Spaces:

Bondya
/

test2026

Running

test2026

File size: 41,175 Bytes

<!DOCTYPE html>
<html lang="zh-CN">
<head>
    <meta charset="UTF-8">
    <meta name="viewport" content="width=device-width, initial-scale=1.0">
    <title>财顾报价通 - 理财公司预期收益率报价系统</title>
    <script src="https://cdn.jsdelivr.net/npm/chart.js"></script>
    <style>
        :root {
            --primary-color: #2c3e50;
            --secondary-color: #3498db;
            --success-color: #27ae60;
            --warning-color: #f39c12;
            --danger-color: #e74c3c;
            --light-color: #ecf0f1;
            --dark-color: #34495e;
        }
        
        * {
            margin: 0;
            padding: 0;
            box-sizing: border-box;
        }
        
        body {
            font-family: 'Segoe UI', 'Microsoft YaHei', sans-serif;
            background: linear-gradient(135deg, #f5f7fa 0%, #c3cfe2 100%);
            color: #333;
            line-height: 1.6;
            min-height: 100vh;
        }
        
        .container {
            max-width: 1200px;
            margin: 0 auto;
            padding: 20px;
        }
        
        header {
            background: white;
            padding: 20px;
            border-radius: 10px;
            box-shadow: 0 2px 10px rgba(0,0,0,0.1);
            margin-bottom: 30px;
            text-align: center;
        }
        
        .logo {
            display: flex;
            align-items: center;
            justify-content: center;
            gap: 15px;
            margin-bottom: 10px;
        }
        
        .logo h1 {
            color: var(--primary-color);
            font-size: 2.2rem;
        }
        
        .subtitle {
            color: var(--dark-color);
            opacity: 0.8;
        }
        
        .calculator {
            display: grid;
            grid-template-columns: 1fr 1fr;
            gap: 30px;
            margin-bottom: 40px;
        }
        
        @media (max-width: 768px) {
            .calculator {
                grid-template-columns: 1fr;
            }
        }
        
        .panel {
            background: white;
            padding: 25px;
            border-radius: 10px;
            box-shadow: 0 5px 15px rgba(0,0,0,0.1);
        }
        
        .panel h2 {
            color: var(--primary-color);
            margin-bottom: 20px;
            padding-bottom: 15px;
            border-bottom: 2px solid var(--light-color);
            display: flex;
            align-items: center;
            gap: 10px;
        }
        
        .form-group {
            margin-bottom: 25px;
        }
        
        .form-group label {
            display: block;
            margin-bottom: 10px;
            font-weight: 600;
            color: var(--dark-color);
            font-size: 1.1rem;
        }
        
        .button-group {
            display: flex;
            gap: 10px;
            flex-wrap: wrap;
        }
        
        .btn {
            padding: 12px 20px;
            border: 2px solid #ddd;
            background: white;
            color: var(--dark-color);
            border-radius: 6px;
            cursor: pointer;
            font-weight: 500;
            transition: all 0.3s ease;
            flex: 1;
            min-width: 120px;
            text-align: center;
        }
        
        .btn:hover {
            border-color: var(--secondary-color);
            color: var(--secondary-color);
        }
        
        .btn.active {
            background: var(--secondary-color);
            color: white;
            border-color: var(--secondary-color);
        }
        
        .calculate-btn {
            width: 100%;
            padding: 16px;
            background: linear-gradient(135deg, var(--secondary-color), #2980b9);
            color: white;
            border: none;
            border-radius: 8px;
            font-size: 1.1rem;
            font-weight: 600;
            cursor: pointer;
            transition: all 0.3s ease;
            margin-top: 10px;
        }
        
        .calculate-btn:hover {
            transform: translateY(-2px);
            box-shadow: 0 5px 15px rgba(0,0,0,0.2);
        }
        
        .preview-item {
            display: flex;
            justify-content: space-between;
            margin-bottom: 15px;
            padding-bottom: 15px;
            border-bottom: 1px solid var(--light-color);
        }
        
        .preview-label {
            font-weight: 500;
        }
        
        .preview-value {
            font-weight: 600;
            color: var(--secondary-color);
        }
        
        .result-section {
            background: white;
            padding: 30px;
            border-radius: 10px;
            box-shadow: 0 5px 15px rgba(0,0,0,0.1);
            margin-top: 30px;
        }
        
        .result-grid {
            display: grid;
            grid-template-columns: repeat(auto-fit, minmax(300px, 1fr));
            gap: 25px;
            margin: 25px 0;
        }
        
        .result-card {
            background: #f8f9fa;
            padding: 20px;
            border-radius: 8px;
            border-left: 4px solid var(--secondary-color);
        }
        
        .result-item {
            display: flex;
            justify-content: space-between;
            margin-bottom: 12px;
        }
        
        .highlight {
            color: var(--success-color);
            font-weight: 600;
            font-size: 1.2rem;
        }
        
        .loading {
            text-align: center;
            padding: 30px;
        }
        
        .spinner {
            width: 40px;
            height: 40px;
            border: 4px solid #f3f3f3;
            border-top: 4px solid var(--secondary-color);
            border-radius: 50%;
            animation: spin 1s linear infinite;
            margin: 0 auto 15px;
        }
        
        @keyframes spin {
            0% { transform: rotate(0deg); }
            100% { transform: rotate(360deg); }
        }
        
        .hidden {
            display: none;
        }
        
        .feature-list {
            list-style: none;
            padding-left: 0;
        }
        
        .feature-list li {
            padding: 8px 0;
            display: flex;
            align-items: center;
            gap: 10px;
        }
        
        .feature-list li i {
            color: var(--success-color);
        }
        
        footer {
            text-align: center;
            margin-top: 40px;
            padding-top: 20px;
            border-top: 1px solid #ddd;
            color: #666;
            font-size: 0.9rem;
        }
        
        .contribution-breakdown {
            background: #f0f8ff;
            padding: 15px;
            border-radius: 6px;
            margin-top: 15px;
        }
        
        .contribution-item {
            display: flex;
            justify-content: space-between;
            margin-bottom: 8px;
            font-size: 0.95rem;
        }
        
        .range-indicator {
            display: inline-block;
            padding: 2px 8px;
            border-radius: 4px;
            font-size: 0.85rem;
            margin-left: 5px;
        }
        
        .range-pessimistic {
            background: #ffebee;
            color: #c62828;
        }
        
        .range-neutral {
            background: #fff3e0;
            color: #ef6c00;
        }
        
        .range-optimistic {
            background: #e8f5e9;
            color: #2e7d32;
        }
        
        .bp-unit {
            font-size: 0.85rem;
            color: #666;
            margin-left: 2px;
        }
    </style>
</head>
<body>
    <div class="container">
        <header>
            <div class="logo">
                <h1>财顾报价通</h1>
            </div>
            <p class="subtitle">理财公司预期收益率报价系统 - 增强版</p>
        </header>
        
        <div class="calculator">
            <div class="panel">
                <h2>⚙️ 参数设置</h2>
                
                <div class="form-group">
                    <label>策略类型</label>
                    <div class="button-group">
                        <button class="btn active" data-type="strategy" data-value="PURE_BOND">纯债策略</button>
                        <button class="btn" data-type="strategy" data-value="FIXED_INCOME_PLUS">固收+策略</button>
                    </div>
                </div>
                
                <div class="form-group">
                    <label>投资期限</label>
                    <div class="button-group">
                        <button class="btn active" data-type="period" data-value="SHORT">短期(0-3个月)</button>
                        <button class="btn" data-type="period" data-value="MEDIUM">中期(3-6个月)</button>
                        <button class="btn" data-type="period" data-value="LONG">长期(6-12个月)</button>
                    </div>
                </div>
                
                <div class="form-group">
                    <label>风险风格</label>
                    <div class="button-group">
                        <button class="btn active" data-type="risk" data-value="CONSERVATIVE">保守型</button>
                        <button class="btn" data-type="risk" data-value="NEUTRAL">中性型</button>
                        <button class="btn" data-type="risk" data-value="AGGRESSIVE">激进型</button>
                    </div>
                </div>
                
                <div id="plus-section" class="form-group hidden">
                    <label>增强资产类别</label>
                    <div class="button-group">
                        <button class="btn active" data-type="asset" data-value="CONVERTIBLE_BOND">转债</button>
                        <button class="btn" data-type="asset" data-value="EQUITY">权益</button>
                        <button class="btn" data-type="asset" data-value="REITS">REITs</button>
                    </div>
                    
                    <label style="margin-top: 20px; display: block;">资产预期</label>
                    <div class="button-group">
                        <button class="btn" data-type="expectation" data-value="PESSIMISTIC">悲观</button>
                        <button class="btn active" data-type="expectation" data-value="NEUTRAL">中性</button>
                        <button class="btn" data-type="expectation" data-value="OPTIMISTIC">乐观</button>
                    </div>
                    <div style="margin-top: 10px; font-size: 0.9rem; color: #666; padding: 8px; background: #f5f5f5; border-radius: 4px;">
                        <div><strong>配置比例:</strong> 悲观(95%债+5%资产) | 中性(90%债+10%资产) | 乐观(80%债+20%资产)</div>
                    </div>
                </div>
                
                <button id="calculate" class="calculate-btn">🚀 计算预期收益率</button>
            </div>
            
            <div class="panel">
                <h2>👁️ 参数预览</h2>
                <div id="preview">
                    <div class="preview-item">
                        <span class="preview-label">策略类型：</span>
                        <span id="preview-strategy" class="preview-value">纯债策略</span>
                    </div>
                    <div class="preview-item">
                        <span class="preview-label">投资期限：</span>
                        <span id="preview-period" class="preview-value">短期(0-3个月)</span>
                    </div>
                    <div class="preview-item">
                        <span class="preview-label">风险风格：</span>
                        <span id="preview-risk" class="preview-value">保守型</span>
                    </div>
                    <div class="preview-item hidden" id="preview-asset-item">
                        <span class="preview-label">增强资产：</span>
                        <span id="preview-asset" class="preview-value">转债</span>
                    </div>
                    <div class="preview-item hidden" id="preview-expectation-item">
                        <span class="preview-label">资产预期：</span>
                        <span id="preview-expectation" class="preview-value">中性</span>
                    </div>
                </div>
                
                <h2 style="margin-top: 30px;">✨ 系统特点</h2>
                <ul class="feature-list">
                    <li><i>✓</i> 基于量化模型计算</li>
                    <li><i>✓</i> 正态分布资本利得模型</li>
                    <li><i>✓</i> 详细收益贡献分解</li>
                    <li><i>✓</i> 市场实际参考区间</li>
                    <li><i>✓</i> 纯前端计算，保护隐私</li>
                </ul>
            </div>
        </div>
        
        <div id="loading" class="loading hidden">
            <div class="spinner"></div>
            <p>正在计算预期收益率...</p>
        </div>
        
        <div id="result" class="result-section hidden">
            <h2>📊 报价结果详情</h2>
            <div id="result-content"></div>
        </div>
        
        <footer>
            <p>© 2024 财顾报价通 | 仅供演示使用 | 计算结果仅供参考，不构成投资建议</p>
        </footer>
    </div>

    <script>
        // 全局状态
        const state = {
            strategy: 'PURE_BOND',
            period: 'SHORT',
            risk: 'CONSERVATIVE',
            asset: 'CONVERTIBLE_BOND',
            expectation: 'NEUTRAL',
            
            updatePreview() {
                document.getElementById('preview-strategy').textContent = 
                    this.strategy === 'PURE_BOND' ? '纯债策略' : '固收+策略';
                document.getElementById('preview-period').textContent = 
                    this.getPeriodLabel(this.period);
                document.getElementById('preview-risk').textContent = 
                    this.getRiskLabel(this.risk);
                
                const plusSection = document.getElementById('plus-section');
                const assetPreview = document.getElementById('preview-asset-item');
                const expectationPreview = document.getElementById('preview-expectation-item');
                
                if (this.strategy === 'FIXED_INCOME_PLUS') {
                    plusSection.classList.remove('hidden');
                    assetPreview.classList.remove('hidden');
                    expectationPreview.classList.remove('hidden');
                    
                    document.getElementById('preview-asset').textContent = 
                        this.getAssetLabel(this.asset);
                    document.getElementById('preview-expectation').textContent = 
                        this.getExpectationLabel(this.expectation);
                } else {
                    plusSection.classList.add('hidden');
                    assetPreview.classList.add('hidden');
                    expectationPreview.classList.add('hidden');
                }
            },
            
            getPeriodLabel(value) {
                const labels = {
                    'SHORT': '短期(0-3个月)',
                    'MEDIUM': '中期(3-6个月)',
                    'LONG': '长期(6-12个月)'
                };
                return labels[value];
            },
            
            getRiskLabel(value) {
                const labels = {
                    'CONSERVATIVE': '保守型',
                    'NEUTRAL': '中性型',
                    'AGGRESSIVE': '激进型'
                };
                return labels[value];
            },
            
            getAssetLabel(value) {
                const labels = {
                    'CONVERTIBLE_BOND': '转债',
                    'EQUITY': '权益',
                    'REITS': 'REITs'
                };
                return labels[value];
            },
            
            getExpectationLabel(value) {
                const labels = {
                    'PESSIMISTIC': '悲观',
                    'NEUTRAL': '中性',
                    'OPTIMISTIC': '乐观'
                };
                return labels[value];
            }
        };
        
        // 正态分布函数
        function normalCDF(x, mean = 0, std = 1) {
            return 0.5 * (1 + erf((x - mean) / (std * Math.sqrt(2))));
        }
        
        function erf(x) {
            const a1 =  0.254829592;
            const a2 = -0.284496736;
            const a3 =  1.421413741;
            const a4 = -1.453152027;
            const a5 =  1.061405429;
            const p  =  0.3275911;
            
            const sign = (x >= 0) ? 1 : -1;
            x = Math.abs(x);
            
            const t = 1.0 / (1.0 + p * x);
            const y = 1.0 - (((((a5 * t + a4) * t) + a3) * t + a2) * t + a1) * t * Math.exp(-x * x);
            
            return sign * y;
        }
        
        function normalQuantile(p, mean = 0, std = 1) {
            if (p <= 0 || p >= 1) return mean;
            
            const a1 = -39.6968302866538, a2 = 220.946098424521, a3 = -275.928510446969;
            const a4 = 138.357751867269, a5 = -30.6647980661472, a6 = 2.50662827745924;
            
            const b1 = -54.4760987982241, b2 = 161.585836858041, b3 = -155.698979859887;
            const b4 = 66.8013118877197, b5 = -13.2806815528857;
            
            const c1 = -7.78489400243029E-03, c2 = -0.322396458041136, c3 = -2.40075827716184;
            const c4 = -2.54973253934373, c5 = 4.37466414146497, c6 = 2.93816398269878;
            
            const d1 = 7.78469570904146E-03, d2 = 0.32246712907004, d3 = 2.445134137143;
            const d4 = 3.75440866190742;
            
            let q, r;
            
            if (p < 0.02425) {
                q = Math.sqrt(-2 * Math.log(p));
                return mean + std * (((((c1 * q + c2) * q + c3) * q + c4) * q + c5) * q + c6) /
                    ((((d1 * q + d2) * q + d3) * q + d4) * q + 1);
            } else if (p <= 0.97575) {
                q = p - 0.5;
                r = q * q;
                return mean + std * (((((a1 * r + a2) * r + a3) * r + a4) * r + a5) * r + a6) * q /
                    (((((b1 * r + b2) * r + b3) * r + b4) * r + b5) * r + 1);
            } else {
                q = Math.sqrt(-2 * Math.log(1 - p));
                return mean + std * -(((((c1 * q + c2) * q + c3) * q + c4) * q + c5) * q + c6) /
                    ((((d1 * q + d2) * q + d3) * q + d4) * q + 1);
            }
        }
        
        // 计算资本利得区间（基于正态分布，第50-80百分位）
        function calculateCapitalGainRange(period) {
            // 确定波段次数（按照我们讨论的逻辑）
            let cycles;
            switch(period) {
                case 'SHORT': cycles = 1; break;    // 0-3个月：1次
                case 'MEDIUM': cycles = 1.5; break; // 3-6个月：1.5次
                case 'LONG': cycles = 3; break;     // 6-12个月：3次
                default: cycles = 1;
            }
            
            // 单次波段参数：正态分布 N(0, σ)，σ=18bp
            const singleStd = 18; // 18bp标准差，基于我们讨论的参数
            const singleMean = 0; // 均值为0，第50百分位不亏钱
            
            // 年化分布参数（n次独立同分布的和）
            const annualMean = singleMean * cycles;
            const annualStd = singleStd * Math.sqrt(cycles);
            
            // 计算第80百分位（因为我们取第50-80百分位区间，下限为0，上限为第80百分位）
            const p80 = normalQuantile(0.8, annualMean, annualStd);
            
            return {
                lower: 0,  // 第50百分位为0
                upper: p80 / 100  // 转换为百分比
            };
        }
        
        // 初始化
        document.addEventListener('DOMContentLoaded', function() {
            document.querySelectorAll('.btn').forEach(btn => {
                btn.addEventListener('click', function() {
                    const type = this.dataset.type;
                    const value = this.dataset.value;
                    
                    document.querySelectorAll(`.btn[data-type="${type}"]`).forEach(b => {
                        b.classList.remove('active');
                    });
                    
                    this.classList.add('active');
                    
                    state[type] = value;
                    state.updatePreview();
                });
            });
            
            document.getElementById('calculate').addEventListener('click', calculateQuotation);
        });
        
        // 计算核心函数
        function calculateQuotation() {
            document.getElementById('loading').classList.remove('hidden');
            document.getElementById('result').classList.add('hidden');
            
            setTimeout(() => {
                try {
                    const result = performCalculation();
                    displayResults(result);
                } catch (error) {
                    alert('计算错误: ' + error.message);
                } finally {
                    document.getElementById('loading').classList.add('hidden');
                }
            }, 800);
        }
        
        // 核心计算逻辑
        function performCalculation() {
            const { strategy, period, risk, asset, expectation } = state;
            
            // 使用您提供的默认收益率数据
            const defaultReturns = {
                "7d_notice_deposit": 1.35,
                "3m_state_ncd": 1.55,
                "overnight_rate": 1.28,
                
                "gov_bond_under_1y": 1.57,
                "gov_bond_under_2y": 1.60,
                "gov_bond_under_3y": 1.70,
                "gov_bond_under_5y": 1.88,
                
                "ncd_1y_state": 1.62,
                "ncd_1y_aaa": 1.65,
                "ncd_1y_aa": 1.71,
                
                "credit_1y_aaa_plus": 1.7,
                "credit_1y_aaa": 1.81,
                "credit_1y_aa": 2.1,
                "credit_2y_aaa_plus": 1.8,
                "credit_2y_aaa": 2.09,
                "credit_2y_aa": 2.54,
            };
            
            // 资产预期收益率区间（使用您提供的数据）
            const assetReturnRanges = {
                'CONVERTIBLE_BOND': {
                    'PESSIMISTIC': { min: -5, max: 0 },
                    'NEUTRAL': { min: 0, max: 6 },
                    'OPTIMISTIC': { min: 6, max: 12 }
                },
                'EQUITY': {
                    'PESSIMISTIC': { min: -10, max: 0 },
                    'NEUTRAL': { min: 0, max: 10 },
                    'OPTIMISTIC': { min: 10, max: 20 }
                },
                'REITS': {
                    'PESSIMISTIC': { min: -5, max: -1 },
                    'NEUTRAL': { min: -1, max: 3 },
                    'OPTIMISTIC': { min: 3, max: 7 }
                }
            };
            
            // 市场参考数据
            const marketRef = {
                pure_bond: {
                    'SHORT': [1.24, 1.40],
                    'MEDIUM': [1.74, 3.00],
                    'LONG': [2.05, 3.24]
                },
                fixed_income_plus: {
                    'SHORT': [1.24, 1.60],
                    'MEDIUM': [1.84, 2.94],
                    'LONG': [2.18, 3.03]
                }
            };
            
            // 计算基础收益率（不含资本利得）- 已按照您的最新要求更新
            function calculateBaseReturn() {
                let baseReturn = 0;
                let leverage = 100;
                
                if (period === 'SHORT') {
                    // 短期限配置 - 无杠杆
                    if (risk === 'CONSERVATIVE') {
                        // 保守：7天通知存款50%，实时3m国股行同业存单20%，实时隔夜利率30%
                        baseReturn = defaultReturns['7d_notice_deposit'] * 0.5 + 
                                   defaultReturns['3m_state_ncd'] * 0.2 + 
                                   defaultReturns['overnight_rate'] * 0.3;
                    } else if (risk === 'NEUTRAL') {
                        // 中性：7天通知存款40%，实时3m国股行同业存单35%，实时隔夜利率25%
                        baseReturn = defaultReturns['7d_notice_deposit'] * 0.4 + 
                                   defaultReturns['3m_state_ncd'] * 0.35 + 
                                   defaultReturns['overnight_rate'] * 0.25;
                    } else { // AGGRESSIVE
                        // 激进：7天通知存款30%，实时3m国股行同业存单50%，实时隔夜利率20%
                        baseReturn = defaultReturns['7d_notice_deposit'] * 0.3 + 
                                   defaultReturns['3m_state_ncd'] * 0.5 + 
                                   defaultReturns['overnight_rate'] * 0.2;
                    }
                } else if (period === 'MEDIUM') {
                    // 中期限配置
                    if (risk === 'CONSERVATIVE') {
                        // 保守：1y以下利率政金债占15，2y以下利率政金债占15，
                        // 1yAAA+信用债占15，1yAAA信用债占20，1yAA信用债占50，且不加杠杆
                        baseReturn = defaultReturns['gov_bond_under_2y'] * 0.15 + 
                                   defaultReturns['credit_1y_aaa_plus'] * 0.15 + 
                                   defaultReturns['credit_1y_aaa'] * 0.2 + 
                                   defaultReturns['credit_1y_aa'] * 0.5;
                        leverage = 100; // 不加杠杆
                    } else if (risk === 'NEUTRAL') {
                        // 中性：2y以下利率政金债占20，1yAAA+信用债占10，
                        // 1yAAA信用债占10，1yAA信用债占60，且杠杆率为120
                        baseReturn = defaultReturns['gov_bond_under_2y'] * 0.2 + 
                                   defaultReturns['credit_1y_aaa_plus'] * 0.1 + 
                                   defaultReturns['credit_1y_aaa'] * 0.1 + 
                                   defaultReturns['credit_1y_aa'] * 0.6;
                        leverage = 120; // 杠杆率120
                    } else { // AGGRESSIVE
                        // 激进：2y以下利率政金债占20，1yAAA信用债占10，
                        // 1yAA信用债占70，且杠杆率为140
                        baseReturn = defaultReturns['gov_bond_under_2y'] * 0.2 + 
                                   defaultReturns['credit_1y_aaa'] * 0.1 + 
                                   defaultReturns['credit_1y_aa'] * 0.7;
                        leverage = 140; // 杠杆率140
                    }
                } else { // LONG - 长期限
                    if (risk === 'CONSERVATIVE') {
                        // 保守：5y以下利率政金债占15，2yAAA+信用债占15，
                        // 2yAAA信用债占20，2yAA信用债占50，且不加杠杆
                        baseReturn = defaultReturns['gov_bond_under_5y'] * 0.15 + 
                                   defaultReturns['credit_2y_aaa_plus'] * 0.15 + 
                                   defaultReturns['credit_2y_aaa'] * 0.2 + 
                                   defaultReturns['credit_2y_aa'] * 0.5;
                        leverage = 100; // 不加杠杆
                    } else if (risk === 'NEUTRAL') {
                        // 中性：5y以下利率政金债占20，2yAAA+信用债占15，
                        // 2yAAA信用债占15，2yAA信用债占50，且杠杆率为120
                        baseReturn = defaultReturns['gov_bond_under_5y'] * 0.2 + 
                                   defaultReturns['credit_2y_aaa_plus'] * 0.15 + 
                                   defaultReturns['credit_2y_aaa'] * 0.15 + 
                                   defaultReturns['credit_2y_aa'] * 0.5;
                        leverage = 120; // 杠杆率120
                    } else { // AGGRESSIVE
                        // 激进：5y以下利率政金债占20，2yAAA信用债占10，
                        // 2yAA信用债占70，且杠杆率为140
                        baseReturn = defaultReturns['gov_bond_under_5y'] * 0.2 + 
                                   defaultReturns['credit_2y_aaa'] * 0.1 + 
                                   defaultReturns['credit_2y_aa'] * 0.7;
                        leverage = 140; // 杠杆率140
                    }
                }
                
                // 杠杆计算
                const fundingCost = defaultReturns['overnight_rate'];
                let leveredReturn = baseReturn;
                
                if (leverage > 100) {
                    const L = leverage / 100;
                    leveredReturn = L * baseReturn - (L - 1) * fundingCost;
                }
                
                return {
                    baseReturn: leveredReturn,
                    leverage: leverage,
                    fundingCost: fundingCost
                };
            }
            
            // 纯债策略计算
            if (strategy === 'PURE_BOND') {
                const bondResult = calculateBaseReturn();
                const capGain = calculateCapitalGainRange(period);
                
                // 总收益率区间 = 基础收益率 + 资本利得区间
                const totalLower = bondResult.baseReturn + capGain.lower;
                const totalUpper = bondResult.baseReturn + capGain.upper;
                
                return {
                    strategy: '纯债策略',
                    period: state.getPeriodLabel(period),
                    risk: state.getRiskLabel(risk),
                    leverage: bondResult.leverage + '%',
                    fundingCost: bondResult.fundingCost.toFixed(2) + '%',
                    baseReturn: bondResult.baseReturn.toFixed(2) + '%',
                    capitalGainRange: `${(capGain.lower * 100).toFixed(2)}bp ~ ${(capGain.upper * 100).toFixed(2)}bp`,
                    capitalGainLower: capGain.lower,
                    capitalGainUpper: capGain.upper,
                    totalReturn: `${totalLower.toFixed(2)}% ~ ${totalUpper.toFixed(2)}%`,
                    totalLower: totalLower,
                    totalUpper: totalUpper,
                    marketRef: `${marketRef.pure_bond[period][0]}% - ${marketRef.pure_bond[period][1]}%`,
                    hasCapitalGain: true
                };
            } 
            // 固收+策略计算
            else {
                // 计算纯债部分
                const bondResult = calculateBaseReturn();
                const capGain = calculateCapitalGainRange(period);
                
                // 获取资产预期收益率区间
                const assetRange = assetReturnRanges[asset][expectation];
                
                // 配置比例
                let bondWeight, assetWeight;
                if (expectation === 'PESSIMISTIC') {
                    bondWeight = 95;
                    assetWeight = 5;
                } else if (expectation === 'NEUTRAL') {
                    bondWeight = 90;
                    assetWeight = 10;
                } else { // OPTIMISTIC
                    bondWeight = 80;
                    assetWeight = 20;
                }
                
                // 计算资本利得贡献（考虑债券权重）
                const capitalGainLower = capGain.lower * bondWeight / 100;
                const capitalGainUpper = capGain.upper * bondWeight / 100;
                
                // 计算增强资产贡献区间（考虑资产权重）
                const assetContributionLower = assetRange.min * assetWeight / 100;
                const assetContributionUpper = assetRange.max * assetWeight / 100;
                
                // 计算纯债基础部分贡献（考虑债券权重）
                const baseBondContribution = bondResult.baseReturn * bondWeight / 100;
                
                // 计算总收益率区间
                // 下限：基础债券贡献 + 资本利得下限 + 资产贡献下限
                const totalLower = baseBondContribution + capitalGainLower + assetContributionLower;
                
                // 上限：基础债券贡献 + 资本利得上限 + 资产贡献上限
                const totalUpper = baseBondContribution + capitalGainUpper + assetContributionUpper;
                
                return {
                    strategy: '固收+策略',
                    period: state.getPeriodLabel(period),
                    risk: state.getRiskLabel(risk),
                    asset: state.getAssetLabel(asset),
                    expectation: state.getExpectationLabel(expectation),
                    expectationType: expectation,
                    bondWeight: bondWeight + '%',
                    assetWeight: assetWeight + '%',
                    baseBondReturn: bondResult.baseReturn.toFixed(2) + '%',
                    baseBondContribution: baseBondContribution.toFixed(2) + '%',
                    capitalGainRange: `${(capGain.lower * 100).toFixed(2)}bp ~ ${(capGain.upper * 100).toFixed(2)}bp`,
                    capitalGainLower: capitalGainLower,
                    capitalGainUpper: capitalGainUpper,
                    assetReturnRange: `${assetRange.min}% ~ ${assetRange.max}%`,
                    assetContributionRange: `${assetContributionLower.toFixed(2)}% ~ ${assetContributionUpper.toFixed(2)}%`,
                    totalReturn: `${totalLower.toFixed(2)}% ~ ${totalUpper.toFixed(2)}%`,
                    totalLower: totalLower,
                    totalUpper: totalUpper,
                    marketRef: `${marketRef.fixed_income_plus[period][0]}% - ${marketRef.fixed_income_plus[period][1]}%`,
                    hasCapitalGain: true
                };
            }
        }
        
        // 显示结果
        function displayResults(result) {
            const content = document.getElementById('result-content');
            
            let html = `
                <div class="result-grid">
                    <div class="result-card">
                        <h3>📋 基本信息</h3>
                        <div class="result-item">
                            <span>策略类型：</span>
                            <span class="highlight">${result.strategy}</span>
                        </div>
                        <div class="result-item">
                            <span>投资期限：</span>
                            <span>${result.period}</span>
                        </div>
                        <div class="result-item">
                            <span>风险风格：</span>
                            <span>${result.risk}</span>
                        </div>`;
            
            if (result.strategy === '纯债策略') {
                html += `
                        <div class="result-item">
                            <span>杠杆率：</span>
                            <span>${result.leverage}</span>
                        </div>
                        <div class="result-item">
                            <span>融资成本：</span>
                            <span>${result.fundingCost}</span>
                        </div>`;
            } else {
                html += `
                        <div class="result-item">
                            <span>增强资产：</span>
                            <span>${result.asset}</span>
                        </div>
                        <div class="result-item">
                            <span>资产预期：</span>
                            <span>${result.expectation} 
                                <span class="range-indicator range-${result.expectationType.toLowerCase()}">
                                    ${result.expectationType === 'PESSIMISTIC' ? '悲观' : 
                                      result.expectationType === 'NEUTRAL' ? '中性' : '乐观'}
                                </span>
                            </span>
                        </div>
                        <div class="result-item">
                            <span>债券比例：</span>
                            <span>${result.bondWeight}</span>
                        </div>
                        <div class="result-item">
                            <span>资产比例：</span>
                            <span>${result.assetWeight}</span>
                        </div>`;
            }
            
            html += `
                    </div>
                    
                    <div class="result-card">
                        <h3>📈 收益率分析</h3>
                        <div class="contribution-breakdown">`;
            
            if (result.strategy === '纯债策略') {
                html += `
                            <div class="contribution-item">
                                <span>基础收益率：</span>
                                <span>${result.baseReturn}</span>
                            </div>
                            <div class="contribution-item">
                                <span>资本利得贡献：</span>
                                <span>${result.capitalGainRange}<span class="bp-unit">bp</span></span>
                            </div>`;
            } else {
                html += `
                            <div class="contribution-item">
                                <span>债券基础部分：</span>
                                <span>${result.baseBondContribution}</span>
                            </div>
                            <div class="contribution-item">
                                <span>资本利得贡献：</span>
                                <span>${result.capitalGainRange}<span class="bp-unit">bp</span></span>
                            </div>
                            <div class="contribution-item">
                                <span>增强资产贡献：</span>
                                <span>${result.assetContributionRange}</span>
                            </div>
                            <div class="contribution-item" style="font-size: 0.9rem; color: #666;">
                                <span>（资产预期收益率：</span>
                                <span>${result.assetReturnRange}）</span>
                            </div>`;
            }
            
            html += `
                            <div class="contribution-item" style="margin-top: 10px; padding-top: 10px; border-top: 2px solid #ddd; font-weight: 600;">
                                <span>理论预期收益率：</span>
                                <span class="highlight">${result.totalReturn}</span>
                            </div>
                        </div>
                        
                        <div class="result-item" style="margin-top: 15px;">
                            <span>市场实际参考区间：</span>
                            <span>${result.marketRef}</span>
                        </div>
                    </div>
                </div>
                
                <div style="margin-top: 30px; padding: 20px; background: #f0f8ff; border-radius: 8px;">
                    <h3>💡 计算说明</h3>
                    <p><strong>资本利得模型：</strong>基于正态分布N(0, 18bp)，不同期限对应不同波段次数，计算第50-80百分位交易员收益区间：</p>
                    <ul style="margin-left: 20px; margin-top: 5px;">
                        <li>短期(0-3个月)：1次波段</li>
                        <li>中期(3-6个月)：1.5次波段</li>
                        <li>长期(6-12个月)：3次波段</li>
                    </ul>
                    <p><strong>资本利得区间：</strong>下限为0bp（第50百分位不亏钱），上限为第80百分位值</p>
                    <p><strong>资产预期：</strong>${result.strategy === '固收+策略' ? 
                        `采用${result.expectation}预期，${result.asset}指数预测区间为${result.assetReturnRange}` : 
                        '纯债策略主要依赖票息收入和资本利得'}</p>
                    <p><strong>最终收益率：</strong>基础收益率 + 资本利得区间 + 增强资产贡献区间（固收+策略）</p>
                </div>`;
            
            content.innerHTML = html;
            document.getElementById('result').classList.remove('hidden');
            document.getElementById('result').scrollIntoView({ behavior: 'smooth' });
        }
    </script>
</body>
</html>