diff --git a/api.py b/api.py
index b32a49d..cb01f7e 100644
--- a/api.py
+++ b/api.py
@@ -20,6 +20,7 @@ import pandas as pd
 from fastapi import FastAPI, HTTPException, Request
 from fastapi.responses import PlainTextResponse
 
+import card
 import config
 import db
 import logic_state_daily
@@ -185,4 +186,14 @@ def logic_state_lookup(codes: str | None = None, code: str | None = None,
             out.append({"input": c, "code": k, "date": d, "source": "computed",
                         "verdict": None, "card_rank": None, "plan_version": None,
                         **(plan._state_out(computed.get(k)) or {})})  # noqa: SLF001
+    # 安全边际三情景随状态一起回（第四件；2026-09-07 拍板持仓页显示中性情景作参考目标价，只显示不触发）。
+    # 逐票日频表里不存它，每次按此刻现算；算失败整批不带这两键，状态照回。
+    try:
+        vals = plan.valuations_for(list(keyed), d)
+        for item in out:
+            v = vals.get(item["code"])
+            item["valuation"] = v
+            item["valuation_text"] = card.valuation_view(v)
+    except Exception as e:  # noqa: BLE001 —— 估值算不出不该拖垮状态查询
+        _access.warning("logic_state valuation failed date=%s err=%r", d, e)
     return {"date": d, "count": len(out) + len(bad), "states": out + bad}
diff --git a/plan.py b/plan.py
index 6ca6e1f..b5ae734 100644
--- a/plan.py
+++ b/plan.py
@@ -259,6 +259,18 @@ def logic_states_for(codes: list, ds: str) -> dict:
     return out
 
 
+def valuations_for(codes: list, ds: str) -> dict:
+    """给定几只票的安全边际三情景（第四件），按前缀码索引。给接口 /logic_state 用：持仓页要显示
+    参考目标价（中性情景，2026-09-07 拍板：只显示不触发，不替代用户手设的目标价），而持仓票
+    不在计划里。取数与计划装配同一处：券商研报原始行、前复权收盘价。"""
+    codes = [str(c).strip() for c in (codes or []) if str(c).strip()]
+    if not codes:
+        return {}
+    rows = sources.broker_reports(codes, ds)
+    prices = sources.close_prices(ds)
+    return sources.valuation_scenarios(codes, ds, prices, rows=rows)
+
+
 def _assemble_cards(ds: str, codes: list, ev: dict, upside: pd.Series,
                     mkt_days: set, risk: set | None = None) -> tuple[dict, list]:
     """候选卡装配（2026-09-02 方案第 2.2 节第三项）：对档位表里的全部票（主榜与观察档，