diff --git a/server.py b/server.py
index 8b14f5ed..801639c7 100644
--- a/server.py
+++ b/server.py
@@ -689,6 +689,10 @@ def api_research_strategies():
             _cb.close()
         except Exception:
             pass
+        # ── 淘汰预取：2y/10y 温区数据 + 大盘基准（循环外取一次，避免每策略重复查库）──
+        _elim_r2 = _compute_regime_winrates_cached('2y', _approx_regime_universality)
+        _elim_r10 = _compute_regime_winrates_cached('10y', _approx_regime_universality)
+        _elim_b2, _elim_b10 = _get_benchmarks()
         for s in strats:
             # 2026-08-15 温区加权综合/普适：整体行的综合/普适 = 按温区时长占比加权各温区表现
             # （业务逻辑：策略只在特定温区激活，评估应该限定在温区范围才值得参考）
@@ -755,27 +759,25 @@ def api_research_strategies():
                 s['state'] = 'unavailable'
                 s['state_reason'] = '已证伪: ' + str(s['deprecated'])[:80]
             elif s['version'] in _candidate_pool:
-                # ── 2026-08-15 无价值淘汰：适应温区(best_regime) 2y+10y 年化都<0 → 历史 ──
-                # （老莫逻辑：温区表数据对应适应温区；适应温区都亏的策略无价值）
+                # ── 2026-08-15 无价值淘汰：适应温区(best_regime) 2y+10y 年化都<大盘 → 历史 ──
                 _elim_reason = None
                 try:
                     _br_v = s.get('best_regime')
                     if _br_v:
-                        _r2 = _compute_regime_winrates_cached('2y', _approx_regime_universality)
-                        _r10 = _compute_regime_winrates_cached('10y', _approx_regime_universality)
-                        _rw2 = (_r2.get(s['version']) or {}).get(_br_v)
-                        _rw10 = (_r10.get(s['version']) or {}).get(_br_v)
+                        _rw2 = (_elim_r2.get(s['version']) or {}).get(_br_v)
+                        _rw10 = (_elim_r10.get(s['version']) or {}).get(_br_v)
                         if _rw2 and _rw10:
                             _c2 = _rw2.get('cagr_pct')
                             _c10 = _rw10.get('cagr_pct')
-                            if _c2 is not None and _c10 is not None and _c2 < 0 and _c10 < 0:
-                                _elim_reason = (f'适应温区[{_br_v}] 2y年化{round(_c2,1)}%<0 '
-                                                f'且 10y年化{round(_c10,1)}%<0')
+                            if _c2 is not None and _c10 is not None \
+                                    and _c2 < _elim_b2 and _c10 < _elim_b10:
+                                _elim_reason = (f'适应温区[{_br_v}] 2y年化{round(_c2,1)}%<大盘{_elim_b2}% '
+                                                f'且 10y年化{round(_c10,1)}%<大盘{_elim_b10}%')
                 except Exception:
                     _elim_reason = None
                 if _elim_reason:
                     s['state'] = 'unavailable'
-                    s['state_reason'] = '适应温区亏损已淘汰: ' + _elim_reason
+                    s['state_reason'] = '适应温区跑不赢大盘已淘汰: ' + _elim_reason
                 else:
                     s['state'] = 'available'
                     s['state_reason'] = '候选池内，当前温区未激活（温区切换即可激活）'