{
  "schema_version": "ashare_execution_costs.strategy.public.v1",
  "study_id": "ashare_execution_costs",
  "evidence": "diagnostic_modeled_execution_cost_sensitivity",
  "permission": {
    "status": "confirmed_by_owner",
    "confirmed_on": "2026-10-12",
    "scope": "aggregate_derived_statistics"
  },
  "source_period": [
    "20250103",
    "20250331"
  ],
  "configuration": {
    "participation_rate": 0.05,
    "liquidity_notional_multiplier": 1000.0,
    "buy_max_days": 5,
    "sell_max_days": 10,
    "enforce_t1": true,
    "enforce_price_limits": true
  },
  "modeled": [
    {
      "scenario": "gross",
      "capital_cny": 10000000,
      "anchor_notional_cny": 0,
      "terminal_nav": 1.307824840948377,
      "transaction_cost_cny": 0.0,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 36287888.14407182,
      "executed_sell_cny": 26287888.14407181,
      "unfilled_buy_cny": 1805307.2929634333,
      "unfilled_sell_cny": 1627190.041397049,
      "mean_one_way_turnover": 0.0473661371331012,
      "max_one_way_turnover": 0.4975,
      "partially_filled_orders": 6178,
      "zero_fill_orders": 80
    },
    {
      "scenario": "fee_only",
      "capital_cny": 10000000,
      "anchor_notional_cny": 0,
      "terminal_nav": 1.305736320281853,
      "transaction_cost_cny": 19385.277054189843,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 36248065.55422476,
      "executed_sell_cny": 26267450.831278943,
      "unfilled_buy_cny": 1819976.760279847,
      "unfilled_sell_cny": 1625479.2973524318,
      "mean_one_way_turnover": 0.0473556899446168,
      "max_one_way_turnover": 0.4975,
      "partially_filled_orders": 11657,
      "zero_fill_orders": 80
    },
    {
      "scenario": "fee_static_10k",
      "capital_cny": 10000000,
      "anchor_notional_cny": 10000,
      "terminal_nav": 1.301970432217805,
      "transaction_cost_cny": 53467.48483073412,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 36173630.02204412,
      "executed_sell_cny": 26227097.506874926,
      "unfilled_buy_cny": 1842605.3885692896,
      "unfilled_sell_cny": 1622184.180160982,
      "mean_one_way_turnover": 0.0473392400868491,
      "max_one_way_turnover": 0.4975,
      "partially_filled_orders": 11903,
      "zero_fill_orders": 80
    },
    {
      "scenario": "fee_static_1m",
      "capital_cny": 10000000,
      "anchor_notional_cny": 1000000,
      "terminal_nav": 1.2945911361165807,
      "transaction_cost_cny": 120229.6549641179,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 36028087.72717686,
      "executed_sell_cny": 26148317.382141028,
      "unfilled_buy_cny": 1887295.9230217952,
      "unfilled_sell_cny": 1615719.665413553,
      "mean_one_way_turnover": 0.0473075888437524,
      "max_one_way_turnover": 0.4975,
      "partially_filled_orders": 12056,
      "zero_fill_orders": 80
    },
    {
      "scenario": "fee_expanded_100k",
      "capital_cny": 10000000,
      "anchor_notional_cny": 100000,
      "terminal_nav": 1.2994700423466856,
      "transaction_cost_cny": 76059.66484176368,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 36124186.48828893,
      "executed_sell_cny": 26200246.153130777,
      "unfilled_buy_cny": 1857490.0390706267,
      "unfilled_sell_cny": 1619987.1033238927,
      "mean_one_way_turnover": 0.0473285489648482,
      "max_one_way_turnover": 0.4975,
      "partially_filled_orders": 12101,
      "zero_fill_orders": 80,
      "buy_static_bp": 9.26784059314345,
      "sell_static_bp": 8.873114463175957,
      "buy_reference_full_coverage_rate": 0.996815484056212,
      "sell_reference_full_coverage_rate": 0.9989395822933084
    },
    {
      "scenario": "fee_expanded_1m",
      "capital_cny": 10000000,
      "anchor_notional_cny": 1000000,
      "terminal_nav": 1.291616943988852,
      "transaction_cost_cny": 147021.74696034213,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 35969294.52706687,
      "executed_sell_cny": 26116316.274027243,
      "unfilled_buy_cny": 1904796.4773372184,
      "unfilled_sell_cny": 1613085.3375454112,
      "mean_one_way_turnover": 0.0472954638618829,
      "max_one_way_turnover": 0.4975,
      "partially_filled_orders": 12033,
      "zero_fill_orders": 80,
      "buy_static_bp": 21.123236780060672,
      "sell_static_bp": 19.82524437568301,
      "buy_reference_full_coverage_rate": 0.6211992182274384,
      "sell_reference_full_coverage_rate": 0.676758580410659
    },
    {
      "scenario": "gross",
      "capital_cny": 100000000,
      "anchor_notional_cny": 0,
      "terminal_nav": 1.3079823190321995,
      "transaction_cost_cny": 0.0,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 362906814.64196527,
      "executed_sell_cny": 262906814.6419652,
      "unfilled_buy_cny": 18432212.47054898,
      "unfilled_sell_cny": 16379583.851935131,
      "mean_one_way_turnover": 0.0473651206963102,
      "max_one_way_turnover": 0.4962198314999999,
      "partially_filled_orders": 6185,
      "zero_fill_orders": 80
    },
    {
      "scenario": "fee_only",
      "capital_cny": 100000000,
      "anchor_notional_cny": 0,
      "terminal_nav": 1.305892808200069,
      "transaction_cost_cny": 193873.16358266043,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 362509770.9778726,
      "executed_sell_cny": 262703644.1414553,
      "unfilled_buy_cny": 18576511.120092973,
      "unfilled_sell_cny": 16362267.054191768,
      "mean_one_way_turnover": 0.0473549133618493,
      "max_one_way_turnover": 0.4962198314999999,
      "partially_filled_orders": 11408,
      "zero_fill_orders": 80
    },
    {
      "scenario": "fee_static_10k",
      "capital_cny": 100000000,
      "anchor_notional_cny": 10000,
      "terminal_nav": 1.3021253069049683,
      "transaction_cost_cny": 534729.9522539924,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 361766999.490813,
      "executed_sell_cny": 262301729.4430661,
      "unfilled_buy_cny": 18798942.59607709,
      "unfilled_sell_cny": 16328863.832557289,
      "mean_one_way_turnover": 0.0473388040693465,
      "max_one_way_turnover": 0.4962198314999999,
      "partially_filled_orders": 11656,
      "zero_fill_orders": 80
    },
    {
      "scenario": "fee_static_1m",
      "capital_cny": 100000000,
      "anchor_notional_cny": 1000000,
      "terminal_nav": 1.2947427227995925,
      "transaction_cost_cny": 1202429.2974972518,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 360314453.2578749,
      "executed_sell_cny": 261516882.55537176,
      "unfilled_buy_cny": 19238284.759114817,
      "unfilled_sell_cny": 16263328.859549578,
      "mean_one_way_turnover": 0.0473077872504591,
      "max_one_way_turnover": 0.4962198314999999,
      "partially_filled_orders": 11807,
      "zero_fill_orders": 80
    },
    {
      "scenario": "fee_expanded_100k",
      "capital_cny": 100000000,
      "anchor_notional_cny": 100000,
      "terminal_nav": 1.2996238318889817,
      "transaction_cost_cny": 760676.2432886094,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 361273477.24146295,
      "executed_sell_cny": 262034153.4847507,
      "unfilled_buy_cny": 18945245.12561672,
      "unfilled_sell_cny": 16306589.423667368,
      "mean_one_way_turnover": 0.0473283160958558,
      "max_one_way_turnover": 0.4962198314999999,
      "partially_filled_orders": 11853,
      "zero_fill_orders": 80,
      "buy_static_bp": 9.26784059314345,
      "sell_static_bp": 8.873114463175957,
      "buy_reference_full_coverage_rate": 0.996815484056212,
      "sell_reference_full_coverage_rate": 0.9989395822933084
    },
    {
      "scenario": "fee_expanded_1m",
      "capital_cny": 100000000,
      "anchor_notional_cny": 1000000,
      "terminal_nav": 1.291767344749335,
      "transaction_cost_cny": 1470383.3975100017,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 359727461.3574594,
      "executed_sell_cny": 261197844.7549701,
      "unfilled_buy_cny": 19410605.334380414,
      "unfilled_sell_cny": 16236618.28456272,
      "mean_one_way_turnover": 0.0472958781212259,
      "max_one_way_turnover": 0.4962198314999999,
      "partially_filled_orders": 12040,
      "zero_fill_orders": 80,
      "buy_static_bp": 21.123236780060672,
      "sell_static_bp": 19.82524437568301,
      "buy_reference_full_coverage_rate": 0.6211992182274384,
      "sell_reference_full_coverage_rate": 0.676758580410659
    },
    {
      "scenario": "gross",
      "capital_cny": 1000000000,
      "anchor_notional_cny": 0,
      "terminal_nav": 1.2996691381156802,
      "transaction_cost_cny": 0.0,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 3339899600.3479657,
      "executed_sell_cny": 2339899600.347965,
      "unfilled_buy_cny": 1525456846.3315375,
      "unfilled_sell_cny": 455103527.001121,
      "mean_one_way_turnover": 0.0430945496132854,
      "max_one_way_turnover": 0.2948328743250001,
      "partially_filled_orders": 4245,
      "zero_fill_orders": 95
    },
    {
      "scenario": "fee_only",
      "capital_cny": 1000000000,
      "anchor_notional_cny": 0,
      "terminal_nav": 1.2978226626512857,
      "transaction_cost_cny": 1737084.982924936,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 3337203902.7645445,
      "executed_sell_cny": 2338940987.747469,
      "unfilled_buy_cny": 1524467234.4822154,
      "unfilled_sell_cny": 454407518.2095681,
      "mean_one_way_turnover": 0.043094863336649,
      "max_one_way_turnover": 0.2948328743250001,
      "partially_filled_orders": 4237,
      "zero_fill_orders": 95
    },
    {
      "scenario": "fee_static_10k",
      "capital_cny": 1000000000,
      "anchor_notional_cny": 10000,
      "terminal_nav": 1.29444566140344,
      "transaction_cost_cny": 4834404.610333467,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 3331928218.89154,
      "executed_sell_cny": 2336762623.501874,
      "unfilled_buy_cny": 1521968026.3879368,
      "unfilled_sell_cny": 453004517.3006693,
      "mean_one_way_turnover": 0.0430962613507779,
      "max_one_way_turnover": 0.2948328743250001,
      "partially_filled_orders": 4235,
      "zero_fill_orders": 95
    },
    {
      "scenario": "fee_static_1m",
      "capital_cny": 1000000000,
      "anchor_notional_cny": 1000000,
      "terminal_nav": 1.2878180603416025,
      "transaction_cost_cny": 10911056.005747262,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 3321572911.6353183,
      "executed_sell_cny": 2332483967.641065,
      "unfilled_buy_cny": 1517058712.8915057,
      "unfilled_sell_cny": 450247655.1273797,
      "mean_one_way_turnover": 0.0430991447909698,
      "max_one_way_turnover": 0.2948328743250001,
      "partially_filled_orders": 4225,
      "zero_fill_orders": 95
    },
    {
      "scenario": "fee_expanded_100k",
      "capital_cny": 1000000000,
      "anchor_notional_cny": 100000,
      "terminal_nav": 1.292199948938677,
      "transaction_cost_cny": 6890870.449909468,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 3328406978.5680094,
      "executed_sell_cny": 2335297849.0179205,
      "unfilled_buy_cny": 1520278064.6823058,
      "unfilled_sell_cny": 452065889.573436,
      "mean_one_way_turnover": 0.0430972490873548,
      "max_one_way_turnover": 0.2948328743250001,
      "partially_filled_orders": 4232,
      "zero_fill_orders": 95,
      "buy_static_bp": 9.26784059314345,
      "sell_static_bp": 8.873114463175957,
      "buy_reference_full_coverage_rate": 0.996815484056212,
      "sell_reference_full_coverage_rate": 0.9989395822933084
    },
    {
      "scenario": "fee_expanded_1m",
      "capital_cny": 1000000000,
      "anchor_notional_cny": 1000000,
      "terminal_nav": 1.2851377478301462,
      "transaction_cost_cny": 13358126.600433027,
      "negative_cash_sessions": 0,
      "executed_buy_cny": 3317342482.2258844,
      "executed_sell_cny": 2330700608.826318,
      "unfilled_buy_cny": 1514987296.4557838,
      "unfilled_sell_cny": 449114890.63384587,
      "mean_one_way_turnover": 0.043100468444169,
      "max_one_way_turnover": 0.2948328743250001,
      "partially_filled_orders": 4221,
      "zero_fill_orders": 95,
      "buy_static_bp": 21.123236780060672,
      "sell_static_bp": 19.82524437568301,
      "buy_reference_full_coverage_rate": 0.6211992182274384,
      "sell_reference_full_coverage_rate": 0.676758580410659
    }
  ],
  "overlays": [
    {
      "capital_cny": 10000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 31234.110443309182,
      "fee_cny": 19371.685837927253,
      "static_cost_cny": 34150.77841125084,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 10000,
      "buy_static_bp": 5.479452054795164,
      "sell_static_bp": 5.449591280655142,
      "buy_pilot_full_coverage_rate": 1.0,
      "sell_pilot_full_coverage_rate": 0.9999388204584388,
      "buy_requested_notional_above_anchor_fraction": 0.8040346879889141,
      "sell_requested_notional_above_anchor_fraction": 0.7826114502094051,
      "executed_buy_cny": 36218493.388087526,
      "executed_sell_cny": 26249727.498530835,
      "unfilled_buy_cny": 1825780.7584063287,
      "unfilled_sell_cny": 1624167.909656779,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663714,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.3021229919252462,
      "fee_static_negative_cash_sessions": 51,
      "fee_static_max_funding_shortfall_cny": 22288.353805868723
    },
    {
      "capital_cny": 10000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 31234.110443309182,
      "fee_cny": 19371.685837927253,
      "static_cost_cny": 52689.196253293456,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 100000,
      "buy_static_bp": 8.481764206955678,
      "sell_static_bp": 8.369429423459307,
      "buy_pilot_full_coverage_rate": 0.9935353617750224,
      "sell_pilot_full_coverage_rate": 0.99811363080186,
      "buy_requested_notional_above_anchor_fraction": 0.0,
      "sell_requested_notional_above_anchor_fraction": 0.0,
      "executed_buy_cny": 36218493.388087526,
      "executed_sell_cny": 26249727.498530835,
      "unfilled_buy_cny": 1825780.7584063287,
      "unfilled_sell_cny": 1624167.909656779,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663714,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.3002691501410422,
      "fee_static_negative_cash_sessions": 51,
      "fee_static_max_funding_shortfall_cny": 40826.77164791136
    },
    {
      "capital_cny": 10000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 31234.110443309182,
      "fee_cny": 19371.685837927253,
      "static_cost_cny": 101411.85154480918,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 1000000,
      "buy_static_bp": 16.28518744550833,
      "sell_static_bp": 16.16373204837762,
      "buy_pilot_full_coverage_rate": 0.6440880169671261,
      "sell_pilot_full_coverage_rate": 0.6710579982054001,
      "buy_requested_notional_above_anchor_fraction": 0.0,
      "sell_requested_notional_above_anchor_fraction": 0.0,
      "executed_buy_cny": 36218493.388087526,
      "executed_sell_cny": 26249727.498530835,
      "unfilled_buy_cny": 1825780.7584063287,
      "unfilled_sell_cny": 1624167.909656779,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663714,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.2953968846118904,
      "fee_static_negative_cash_sessions": 54,
      "fee_static_max_funding_shortfall_cny": 89549.42693942704
    },
    {
      "capital_cny": 10000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 31234.110443309182,
      "fee_cny": 19371.685837927253,
      "static_cost_cny": 257560.1866571944,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 10000000,
      "buy_static_bp": 44.39162811565423,
      "sell_static_bp": 36.86910567863411,
      "buy_pilot_full_coverage_rate": 0.1248776409168773,
      "sell_pilot_full_coverage_rate": 0.1284974304592544,
      "buy_requested_notional_above_anchor_fraction": 0.0,
      "sell_requested_notional_above_anchor_fraction": 0.0,
      "executed_buy_cny": 36218493.388087526,
      "executed_sell_cny": 26249727.498530835,
      "unfilled_buy_cny": 1825780.7584063287,
      "unfilled_sell_cny": 1624167.909656779,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663714,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.279782051100652,
      "fee_static_negative_cash_sessions": 55,
      "fee_static_max_funding_shortfall_cny": 245697.7620518123
    },
    {
      "capital_cny": 100000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 312341.1044330918,
      "fee_cny": 193716.8583792725,
      "static_cost_cny": 341507.7841125084,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 10000,
      "buy_static_bp": 5.479452054795164,
      "sell_static_bp": 5.449591280655142,
      "buy_pilot_full_coverage_rate": 1.0,
      "sell_pilot_full_coverage_rate": 0.9999388204584388,
      "buy_requested_notional_above_anchor_fraction": 0.8941718756924999,
      "sell_requested_notional_above_anchor_fraction": 0.9075918263827985,
      "executed_buy_cny": 362184933.88087535,
      "executed_sell_cny": 262497274.9853083,
      "unfilled_buy_cny": 18257807.58406329,
      "unfilled_sell_cny": 16241679.096567787,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663717,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.3021229919252464,
      "fee_static_negative_cash_sessions": 51,
      "fee_static_max_funding_shortfall_cny": 222883.5380586873
    },
    {
      "capital_cny": 100000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 312341.1044330918,
      "fee_cny": 193716.8583792725,
      "static_cost_cny": 526891.9625329345,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 100000,
      "buy_static_bp": 8.481764206955678,
      "sell_static_bp": 8.369429423459307,
      "buy_pilot_full_coverage_rate": 0.9935353617750224,
      "sell_pilot_full_coverage_rate": 0.99811363080186,
      "buy_requested_notional_above_anchor_fraction": 0.804034687988914,
      "sell_requested_notional_above_anchor_fraction": 0.7826114502094049,
      "executed_buy_cny": 362184933.88087535,
      "executed_sell_cny": 262497274.9853083,
      "unfilled_buy_cny": 18257807.58406329,
      "unfilled_sell_cny": 16241679.096567787,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663717,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.3002691501410422,
      "fee_static_negative_cash_sessions": 51,
      "fee_static_max_funding_shortfall_cny": 408267.716479113
    },
    {
      "capital_cny": 100000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 312341.1044330918,
      "fee_cny": 193716.8583792725,
      "static_cost_cny": 1014118.5154480918,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 1000000,
      "buy_static_bp": 16.28518744550833,
      "sell_static_bp": 16.16373204837762,
      "buy_pilot_full_coverage_rate": 0.6440880169671261,
      "sell_pilot_full_coverage_rate": 0.6710579982054001,
      "buy_requested_notional_above_anchor_fraction": 0.0,
      "sell_requested_notional_above_anchor_fraction": 0.0,
      "executed_buy_cny": 362184933.88087535,
      "executed_sell_cny": 262497274.9853083,
      "unfilled_buy_cny": 18257807.58406329,
      "unfilled_sell_cny": 16241679.096567787,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663717,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.2953968846118906,
      "fee_static_negative_cash_sessions": 54,
      "fee_static_max_funding_shortfall_cny": 895494.2693942704
    },
    {
      "capital_cny": 100000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 312341.1044330918,
      "fee_cny": 193716.8583792725,
      "static_cost_cny": 2575601.866571944,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 10000000,
      "buy_static_bp": 44.39162811565423,
      "sell_static_bp": 36.86910567863411,
      "buy_pilot_full_coverage_rate": 0.1248776409168773,
      "sell_pilot_full_coverage_rate": 0.1284974304592544,
      "buy_requested_notional_above_anchor_fraction": 0.0,
      "sell_requested_notional_above_anchor_fraction": 0.0,
      "executed_buy_cny": 362184933.88087535,
      "executed_sell_cny": 262497274.9853083,
      "unfilled_buy_cny": 18257807.58406329,
      "unfilled_sell_cny": 16241679.096567787,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663717,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.279782051100652,
      "fee_static_negative_cash_sessions": 55,
      "fee_static_max_funding_shortfall_cny": 2456977.620518123
    },
    {
      "capital_cny": 1000000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 3123411.0443309178,
      "fee_cny": 1937168.583792725,
      "static_cost_cny": 3415077.841125084,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 10000,
      "buy_static_bp": 5.479452054795164,
      "sell_static_bp": 5.449591280655142,
      "buy_pilot_full_coverage_rate": 1.0,
      "sell_pilot_full_coverage_rate": 0.9999388204584388,
      "buy_requested_notional_above_anchor_fraction": 0.9980559510096194,
      "sell_requested_notional_above_anchor_fraction": 0.9976771973009176,
      "executed_buy_cny": 3621849338.808753,
      "executed_sell_cny": 2624972749.853083,
      "unfilled_buy_cny": 182578075.8406329,
      "unfilled_sell_cny": 162416790.9656779,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663714,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.3021229919252464,
      "fee_static_negative_cash_sessions": 51,
      "fee_static_max_funding_shortfall_cny": 2228835.3805868723
    },
    {
      "capital_cny": 1000000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 3123411.0443309178,
      "fee_cny": 1937168.583792725,
      "static_cost_cny": 5268919.6253293445,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 100000,
      "buy_static_bp": 8.481764206955678,
      "sell_static_bp": 8.369429423459307,
      "buy_pilot_full_coverage_rate": 0.9935353617750224,
      "sell_pilot_full_coverage_rate": 0.99811363080186,
      "buy_requested_notional_above_anchor_fraction": 0.8941718756925,
      "sell_requested_notional_above_anchor_fraction": 0.9075918263827985,
      "executed_buy_cny": 3621849338.808753,
      "executed_sell_cny": 2624972749.853083,
      "unfilled_buy_cny": 182578075.8406329,
      "unfilled_sell_cny": 162416790.9656779,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663714,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.300269150141042,
      "fee_static_negative_cash_sessions": 51,
      "fee_static_max_funding_shortfall_cny": 4082677.164791135
    },
    {
      "capital_cny": 1000000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 3123411.0443309178,
      "fee_cny": 1937168.583792725,
      "static_cost_cny": 10141185.154480916,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 1000000,
      "buy_static_bp": 16.28518744550833,
      "sell_static_bp": 16.16373204837762,
      "buy_pilot_full_coverage_rate": 0.6440880169671261,
      "sell_pilot_full_coverage_rate": 0.6710579982054001,
      "buy_requested_notional_above_anchor_fraction": 0.804034687988914,
      "sell_requested_notional_above_anchor_fraction": 0.782611450209405,
      "executed_buy_cny": 3621849338.808753,
      "executed_sell_cny": 2624972749.853083,
      "unfilled_buy_cny": 182578075.8406329,
      "unfilled_sell_cny": 162416790.9656779,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663714,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.2953968846118906,
      "fee_static_negative_cash_sessions": 54,
      "fee_static_max_funding_shortfall_cny": 8954942.693942705
    },
    {
      "capital_cny": 1000000000,
      "source_initial_capital_cny": 1000000,
      "sessions": 56,
      "original_cost_cny": 3123411.0443309178,
      "fee_cny": 1937168.583792725,
      "static_cost_cny": 25756018.66571944,
      "mean_one_way_turnover": 0.0473496125389571,
      "max_one_way_turnover": 0.4975,
      "anchor_notional_cny": 10000000,
      "buy_static_bp": 44.39162811565423,
      "sell_static_bp": 36.86910567863411,
      "buy_pilot_full_coverage_rate": 0.1248776409168773,
      "sell_pilot_full_coverage_rate": 0.1284974304592544,
      "buy_requested_notional_above_anchor_fraction": 0.0,
      "sell_requested_notional_above_anchor_fraction": 0.0,
      "executed_buy_cny": 3621849338.808753,
      "executed_sell_cny": 2624972749.853083,
      "unfilled_buy_cny": 182578075.8406329,
      "unfilled_sell_cny": 162416790.9656779,
      "gross_terminal_nav": 1.3074752383501642,
      "gross_negative_cash_sessions": 0,
      "gross_max_funding_shortfall_cny": 0.0,
      "fee_only_terminal_nav": 1.3055380697663714,
      "fee_only_negative_cash_sessions": 0,
      "fee_only_max_funding_shortfall_cny": 0.0,
      "fee_static_terminal_nav": 1.279782051100652,
      "fee_static_negative_cash_sessions": 55,
      "fee_static_max_funding_shortfall_cny": 24569776.205181237
    }
  ],
  "stress": [
    {
      "capital_cny": 10000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.001075742600127,
      "daily_initial_capital_cost_cny": 10757.426001270183,
      "terminal_cost_only_nav": 0.7640818159398937,
      "linear_cost_fraction": 0.2689356500317545,
      "compounded_cost_fraction": 0.2359181840601063,
      "anchor_notional_cny": 10000
    },
    {
      "capital_cny": 10000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.0014310716178248,
      "daily_initial_capital_cost_cny": 14310.71617824899,
      "terminal_cost_only_nav": 0.6990561963022034,
      "linear_cost_fraction": 0.3577679044562247,
      "compounded_cost_fraction": 0.3009438036977966,
      "anchor_notional_cny": 100000
    },
    {
      "capital_cny": 10000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.0023669351696331,
      "daily_initial_capital_cost_cny": 23669.35169633157,
      "terminal_cost_only_nav": 0.5529790307948302,
      "linear_cost_fraction": 0.5917337924082893,
      "compounded_cost_fraction": 0.4470209692051697,
      "anchor_notional_cny": 1000000
    },
    {
      "capital_cny": 10000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.0052956440276573,
      "daily_initial_capital_cost_cny": 52956.440276573005,
      "terminal_cost_only_nav": 0.2651581303028287,
      "linear_cost_fraction": 1.3239110069143252,
      "compounded_cost_fraction": 0.7348418696971712,
      "anchor_notional_cny": 10000000
    },
    {
      "capital_cny": 100000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.001075742600127,
      "daily_initial_capital_cost_cny": 107574.26001270184,
      "terminal_cost_only_nav": 0.7640818159398937,
      "linear_cost_fraction": 0.2689356500317545,
      "compounded_cost_fraction": 0.2359181840601063,
      "anchor_notional_cny": 10000
    },
    {
      "capital_cny": 100000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.0014310716178248,
      "daily_initial_capital_cost_cny": 143107.1617824899,
      "terminal_cost_only_nav": 0.6990561963022034,
      "linear_cost_fraction": 0.3577679044562247,
      "compounded_cost_fraction": 0.3009438036977966,
      "anchor_notional_cny": 100000
    },
    {
      "capital_cny": 100000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.0023669351696331,
      "daily_initial_capital_cost_cny": 236693.5169633157,
      "terminal_cost_only_nav": 0.5529790307948302,
      "linear_cost_fraction": 0.5917337924082893,
      "compounded_cost_fraction": 0.4470209692051697,
      "anchor_notional_cny": 1000000
    },
    {
      "capital_cny": 100000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.0052956440276573,
      "daily_initial_capital_cost_cny": 529564.40276573,
      "terminal_cost_only_nav": 0.2651581303028287,
      "linear_cost_fraction": 1.3239110069143252,
      "compounded_cost_fraction": 0.7348418696971712,
      "anchor_notional_cny": 10000000
    },
    {
      "capital_cny": 1000000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.001075742600127,
      "daily_initial_capital_cost_cny": 1075742.6001270183,
      "terminal_cost_only_nav": 0.7640818159398937,
      "linear_cost_fraction": 0.2689356500317545,
      "compounded_cost_fraction": 0.2359181840601063,
      "anchor_notional_cny": 10000
    },
    {
      "capital_cny": 1000000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.0014310716178248,
      "daily_initial_capital_cost_cny": 1431071.617824899,
      "terminal_cost_only_nav": 0.6990561963022034,
      "linear_cost_fraction": 0.3577679044562247,
      "compounded_cost_fraction": 0.3009438036977966,
      "anchor_notional_cny": 100000
    },
    {
      "capital_cny": 1000000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.0023669351696331,
      "daily_initial_capital_cost_cny": 2366935.169633157,
      "terminal_cost_only_nav": 0.5529790307948302,
      "linear_cost_fraction": 0.5917337924082893,
      "compounded_cost_fraction": 0.4470209692051697,
      "anchor_notional_cny": 1000000
    },
    {
      "capital_cny": 1000000000,
      "sessions": 250,
      "one_way_turnover": 0.6,
      "daily_cost_fraction": 0.0052956440276573,
      "daily_initial_capital_cost_cny": 5295644.0276573,
      "terminal_cost_only_nav": 0.2651581303028287,
      "linear_cost_fraction": 1.3239110069143252,
      "compounded_cost_fraction": 0.7348418696971712,
      "anchor_notional_cny": 10000000
    }
  ],
  "source_sha256": {
    "daily_ledger": "f50654c544fe942e70df8ede6fa4e7f8e136dc1f14cf0a1d614bb1af019e161b",
    "fills": "ca1ddf8a065095eb89319a917af44c225360b3cf4f029b047484900f5958bcaa",
    "orders": "52ca4e061c978b653b9a322220459465061209af8b96820fb4868524b66ef83e",
    "performance": "d1436fdf02c7dcb2a4a5cdc38ecb1da0ee690c157e1abcd5da5ef2e6fec112ec",
    "positions": "424f7df927db284c8599b97a093506c197a7ef9a7dcd91fe61e8b04d1f35d355"
  },
  "pilot_sha256": "718c4d4e717f29e7eada195a230dbed92bcde9436624c370367cac3111fb69ab",
  "original_reference_replay_max_nav_error_cny": 0.0,
  "definitions": {
    "initial_capitals_cny": [
      10000000,
      100000000,
      1000000000
    ],
    "modeled_engine": "quant_platform_shared_execution_simulator",
    "prices": "daily_adjusted_close_proxy",
    "volume": "daily_amount_5pct_participation_proxy",
    "shares": "fractional_model_no_round_lot_enforcement",
    "original_cost_replaced_bp": 5,
    "commission_assumption_bp_per_side": 1,
    "seller_stamp_bp": 5,
    "minimum_commission_cny": 0,
    "static_anchors": "three_day_2026_baseline_and_ten_day_2021_2025_2026_conditional_P50",
    "frozen_path": "replace_debits_on_fixed_fills_negative_cash_is_funding_shortfall",
    "unfilled_notional": "sum_of_unfilled_order_records_not_terminal_backlog",
    "stress": "250_sessions_60pct_each_side_cost_only_no_market_return",
    "corporate_actions_and_release_times_verified": false,
    "dynamic_impact_calibrated": false,
    "actual_order_calibrated": false,
    "verified_net_alpha": false
  },
  "expanded_reference_sha256": "43289d3c9389319b1c75bad5fe7d100a07f957b263df39c61016fbe204f03deb",
  "expanded_reference_dates": [
    "20210104",
    "20210115",
    "20210129",
    "20250102",
    "20250115",
    "20250127",
    "20260407",
    "20260416",
    "20260424",
    "20260720"
  ],
  "engine_modules_sha256": {
    "core.py": "c8584e014c67084a1220378de24639797037a0fbfe093ff445920a55004579ab",
    "config.py": "9c3cd6af0508d8227e503a43fdc22c79efdd7bc13bedda575a26d9ff6734afe4",
    "orders_ideal.py": "ca5f237ee87bfa3266b8127f4d6d689743092a4ed3eed7bf260fcf566b2962c6",
    "__init__.py": "609118c4d4d22c7886cdbd8035a1f0cde4e24c00d14197b258f780acf3727dd9",
    "models.py": "7bfab333f8f8f32346bd032e3251ca8c4401ae406e4983aaddc117f34b6b7876",
    "capacity_simulation.py": "0fab474a9c28fa914f2bd8bb353b0701e9ea1477ed6b98a4209a6d91a849b055",
    "adjusted_nav.py": "f5a7d3205fa7252b6a64dc3185c08b1acff280a2fce1e77bd3ae6dfbee1d94d6",
    "table_preparation.py": "fa666fdbf7c7714150720f329e33a616a9c4150df7b9098aaefbee2a09e1c886",
    "capacity.py": "d693c1643111b9f283f14cb77f3867dd79fd03727ece431eab5e4aac58ed5622",
    "orders_nav.py": "b5a2e3dc1b28d193434f8b232364ea278d87d0440441f522bbcf24b8dd005b4b",
    "orders_targets.py": "8461f81ec5f54a31eaa5105428927dbbc6230929b073558ab5760cf6b8ebea1b",
    "reporting.py": "97523e3c062ff3c50ca872dd1ea30ff85c99099b0486c895869807ad641dfb70",
    "results.py": "9ec72dfffd88452d77cf5316e23025f0d8b3ce7d308d9098d0e9588b74f6be50",
    "corporate_actions.py": "8206e2011847d91ba9b7c03a34468f901cc27ada62de37280a32f31e0772e098",
    "orders.py": "39d48581f0de61f7ba65e2a5421cd85706ff7537725ef34e77b6bd9b74630b66",
    "orders_nav_states.py": "1f7fdb9d9068aa89f2d5da837b0c226db3b2c4ade0121f6b988768c40a099703",
    "ideal_nav.py": "b0ef7bc059905b36139bb48c933e9ce8683dd9f7925ff98767c7fb887c590ed6"
  },
  "fee_model_module_sha256": "ea36f23753c115dfc1224ac1d69816c5063b94a6cf30760a1263d098f84d3620",
  "source_receipt_sha256": "324ecc9a1941a5604b9f837396d839cf1788168dac6bd6b6db0f7a71409c1923"
}
