diff --git a/factors.py b/factors.py
index 3bd5f8b..926f14f 100644
--- a/factors.py
+++ b/factors.py
@@ -93,24 +93,20 @@ def build_upside(start, end):
     cons = cons[cons["k"].isin(set(price["k"]))]
     if cons.empty:
         return _EMPTY
-    cons["asof_date"] = pd.to_datetime(cons["asof_date"])
-    price["trade_date"] = pd.to_datetime(price["trade_date"])
-    out = []
-    cons_sorted = cons.sort_values("asof_date")
-    for k, pg in price.groupby("k"):
-        cg = cons_sorted[cons_sorted["k"] == k]
-        if cg.empty:
-            continue
-        m = pd.merge_asof(pg.sort_values("trade_date"),
-                          cg[["asof_date", "target_mid_avg"]],
-                          left_on="trade_date", right_on="asof_date", direction="backward")
-        m = m.dropna(subset=["target_mid_avg"])
-        if m.empty:
-            continue
-        m["factor_value"] = m["target_mid_avg"].astype(float) / m["close"] - 1.0
-        m["stock_code"] = k
-        out.append(m[["trade_date", "stock_code", "factor_value"]])
-    return pd.concat(out) if out else _EMPTY
+    # 强制两侧键同分辨率 datetime64[ns]（pandas 2.x 不同来源可能 us/ns 混，
+    # merge_asof 会报 incompatible merge keys）
+    cons["asof_date"] = pd.to_datetime(cons["asof_date"]).astype("datetime64[ns]")
+    price["trade_date"] = pd.to_datetime(price["trade_date"]).astype("datetime64[ns]")
+    left = price[["trade_date", "k", "close"]].sort_values("trade_date")
+    right = cons[["asof_date", "k", "target_mid_avg"]].sort_values("asof_date")
+    m = pd.merge_asof(left, right, left_on="trade_date", right_on="asof_date",
+                      by="k", direction="backward")          # 每股取 asof<=当日最新目标价
+    m = m.dropna(subset=["target_mid_avg", "close"])
+    if m.empty:
+        return _EMPTY
+    m["factor_value"] = m["target_mid_avg"].astype(float) / m["close"] - 1.0
+    m = m.rename(columns={"k": "stock_code"})
+    return m[["trade_date", "stock_code", "factor_value"]]
 
 
 # ---------------------------------------------------------------- 事件
@@ -132,6 +128,8 @@ def build_event(start, end):
     ev = ev[ev["ts_code"].isin(uni)].copy()
     if ev.empty:
         return _EMPTY
+    ev["event_type"] = ev["event_type"].fillna("")
+    ev["direction"] = ev["direction"].fillna("")   # 多数事件无 direction(NULL→NaN)，先填空防 .strip 崩
     ev["pol"] = [_polarity(t, d) for t, d in zip(ev["event_type"], ev["direction"])]
     ev = ev[ev["pol"] != 0.0]
     if ev.empty: