diff --git a/plan.py b/plan.py
index b64a455..a8acf75 100644
--- a/plan.py
+++ b/plan.py
@@ -104,7 +104,7 @@ def _val(series: pd.Series, k: str):
 
 
 def _assemble_cards(ds: str, codes: list, ev: dict, upside: pd.Series,
-                    mkt_days: set) -> tuple[dict, list]:
+                    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，
     裁剪之前）读三路证据、逐票判决。规则在 card.py，取数在 sources.py，这里只做对齐。
 
@@ -117,10 +117,11 @@ def _assemble_cards(ds: str, codes: list, ev: dict, upside: pd.Series,
     moved = sources.moved_members(ds)
     daily = sources.stock_daily(ds)
     night = sources.night_conclusions(codes, ds)
-    try:
-        risk = factors._risk_set() or set()      # noqa: SLF001 —— 同仓自用
-    except Exception:  # noqa: BLE001 —— 风险名单拿不到时不当 ST 处理，与 gate 的宽容一致
-        risk = set()
+    if risk is None:                              # collect 会传入读过一次的名单；单独调用时自己读
+        try:
+            risk = factors._risk_set() or set()  # noqa: SLF001 —— 同仓自用
+        except Exception:  # noqa: BLE001 —— 风险名单拿不到时不当 ST 处理，与 gate 的宽容一致
+            risk = set()
     stale = bool(mkt_days) and any(x != ds for x in mkt_days)
 
     cards: dict = {}
@@ -217,8 +218,13 @@ def collect(date: str | None = None, top: int = 20, obs_top: int = 10,
     main = score[score >= _MAIN_MIN].sort_values(ascending=False)
     obs = score[score < _MAIN_MIN].sort_values(ascending=False)
     generated_at = dt.datetime.now().isoformat(timespec="seconds")
+    try:                                          # 风险名单只读一次：候选卡与升降档原因共用
+        import factors
+        risk = factors._risk_set() or set()      # noqa: SLF001 —— 同仓自用
+    except Exception:  # noqa: BLE001
+        risk = set()
     cards, segments_pointed = _assemble_cards(
-        ds, list(main.index) + list(obs.index), ev, upside, mkt_days)
+        ds, list(main.index) + list(obs.index), ev, upside, mkt_days, risk=risk)
 
     def _pick(ranked: pd.Series, n: int):
         """分数从高到低取 n 条；每个传导主题最多 theme_cap 条（0=不设限）——
@@ -299,11 +305,10 @@ def collect(date: str | None = None, top: int = 20, obs_top: int = 10,
         # 赛道闸与风险闸的成员集合（07-31 修：赛道闸开启后，"不在赛道"曾被
         # 误标成"风险闸/档位调整"、"赛道锚生效"曾被误标成"新进传导链"）。
         # 两个集合都尊重各自开关：闸没开时对应原因自然不会出现。
-        tset, risk = None, set()
+        tset = None
         try:
             import factors
             tset = factors._track_set()   # noqa: SLF001 —— 同仓自用
-            risk = factors._risk_set()    # noqa: SLF001
         except Exception:  # noqa: BLE001 —— 拿不到就退化为通用文案
             pass