/portfolio_risk_budget_contract.md)。它们的结果必须:
最大复利(fractional Kelly / 带回撤约束的增长最优)与 Markowitz(均值–方差、最小方差、风险平价)属于组合分配研究,沿用 UES [组合风险预算研究契约](https://github.com/QuantStrategyLab/UsEquityStrategies/blob/main/docs/research/portfolio-risk-budget-contract.md)。它们的结果必须:

- 在相同可执行约束、相同日期、相同成本口径下,与 1/N、固定权重和无杠杆基准对照;
- 用严格前推(训练段估计、下一段应用)评估,并按本文报告;
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2 changes: 1 addition & 1 deletion docs/strategy-promotion-risk-standard.zh-CN.md
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Markowitz、fractional Kelly 与经验 log-growth 属于组合分配/风控分析的
不同方法,不作为单策略评分项相加。其共同账户约束、同窗净成本比较和
实现边界由 [UES 组合风险预算研究契约](https://github.com/QuantStrategyLab/UsEquityStrategies/blob/main/docs/research/portfolio_risk_budget_contract.md)
实现边界由 [UES 组合风险预算研究契约](https://github.com/QuantStrategyLab/UsEquityStrategies/blob/main/docs/research/portfolio-risk-budget-contract.md)
记录;QPK Kelly 单位与现有限制沿用
[Kelly 契约](kelly-contract-v2.zh-CN.md)。任何研究最优解或正增长估计都不能
覆盖独立的杠杆、集中度、流动性、回撤/熔断约束与 RiskEngine 最终否决。
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