# Whitepaper Style Guide · v1.0

> 写 whitepaper 时遵守这套规则. 让最终成品看起来像 AQR Insights / Bridgewater Daily Observations / BlackRock BII, 而不是个人博客.

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## 三条铁律

### Rule 1 · 主体用学术第三人称被动语态

正面例:
> The framework allocates risk across three parallel groups (Base / Bull / Bear). Each group is rebalanced monthly under fixed position-cap constraints.

反面例 (太 practitioner):
> I split my paper portfolio into three groups, Base / Bull / Bear, and I rebalance them every month.

反面例 (太 marketing):
> Our innovative three-pronged approach delivers diversified macro exposure across the cycle.

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### Rule 2 · 每节末尾 1 段 *实务含义* (italic, 第一人称 plural)

每个章节闭合时, 必须有一段 italic callout, 把"框架说了什么"翻译成"作者每月实际怎么做". 这一段:

- 用斜体 (`*...*`) 标记
- 第一人称复数 ("we" / "我们", **不**是 "I")
- 含具体可观察动作 (日期 / 阈值 / 数字)
- 一段 1-3 句, 不要长

正面例:
> *In practice, this means we publish the new month's three weight vectors on the first trading day each month, and we forbid intra-month adjustments unless either the cash floor (5%) is breached or the single-position cap (30%) drifts above tolerance.*

反面例 (太学术):
> *Operationally, the rebalancing protocol is executed at the temporal boundary of each calendar month.*

反面例 (太轻):
> *Just rebalance once a month. Don't touch it.*

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### Rule 3 · 数字 / 阈值 / 决定一律陈述句, 不允许犹豫

正面例:
- "The single-position cap is 30%."
- "Target volatility is ≤ 8% for Base, ≤ 12% for Bull, ≤ 6% for Bear."
- "Rolling 60-day OLS is used to estimate factor betas."

反面例:
- "I think 30% is a reasonable cap."
- "We try to keep vol around 8%."
- "Various estimation methods could be used; this paper uses rolling OLS."

如果有不确定的地方, 写进 **§9 Known limitations**, 而不是混进主文.

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## 推荐章节结构

每章 (除 §0 Abstract 外) 用以下三段式:

```
H2 标题
  ↓
[Body — 学术第三人称被动 (1-3 段)]
  ↓
[Numbers / formula / table (如有)]
  ↓
*[Practical implication, italic, 1-3 句]*
```

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## 中英混用规则

- 数字: 阿拉伯数字, 不写中文大写
- 资产名: 英文 (CSI 300, S&P 500, TLT, UST 10Y) — 不用 "沪深 300", 因为这是国际可读版本
- 学术术语: 英文优先 (Brinson decomposition, risk parity, factor attribution) — 不翻译
- 中文用于: 极少数语境无英文对应的国情段落 (例: A 股 ETF 名称)
- 全文以英文为底色, 中文是脚注/附录性质

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## 引用规范

每个非原创框架必须标来源, 用 author (year) 内联格式. 例如:

- "All-weather risk-parity (Dalio, 1996)..."
- "Brinson attribution (Brinson, Hood & Beebower, 1986)..."

References 集中在 §10. APA 风格.

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## Anti-list (绝对不要)

- ❌ 用 "alpha" / "edge" / "outperformance" 这种 sales 词作为标题
- ❌ 用 "revolutionary" / "proprietary" / "innovative" 这种 marketing 形容词
- ❌ 任何句子带感叹号
- ❌ "Best-in-class" / "market-leading" / "next generation"
- ❌ "Our team" / "our institute" — 这是个人作品
- ❌ 单数化用 "the author" 而不是 "I" (除非在 Practical implication 段)

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## 自检清单 (每章写完核对)

- [ ] 主体段 第三人称被动?
- [ ] 数字 / 阈值 都是陈述句?
- [ ] 末尾有 italic 实务含义段?
- [ ] 实务段含具体动作 / 日期 / 阈值?
- [ ] 没有 marketing 词?
- [ ] 引用借鉴的框架有 author (year)?