diff --git a/app/services/proposal_service.py b/app/services/proposal_service.py
index 89fe837..0901849 100644
--- a/app/services/proposal_service.py
+++ b/app/services/proposal_service.py
@@ -209,6 +209,41 @@ def _scan_open(view, params, stock_params, skip, mkt, out) -> list:
     return res["candidates"]
 
 
+def _plain_check(c) -> str:
+    """规则闸的 failed 串形如 "T1_UNAVAILABLE: 卖出…" —— 去掉给运维看的大写代码前缀, 只留中文说明。"""
+    s = str(c)
+    head, sep, tail = s.partition(":")
+    if sep and head.strip() and all(ch.isupper() or ch.isdigit() or ch == "_" for ch in head.strip()):
+        return tail.strip()
+    return s.strip()
+
+
+def _today_open_reject_reasons(now):
+    """今天各票**新建仓**被驳回的实因, 供候选处置显示真正的「为什么」:
+      判 = 决策系统给的原话 (评审账本 arbiter=judge 那行的 reason);
+      合规 = 规则闸具体未过的检查 (failed_checks, 去掉大写代码前缀)。
+    只读评审账本、按票取当天最新一条 (list_ledger 按 id 倒序); 读不到就返回空, 调用方退回概述。"""
+    judge, rule = {}, {}
+    today = now.strftime("%Y-%m-%d")
+    try:
+        for r in pms_repo.list_ledger(limit=500):
+            if r.get("verdict") != "REJECT" or r.get("action") != ae.A_OPEN:
+                continue
+            if str(r.get("decided_at"))[:10] != today:
+                continue
+            code = r.get("ts_code")
+            if not code:
+                continue
+            if r.get("arbiter") == "judge" and code not in judge:
+                judge[code] = (r.get("reason") or "").strip()
+            elif r.get("arbiter") == "rule" and code not in rule:
+                fc = r.get("failed_checks") or []
+                rule[code] = "；".join(_plain_check(x) for x in fc) if fc else (r.get("reason") or "").strip()
+    except Exception:
+        logger.exception("读当日新建仓驳回实因失败 (退回概述)")
+    return judge, rule
+
+
 def disposition_snapshot(now=None) -> dict:
     """候选池处置快照 (只读, 无副作用): 候选池里每只票今天为什么下单 / 没下单。
 
@@ -239,14 +274,17 @@ def disposition_snapshot(now=None) -> dict:
         view = portfolio.positions_view()
         params = _scan_params(view)
         stock_params = command_service.effective_stock_params()
-        # 给交易员的白话原因: 用同一套去重键 (口径与实盘扫描一致), 但值不含内部闸门术语、
-        # 也不指引任何终端命令 —— 原来的 _*_keys() 串带「研判闸/规则闸/看 make t-gate」, 那是
-        # 给日志与运维看的, 不该出现在交易员页面。落库顺序同实盘 (在途最后, 覆盖被拒)。
+        # 给交易员的白话原因: 用同一套去重键 (口径与实盘扫描一致), 但值不含内部闸门术语、也不指引
+        # 任何终端命令。能取到实因就带上实因 (决策系统原话 / 合规具体未过项), 取不到才退回概述。
+        # 落库顺序同实盘 (在途最后, 覆盖被拒)。
+        _jr, _rr = _today_open_reject_reasons(now)
         skip = {}
         for _k in _judge_rejected_open_keys():
-            skip[_k] = "决策系统今天判过暂不建仓，明天开盘会重新评估"
+            _w = _jr.get(_k[0])
+            skip[_k] = ("决策系统判暂不建仓：" + _w) if _w else "决策系统今天判过暂不建仓，明天开盘会重新评估"
         for _k in _rejected_today_keys():
-            skip[_k] = "今天没通过合规检查，明天开盘会重新评估"
+            _w = _rr.get(_k[0])
+            skip[_k] = ("未通过合规检查：" + _w) if _w else "今天没通过合规检查，明天开盘会重新评估"
         for _k in _inflight_keys():   # 在途; 前端多半已按指令/提议标成「已下单/待你确认」
             skip[_k] = "系统已经在处理这只票（见『等我拍板』或『今日在办』）"
         sink = {"skipped": []}      # 丢弃用: _scan_open 只往里 append/extend, 不读它
diff --git a/app/web/static/index.html b/app/web/static/index.html
index 37738db..3311d87 100644
--- a/app/web/static/index.html
+++ b/app/web/static/index.html
@@ -305,6 +305,14 @@ pre.json{background:var(--surface-2);border:1px solid var(--hair);border-radius:
             <el-table-column label="结束方式" min-width="150"><template #default="s"><span class="chip warn"><span class="dot"></span>{{ tx('insStatus', s.row.status) }}</span></template></el-table-column>
           </el-table>
         </el-tab-pane>
+        <el-tab-pane name="deny">
+          <template #label>今日否决 <span class="tabn">{{ denyToday.length }}</span></template>
+          <div class="sub2" style="margin:8px 2px 4px">今天考察过、但没建仓的票，连原因一起摆出来。</div>
+          <el-table :data="denyToday" size="small" max-height="320" empty-text="今天没有被否决的候选">
+            <el-table-column label="股票" width="180"><template #default="s"><b>{{ s.row.name }}</b> <span class="muted mono">{{ s.row.ts_code }}</span></template></el-table-column>
+            <el-table-column label="为什么没建仓" min-width="440"><template #default="s"><div class="why" style="margin:0">{{ s.row.why || '—' }}</div></template></el-table-column>
+          </el-table>
+        </el-tab-pane>
       </el-tabs>
       <h3 style="margin-top:14px;cursor:pointer" @click="showLedger=!showLedger">今天发生了什么 · {{ ledger.length }} 条 <span class="muted" style="font-size:12px;font-weight:normal">{{ showLedger?'▲ 收起':'▼ 展开' }}</span></h3>
       <template v-if="showLedger">
@@ -1405,6 +1413,10 @@ createApp({
       }
       return { cls: 'wait', label: '在盯', why: '' };
     }
+    const denyToday = computed(() => (planRows.value || []).map(r => {
+      const d = dispOf(r.ts_code);
+      return d.cls === 'deny' ? { ts_code: r.ts_code, name: (r.name || nm(r.ts_code)), why: d.why } : null;
+    }).filter(Boolean));
 
     const settingKeys = ['PMS_TOTAL_SCALE', 'PMS_PORTFOLIO_CAP', 'PMS_STOCK_CAP',
                          'PMS_MAX_NAMES', 'PMS_CASH_RESERVE',
@@ -1889,7 +1901,7 @@ createApp({
       strategies, stratEnabled, opLog, stratDlg, stratQty, loadStrategies, loadOpLog,
       openStrategy, validateStrategy, attachStrategy, setStrategyStatus, stratStateText, resumeBuy,
       showLedger, onPosExpand,
-      openScan, insTab, todayYmd, insLive, insDone, insEnd, dispOf, loadOpenScan };
+      openScan, insTab, todayYmd, insLive, insDone, insEnd, dispOf, loadOpenScan, denyToday };
   }
 }).use(ElementPlus).mount('#app');
 </script>