{
  "method": "Recompute daily total return as (split-normalized close + known cash entitlement) / previous close, ideal ex-date reinvestment. Frozen 2026-11-06 input reproduced exactly. Not a settled-cash execution ledger or full official corporate-action certification.",
  "references": [
    {
      "path": "C:\\Users\\Administrator\\Documents\\Codex\\2026-11-04\\windows-codex-ai-1-2-10\\outputs\\永久组合视频核验\\人民币总收益输入.csv",
      "sha256": "e2809d3e1c12a728bb9272cb832f358d568481a757c75c3cb7a1c7b5ead54134"
    },
    {
      "path": "C:\\Users\\Administrator\\Documents\\Codex\\2026-11-04\\windows-codex-ai-1-2-10\\outputs\\永久组合视频核验\\人民币拆分标准化收盘.csv",
      "sha256": "b304d0dfb8de23f2583e7ca5e44812bf7391497cea2b8eeab56ec95d4ddea517"
    },
    {
      "path": "C:\\Users\\Administrator\\Documents\\Codex\\2026-11-04\\windows-codex-ai-1-2-10\\outputs\\永久组合视频核验\\数据质量与修复.json",
      "sha256": "0b9f6c78a62dde95dc0994649516b710aa4aa62b66ed50816e73492cbf9ff73d"
    },
    {
      "path": "C:\\Users\\Administrator\\Documents\\Codex\\2026-11-04\\windows-codex-ai-1-2-10\\outputs\\永久组合视频核验\\来源索引.json",
      "sha256": "7dbe12b2ff8408a20f6339644eaed4cbca4eb7747105d2b54018997b2eb5a560"
    },
    {
      "path": "C:\\Users\\Administrator\\Documents\\Codex\\2026-11-04\\windows-codex-ai-1-2-10\\outputs\\永久组合视频核验\\研究规则与视频证据.json",
      "sha256": "fdc4e5950eb3b389571d7dbde5ffb88750bb9876eb9f3cb13105827b0d24afbb"
    }
  ],
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        "raw_or_split_normalized": 4.136,
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          "raw": 3.017,
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        "2019-12-31": {
          "raw": 4.096,
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          "future_cash_subtracted": 0.368
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      }
    },
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      "unexplained_over_tolerance": {},
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      "2023-12-29": 1.783,
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    "513100.SS": {}
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      "reconstructed_total_return": {
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    "nasdaq": {
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      "reconstructed_total_return": {
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          "2021": 0.22605714285714362,
          "2022": -0.2552199850857575,
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          "2024": 0.3429513602638099,
          "2025": 0.18784530386740506
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  },
  "results": [
    {
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      "days": 1936,
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      "peak": "2021-02-10",
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      "case": "stock_2025-12-23_same_0bps_band",
      "stock": "stock",
      "cost_bps": 0,
      "execution": "same_close",
      "frequency": "band",
      "rebalance_count": 2,
      "cumulative_cost_per_100k": 0.0
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    {
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      "case": "stock_2025-12-23_next_5bps_band",
      "stock": "stock",
      "cost_bps": 5,
      "execution": "next_close",
      "frequency": "band",
      "rebalance_count": 2,
      "cumulative_cost_per_100k": 81.41959118458374
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    {
      "start": "2018-01-02",
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      "annual_returns": {
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        "2020": 0.11492844479571018,
        "2021": -0.009084182312854128,
        "2022": -0.016520103856231594,
        "2023": 0.04449720083851183,
        "2024": 0.1422947721677661,
        "2025": 0.2199979301151267
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      "case": "stock_2025-12-23_next_25bps_band",
      "stock": "stock",
      "cost_bps": 25,
      "execution": "next_close",
      "frequency": "band",
      "rebalance_count": 2,
      "cumulative_cost_per_100k": 406.18183333151393
    },
    {
      "start": "2018-01-02",
      "end": "2025-12-23",
      "days": 1936,
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      "cagr_365": 0.07119288426730774,
      "max_drawdown": 0.07672707592187611,
      "peak": "2021-02-10",
      "trough": "2022-10-31",
      "recovered": "2023-07-28",
      "peak_to_recovery_calendar_days": 898,
      "volatility_250": 0.05999114665885397,
      "annual_returns": {
        "2018": -0.03272615832073822,
        "2019": 0.15587678298663987,
        "2020": 0.12009700515734534,
        "2021": -0.00330275906890265,
        "2022": -0.01805893370502165,
        "2023": 0.030149274149515515,
        "2024": 0.14718133039808645,
        "2025": 0.19505878309973723
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      "case": "stock_2025-12-23_next_5bps_month",
      "stock": "stock",
      "cost_bps": 5,
      "execution": "next_close",
      "frequency": "monthly",
      "rebalance_count": 95,
      "cumulative_cost_per_100k": 176.27340171192483
    },
    {
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      "annual_returns": {
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        "yahoo_missing": [
          "2019-04-29",
          "2019-04-30",
          "2025-10-24"
        ],
        "crosscheck_relative_mismatch_over_0_3pct": {
          "2018-08-07": {
            "tencent": 103.26,
            "yahoo": 103.68900299072266,
            "relative": 0.004137401058442403
          }
        },
        "dividends_in_period": {
          "2025-09-23": 1.36,
          "2025-12-26": 0.833
        }
      },
      "518880.SS": {
        "tencent_missing": [],
        "yahoo_missing": [
          "2019-04-29",
          "2019-04-30",
          "2025-10-24"
        ],
        "crosscheck_relative_mismatch_over_0_3pct": {
          "2024-01-15": {
            "tencent": 4.673,
            "yahoo": 4.645999908447266,
            "relative": 0.005811470530518781
          }
        },
        "dividends_in_period": {}
      },
      "511880.SS": {
        "dividends": {
          "2018-12-28": 3.503,
          "2019-12-31": 2.519,
          "2020-12-31": 2.015,
          "2021-12-31": 2.142,
          "2022-12-30": 1.717,
          "2023-12-29": 1.783,
          "2024-12-31": 1.5521,
          "2025-12-31": 1.1553
        },
        "dividend_vs_tencent_additive_adjustment_max_error": 0.0003000000000130676,
        "yahoo": "HTTP200 but zero bars; unusable",
        "warning": "Tencent cash subtraction qfq is NOT compounded total return; rebuilt from raw + cash dividends; ideal ex-day reinvestment, not settlement-aware ledger"
      }
    },
    "repairs": [
      {
        "symbol": "513100.SS",
        "date": "2022-01-13",
        "value": 1.0384000539779663,
        "source": "Yahoo close",
        "reason": "Tencent missing; valuation only on 513100 split suspension2022-01-13; no trade allowed there"
      },
      {
        "symbol": "511260.SS",
        "date": "2018-08-17",
        "value": 102.6050033569336,
        "source": "Yahoo close",
        "reason": "Tencent missing; Yahoo observed close used for valuation; no portfolio trades on this day"
      }
    ]
  },
  "rebalance_trade_checks": "No trades on two supplemented valuation-only dates; all exact fee balances validated by independent simulator."
}