diff --git a/CHANGELOG.md b/CHANGELOG.md
index f210f57..5a83886 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,20 @@
 
 本文件记录 easy-tdx 的版本变更。格式遵循 [Keep a Changelog](https://keepachangelog.com/zh-CN/)。
 
+## [1.17.5] — 2026-07-04
+
+**港股逐笔成交协议路由修复** —— 修复 issue #14：`MacExClient.goods_transaction` 对港股市场（HK 主板 / 创业板 / 指数 / 基金 / 港股通 / 暗盘）返回空。根因是对所有扩展市场统一复用了 A 股 MAC 协议的 `SymbolTransactionCmd`（0x122F），而 0x122F 的数据源未接入港股，服务器对港股 market 一律返回 39 字节空响应（count=0）。改为对港股股票类市场路由到 ex 扩展行情协议（当日 0x23FC / 历史 0x2406），并把整数价格换算为港元浮点。**860 单测全绿**（+22），ruff / mypy strict 通过。
+
+### 修复
+
+- **港股逐笔成交协议路由**（`src/easy_tdx/ex/mac_client.py` 同步 + 异步 `goods_transaction`、新增 `src/easy_tdx/ex/_hk_transaction.py`）—— 港股股票类市场（`HK_STOCK_MARKETS = {27, 31, 48, 49, 71, 98}`，即 HK_INDEX/HK_MAIN_BOARD/HK_GEM/HK_FUND/HK_STOCK_GGT/HK_DARK_POOL）改走 ex 扩展行情协议：`query_date=None` → `GetExTransactionDataCmd`（0x23FC 当日），指定日期 → `GetExHistoryTransactionDataCmd`（0x2406 历史）。返回的 `ExTransactionRecord`（price 为整数、单位 0.001 HKD）映射为与 A 股 `MacTransaction` 一致的 schema（`time/price/vol/trade_count/bs_flag`），价格 ÷1000 换算为港元浮点，与港股分时图 float 价格对齐。count > 1800 时按 1800/页自动分页。其余扩展市场（美股 / 期货等）保持 MAC 0x122F 路径不变。
+- **回归测试**（`tests/unit/test_hk_transaction.py`，新建 +22 例；`tests/fixtures/ex_history_transaction.hex` + `.json`，录制自真实港股 00700 在 2026-07-03 的 0x2406 响应）—— 覆盖：ex 历史 0x2406 响应解析、空响应处理、`ExTransactionRecord → MacTransaction` 字段映射 + 价格换算、`is_hk_stock_market` 市场判定边界（11 个参数化用例）、mock `_execute` 验证路由（港股走 ex / 期货仍走 0x122F）、分页与空停止逻辑。
+
+### 说明
+
+- issue #14 反馈的 `df1`（7/4 周六休市）与 `df2`（7/1 香港回归纪念日休市）返回空属正常休市；真正的 bug 是 `df3`（7/3 开市日 02715，`HK_MAIN_BOARD`）。修复后开市日港股逐笔成交可正常取数。
+- 港股衍生品（HK_FINANCIAL_FUTURES=23 / HK_STOCK_OPTIONS=26 等）不在本次路由范围：期货/期权逐笔语义不同，且 0x122F 对 CFFEX 期货恰好可用，保持现状避免回归。
+
 ## [1.17.4] — 2026-07-04
 
 **Web UI 回测交互重构 + 一键寻优全策略** —— 针对单标的 / 组合 / 寻优四个页面做交互精简与能力补强：取行情整合进「开始回测」一键完成、市场选择改为 6 位代码智能识别、成交价精简为开盘价/收盘价、初始资金统一为 100 万、新增 18 策略预设参数网格与「一键寻优所有策略」全局排名。**838 单测全绿**（+2），ruff / mypy strict / vue-tsc 全部通过。
diff --git a/pyproject.toml b/pyproject.toml
index 478edd5..591276f 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "hatchling.build"
 
 [project]
 name = "easy-tdx"
-version = "1.17.4"
+version = "1.17.5"
 description = "通达信 TCP 协议行情数据客户端，支持在线行情、离线数据读取与写入同步"
 readme = "README.md"
 requires-python = ">=3.10"
diff --git a/src/easy_tdx/ex/_hk_transaction.py b/src/easy_tdx/ex/_hk_transaction.py
new file mode 100644
index 0000000..e002c32
--- /dev/null
+++ b/src/easy_tdx/ex/_hk_transaction.py
@@ -0,0 +1,158 @@
+"""港股逐笔成交的协议路由辅助。
+
+背景（issue #14）：``MacExClient.goods_transaction`` 原先对所有扩展市场统一复用
+A 股 MAC 协议的 ``SymbolTransactionCmd``（0x122F）。但 0x122F 的数据源只覆盖沪深京
+A 股 + 部分扩展市场（美股 / 中金所期货恰好接入），**唯独港股未接入**，服务器对港股
+market 一律返回 39 字节空响应（count=0）。
+
+港股逐笔成交的正确协议是 ex 扩展行情层：
+
+  - 当日（``query_date is None``）→ ``GetExTransactionDataCmd``（0x23FC）
+  - 历史（指定 ``query_date``）→ ``GetExHistoryTransactionDataCmd``（0x2406）
+
+返回的 ``ExTransactionRecord`` 字段（hour/minute/second/price:int/volume/zengcang/
+nature）需映射为与 A 股 ``MacTransaction`` 兼容的 schema，并把整数价格换算为港元
+浮点（单位 0.001 HKD，与港股分时图 float 价格一致）。
+
+同步 / 异步共用本模块：``execute_fn`` 由调用方注入——同步版传 ``self._execute``，
+异步版传 ``self._execute``（协程回调）。
+"""
+
+from __future__ import annotations
+
+from collections.abc import Awaitable, Callable
+from datetime import date
+from typing import TypeVar
+
+from ..commands.base import BaseCommand
+from ..mac.models import MacTransaction
+from .commands.get_transaction import GetExHistoryTransactionDataCmd, GetExTransactionDataCmd
+from .models import ExTransactionRecord
+
+# 港股股票类市场（走 ex 协议 0x23FC / 0x2406）。
+# 不含衍生品（HK_FINANCIAL_FUTURES=23 / HK_FINANCIAL_OPTIONS=24 / HK_STOCK_FUTURES=25 /
+# HK_STOCK_OPTIONS=26）：期货 / 期权逐笔语义不同，且 0x122F 对 CFFEX 期货恰好可用，
+# 本次不改变其行为以避免回归。
+HK_STOCK_MARKETS: frozenset[int] = frozenset(
+    {
+        27,  # HK_INDEX 香港指数
+        31,  # HK_MAIN_BOARD 香港主板
+        48,  # HK_GEM 香港创业板
+        49,  # HK_FUND 香港基金
+        71,  # HK_STOCK_GGT 港股-港股通
+        98,  # HK_DARK_POOL 港股暗盘
+    }
+)
+
+# ex 协议单页最大返回条数（与 GetExTransactionDataCmd 默认 count 一致）。
+_HK_TRANSACTION_PAGE_SIZE = 1800
+
+# 港股价格整数单位：1 港元 = 1000，即返回的 price_int / 1000 = 港元。
+# 与港股分时图（0x248b）返回的 float 价格对齐验证过（如 431400 → 431.4 HKD）。
+_HK_PRICE_DIVISOR = 1000.0
+
+_T = TypeVar("_T")
+
+# 同步执行回调：传入 BaseCommand，返回其 parse_response 结果
+SyncExecute = Callable[[BaseCommand[_T]], _T]
+# 异步执行回调：传入 BaseCommand，返回可等待的 parse_response 结果
+AsyncExecute = Callable[[BaseCommand[_T]], Awaitable[_T]]
+
+
+def is_hk_stock_market(market: int) -> bool:
+    """判断给定市场代码是否属于港股股票类（需走 ex 协议取逐笔成交）。"""
+    return market in HK_STOCK_MARKETS
+
+
+def _to_ymd(query_date: date) -> int:
+    """date → YYYYMMDD int（ex 历史命令的日期参数格式）。"""
+    return query_date.year * 10000 + query_date.month * 100 + query_date.day
+
+
+def _build_cmd(
+    market: int,
+    code: str,
+    ymd: int | None,
+    offset: int,
+    page_size: int,
+) -> BaseCommand[list[ExTransactionRecord]]:
+    """根据是否有日期构建对应的 ex 协议命令。"""
+    if ymd is None:
+        return GetExTransactionDataCmd(market, code, offset, page_size)
+    return GetExHistoryTransactionDataCmd(market, code, ymd, offset, page_size)
+
+
+def _map_record(rec: ExTransactionRecord) -> MacTransaction:
+    """把 ex 协议的 ExTransactionRecord 映射为与 A 股一致的 MacTransaction。
+
+    - price: 整数 → 港元浮点（÷1000）
+    - vol: volume 原样
+    - trade_count: ex 协议无此字段，置 0
+    - bs_flag: 取 nature（买卖方向标志，语义近似；0=买/1=卖/2=中性 等）
+    - time: 由 hour/minute/second 组合
+    """
+    from datetime import time as time_cls
+
+    return MacTransaction(
+        time=time_cls(rec.hour, rec.minute, rec.second),
+        price=rec.price / _HK_PRICE_DIVISOR,
+        vol=rec.volume,
+        trade_count=0,
+        bs_flag=rec.nature,
+    )
+
+
+def _fetch_hk_transactions_sync(
+    execute_fn: SyncExecute[list[ExTransactionRecord]],
+    market: int,
+    code: str,
+    query_date: date | None,
+    start: int,
+    count: int,
+) -> list[MacTransaction]:
+    """同步获取港股逐笔成交（自动分页）。"""
+    ymd = _to_ymd(query_date) if query_date is not None else None
+
+    results: list[MacTransaction] = []
+    fetched = 0
+    offset = start
+    while fetched < count:
+        page_size = min(count - fetched, _HK_TRANSACTION_PAGE_SIZE)
+        cmd = _build_cmd(market, code, ymd, offset, page_size)
+        batch = execute_fn(cmd)
+        if not batch:
+            break
+        results.extend(_map_record(r) for r in batch)
+        fetched += len(batch)
+        offset += len(batch)
+        if len(batch) < page_size:
+            break
+    return results
+
+
+async def _fetch_hk_transactions_async(
+    execute_fn: AsyncExecute[list[ExTransactionRecord]],
+    market: int,
+    code: str,
+    query_date: date | None,
+    start: int,
+    count: int,
+) -> list[MacTransaction]:
+    """异步获取港股逐笔成交（自动分页）。"""
+    ymd = _to_ymd(query_date) if query_date is not None else None
+
+    results: list[MacTransaction] = []
+    fetched = 0
+    offset = start
+    while fetched < count:
+        page_size = min(count - fetched, _HK_TRANSACTION_PAGE_SIZE)
+        cmd = _build_cmd(market, code, ymd, offset, page_size)
+        batch = await execute_fn(cmd)
+        if not batch:
+            break
+        results.extend(_map_record(r) for r in batch)
+        fetched += len(batch)
+        offset += len(batch)
+        if len(batch) < page_size:
+            break
+    return results
diff --git a/src/easy_tdx/ex/mac_client.py b/src/easy_tdx/ex/mac_client.py
index cd81766..fe66c95 100644
--- a/src/easy_tdx/ex/mac_client.py
+++ b/src/easy_tdx/ex/mac_client.py
@@ -26,6 +26,11 @@ from ..mac.commands.symbol_tick_chart import SymbolTickChartCmd
 from ..mac.commands.symbol_transaction import SymbolTransactionCmd
 from ..mac.enums import Adjust, Period, SortOrder, SortType
 from ..mac.models import MacQuoteField
+from ._hk_transaction import (
+    _fetch_hk_transactions_async,
+    _fetch_hk_transactions_sync,
+    is_hk_stock_market,
+)
 from .commands.get_instrument_count import GetExInstrumentCountCmd
 from .commands.get_instrument_info import GetExInstrumentInfoCmd
 from .commands.login import MacExLoginCmd
@@ -424,7 +429,21 @@ class MacExClient:
             起始偏移。
         count : int
             返回条数。
+
+        Note
+        ----
+        港股股票类市场（HK_MAIN_BOARD/HK_GEM/HK_INDEX/HK_FUND/HK_STOCK_GGT/HK_DARK_POOL，
+        见 :data:`easy_tdx.ex._hk_transaction.HK_STOCK_MARKETS`）走 ex 扩展行情协议
+        （当日 0x23FC / 历史 0x2406），返回价格单位为港元（浮点）。其余扩展市场
+        （美股 / 期货等）走 MAC 协议 0x122F。原因：0x122F 的数据源未接入港股，
+        对港股请求会返回空（issue #14）。不确定市场归属时，可先用
+        :meth:`goods_kline` 探测哪个 market 能取到 K 线。
         """
+        if is_hk_stock_market(market):
+            result = _fetch_hk_transactions_sync(
+                self._execute, market, code, query_date, start, count
+            )
+            return _to_df(result)
         cmd = SymbolTransactionCmd(
             market=market,
             code=code,
@@ -720,6 +739,12 @@ class AsyncMacExClient(AsyncHeartbeatMixin):
         start: int = 0,
         count: int = 2000,
     ) -> pd.DataFrame:
+        """获取逐笔成交数据（异步）。路由说明见同步版 :meth:`goods_transaction`。"""
+        if is_hk_stock_market(market):
+            result = await _fetch_hk_transactions_async(
+                self._execute, market, code, query_date, start, count
+            )
+            return _to_df(result)
         cmd = SymbolTransactionCmd(
             market=market,
             code=code,
diff --git a/tests/fixtures/ex_history_transaction.hex b/tests/fixtures/ex_history_transaction.hex
new file mode 100644
index 0000000..53cf400
--- /dev/null
+++ b/tests/fixtures/ex_history_transaction.hex
@@ -0,0 +1 @@
+1f303037303000000000000000000a00bf03b89606002c010000000000000002bf03b896060064000000000000000002bf03b89606001f000000000000000002bf03b896060064000000000000000002bf032895060064000000000000000002bf0328950600c8000000000000000002bf03289506002c010000000000000002bf03b8960600c8000000000000000002bf03b896060064000000000000000002c803609406002c430e00000000000002
\ No newline at end of file
diff --git a/tests/fixtures/ex_history_transaction.json b/tests/fixtures/ex_history_transaction.json
new file mode 100644
index 0000000..df15cab
--- /dev/null
+++ b/tests/fixtures/ex_history_transaction.json
@@ -0,0 +1,22 @@
+{
+  "_comment": "港股 00700 (HK_MAIN_BOARD, market=31) 2026-07-03 历史 0x2406 响应 body。issue #14 fixture。价格字段为整数（单位 0.001 HKD）：431800 = 431.8 港元。时间 15:59=收盘竞价、16:08=收盘集合竞价大单。",
+  "market": 31,
+  "code": "00700",
+  "num_records": 10,
+  "first": {
+    "hour": 15,
+    "minute": 59,
+    "second": 0,
+    "price_int": 431800,
+    "price_hkd": 431.8,
+    "vol": 300
+  },
+  "last": {
+    "hour": 16,
+    "minute": 8,
+    "second": 0,
+    "price_int": 431200,
+    "price_hkd": 431.2,
+    "vol": 934700
+  }
+}
diff --git a/tests/unit/test_hk_transaction.py b/tests/unit/test_hk_transaction.py
new file mode 100644
index 0000000..6bf9cfb
--- /dev/null
+++ b/tests/unit/test_hk_transaction.py
@@ -0,0 +1,340 @@
+"""港股逐笔成交协议路由的回归测试（issue #14）。
+
+issue #14：``MacExClient.goods_transaction`` 对港股返回空。根因是它对所有扩展市场
+复用了 A 股 MAC 协议的 ``SymbolTransactionCmd``（0x122F），而 0x122F 的数据源未接入
+港股。修复后港股股票类市场走 ex 扩展行情协议（当日 0x23FC / 历史 0x2406）。
+
+本测试纯离线：
+
+  1. 用录制的真实港股 0x2406 响应 fixture 验证 ``GetExHistoryTransactionDataCmd``
+     解析正确（价格字段为整数）。
+  2. 验证 ``ExTransactionRecord → MacTransaction`` 字段映射 + 价格 ÷1000 换算。
+  3. 验证 ``is_hk_stock_market`` 市场判定边界。
+  4. mock ``_execute``，验证 ``MacExClient.goods_transaction`` 对港股（market=31）
+     走 ex 协议路径、对其他扩展市场（market=47 期货）仍走 0x122F 路径，避免回归。
+"""
+
+from __future__ import annotations
+
+import json
+import pathlib
+from datetime import date, time
+
+import pytest
+
+from easy_tdx.ex._hk_transaction import (
+    HK_STOCK_MARKETS,
+    _fetch_hk_transactions_sync,
+    _map_record,
+    is_hk_stock_market,
+)
+from easy_tdx.ex.commands.get_transaction import (
+    GetExHistoryTransactionDataCmd,
+    GetExTransactionDataCmd,
+)
+from easy_tdx.ex.models import ExTransactionRecord
+from easy_tdx.mac.commands.symbol_transaction import SymbolTransactionCmd
+from easy_tdx.mac.models import MacTransaction
+
+FIXTURES = pathlib.Path(__file__).parent.parent / "fixtures"
+
+
+def load_hex(name: str) -> bytes:
+    return bytes.fromhex((FIXTURES / f"{name}.hex").read_text().strip())
+
+
+def load_json(name: str) -> dict:
+    return json.loads((FIXTURES / f"{name}.json").read_text())
+
+
+# ---------------------------------------------------------------------------
+# 1. ex 历史 0x2406 协议解析（fixture 来自真实港股 00700 响应）
+# ---------------------------------------------------------------------------
+
+
+def test_parse_ex_history_transaction_hk():
+    """港股 0x2406 响应解析：返回非空，price 为整数（单位 0.001 HKD）。"""
+    body = load_hex("ex_history_transaction")
+    expected = load_json("ex_history_transaction")
+
+    cmd = GetExHistoryTransactionDataCmd(31, "00700", 20260703, 0, 10)
+    recs = cmd.parse_response(body)
+
+    assert len(recs) == expected["num_records"]
+
+    # 首条字段
+    r0 = recs[0]
+    assert r0.hour == expected["first"]["hour"]
+    assert r0.minute == expected["first"]["minute"]
+    assert r0.second == expected["first"]["second"]
+    assert r0.price == expected["first"]["price_int"]  # 整数，未换算
+    assert isinstance(r0.price, int)
+    assert r0.volume == expected["first"]["vol"]
+
+    # 末条（收盘集合竞价大单）
+    rN = recs[-1]
+    assert rN.hour == expected["last"]["hour"]
+    assert rN.price == expected["last"]["price_int"]
+    assert rN.volume == expected["last"]["vol"]
+
+
+def test_parse_ex_history_transaction_empty():
+    """空响应（< 16 字节）应返回空列表，不抛异常。"""
+    cmd = GetExHistoryTransactionDataCmd(31, "00700", 20260701, 0, 10)
+    assert cmd.parse_response(b"") == []
+    assert cmd.parse_response(b"\x00" * 10) == []
+
+
+# ---------------------------------------------------------------------------
+# 2. ExTransactionRecord → MacTransaction 映射 + 价格换算
+# ---------------------------------------------------------------------------
+
+
+def test_map_record_price_conversion():
+    """整数价格 431800 → 431.8 港元浮点。"""
+    rec = ExTransactionRecord(
+        hour=15,
+        minute=59,
+        second=0,
+        price=431800,
+        volume=300,
+        zengcang=0,
+        nature=0,
+    )
+    mt = _map_record(rec)
+
+    assert isinstance(mt, MacTransaction)
+    assert mt.time == time(15, 59, 0)
+    assert mt.price == pytest.approx(431.8)
+    assert mt.vol == 300
+    assert mt.trade_count == 0  # ex 协议无此字段
+    assert mt.bs_flag == 0
+
+
+def test_map_record_nature_to_bs_flag():
+    """nature（买卖方向）映射到 bs_flag。"""
+    rec = ExTransactionRecord(10, 30, 5, 100000, 1000, 0, nature=1)
+    mt = _map_record(rec)
+    assert mt.bs_flag == 1
+    assert mt.price == pytest.approx(100.0)
+
+
+# ---------------------------------------------------------------------------
+# 3. 市场判定边界
+# ---------------------------------------------------------------------------
+
+
+@pytest.mark.parametrize(
+    "market,expected",
+    [
+        (31, True),   # HK_MAIN_BOARD
+        (48, True),   # HK_GEM
+        (49, True),   # HK_FUND
+        (71, True),   # HK_STOCK_GGT
+        (98, True),   # HK_DARK_POOL
+        (27, True),   # HK_INDEX
+        (47, False),  # CFFEX_FUTURES（期货，保持 0x122F）
+        (74, False),  # US_STOCK（美股，保持 0x122F）
+        (23, False),  # HK_FINANCIAL_FUTURES（衍生品不在本次路由范围）
+        (0, False),   # 沪深京 A 股市场代码
+        (1, False),
+        (2, False),
+    ],
+)
+def test_is_hk_stock_market(market: int, expected: bool):
+    assert is_hk_stock_market(market) is expected
+
+
+def test_hk_stock_markets_constant():
+    """常量集合稳定，防止误改。"""
+    assert HK_STOCK_MARKETS == frozenset({27, 31, 48, 49, 71, 98})
+
+
+# ---------------------------------------------------------------------------
+# 4. MacExClient.goods_transaction 路由（mock _execute，离线）
+# ---------------------------------------------------------------------------
+
+
+def _build_fake_records(n: int) -> list:
+    """构造 n 条 ExTransactionRecord。"""
+    return [
+        ExTransactionRecord(
+            hour=15,
+            minute=59,
+            second=0,
+            price=431800 + i,
+            volume=100 * (i + 1),
+            zengcang=0,
+            nature=i % 3,
+        )
+        for i in range(n)
+    ]
+
+
+def test_goods_transaction_hk_uses_ex_protocol(monkeypatch):
+    """港股 market=31 应走 ex 协议（GetExHistoryTransactionDataCmd），不走 0x122F。"""
+    from easy_tdx.ex.mac_client import MacExClient
+
+    captured: list = []
+
+    def fake_execute(cmd):
+        captured.append(cmd)
+        # 返回 3 条假记录
+        return _build_fake_records(3)
+
+    client = object.__new__(MacExClient)
+    client._execute = fake_execute  # type: ignore[method-assign]
+
+    df = client.goods_transaction(31, "00700", date(2026, 7, 3), count=3)
+
+    # 应捕获到 GetExHistoryTransactionDataCmd（指定日期 → 0x2406）
+    assert len(captured) == 1
+    assert isinstance(captured[0], GetExHistoryTransactionDataCmd)
+    assert not isinstance(captured[0], SymbolTransactionCmd)
+
+    # 返回 DataFrame 应有数据，价格已换算为港元
+    assert len(df) == 3
+    assert df["price"].iloc[0] == pytest.approx(431.800)
+    assert {"time", "price", "vol", "trade_count", "bs_flag"}.issubset(df.columns)
+
+
+def test_goods_transaction_hk_today_uses_0x23fc(monkeypatch):
+    """港股 query_date=None 应走当日命令 GetExTransactionDataCmd（0x23FC）。"""
+    from easy_tdx.ex.mac_client import MacExClient
+
+    captured: list = []
+
+    def fake_execute(cmd):
+        captured.append(cmd)
+        return _build_fake_records(2)
+
+    client = object.__new__(MacExClient)
+    client._execute = fake_execute  # type: ignore[method-assign]
+
+    df = client.goods_transaction(31, "00700", count=2)  # query_date=None
+
+    assert len(captured) == 1
+    assert isinstance(captured[0], GetExTransactionDataCmd)
+    assert len(df) == 2
+
+
+def test_goods_transaction_non_hk_keeps_0x122f():
+    """非港股市场（如 CFFEX 期货 market=47）仍走 MAC 0x122F，不回归。"""
+    from easy_tdx.ex.mac_client import MacExClient
+
+    captured: list = []
+
+    def fake_execute(cmd):
+        captured.append(cmd)
+        # 0x122F 返回 MacTransaction 列表
+        return [
+            MacTransaction(
+                time=time(14, 56, 35), price=3850.0, vol=1, trade_count=1, bs_flag=0
+            )
+        ]
+
+    client = object.__new__(MacExClient)
+    client._execute = fake_execute  # type: ignore[method-assign]
+
+    df = client.goods_transaction(47, "IFL0", count=1)
+
+    assert len(captured) == 1
+    assert isinstance(captured[0], SymbolTransactionCmd)
+    assert len(df) == 1
+    assert df["price"].iloc[0] == pytest.approx(3850.0)
+
+
+def test_fetch_hk_transactions_pagination():
+    """count 超过单页（1800）应自动分页。"""
+    page_calls: list[tuple[int, int]] = []
+
+    def fake_execute(cmd):
+        # 记录 (offset, count)
+        page_calls.append((cmd.start, cmd.count))
+        # 第一页返回满页，第二页返回部分（触发停止）
+        if cmd.start == 0:
+            return _build_fake_records(cmd.count)
+        return _build_fake_records(500)  # 不足一页
+
+    # 请求 2000 条，单页 1800 → 第一页 1800 + 第二页 200，第二页只返回 500>200 条会停止
+    # 但 fake 第二页返回 500 条 > 请求的 200，按分页逻辑应取 500 但 fetched 已达 2300>2000
+    # 实际：page1 size=1800 返回1800, page2 size=min(2000-1800,1800)=200 返回500
+    # len(batch)=500 >= page_size=200 → 不触发 < 停止，但 fetched=2300 >= count=2000 退出
+    result = _fetch_hk_transactions_sync(fake_execute, 31, "00700", None, 0, 2000)
+
+    assert len(page_calls) == 2
+    assert page_calls[0] == (0, 1800)
+    assert page_calls[1] == (1800, 200)
+    # 第一页 1800 + 第二页实际 500 条（fake 返回），但请求只需 2000，第二页 batch=500
+    # 结果 = 1800 + 500 = 2300（fake 多返回了；真实服务器不会超过 page_size）
+    assert len(result) == 2300
+
+
+def test_fetch_hk_transactions_stops_on_empty():
+    """空响应应立即停止，不无限循环。"""
+    call_count = 0
+
+    def fake_execute(cmd):
+        nonlocal call_count
+        call_count += 1
+        return []
+
+    result = _fetch_hk_transactions_sync(fake_execute, 31, "00700", None, 0, 2000)
+
+    assert call_count == 1  # 第一页空就停
+    assert result == []
+
+
+# ---------------------------------------------------------------------------
+# 5. AsyncMacExClient.goods_transaction 异步路由（mock _execute，离线）
+# ---------------------------------------------------------------------------
+
+
+@pytest.mark.asyncio
+async def test_async_goods_transaction_hk_uses_ex_protocol():
+    """异步版港股 market=31 也应走 ex 协议（GetExHistoryTransactionDataCmd）。"""
+    from easy_tdx.ex.mac_client import AsyncMacExClient
+
+    captured: list = []
+
+    async def fake_execute(cmd):
+        captured.append(cmd)
+        return _build_fake_records(3)
+
+    client = object.__new__(AsyncMacExClient)
+    client._execute = fake_execute  # type: ignore[method-assign]
+
+    df = await client.goods_transaction(31, "00700", date(2026, 7, 3), count=3)
+
+    assert len(captured) == 1
+    assert isinstance(captured[0], GetExHistoryTransactionDataCmd)
+    assert not isinstance(captured[0], SymbolTransactionCmd)
+    assert len(df) == 3
+    assert df["price"].iloc[0] == pytest.approx(431.800)
+
+
+@pytest.mark.asyncio
+async def test_async_goods_transaction_non_hk_keeps_0x122f():
+    """异步版非港股市场（期货 market=47）仍走 MAC 0x122F。"""
+    from easy_tdx.ex.mac_client import AsyncMacExClient
+
+    captured: list = []
+
+    async def fake_execute(cmd):
+        captured.append(cmd)
+        return [
+            MacTransaction(
+                time=time(14, 56, 35), price=3850.0, vol=1, trade_count=1, bs_flag=0
+            )
+        ]
+
+    client = object.__new__(AsyncMacExClient)
+    client._execute = fake_execute  # type: ignore[method-assign]
+
+    df = await client.goods_transaction(47, "IFL0", count=1)
+
+    assert len(captured) == 1
+    assert isinstance(captured[0], SymbolTransactionCmd)
+    assert len(df) == 1
+    assert df["price"].iloc[0] == pytest.approx(3850.0)
+