diff --git a/app/core/recon.py b/app/core/recon.py
index ed410be..c4df5be 100644
--- a/app/core/recon.py
+++ b/app/core/recon.py
@@ -209,9 +209,14 @@ def map_trades_to_book(trades: list, parent_actions=None) -> dict:
                                       f"≠ amount={float(amt):.2f} (trade_no={pl.get('trade_no')})"})
 
         action = parent_actions.get(parent)
-        if side == "buy" and not action:
+        if not action:
+            # 买卖**都要**告警。原先只告警买入, 卖出静默直接核销 —— 2026-07-29 联调时一笔
+            # 认领不到的卖出就这么无声无息走完了全程; 标的当时若在持仓里, 批次已按一个
+            # 荒谬的价格核销掉, 而日志里一个字都不会有。外部卖出同样得留痕才对得上账。
+            how = ("按外部成交并入 BASE" if side == "buy"
+                   else f"按外部卖出核销 {qty} 股 @{price} (次序仍是 T0→ADD→DCA→FILL→BASE)")
             alerts.append({"level": "WARN", "code": ALERT_EXTERNAL, "ts_code": code,
-                           "message": f"成交带的指令 {iid} 在账本里找不到, 按外部成交并入 BASE "
+                           "message": f"成交带的指令 {iid} 在账本里找不到, {how} "
                                       f"(trade_no={pl.get('trade_no')})"})
         actions.append({"kind": "BUY" if side == "buy" else "SELL", "ts_code": code,
                         "qty": qty, "price": price,
diff --git a/app/repo/qmt_repo.py b/app/repo/qmt_repo.py
index df63b5d..1904052 100644
--- a/app/repo/qmt_repo.py
+++ b/app/repo/qmt_repo.py
@@ -34,6 +34,19 @@ LIVE = (OS_QUEUED, OS_SENDING, OS_SENT, OS_ACCEPTED, OS_SUBMITTED, OS_PARTIAL)
 
 CANCEL_NONE, CANCEL_REQUESTED, CANCEL_SENT = "NONE", "REQUESTED", "SENT"
 
+# 联调测试单的父指令前缀 (由 scripts/ws_smoke.py 写入)。
+# 对端的模拟环境**会造一笔完整的假成交, 且按限价全成** —— 2026-07-29 实测: 一张 99.99 的
+# 卖单 100 股全成, 而浦发实际价 10 元上下。这种成交绝不能进账本: 标的一旦恰好在持仓里,
+# 批次就按一个荒谬的价格被核销, 摊薄成本和安全垫跟着全错。那次侥幸没事只因为选了只
+# 没持有的票 —— S3 要覆盖部分成交/撤单/过期/各类拒绝, 靠选票躲是躲不过去的。
+# 对端只看得到子 instruction_id, 分辨不出联调单, 所以只能由本端反查自己的出口表。
+SMOKE_PREFIX = "SMOKE_"
+
+
+def is_smoke(parent_id) -> bool:
+    return str(parent_id or "").startswith(SMOKE_PREFIX)
+
+
 ORDER_COLS = {
     "status", "broker_order_id", "cum_qty", "cum_avg_price", "leaves_qty", "cancel_state",
     "cancel_id", "cancel_req_at", "reject_code", "reject_reason", "send_attempts",
diff --git a/app/services/ledger_service.py b/app/services/ledger_service.py
index 4c19f2a..821469b 100644
--- a/app/services/ledger_service.py
+++ b/app/services/ledger_service.py
@@ -81,6 +81,29 @@ def consume_ws_trades(*, limit: int = 500) -> dict:
         out["skipped"] = f"inbox 不可读: {type(e).__name__}"
         return out
     trades = [r for r in rows if r.get("msg_type") == "trade"]
+    if not trades:
+        return out
+
+    # 联调测试单的成交不入账。判据只查**我们自己的出口表** (pms_qmt_order.parent_instruction_id
+    # 以 SMOKE_ 开头), 不看对端字段 —— 对端只回子 instruction_id, 分不出联调还是真单;
+    # 出口表是本端写的, 骗不了自己。为什么必须挡, 见 qmt_repo.SMOKE_PREFIX 的注释。
+    # 标 processed=2 (已消化) 而不是 1 (已入账): 两者语义不同, 事后翻 inbox 一眼能看出
+    # 这笔是被有意跳过的, 而不是入账入丢了。
+    smoke, real = [], []
+    for r in trades:
+        iid = (r.get("payload") or {}).get("instruction_id") or ""
+        try:
+            od = qmt_repo.get_order(iid) if iid else None
+        except Exception as e:            # 查不到就按真单走 —— 宁可多入账也不能漏账
+            out["errors"].append(f"出口表反查 {iid} 失败: {type(e).__name__}: {e}")
+            od = None
+        (smoke if od and qmt_repo.is_smoke(od.get("parent_instruction_id")) else real).append(r)
+    if smoke:
+        seqs = [r["seq"] for r in smoke]
+        qmt_repo.inbox_mark(seqs, processed=2, note="ws 联调测试单成交, 不入账 (SMOKE_)")
+        out["smoke_skipped"] = len(smoke)
+        logger.warning("[联调] 跳过 %s 笔测试单成交, 不入账: seq=%s", len(smoke), seqs)
+    trades = real
     if not trades:
         return out
     out["trades"] = len(trades)
diff --git a/scripts/test_batch6_units.py b/scripts/test_batch6_units.py
index b257092..bd227be 100644
--- a/scripts/test_batch6_units.py
+++ b/scripts/test_batch6_units.py
@@ -430,6 +430,26 @@ def run():
         eq(m["actions"][0]["kind"], "SELL")
         eq(m["actions"][0]["lot_type"], None)
 
+    @case("认领不到的**卖出**同样告警 (2026-07-29 联调实测过的静默核销)")
+    def _():
+        # 那天一笔认领不到的卖出无声无息走完了全程: 标的若在持仓里, 批次已按 99.99 核销,
+        # 而日志一个字都没有。买入有告警、卖出没有, 这个不对称必须堵上。
+        m = rc.map_trades_to_book([_tr(1, "T#1", "GHOST_D01", side="sell", qty=100, px=99.99)],
+                                  parent_actions={})
+        eq(m["actions"][0]["kind"], "SELL")
+        eq(m["actions"][0]["instruction_id"], None)
+        al = [a for a in m["alerts"] if a["code"] == "EXTERNAL_FILL"]
+        eq(len(al), 1, "卖出认领不到必须告警")
+        assert "外部卖出核销" in al[0]["message"], al[0]["message"]
+        eq(len(m["actions"]), 1, "告警归告警, 成交仍是既成事实, 照常入账")
+
+    @case("联调测试单前缀判定 (SMOKE_ 成交不得进账本)")
+    def _():
+        from app.repo import qmt_repo as q
+        for v, want in (("SMOKE_INS-20260729-94ca27f9", True), ("INS-20260729-94ca27f9", False),
+                        ("smoke_x", False), ("", False), (None, False)):
+            eq(q.is_smoke(v), want, f"is_smoke({v!r})")
+
     print("\n[G] 严格单表访问守卫 (upsert 不得被误判成多表)")
 
     @case("ON DUPLICATE KEY UPDATE 的四条现存 upsert 全部放行")