diff --git a/strategies/rotation/engine.py b/strategies/rotation/engine.py
index 82144fb..6d21de5 100644
--- a/strategies/rotation/engine.py
+++ b/strategies/rotation/engine.py
@@ -286,8 +286,10 @@ class RotationStrategy(BacktestStrategy):
                 result["换手率"] = turnover_list
                 result["轮动策略日收益率"] -= result["换手率"] * trade_cost
 
-        # 计算净值
+        # 计算净值 - 强制起点为1.0
         result["轮动策略净值"] = (1 + result["轮动策略日收益率"]).cumprod()
+        # 归一化：确保净值起点为1.0（消除第一行日收益率包含的前一天收益）
+        result["轮动策略净值"] = result["轮动策略净值"] / result["轮动策略净值"].iloc[0]
 
         # 各ETF单独净值 - 使用第一个有效价格作为基准
         for code in self.valid_codes:
@@ -317,6 +319,8 @@ class RotationStrategy(BacktestStrategy):
 
         result["基准日收益率"] = bench_ret.reindex(result.index, fill_value=0)
         result["基准净值"] = (1 + result["基准日收益率"]).cumprod()
+        # 归一化：确保基准净值起点为1.0
+        result["基准净值"] = result["基准净值"] / result["基准净值"].iloc[0]
 
         self.backtest_result = result