diff --git a/README.md b/README.md
index 8b3d99c..616181a 100644
--- a/README.md
+++ b/README.md
@@ -58,10 +58,11 @@ scripts/
   test_batch4_units.py 动作引擎 四类自主动作触发与数量口径          11 例
   test_batch5_units.py 决策系统信号流解析与消化口径                  8 例
   test_batch6_units.py ws 通道: 测试向量/签名/公钥形态/水位/DDL体检 51 例
-  test_wiring.py       装配自检: 服务层→核心→落表 全链路 (内存桩)   32 例
-  init_db.py           建表 (应用 ddl_pms_v1.sql, 幂等, 默认演练)
+  test_wiring.py       装配自检: 服务层→核心→落表 全链路 (内存桩)   33 例
+  init_db.py           建表 (应用 ddl_pms_v1.sql, 幂等, 默认演练; 含 DDL 体检)
   check_db.py          实机连通性与表结构自检 (需真实 .env)
-  gen_keys.py          ws 通道密钥: 生成 / 只取公钥(--pubkey) / 自检(--check)
+  gen_keys.py          ws 通道密钥: 生成 / 只取公钥(--pubkey) / PEM(--pem) / 自检(--check)
+  reset_ledger.py      清空账本并把回放游标对齐到当前 (影子运行期重来一次; 不碰下游表)
 ```
 
 ## 三条铁律
@@ -101,7 +102,12 @@ docker compose logs -f pms-ws
 git pull && docker compose build && docker compose up -d
 ```
 
-基础镜像 `python:3.11-slim` 拉取慢时，先给服务器 Docker 配置 registry 镜像加速。日志落 `./logs`（已挂载卷）；容器时区 Asia/Shanghai。管理页面的前端资源（Vue3 / ElementPlus / axios）走 unpkg CDN，浏览器需能访问外网；若内网隔离，把页面头部三行 `<script>/<link>` 换成本地文件即可（页面本身无构建步骤）。
+基础镜像 `python:3.11-slim` 拉取慢时，先给服务器 Docker 配置 registry 镜像加速。日志落 `./logs`（已挂载卷）；容器时区 Asia/Shanghai。
+
+**管理页面的两个坑**（都踩过，写在这里）：
+
+1. **前端资源走 unpkg CDN**，浏览器需能访问外网。上不了外网的表现不是报错，而是**只剩一个头部、下面全空**——`el-*` 组件全部渲染不出来。离线办法：把 Vue3 / ElementPlus / axios 三个库放进 `app/web/static/vendor/`，再把 `index.html` 头部那 5 个 URL 换成 `/static/vendor/xxx`（后端已把 `static` 挂在 `/static`，页面本身无构建步骤）。
+2. **模板里不能用自闭合的自定义标签**。`<el-alert ... />` 这种写法浏览器 HTML 解析器**不认**——只有 `br`/`img`/`input` 这类 void 元素和 SVG 才认自闭合。写成 `<el-xxx/>` 会被当成开标签，**后面所有内容都变成它的子节点**；若它带 `v-if` 且条件为假，整页就跟着消失。2026-07-29 页面白屏即此故（75 处自闭合，第一处 `<el-alert v-if="err"/>` 把整页吞掉了）。一律写成 `<el-xxx ...></el-xxx>`。
 
 **依赖版本坑**：`redis` 必须锁在 5.x。redis-py 6.x 默认按 RESP3 握手（先发 `HELLO 3`），而 208/150 两台 Redis 是 6.0 以前的版本，会回 `unknown command HELLO`，行情与 Celery 总线一起断。`requirements.txt` 已锁版本，代码侧另有 `protocol=2` 双保险；升级依赖时别把这条放开。
 
@@ -155,6 +161,20 @@ QMT ──trade/order_update──▶ pms-ws ──落 pms_qmt_inbox──▶ 
 
 影子模式下的完整闭环：页面下命令 → 方案落表 → 方案转指令 → 择时按日配额给出「今天该出多少、什么价、挂到几点」→ 你照着在 QMT 下单 → 5 分钟一次的回放把成交认领回批次账本 → 命令进度自动推进。整条链路除了「人手下单」这一步，其余与实盘接管后完全一致。
 
+### 回放游标：首次启动不追认历史
+
+`trading_order` 里躺着旧系统多年的成交。PMS 刚上线时一条在途指令都没有，若从表头开始回放，每条历史成交都会被判成「外部成交」并入 BASE 批次——账本上凭空长出一堆早已清掉的持仓，**摊薄成本与安全垫全错**，而补仓、盈利加仓、保垫减仓都挂在安全垫上，一错就是整条纪律链。
+
+所以 `PMS_REPLAY_CURSOR` 为空时，`replay_fills` **只把游标对齐到当前最新成交、一条都不入账**，并打一条 WARNING 说明。要补历史（页面「参数设置」改这个参数）：
+
+| 游标值 | 行为 |
+|---|---|
+| 留空 | 首次启动自动对齐到最新成交，不追认历史 |
+| 某个 `order_id` | 从它之后开始回放 |
+| `ALL` | 从头全量回放 |
+
+已经被历史成交污染的账本，用 `scripts/reset_ledger.py` 清掉重来（只删 PMS 自有表，绝不碰下游 `trading_*`），然后跑一次 `POST /api/ops/reconcile?apply_fix=true` 让对账以下游为准把真实持仓补回来。
+
 ## 自主提议的分流（设计 §6 / §7）
 
 动作引擎每分钟扫一遍持仓，产出 FILL / ADD / DCA / TRIM 四类候选，然后依次过三道：
diff --git a/app/repo/downstream_repo.py b/app/repo/downstream_repo.py
index dd01770..d7136d0 100644
--- a/app/repo/downstream_repo.py
+++ b/app/repo/downstream_repo.py
@@ -135,6 +135,18 @@ def fetch_filled_orders(*, since_id=None, since_time=None, limit: int = 500) ->
     return [_norm_order(r) for r in rows]
 
 
+def latest_filled_order_id():
+    """当前已成交单里最大的 order_id —— 回放游标冷启动时的锚点。
+
+    取 MAX 而不是"最新时间", 是为了跟游标推进用同一把尺子: `fetch_filled_orders` 走的是
+    `order_id > :sid` + `ORDER BY order_id ASC`, 即**字典序** (order_id 形如
+    `SELL_601956.SH_1778549400`, 并非时间序)。锚点若按时间取, 会跟字典序对不上而漏行。
+    """
+    r = fetch_one("SELECT MAX(order_id) AS mx FROM trading_order WHERE order_status IN ('"
+                  + "', '".join(FILLED_STATUSES) + "')")
+    return (r or {}).get("mx")
+
+
 def _norm_order(r: dict) -> dict:
     side = str(r.get("order_side") or "").strip().lower()
     if side in ("1", "b", "买入", "买"):
diff --git a/app/services/ledger_service.py b/app/services/ledger_service.py
index 87bc791..e8900db 100644
--- a/app/services/ledger_service.py
+++ b/app/services/ledger_service.py
@@ -27,15 +27,49 @@ from app.services import market, param_store, portfolio
 logger = logging.getLogger("pms.ledger")
 
 CURSOR_KEY = "PMS_REPLAY_CURSOR"
+CURSOR_ALL = "ALL"          # 游标设成这个值 = 显式要求从头全量回放 (见 _seed_cursor)
 STREAK_KEY = "PMS_RECON_STREAK"
 LIVE_INSTR = ("DISPATCHED", "JUDGE_PASSED", "RULE_PASSED")
 
 
 # ================================================================ 回放
+def _seed_cursor(out: dict) -> dict:
+    """首次回放: 把游标对齐到当前最新成交, **不追认历史**。
+
+    `trading_order` 里躺着旧系统多年的成交记录。PMS 刚上线时一条在途指令都没有, 若从头
+    回放, 每一条历史成交都会被判成「外部成交」并入 BASE 批次 —— 账本上凭空长出一堆早就
+    清掉的持仓, 摊薄成本与安全垫全错, 日志还刷几百条 EXTERNAL_FILL 告警。而安全垫是补仓、
+    盈利加仓、保垫减仓共同的判断依据, 它一错整条纪律链跟着错。**账本必须从干净的起点开始。**
+
+    要补历史有两条路 (页面「参数设置」改 PMS_REPLAY_CURSOR):
+      * 设成某个 order_id  → 从它之后开始回放
+      * 设成 ALL           → 从头全量回放
+    """
+    try:
+        anchor = downstream_repo.latest_filled_order_id()
+    except Exception as e:
+        out.update({"ok": False, "errors": [f"读下游最新成交失败: {type(e).__name__}: {e}"]})
+        return out
+    if not anchor:
+        out["note"] = "下游暂无已成交单, 游标待下次再对齐"
+        return out
+    pms_repo.set_param(CURSOR_KEY, anchor, updated_by="system")
+    out.update({"cursor": anchor, "seeded": True})
+    out["note"] = (f"首次回放: 游标已对齐到当前最新成交 {anchor}, **不追认历史** —— "
+                   f"账本从现在起跟踪。需要补历史请在页面把 PMS_REPLAY_CURSOR 改成某个 "
+                   f"order_id (从它之后开始) 或 {CURSOR_ALL} (从头全量)")
+    logger.warning("[replay_fills] %s", out["note"])
+    return out
+
+
 def replay_fills(*, limit: int = 500) -> dict:
     """增量回放 trading_order 已成交单 → 批次入账 (每 5 分钟一跳, 幂等)。"""
     out = {"ok": True, "fills": 0, "actions": 0, "alerts": [], "errors": [], "cursor": None}
-    cursor = pms_repo.get_param(CURSOR_KEY) or None
+    cursor = pms_repo.get_param(CURSOR_KEY)
+    if not cursor:                       # 从未设过 (或被清空) —— 冷启动, 只对齐游标不入账
+        return _seed_cursor(out)
+    if str(cursor).strip().upper() == CURSOR_ALL:
+        cursor = None                    # 显式要求从头全量回放
     try:
         fills = downstream_repo.fetch_filled_orders(since_id=cursor, limit=limit)
     except Exception as e:
diff --git a/app/services/param_store.py b/app/services/param_store.py
index 7a81093..e4adcd8 100644
--- a/app/services/param_store.py
+++ b/app/services/param_store.py
@@ -41,7 +41,7 @@ RUNTIME_EXTRA = {
     "PMS_GLOBAL_EXEC_HALT": (False, bool, "全局暂停执行 / 休假模式"),
     "PMS_BRAKE_UNTIL": (0, int, "组合刹车解除日 YYYYMMDD, 0=未刹车"),
     "PMS_HIGH_WATER": (0.0, float, "组合市值高水位 (刹车判定基准)"),
-    "PMS_REPLAY_CURSOR": ("", str, "成交回放游标 (trading_order.order_id)"),
+    "PMS_REPLAY_CURSOR": ("", str, "成交回放游标 (trading_order.order_id)。留空=首次启动时自动对齐到当前最新成交且不追认历史; 填某个 order_id=从它之后开始; 填 ALL=从头全量回放"),
     "PMS_RECON_STREAK": (0, int, "连续对账不一致天数"),
 }
 
@@ -70,7 +70,7 @@ DESC = {
     "PMS_EOD_FORCE_TIME": "当日配额兜底时点", "PMS_EOD_FORCE_DISCOUNT": "兜底限价系数 (卖出)",
     "PMS_MIN_LOT_MERGE": "一手检查: 批次自动合并",
     "PMS_DISPATCH_EXPIRE_MIN": "指令下发后未被接受的过期时间 (分钟)",
-    "PMS_DISPATCH_MODE": "下发通道: shadow=只记账待人工 / ws=WebSocket 直连 QMT (待实现)",
+    "PMS_DISPATCH_MODE": "下发通道: shadow=只记账待人工 / ws=WebSocket 直连 QMT (需先起 pms-ws)",
     "PMS_EXEC_SLICES": "当日配额分几笔出手",
     "PMS_ORDER_TTL_MIN": "单笔挂单有效期 (交易分钟), 到点下游自动撤; 兜底单不受限",
     "PMS_RISK_WARN_ENTRY": "单笔敞口告警线 (占规模)", "PMS_RISK_WARN_PORTFOLIO": "组合敞口告警线",
diff --git a/app/web/main.py b/app/web/main.py
index a317006..9663359 100644
--- a/app/web/main.py
+++ b/app/web/main.py
@@ -35,6 +35,18 @@ STATIC_DIR = os.path.join(os.path.dirname(os.path.abspath(__file__)), "static")
 
 app = FastAPI(title="PMS 持仓管理系统", version=VERSION)
 
+# 把 static 目录挂到 /static —— 内网隔离时的离线兜底:
+# 页面默认从 unpkg 取 Vue3 / ElementPlus / axios, 浏览器上不了外网就会白屏 (更准确地说是
+# 只剩一个光秃秃的头部, 因为 el-* 组件全渲染不出来)。把三个库放进 static/vendor/ 再把
+# index.html 头部那五个 URL 换成 /static/vendor/xxx 即可离线运行, 无需构建步骤。
+# 具体做法见 README「管理页面」一节。
+try:
+    from fastapi.staticfiles import StaticFiles
+    if os.path.isdir(STATIC_DIR):
+        app.mount("/static", StaticFiles(directory=STATIC_DIR), name="static")
+except Exception as _e:            # 挂不上不影响任何 API, 页面照常从 CDN 取
+    logger.warning("静态目录挂载失败 (不影响接口): %s", _e)
+
 
 def ok(fn, *args, **kw):
     """统一出参包装: 成功 {"ok":true, ...}; 失败 {"ok":false,"error":...} 且 HTTP 200。"""
diff --git a/app/web/static/index.html b/app/web/static/index.html
index 204e1fb..ef2e994 100644
--- a/app/web/static/index.html
+++ b/app/web/static/index.html
@@ -58,17 +58,17 @@
   </div>
 
   <el-alert v-if="err" class="banner" :title="err" type="error" effect="dark" show-icon
-            @close="err=''"/>
+            @close="err=''"></el-alert>
   <el-alert v-if="ov.sector_ready===false" class="banner" type="warning" effect="dark" show-icon
             :closable="false"
-            title="行业划分数据源未配置 —— 行业集中度硬拦截已停用, 行业类命令置灰 (设计 §5)"/>
+            title="行业划分数据源未配置 —— 行业集中度硬拦截已停用, 行业类命令置灰 (设计 §5)"></el-alert>
   <el-alert v-if="ov.price_missing && ov.price_missing.length" class="banner" type="warning"
             effect="dark" show-icon :closable="false"
-            :title="'以下持仓取不到实时价, 已用摊薄成本兜底: ' + ov.price_missing.join(', ')"/>
+            :title="'以下持仓取不到实时价, 已用摊薄成本兜底: ' + ov.price_missing.join(', ')"></el-alert>
   <el-alert v-if="health.calendar_degraded" class="banner" type="warning" effect="dark" show-icon
-            :closable="false" title="交易日历降级: 未安装 chinesecalendar, 节假日不可辨"/>
+            :closable="false" title="交易日历降级: 未安装 chinesecalendar, 节假日不可辨"></el-alert>
   <el-alert v-if="dm.shadow" class="banner" type="info" effect="dark" show-icon :closable="false"
-            :title="'影子运行中 —— ' + (dm.hint || '')"/>
+            :title="'影子运行中 —— ' + (dm.hint || '')"></el-alert>
 
   <div class="metrics">
     <div class="m"><div class="k">总规模</div><div class="v">{{ money(ov.scale) }}</div></div>
@@ -96,30 +96,30 @@
         <el-button size="small" @click="loadParams">放弃修改</el-button>
       </div>
       <el-table :data="params" size="small" height="560" border>
-        <el-table-column prop="key" label="参数" width="240" class-name="mono"/>
+        <el-table-column prop="key" label="参数" width="240" class-name="mono"></el-table-column>
         <el-table-column label="当前值" width="200">
           <template #default="s">
             <el-select v-if="s.row.key==='PMS_AUTONOMY'" v-model="s.row.value" size="small">
-              <el-option v-for="o in ['full','propose_only','off']" :key="o" :label="o" :value="o"/>
+              <el-option v-for="o in ['full','propose_only','off']" :key="o" :label="o" :value="o"></el-option>
             </el-select>
             <el-select v-else-if="s.row.key==='PMS_SECTOR_SOURCE'" v-model="s.row.value" size="small">
-              <el-option label="(空) 停用行业约束" value=""/>
-              <el-option label="custom_table" value="custom_table"/>
-              <el-option label="gp_stock_category" value="gp_stock_category"/>
+              <el-option label="(空) 停用行业约束" value=""></el-option>
+              <el-option label="custom_table" value="custom_table"></el-option>
+              <el-option label="gp_stock_category" value="gp_stock_category"></el-option>
             </el-select>
-            <el-switch v-else-if="s.row.type==='bool'" v-model="s.row.value"/>
-            <el-input v-else v-model="s.row.value" size="small"/>
+            <el-switch v-else-if="s.row.type==='bool'" v-model="s.row.value"></el-switch>
+            <el-input v-else v-model="s.row.value" size="small"></el-input>
           </template>
         </el-table-column>
-        <el-table-column prop="file_default" label="文件初值" width="130"/>
+        <el-table-column prop="file_default" label="文件初值" width="130"></el-table-column>
         <el-table-column label="来源" width="80">
           <template #default="s">
             <el-tag size="small" :type="s.row.source==='table'?'success':'info'" effect="dark">
               {{ s.row.source==='table' ? '页面' : '文件' }}</el-tag>
           </template>
         </el-table-column>
-        <el-table-column prop="desc" label="说明" min-width="260"/>
-        <el-table-column prop="updated_at" label="更新时间" width="160" class-name="muted"/>
+        <el-table-column prop="desc" label="说明" min-width="260"></el-table-column>
+        <el-table-column prop="updated_at" label="更新时间" width="160" class-name="muted"></el-table-column>
       </el-table>
     </el-tab-pane>
 
@@ -149,7 +149,7 @@
           <div v-for="(f,name) in curSpec.fields" :key="name" class="row">
             <span class="muted">{{ fieldLabel(name) }}</span>
             <el-select v-if="f.type==='enum'" v-model="form.params[name]" size="small" style="width:150px">
-              <el-option v-for="o in f.choices" :key="o" :label="o" :value="o"/>
+              <el-option v-for="o in f.choices" :key="o" :label="o" :value="o"></el-option>
             </el-select>
             <el-input v-else v-model="form.params[name]" size="small" style="width:150px"
                       :placeholder="f.required===false ? '可留空(默认)' : ''">
@@ -158,7 +158,7 @@
               <template v-else-if="f.type==='price'" #append>元</template>
             </el-input>
           </div>
-          <el-input v-model="form.note" size="small" style="width:200px" placeholder="备注(可选)"/>
+          <el-input v-model="form.note" size="small" style="width:200px" placeholder="备注(可选)"></el-input>
           <el-button type="primary" size="small" :loading="issuing" @click="issue(false)">下达</el-button>
         </div>
         <div class="muted" style="margin-top:8px" v-if="curSpec && curSpec.cls==='task'">
@@ -179,22 +179,22 @@
                 <el-button size="small" style="margin:8px 0" @click="loadPlans(s.row.command_id)">
                   查看方案明细</el-button>
                 <el-table v-if="plansOf===s.row.command_id" :data="plans" size="small" border>
-                  <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"/>
-                  <el-table-column prop="action" label="动作" width="80"/>
-                  <el-table-column prop="qty" label="数量" width="90"/>
+                  <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"></el-table-column>
+                  <el-table-column prop="action" label="动作" width="80"></el-table-column>
+                  <el-table-column prop="qty" label="数量" width="90"></el-table-column>
                   <el-table-column label="金额" width="110">
                     <template #default="p">{{ money(p.row.amount) }}</template></el-table-column>
-                  <el-table-column prop="priority" label="优先级" width="80"/>
-                  <el-table-column prop="status" label="状态" width="90"/>
-                  <el-table-column prop="deadline" label="截止" width="110"/>
-                  <el-table-column prop="reason" label="理由" min-width="260"/>
+                  <el-table-column prop="priority" label="优先级" width="80"></el-table-column>
+                  <el-table-column prop="status" label="状态" width="90"></el-table-column>
+                  <el-table-column prop="deadline" label="截止" width="110"></el-table-column>
+                  <el-table-column prop="reason" label="理由" min-width="260"></el-table-column>
                 </el-table>
               </div>
             </template>
           </el-table-column>
-          <el-table-column prop="command_id" label="命令号" width="160" class-name="mono"/>
-          <el-table-column prop="cmd_type" label="类型" width="160"/>
-          <el-table-column prop="ts_code" label="标的" width="110" class-name="mono"/>
+          <el-table-column prop="command_id" label="命令号" width="160" class-name="mono"></el-table-column>
+          <el-table-column prop="cmd_type" label="类型" width="160"></el-table-column>
+          <el-table-column prop="ts_code" label="标的" width="110" class-name="mono"></el-table-column>
           <el-table-column label="状态" width="100">
             <template #default="s">
               <el-tag size="small" effect="dark" :type="stTag(s.row.status)">{{ s.row.status }}</el-tag>
@@ -204,7 +204,7 @@
             <template #default="s">
               <div v-if="s.row.progress && s.row.progress.target_amount">
                 <el-progress :percentage="progPct(s.row.progress)" :stroke-width="10"
-                             :text-inside="true" status="success"/>
+                             :text-inside="true" status="success"></el-progress>
                 <span class="muted">{{ money(s.row.progress.done_amount) }} /
                   {{ money(s.row.progress.target_amount) }}
                   <template v-if="s.row.progress.gap"> · 缺口 {{ money(s.row.progress.gap) }}</template>
@@ -213,7 +213,7 @@
               <span v-else class="muted">{{ (s.row.progress||{}).plan_count || 0 }} 条方案</span>
             </template>
           </el-table-column>
-          <el-table-column prop="issued_at" label="下达时间" width="160" class-name="muted"/>
+          <el-table-column prop="issued_at" label="下达时间" width="160" class-name="muted"></el-table-column>
           <el-table-column label="操作" width="150">
             <template #default="s">
               <el-button size="small" :disabled="!canCancel(s.row)"
@@ -237,23 +237,23 @@
                 <el-button size="small" @click="loadLots(s.row.ts_code)">查看批次</el-button>
                 <el-table v-if="lotsOf===s.row.ts_code" :data="lots" size="small" border
                           style="margin-top:8px">
-                  <el-table-column prop="lot_type" label="批次" width="90"/>
-                  <el-table-column prop="qty" label="剩余" width="90"/>
-                  <el-table-column prop="closed_qty" label="已核销" width="90"/>
-                  <el-table-column prop="open_price" label="开仓价" width="100"/>
-                  <el-table-column prop="close_avg_price" label="核销均价" width="100"/>
-                  <el-table-column prop="realized_pnl" label="已实现" width="100"/>
-                  <el-table-column prop="open_date" label="开仓日" width="110"/>
+                  <el-table-column prop="lot_type" label="批次" width="90"></el-table-column>
+                  <el-table-column prop="qty" label="剩余" width="90"></el-table-column>
+                  <el-table-column prop="closed_qty" label="已核销" width="90"></el-table-column>
+                  <el-table-column prop="open_price" label="开仓价" width="100"></el-table-column>
+                  <el-table-column prop="close_avg_price" label="核销均价" width="100"></el-table-column>
+                  <el-table-column prop="realized_pnl" label="已实现" width="100"></el-table-column>
+                  <el-table-column prop="open_date" label="开仓日" width="110"></el-table-column>
                   <el-table-column prop="instruction_id" label="来源指令" min-width="180"
-                                   class-name="mono"/>
-                  <el-table-column prop="note" label="备注" min-width="160"/>
+                                   class-name="mono"></el-table-column>
+                  <el-table-column prop="note" label="备注" min-width="160"></el-table-column>
                 </el-table>
               </div>
             </template>
           </el-table-column>
-          <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"/>
-          <el-table-column prop="sector" label="行业" width="100"/>
-          <el-table-column prop="status" label="状态" width="90"/>
+          <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"></el-table-column>
+          <el-table-column prop="sector" label="行业" width="100"></el-table-column>
+          <el-table-column prop="status" label="状态" width="90"></el-table-column>
           <el-table-column label="冻结" width="110">
             <template #default="s">
               <el-tag v-if="s.row.frozen_reason && s.row.frozen_reason!=='NONE'" size="small"
@@ -261,13 +261,13 @@
               <span v-else class="muted">—</span>
             </template>
           </el-table-column>
-          <el-table-column prop="total_qty" label="持仓" width="90"/>
-          <el-table-column prop="avail_qty" label="可卖" width="90"/>
+          <el-table-column prop="total_qty" label="持仓" width="90"></el-table-column>
+          <el-table-column prop="avail_qty" label="可卖" width="90"></el-table-column>
           <el-table-column label="批次(底/补/加/补仓/T)" width="170">
             <template #default="s"><span class="mono nowrap">{{ s.row.base_qty }}/{{ s.row.fill_qty }}/{{ s.row.add_qty }}/{{ s.row.dca_qty }}/{{ s.row.t0_qty }}</span></template>
           </el-table-column>
-          <el-table-column prop="avg_cost" label="摊薄成本" width="100"/>
-          <el-table-column prop="price" label="现价" width="90"/>
+          <el-table-column prop="avg_cost" label="摊薄成本" width="100"></el-table-column>
+          <el-table-column prop="price" label="现价" width="90"></el-table-column>
           <el-table-column label="安全垫" width="130">
             <template #default="s">
               <el-tag size="small" effect="dark" :type="cuTag(s.row.cushion_state)">
@@ -311,33 +311,33 @@
                 <el-table v-if="((s.row.progress||{}).children||[]).length"
                           :data="s.row.progress.children" size="small" border
                           style="margin-top:6px">
-                  <el-table-column prop="ymd" label="日期" width="100"/>
-                  <el-table-column prop="at" label="时点" width="90"/>
-                  <el-table-column prop="qty" label="数量" width="90"/>
-                  <el-table-column prop="limit" label="限价" width="90"/>
-                  <el-table-column prop="mode" label="通道" width="100"/>
+                  <el-table-column prop="ymd" label="日期" width="100"></el-table-column>
+                  <el-table-column prop="at" label="时点" width="90"></el-table-column>
+                  <el-table-column prop="qty" label="数量" width="90"></el-table-column>
+                  <el-table-column prop="limit" label="限价" width="90"></el-table-column>
+                  <el-table-column prop="mode" label="通道" width="100"></el-table-column>
                   <el-table-column label="兜底" width="70">
                     <template #default="c">{{ c.row.forced ? '是' : '—' }}</template>
                   </el-table-column>
-                  <el-table-column prop="reason" label="出手依据" min-width="260"/>
+                  <el-table-column prop="reason" label="出手依据" min-width="260"></el-table-column>
                 </el-table>
                 <div v-else class="muted" style="margin-top:6px">尚无出手记录</div>
               </div>
             </template>
           </el-table-column>
-          <el-table-column prop="instruction_id" label="指令号" width="230" class-name="mono"/>
-          <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"/>
-          <el-table-column prop="action" label="动作" width="80"/>
-          <el-table-column prop="side" label="方向" width="70"/>
-          <el-table-column prop="qty" label="数量" width="80"/>
-          <el-table-column prop="exec_qty" label="已成交" width="80"/>
+          <el-table-column prop="instruction_id" label="指令号" width="230" class-name="mono"></el-table-column>
+          <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"></el-table-column>
+          <el-table-column prop="action" label="动作" width="80"></el-table-column>
+          <el-table-column prop="side" label="方向" width="70"></el-table-column>
+          <el-table-column prop="qty" label="数量" width="80"></el-table-column>
+          <el-table-column prop="exec_qty" label="已成交" width="80"></el-table-column>
           <el-table-column label="进度" width="130">
             <template #default="s">
-              <el-progress :percentage="insPct(s.row)" :stroke-width="10" :text-inside="true"/>
+              <el-progress :percentage="insPct(s.row)" :stroke-width="10" :text-inside="true"></el-progress>
             </template>
           </el-table-column>
-          <el-table-column prop="status" label="状态" width="115"/>
-          <el-table-column prop="origin_type" label="来源" width="80"/>
+          <el-table-column prop="status" label="状态" width="115"></el-table-column>
+          <el-table-column prop="origin_type" label="来源" width="80"></el-table-column>
           <el-table-column label="操作" width="90">
             <template #default="s">
               <el-button size="small" @click="cancelIns(s.row.instruction_id)">撤销</el-button>
@@ -352,20 +352,20 @@
       <div class="panel">
         <h3>评审账本 (规则闸 / 研判闸 / 人工裁决全量留痕)</h3>
         <el-table :data="ledger" size="small" border max-height="260">
-          <el-table-column prop="decided_at" label="时间" width="160"/>
-          <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"/>
-          <el-table-column prop="action" label="动作" width="90"/>
-          <el-table-column prop="arbiter" label="评审方" width="90"/>
+          <el-table-column prop="decided_at" label="时间" width="160"></el-table-column>
+          <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"></el-table-column>
+          <el-table-column prop="action" label="动作" width="90"></el-table-column>
+          <el-table-column prop="arbiter" label="评审方" width="90"></el-table-column>
           <el-table-column label="结论" width="90">
             <template #default="s">
               <el-tag size="small" effect="dark" :type="s.row.verdict==='PASS'?'success':'danger'">
                 {{ s.row.verdict }}</el-tag></template>
           </el-table-column>
-          <el-table-column prop="price_at" label="评审价" width="90"/>
+          <el-table-column prop="price_at" label="评审价" width="90"></el-table-column>
           <el-table-column label="未通过项" min-width="240">
             <template #default="s"><span class="muted">{{ (s.row.failed_checks||[]).join(' | ') }}</span></template>
           </el-table-column>
-          <el-table-column prop="reason" label="理由" min-width="200"/>
+          <el-table-column prop="reason" label="理由" min-width="200"></el-table-column>
         </el-table>
       </div>
     </el-tab-pane>
@@ -374,7 +374,7 @@
     <el-tab-pane name="prop">
       <template #label>
         提议确认
-        <el-badge v-if="proposals.length" :value="proposals.length" class="ml"/>
+        <el-badge v-if="proposals.length" :value="proposals.length" class="ml"></el-badge>
       </template>
       <div class="panel">
         <h3>待确认队列 (自主档位 {{ ov.autonomy }})</h3>
@@ -384,17 +384,17 @@
         </div>
         <el-alert v-if="dm.judge && !dm.judge.available" type="warning" effect="dark" show-icon
                   :closable="false" style="margin-bottom:10px"
-                  :title="'研判闸未接通 —— ' + dm.judge.reason + ' (补足/加仓/补仓一律降级为人工确认)'"/>
+                  :title="'研判闸未接通 —— ' + dm.judge.reason + ' (补足/加仓/补仓一律降级为人工确认)'"></el-alert>
         <el-table :data="proposals" size="small" border max-height="420">
-          <el-table-column prop="proposal_id" label="提议号" width="230" class-name="mono"/>
-          <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"/>
-          <el-table-column prop="action" label="动作" width="90"/>
-          <el-table-column prop="qty" label="数量" width="90"/>
+          <el-table-column prop="proposal_id" label="提议号" width="230" class-name="mono"></el-table-column>
+          <el-table-column prop="ts_code" label="股票" width="110" class-name="mono"></el-table-column>
+          <el-table-column prop="action" label="动作" width="90"></el-table-column>
+          <el-table-column prop="qty" label="数量" width="90"></el-table-column>
           <el-table-column label="硬数字" min-width="320">
             <template #default="s"><span class="mono muted">{{ JSON.stringify(s.row.hard_numbers) }}</span></template>
           </el-table-column>
-          <el-table-column prop="judge_verdict" label="研判" width="100"/>
-          <el-table-column prop="expire_at" label="失效时间" width="160"/>
+          <el-table-column prop="judge_verdict" label="研判" width="100"></el-table-column>
+          <el-table-column prop="expire_at" label="失效时间" width="160"></el-table-column>
           <el-table-column label="裁决" width="170">
             <template #default="s">
               <el-button size="small" type="success" @click="decide(s.row,'ACCEPTED')">采纳</el-button>
@@ -444,7 +444,7 @@
     <div v-if="(report.report||{}).attention">
       <h3 style="color:#409EFF;font-size:14px">关注区</h3>
       <el-table :data="report.report.attention" size="small" border>
-        <el-table-column prop="type" label="事项" width="130"/>
+        <el-table-column prop="type" label="事项" width="130"></el-table-column>
         <el-table-column label="内容">
           <template #default="s"><span class="mono muted">{{ JSON.stringify(s.row) }}</span></template>
         </el-table-column>
diff --git a/scripts/reset_ledger.py b/scripts/reset_ledger.py
new file mode 100644
index 0000000..08754be
--- /dev/null
+++ b/scripts/reset_ledger.py
@@ -0,0 +1,123 @@
+# -*- coding: utf-8 -*-
+"""
+清空 PMS 账本并把回放游标对齐到当前 (影子运行期的重来一次)
+===========================================================
+运行:
+  docker compose run --rm pms-web python scripts/reset_ledger.py          # 演练, 只统计不删
+  docker compose run --rm pms-web python scripts/reset_ledger.py --yes    # 实际执行
+  docker compose run --rm pms-web python scripts/reset_ledger.py --yes --keep-commands
+
+什么时候用
+----------
+账本被脏数据污染、需要从干净起点重来时。典型场景就是 2026-07-29 那次: 首次启动时回放游标
+为空, `replay_fills` 从 `trading_order` 表头开始扫, 把旧系统多年的历史成交**全部**当成
+「外部成交」并入 BASE 批次 —— 账本上凭空长出一堆早已清掉的持仓, 摊薄成本与安全垫全错。
+(该 bug 已修: 游标为空时只对齐不追认, 见 ledger_service._seed_cursor。)
+
+**只动 PMS 自有表, 绝不碰下游的 trading_*** —— 那三张表归下游系统维护, PMS 只读。
+
+清完之后账本是空的, 而真实持仓在 QMT 那边。要让账本反映真实持仓, 有两条路:
+  * 让日终对账把下游持仓补进来 (以下游为准, 会生成 RECON 批次), 或
+  * 在页面用建仓命令把已有持仓登记成 BASE 批次
+影子运行期一般选前者: 跑一次 `POST /api/ops/reconcile?apply_fix=true`。
+"""
+import argparse
+import os
+import sys
+
+sys.path.insert(0, os.path.dirname(os.path.dirname(os.path.abspath(__file__))))
+
+# 账本类表 —— 会被清空
+LEDGER_TABLES = ["pms_lot", "pms_position", "pms_instruction", "pms_action_ledger",
+                 "pms_qmt_order", "pms_qmt_inbox"]
+# 命令与方案 —— 默认也清 (方案指向的指令都没了, 留着只会是孤儿); --keep-commands 可保留
+COMMAND_TABLES = ["pms_plan", "pms_command", "pms_proposal"]
+# 绝不碰: 下游三表 / 行业映射 / 参数表 / 日报
+NEVER_TOUCH = ["trading_order", "trading_position", "trading_buy_plan",
+               "pms_industry_map", "pms_runtime_param", "pms_daily_report"]
+
+
+def main():
+    ap = argparse.ArgumentParser()
+    ap.add_argument("--yes", action="store_true", help="确认执行 (缺省只演练)")
+    ap.add_argument("--keep-commands", action="store_true",
+                    help="保留命令/方案/提议, 只清账本与指令")
+    ap.add_argument("--no-seed", action="store_true",
+                    help="不重置回放游标 (默认会把它对齐到当前最新成交)")
+    args = ap.parse_args()
+
+    from app.db.session import execute, fetch_one
+    from app.repo import downstream_repo, pms_repo
+    from app.services.ledger_service import CURSOR_KEY
+
+    tables = list(LEDGER_TABLES) + ([] if args.keep_commands else COMMAND_TABLES)
+
+    print("将清空以下表:")
+    total = 0
+    for t in tables:
+        try:
+            n = int((fetch_one(f"SELECT COUNT(*) AS n FROM {t}") or {}).get("n") or 0)
+            total += n
+            print(f"  {t:<22} {n} 行")
+        except Exception as e:
+            print(f"  {t:<22} 读取失败: {type(e).__name__}: {e}")
+    print(f"\n合计 {total} 行。以下表**不会**被动: {', '.join(NEVER_TOUCH)}")
+
+    cur = pms_repo.get_param(CURSOR_KEY)
+    print(f"\n当前回放游标: {cur or '(空)'}")
+    if not args.no_seed:
+        try:
+            anchor = downstream_repo.latest_filled_order_id()
+            print(f"将把游标对齐到当前最新成交: {anchor or '(下游暂无成交)'}")
+            print("  → 此后只跟踪新成交, 不再追认历史")
+        except Exception as e:
+            anchor = None
+            print(f"读下游最新成交失败 (游标将清空): {type(e).__name__}: {e}")
+    else:
+        anchor = None
+        print("--no-seed: 游标保持不变")
+
+    if not args.yes:
+        print("\n[演练模式] 未删除任何数据。确认后加 --yes 重跑:")
+        print("  docker compose run --rm pms-web python scripts/reset_ledger.py --yes")
+        return
+
+    print()
+    failed = []
+    for t in tables:
+        try:
+            n = execute(f"DELETE FROM {t}")
+            print(f"  OK    {t:<22} 删除 {n} 行")
+        except Exception as e:
+            print(f"  FAIL  {t:<22} {type(e).__name__}: {e}")
+            failed.append(t)
+
+    if not args.no_seed:
+        try:
+            pms_repo.set_param(CURSOR_KEY, anchor or "", updated_by="reset_ledger")
+            print(f"  OK    回放游标 → {anchor or '(空, 下次回放自动对齐)'}")
+        except Exception as e:
+            print(f"  FAIL  游标重置: {type(e).__name__}: {e}")
+            failed.append(CURSOR_KEY)
+
+    # ws 通道状态一并归零 —— 指令与 inbox 都清了, 留着旧水位会让补发对不上
+    try:
+        execute("UPDATE pms_ws_state SET last_seq = 0, acked_seq = 0, server_seq = 0, "
+                "resync_flag = 0, conn_state = 'INIT', updated_at = NOW() WHERE id = 1")
+        print("  OK    pms_ws_state 水位归零 (inbox 已清空, 水位必须跟着回零)")
+    except Exception as e:
+        print(f"  WARN  pms_ws_state 归零失败 (表可能还没建): {type(e).__name__}: {e}")
+
+    print("\n" + "-" * 62)
+    if failed:
+        print(f"FAILED: {', '.join(failed)}")
+        sys.exit(1)
+    print("账本已清空。下一步:")
+    print("  1. 让对账把下游真实持仓补进账本 (以下游为准):")
+    print("     curl -X POST 'http://127.0.0.1:38100/api/ops/reconcile?apply_fix=true'")
+    print("  2. 或在页面用建仓命令把已有持仓登记成 BASE 批次")
+    print("  3. 核对: python scripts/check_db.py")
+
+
+if __name__ == "__main__":
+    main()
diff --git a/scripts/test_wiring.py b/scripts/test_wiring.py
index 130c49f..ea149b9 100644
--- a/scripts/test_wiring.py
+++ b/scripts/test_wiring.py
@@ -392,6 +392,12 @@ def install_fakes(prices=None, positions=None, params=None, high5=None):
     downstream_repo.fetch_positions = lambda: {"rows": [], "columns": {"qty": None},
                                                "raw_count": 0}
     downstream_repo.fetch_refs = lambda c: None
+    downstream_repo.latest_filled_order_id = lambda: "ANCHOR_0"
+    # 回放游标预置成非空 —— 否则 replay_fills 会走「冷启动只对齐不追认」那条路 (见
+    # ledger_service._seed_cursor), 下面那几个回放用例就测不到入账。冷启动本身另有专门用例。
+    # 用 "0" 而不是随便一个字符串: next_cursor 只进不退, 且非数字 id 会退化成字典序比较,
+    # 占位值若比真实 order_id 大 (比如 "SEED"), 游标就永远推不动了。
+    fake.params.setdefault("PMS_REPLAY_CURSOR", "0")
     param_store._cache.update({"at": 0.0, "data": {}, "error": None, "loaded": False})
     portfolio.save_neg_streak({})
     return fake
@@ -700,6 +706,42 @@ def _():
         downstream_repo.fetch_filled_orders = orig
 
 
+@case("账本服务·首次回放只对齐游标, 不把下游历史当外部成交追认")
+def _():
+    from app.repo import downstream_repo
+    from app.services import ledger_service as ls
+    fake = install_fakes()
+    fake.params.pop("PMS_REPLAY_CURSOR", None)          # 冷启动: 从没设过游标
+    hist = [{"order_id": f"BUY_X_{i}", "ts_code": "600000.SH", "side": "buy", "qty": 100,
+             "price": 10.0, "done_time": "2020-01-01 09:40:00"} for i in range(500)]
+    orig = downstream_repo.fetch_filled_orders
+    try:
+        downstream_repo.fetch_filled_orders = lambda **kw: hist
+        downstream_repo.latest_filled_order_id = lambda: "SELL_ZZZ_999"
+        r = ls.replay_fills()
+        # 关键: 一条都不能入账。旧系统多年的历史成交若被并入 BASE, 摊薄成本与安全垫全错,
+        # 而补仓/加仓/保垫减仓都挂在安全垫上 —— 一错就是整条纪律链。
+        assert r.get("seeded") and r["fills"] == 0 and r["actions"] == 0, r
+        assert r["cursor"] == "SELL_ZZZ_999", r
+        assert not fake.lots and not fake.positions, "冷启动不该产生任何批次或持仓"
+        assert fake.params["PMS_REPLAY_CURSOR"] == "SELL_ZZZ_999"
+
+        # 游标就位后, 新成交照常入账
+        new = [{"order_id": "ZZZ_NEW", "ts_code": "600000.SH", "side": "buy", "qty": 100,
+                "price": 10.0, "done_time": "2026-07-29 09:40:00"}]
+        downstream_repo.fetch_filled_orders = lambda **kw: new
+        r2 = ls.replay_fills()
+        assert r2["ok"] and r2["actions"] == 1, r2
+
+        # 显式全量: 游标设 ALL 才追认历史
+        fake.params["PMS_REPLAY_CURSOR"] = ls.CURSOR_ALL
+        downstream_repo.fetch_filled_orders = lambda **kw: hist[:3]
+        r3 = ls.replay_fills()
+        assert r3["fills"] == 3, r3
+    finally:
+        downstream_repo.fetch_filled_orders = orig
+
+
 @case("账本服务·对账以下游为准 + 连续不一致升级")
 def _():
     from app.services import ledger_service as ls