diff --git a/trader.py b/trader.py
index 12f6787..d085f5b 100644
--- a/trader.py
+++ b/trader.py
@@ -647,12 +647,16 @@ class Trader(Account):
         return True
     
     @staticmethod
-    def update_by_end_weight(position):
+    def update_next_weight(position):
         """
-        根据收盘权重计算新的个股权重
+        根据收盘权重计算下一时刻新的个股权重
         """
-        cash = 1 - position['weight'].sum()
-        return position['end_weight'] / (cash + position['end_weight'].sum())
+        if position['weight'].sum() <= 1 + 1e-5:
+            # 非融资情况
+            cash = max(0, 1 - position['weight'].sum())
+            return position['end_weight'] / (position['end_weight'].sum() + cash)
+        else:
+            return position['weight'].sum() * (position['end_weight'] / position['end_weight'].sum())
     
     def update_signal(self, 
             date:str,
@@ -722,7 +726,7 @@ class Trader(Account):
                 cur_pos['end_weight'] = cur_pos['weight'] * cur_pos['rtn']
                 self.update_account(date, trade_time, cur_pos, next_position)
                 # 更新仓位
-                cur_pos['weight'] = self.update_by_end_weight(cur_pos)
+                cur_pos['weight'] = self.update_next_weight(cur_pos)
                 # 调整权重：买入、卖出、仓位再平衡
                 next_position = self.reblance_weight(trade_time, cur_pos, next_position)
             else:
@@ -741,10 +745,10 @@ class Trader(Account):
         cur_pos['rtn'] = (cur_pos['close'] / cur_pos['open']) - 1
         cur_pos['end_weight'] = cur_pos['weight'] * (cur_pos['rtn'] + 1)
         position_record = cur_pos.copy()
-        position_record['end_weight'] = self.update_by_end_weight(position_record)
+        position_record['end_weight'] = self.update_next_weight(position_record)
         self.position_history[date] = position_record.copy()[position_fields]
         # 更新当期收盘后个股仓位作为下一期的开盘仓位
-        cur_pos['weight'] = self.update_by_end_weight(cur_pos)
+        cur_pos['weight'] = self.update_next_weight(cur_pos)
         next_position = cur_pos.copy()[['stock_code','date','weight','margin_trade']]
         next_position['open'] = cur_pos['close']
         self.update_account(date, trade_time, cur_pos, cur_pos)