{
  "schema_version": 1,
  "generated_utc": "2026-09-13T15:30:02.149878+00:00",
  "scope": "exposed historical comparison only",
  "window": {
    "start": "2022-04-26",
    "end": "2026-08-11",
    "observations": 1047
  },
  "primary_benchmark": "matched_anchor",
  "inference_rule": "Only the frozen matched anchor remains the primary benchmark. Added comparators are descriptive and cannot change the frozen pass/fail decision.",
  "cost_rule": "Cost20 deducts 20 basis points times L1 turnover at each rebalance; initial establishment cost is excluded consistently. Buy-and-hold boundaries have no ongoing turnover cost.",
  "source": {
    "panel_sha256": "43432f0f461dac68595e86288c3dc107a1330e3290ba74d114adc7e8689ded14",
    "public_history_sha256": "fa7c70f6bf278e4adf088229311039befae468071234c7536d70abf46e90e7f6",
    "frozen_returns_sha256": "7f4d57d2154bbc9b176b242e5f358387b2fb845ad1e24c21b3699f03704f39c3",
    "historical_metrics_sha256": "354e55590b0f58eb9d44ba74d4d3ca4419c416cdbe4a20e716696a075e804e05",
    "panel_columns": [
      "cash",
      "gov_bond",
      "credit_bond",
      "eq_large",
      "eq_mid",
      "eq_small",
      "eq_growth",
      "div_lowvol",
      "gold",
      "cb"
    ],
    "panel_complete": true
  },
  "series": [
    {
      "series": "DDR1-RRA2",
      "label": "DDR1-RRA2",
      "label_zh": "DDR1-RRA2",
      "role": "focal_strategy",
      "comparison_class": "frozen_candidate",
      "definition": "Frozen performance-only research candidate.",
      "definition_zh": "冻结的仅绩效研究候选。",
      "rebalance": "frozen strategy schedule",
      "rebalance_zh": "冻结策略日程",
      "default_visible": true
    },
    {
      "series": "matched_anchor",
      "label": "CNETF-TR8 matched policy anchor",
      "label_zh": "CNETF-TR8 匹配政策锚点",
      "role": "primary_benchmark",
      "comparison_class": "mandate_matched",
      "definition": "Source-defined matched anchor under the same mandate and capital-sleeve convention.",
      "definition_zh": "在相同投资约束与资本分层口径下定义的匹配政策锚点。",
      "rebalance": "source-matched schedule",
      "rebalance_zh": "源定义匹配日程",
      "default_visible": true
    },
    {
      "series": "equal_weight_u10",
      "label": "U10 equal weight",
      "label_zh": "U10 等权",
      "role": "secondary_benchmark",
      "comparison_class": "naive_diversification",
      "definition": "Ten public asset sleeves at 10% each, reset every 63 trading days.",
      "definition_zh": "十类公开资产各占 10%，每 63 个交易日恢复目标权重。",
      "rebalance": "63 trading days",
      "rebalance_zh": "63 个交易日",
      "default_visible": true
    },
    {
      "series": "cnetf_ldi_anchor",
      "label": "CNETF-LDI policy anchor",
      "label_zh": "CNETF-LDI 负债驱动政策锚点",
      "role": "secondary_benchmark",
      "comparison_class": "institutional_context",
      "definition": "Static liability-oriented CNETF policy weights, reset every 63 trading days.",
      "definition_zh": "静态负债导向 CNETF 政策权重，每 63 个交易日恢复目标权重。",
      "rebalance": "63 trading days",
      "rebalance_zh": "63 个交易日",
      "default_visible": false
    },
    {
      "series": "china_60_40_proxy",
      "label": "China 60/40 equity-bond proxy",
      "label_zh": "中国 60/40 股债代理",
      "role": "secondary_benchmark",
      "comparison_class": "simple_policy_context",
      "definition": "60% large-cap equity sleeve and 40% government-bond sleeve, reset every 63 trading days.",
      "definition_zh": "60% 大盘权益与 40% 国债，每 63 个交易日恢复目标权重。",
      "rebalance": "63 trading days",
      "rebalance_zh": "63 个交易日",
      "default_visible": false
    },
    {
      "series": "inverse_vol_u10",
      "label": "U10 inverse volatility",
      "label_zh": "U10 逆波动",
      "role": "secondary_benchmark",
      "comparison_class": "risk_based",
      "definition": "Long-only inverse-volatility weights estimated from the prior 252 trading days and reset every 63 days.",
      "definition_zh": "使用此前 252 个交易日估计多头逆波动权重，每 63 个交易日再平衡。",
      "rebalance": "63 trading days",
      "rebalance_zh": "63 个交易日",
      "default_visible": false
    },
    {
      "series": "eq_large_buy_hold",
      "label": "Large-cap equity buy-and-hold",
      "label_zh": "大盘权益买入持有",
      "role": "boundary_benchmark",
      "comparison_class": "single_asset_context",
      "definition": "Large-cap equity sleeve held without rebalancing after the public-history anchor.",
      "definition_zh": "从公开历史锚点起持有大盘权益，不再平衡。",
      "rebalance": "buy and hold",
      "rebalance_zh": "买入持有",
      "default_visible": false
    },
    {
      "series": "gov_bond_buy_hold",
      "label": "10Y government-bond buy-and-hold",
      "label_zh": "10 年期国债买入持有",
      "role": "boundary_benchmark",
      "comparison_class": "single_asset_context",
      "definition": "Government-bond sleeve held without rebalancing after the public-history anchor.",
      "definition_zh": "从公开历史锚点起持有国债，不再平衡。",
      "rebalance": "buy and hold",
      "rebalance_zh": "买入持有",
      "default_visible": false
    },
    {
      "series": "gold_buy_hold",
      "label": "Domestic gold buy-and-hold",
      "label_zh": "境内黄金买入持有",
      "role": "boundary_benchmark",
      "comparison_class": "single_asset_context",
      "definition": "Domestic gold sleeve held without rebalancing after the public-history anchor.",
      "definition_zh": "从公开历史锚点起持有境内黄金，不再平衡。",
      "rebalance": "buy and hold",
      "rebalance_zh": "买入持有",
      "default_visible": false
    }
  ]
}