# Professional Eval Report: merged_cs_ra_steve_live_v1

## Executive Decision

- 结论: FAIL / 先不要推进
- Bias: `BiasTest[merged_cs_ra_steve_live_v1]: FAIL | shift=✗ autocorr=✓ truncate=—`
- Gross Sharpe: 0.797
- Net Sharpe: 0.714
- Gross MaxDD: -33.55%
- Net MaxDD: -34.13%
- TC Drag: 1.1851% NAV/yr
- Alpha t-stat: 3.141

## P0 Mandatory Gate

| Dimension | Status | Result |
|---|---:|---|
| Core return/risk | computed | CAGR net +9.59%, vol 14.25%, Calmar 0.281, Sortino 0.919 |
| Drawdown/recovery | computed | avg DD -4.88%, max recovery 547 days |
| Turnover | computed | annual turnover 19.751, holding 12.8 days, turnover-adj Sharpe 0.157 |
| Capacity/scalability | computed | max participation 0.00% |
| Statistical significance | partial | t-stat 3.141; DSR=needs_input; PBO=needs_input |
| Operational reliability | computed | lookahead pass=False |

## P1 Promotion Review

| Dimension | Status | Result |
|---|---:|---|
| Factor exposure | computed | alpha annualized +0.21%, R2 0.762 |
| Out-of-sample | computed | OOS Sharpe 1.334, IS Sharpe 0.603, decay +0.732 |
| Rolling Sharpe | computed | 252d latest 2.478, min -1.041, negative-window ratio 19.0% |
| Fee sensitivity | computed | see `summary.json` rows for 0x/0.5x/1x/2x/3x TC |
| Paper trading | needs_input | Requires paper/live return stream |
| Portfolio interaction | computed | max abs corr 0.890, pass<0.8=False |

## P2 Live Readiness

| Dimension | Status | Result |
|---|---:|---|
| Short rolling Sharpe | computed | 126d latest 2.505, min -2.469 |
| Panda P&L correlation | computed | target < 0.8 when existing strategy P&L is supplied |
| Fill assumptions | needs_input | queue position, partial fills, latency, bid/ask crossing still required |

## 下一步 review 重点

- P0 fail 时不进入 promotion review；优先查 lookahead、时间戳对齐、label 泄露、全样本标准化。
- P1 缺输入时不能假定通过；补 factor、OOS、paper trading、existing strategy P&L 后再评估。
- P2 是 live readiness；没有 fill/latency/queue 假设时不要讨论上线。