diff --git a/framework_v2/scripts/export_backtest_detail.py b/framework_v2/scripts/export_backtest_detail.py
index dbce3a2..70e0db3 100644
--- a/framework_v2/scripts/export_backtest_detail.py
+++ b/framework_v2/scripts/export_backtest_detail.py
@@ -155,12 +155,21 @@ def main():
     
     # 将因子对齐到实际展示日历（前向填充）
     # 因子已经在原始数据上计算完成，这里只是将结果对齐到展示日历
-    factor_df_aligned = factor_df.reindex(common_dates, method='ffill')
+    # 注意：必须先 reindex 再 ffill，因为 reindex(method='ffill') 不会填充已有的 NaN
+    factor_df_aligned = factor_df.reindex(common_dates)
+    factor_df_aligned = factor_df_aligned.ffill()
     
     # 调试：检查 2026-04-30 的值
     if '2026-04-30' in common_dates:
         hsi_val = factor_df_aligned.loc['2026-04-30', 'HSI'] if 'HSI' in factor_df_aligned.columns else 'NO COLUMN'
         print(f"[DEBUG] factor_df_aligned['2026-04-30', 'HSI']: {hsi_val}")
+        
+        # 检查 factor_df 中 HSI 的最后几个有效值
+        if 'HSI' in factor_df.columns:
+            hsi_last_valid = factor_df['HSI'].dropna()
+            if len(hsi_last_valid) > 0:
+                print(f"[DEBUG] factor_df['HSI'] 最后3个有效值:")
+                print(hsi_last_valid.tail(3))
     
     # 持仓状态跟踪
     holdings_state = {}  # {code: {'entry_date': str, 'entry_price': float}}
diff --git a/framework_v2/strategies/rotation/rotation.py b/framework_v2/strategies/rotation/rotation.py
index 9b9240b..e244114 100644
--- a/framework_v2/strategies/rotation/rotation.py
+++ b/framework_v2/strategies/rotation/rotation.py
@@ -177,6 +177,19 @@ class GlobalRotationStrategy(StrategyBase):
         # 对齐所有因子的日期
         factor_df = pd.DataFrame(factors)
         
+        # 调试输出
+        print(f"\n  [DEBUG] generate_signals - factor_df 信息:")
+        print(f"    索引类型: {type(factor_df.index)}")
+        print(f"    总行数: {len(factor_df)}")
+        print(f"    日期范围: {factor_df.index[0]} ~ {factor_df.index[-1]}")
+        
+        # 检查 HSI 的有效数据
+        if 'HSI' in factor_df.columns:
+            hsi_valid = factor_df['HSI'].dropna()
+            print(f"    HSI 有效数据: {len(hsi_valid)} 天")
+            print(f"    HSI 最后3个有效值:")
+            print(f"      {hsi_valid.tail(3).to_dict()}")
+        
         # 获取动态短债阈值（如果使用）
         bond_threshold = None
         if self.use_dynamic_threshold and self.bond_code and self.bond_code in factors:
@@ -326,7 +339,9 @@ class GlobalRotationStrategy(StrategyBase):
         print(f"  [对齐] 收益率数据: {len(returns_df)} 天, {len(returns_df.columns)} 个标的")
         
         # 对齐 positions 到 A 股日历
-        positions = positions.reindex(trading_calendar, method='ffill')
+        # 注意：必须先 reindex 再 ffill，因为 reindex(method='ffill') 不会填充已有的 NaN
+        positions = positions.reindex(trading_calendar)
+        positions = positions.ffill()
         
         # 计算策略收益（仓位加权，T+1 执行）
         positions_delayed = positions.shift(1).fillna(0)