diff --git a/app/services/logic_state_service.py b/app/services/logic_state_service.py
index 1afcf70..7a36ea1 100644
--- a/app/services/logic_state_service.py
+++ b/app/services/logic_state_service.py
@@ -176,6 +176,16 @@ def now_view(st) -> dict:
             "text": (reasons[0] if reasons else (st.get("why") or ""))[:160]}
 
 
+def ref_target_view(st):
+    """参考目标价: 第四件的中性情景估值 (中位每股收益乘中位市盈率), 2026-09-07 拍板在持仓页显示,
+    只显示不触发, 不替代用户手设的目标价 (到价提议只认命令表里那个)。算不出就不给。"""
+    v = st.get("valuation") if isinstance(st, dict) and isinstance(st.get("valuation"), dict) else None
+    if not v or v.get("na") or v.get("neut") is None:
+        return None
+    return {"price": v["neut"], "pess": v.get("pess"), "opt": v.get("opt"), "quarter": v.get("quarter"),
+            "firms": v.get("firms"), "as_of": v.get("as_of"), "text": st.get("valuation_text")}
+
+
 def entry_view(ts_code: str) -> dict:
     """「当初为什么买」: 首批未平批次 → 它的指令 → 该指令或它来自的提议在账本上的放行记录 → 硬数字里的
     判决依据、论断、判决与入场时的逻辑状态。三种情形都要说得出话: 有指令链、外部成交并入、账本无行。"""
@@ -229,6 +239,10 @@ def decorate_positions(rows: list, states: dict | None = None) -> list:
             r["logic_now"] = now_view(states.get(code))
         except Exception as e:  # noqa: BLE001
             r["logic_now"] = {"state": None, "text": f"读数处理失败: {type(e).__name__}"}
+        try:
+            r["ref_target"] = ref_target_view(states.get(code))
+        except Exception:  # noqa: BLE001
+            r["ref_target"] = None
         if int(r.get("total_qty") or 0) <= 0:
             r["entry"] = None
             continue
diff --git a/app/services/plan_feed.py b/app/services/plan_feed.py
index 551070e..0256cbc 100644
--- a/app/services/plan_feed.py
+++ b/app/services/plan_feed.py
@@ -613,6 +613,14 @@ def parse_logic_states(payload) -> dict:
             continue
         st["source"] = _text_or_none(it.get("source"))
         st["date"] = day
+        # 安全边际三情景 (第四件): 持仓页拿中性情景作参考目标价 (2026-09-07 拍板, 只显示不触发)。
+        v = it.get("valuation") if isinstance(it.get("valuation"), dict) else None
+        st["valuation"] = ({"neut": _float_or_none(v.get("neut")), "pess": _float_or_none(v.get("pess")),
+                            "opt": _float_or_none(v.get("opt")), "price": _float_or_none(v.get("price")),
+                            "quarter": _text_or_none(v.get("quarter")), "firms": _int_or_none(v.get("firms")),
+                            "as_of": _text_or_none(v.get("as_of")), "na": _text_or_none(v.get("na"))}
+                           if v else None)
+        st["valuation_text"] = _text_or_none(it.get("valuation_text"))
         out[code] = st
     return out
 
diff --git a/app/web/static/index.html b/app/web/static/index.html
index 8264ba3..695ff78 100644
--- a/app/web/static/index.html
+++ b/app/web/static/index.html
@@ -1565,6 +1565,10 @@ body.dock-r:not(.r-fold) .side-r .strip{display:none;}
               <span class="mono nowrap"
                     v-if="s.row.user_stop_price!=null || s.row.user_target_price!=null">{{ s.row.user_stop_price!=null ? s.row.user_stop_price : '-' }}/{{ s.row.user_target_price!=null ? s.row.user_target_price : '-' }}</span>
               <span v-else class="muted">未设</span>
+              <!-- 参考目标价 (2026-09-07 拍板): 选股系统按盈利预测算的中性情景估值, 只显示不触发,
+                   不替代上面你手设的目标价 —— 到价提议只认命令表里那个数。 -->
+              <div class="muted" v-if="s.row.ref_target" :title="s.row.ref_target.text || ''"
+                   style="font-size:11px">参考 {{ s.row.ref_target.price }}（{{ s.row.ref_target.firms }} 家中性估值，只显示不触发）</div>
             </template>
           </el-table-column>
           <!-- 入场论点随持仓走 (2026-09-07 第三件)。左栏回答「当初为什么买」: 账本里这只票首批入场那条
diff --git a/scripts/run_tests.py b/scripts/run_tests.py
index 22b9344..3d43271 100644
--- a/scripts/run_tests.py
+++ b/scripts/run_tests.py
@@ -59,16 +59,16 @@
   test_batch22_units.py 逻辑状态四态接入 (2026-09-07 第三件): 解析层收逻辑状态/硬数字带它而研判
                         白名单不收/判决候选而逻辑存疑强制交人/持仓存疑停增持侧/研究走弱
                         减持默认关且开了必交人/同轮减持优先级/早上取回与映射新鲜度/策略
-                        买入腿按来源暂停恢复/持仓视图两栏三情形/假仓库签名/安全边际整句透传 (16 例)
+                        买入腿按来源暂停恢复/持仓视图两栏三情形/假仓库签名/安全边际整句透传/参考目标价 (17 例)
   test_page_enum_guard.py 页面文案守卫 (静态扫描, 不连库不起浏览器): 枚举字段不许
                         直接印到页面上 / 判据码显示前必须剥前缀 / 不许把整个对象
                         打给交易员看 / 翻译兜底不许让英文码单独当句子   (1 例)
   test_wiring.py        装配自检: 服务层→核心→落表 全链路 (内存桩) +
                         目标价到价必定入队 (档位 full 也不自动卖) +
                         用户设的止损价与目标价单独成列显示                (70 例)
-                                                                  共 677 例
+                                                                  共 678 例
   (总数按实跑逐批相加校正过两次: 曾写 649 是笔误, 实为 650; 09-03 先后加了同轮只发一条
-   减持与研究理由两键各一例, 到 652; 09-04 加了仅展示跳过原因与空候选说明各一例, 到 654; 又加了页面文案守卫一例, 到 655; 09-07 审查修复加了跨轮减持等五例, 到 660; 第二件低把握驳回交人一例, 到 661; 第三件逻辑状态接入第二十二批十五例, 到 676; 第四件安全边际整句透传一例, 现为 677)
+   减持与研究理由两键各一例, 到 652; 09-04 加了仅展示跳过原因与空候选说明各一例, 到 654; 又加了页面文案守卫一例, 到 655; 09-07 审查修复加了跨轮减持等五例, 到 660; 第二件低把握驳回交人一例, 到 661; 第三件逻辑状态接入第二十二批十五例, 到 676; 第四件安全边际整句透传一例, 到 677; 参考目标价一例, 现为 678)
 任一子集失败即整体失败 (退出码 1)。
 
 哨兵位置清单 (2026-09-03 抄录; 改了对应的东西就得来这些地方改断言, 断言不动就是漏了):
diff --git a/scripts/test_batch22_units.py b/scripts/test_batch22_units.py
index 52c2929..90a2e25 100644
--- a/scripts/test_batch22_units.py
+++ b/scripts/test_batch22_units.py
@@ -438,6 +438,29 @@ def _():
     assert nv["state"] == "逻辑成立" and nv["settle_note"] == "维持" and "研报论断" in nv["text"], nv
 
 
+@case("参考目标价·状态应答里的估值子字典归一, 持仓行只在算得出时给 ref_target, 算不出或缺就不给")
+def _():
+    val = {"neut": 56.05, "pess": 42.64, "opt": 84.96, "price": 50.17, "quarter": "2026Q4", "firms": 8,
+           "as_of": "2026-08-28", "na": None, "implied_pe": 21.4, "odds": 0.78}
+    payload = {"date": "2026-09-04", "states": [
+        {"input": CODE, "code": "SH600000", "source": "daily", **hold(), "valuation": val, "valuation_text": "安全边际（2026 年度预测，8 家）：…"},
+        {"input": "600001.SH", "code": "SH600001", "source": "daily", **hold(), "valuation": {"na": "覆盖机构只有 1 家，不足 2 家", "firms": 1}},
+        {"input": "600002.SH", "code": "SH600002", "source": "computed", **hold()}]}
+    m = pf.parse_logic_states(payload)
+    assert m[CODE]["valuation"]["neut"] == 56.05 and m[CODE]["valuation"]["firms"] == 8, m[CODE]
+    assert "implied_pe" not in m[CODE]["valuation"] and m[CODE]["valuation_text"].startswith("安全边际"), m[CODE]
+    assert m["600001.SH"]["valuation"]["na"] and m["600002.SH"]["valuation"] is None
+    rows = [pos(), pos("600001.SH"), pos("600002.SH")]
+    from app.repo import pms_repo
+    with _Patch() as p:
+        p(pms_repo, "list_lots", lambda *a, **k: [])
+        lss.decorate_positions(rows, m)
+    assert rows[0]["ref_target"] == {"price": 56.05, "pess": 42.64, "opt": 84.96, "quarter": "2026Q4", "firms": 8,
+                                     "as_of": "2026-08-28", "text": "安全边际（2026 年度预测，8 家）：…"}, rows[0]["ref_target"]
+    assert rows[1]["ref_target"] is None and rows[2]["ref_target"] is None
+    assert lss.ref_target_view(None) is None and lss.ref_target_view({}) is None
+
+
 @case("假仓库·ledger_by_ref 与真 repo 同名同签名 (第十批 [M1] 也会扫, 这里先钉一次)")
 def _():
     import ast