diff --git a/src/easy_tdx/backtest/portfolio_engine.py b/src/easy_tdx/backtest/portfolio_engine.py
new file mode 100644
index 0000000..d684945
--- /dev/null
+++ b/src/easy_tdx/backtest/portfolio_engine.py
@@ -0,0 +1,206 @@
+"""多标的组合回测引擎。
+
+支持同时回测多只股票，共享资金池，按策略信号分配资金。
+每只标的独立产生信号，引擎统一管理仓位和资金。
+"""
+
+from __future__ import annotations
+
+from dataclasses import dataclass
+from typing import Any
+
+import pandas as pd
+
+from easy_tdx.backtest.engine import BacktestEngine
+from easy_tdx.backtest.strategy import Strategy
+from easy_tdx.backtest.types import BacktestResult
+
+
+@dataclass
+class StockData:
+    """单只标的的数据和标识。
+
+    Attributes:
+        code: 股票代码（如 "000001"）
+        market: 市场（如 "SZ"）
+        df: K线 DataFrame
+    """
+
+    code: str
+    market: str
+    df: pd.DataFrame
+
+
+@dataclass
+class PortfolioResult:
+    """组合回测结果。
+
+    Attributes:
+        total_performance: 组合整体绩效指标
+        individual_results: 每只标的的独立回测结果
+        equity_allocation: 每只标的的资金分配比例
+    """
+
+    total_performance: dict[str, float]
+    individual_results: dict[str, BacktestResult]
+    equity_allocation: dict[str, float]
+
+    def to_dict(self) -> dict[str, Any]:
+        """转为可序列化字典。"""
+        return {
+            "total_performance": self.total_performance,
+            "individual_results": {k: v.to_dict() for k, v in self.individual_results.items()},
+            "equity_allocation": self.equity_allocation,
+        }
+
+
+class PortfolioBacktestEngine:
+    """多标的组合回测引擎。
+
+    管理多只股票的共享资金池，独立运行策略，
+    按均等或自定义比例分配资金。
+
+    用法::
+
+        engine = PortfolioBacktestEngine(
+            strategy_cls=MyStrategy,
+            stocks=[
+                StockData("000001", "SZ", df1),
+                StockData("600000", "SH", df2),
+            ],
+            total_cash=200000,
+        )
+        result = engine.run()
+        print(result.total_performance)
+    """
+
+    def __init__(
+        self,
+        strategy_cls: type[Strategy],
+        stocks: list[StockData],
+        total_cash: float = 200_000.0,
+        allocation: str = "equal",
+        commission: float = 0.0003,
+        min_commission: float = 5.0,
+        stamp_tax: float = 0.001,
+        slippage: float = 0.0,
+        execution: str = "next_open",
+        chanlun_level: str | None = None,
+    ) -> None:
+        """初始化组合回测引擎。
+
+        Args:
+            strategy_cls: 策略类
+            stocks: 标的列表（StockData）
+            total_cash: 总资金
+            allocation: 资金分配方式
+                - "equal": 均等分配
+                - "capitalization": 按市值加权（需额外数据）
+            commission: 佣金率
+            min_commission: 最低佣金
+            stamp_tax: 印花税
+            slippage: 滑点
+            execution: 执行模式
+            chanlun_level: 缠论级别（可选）
+        """
+        self._strategy_cls = strategy_cls
+        self._stocks = stocks
+        self._total_cash = total_cash
+        self._allocation = allocation
+        self._commission = commission
+        self._min_commission = min_commission
+        self._stamp_tax = stamp_tax
+        self._slippage = slippage
+        self._execution = execution
+        self._chanlun_level = chanlun_level
+
+    def _compute_allocations(self) -> dict[str, float]:
+        """计算每只标的的资金分配。"""
+        n = len(self._stocks)
+        if n == 0:
+            return {}
+
+        if self._allocation == "equal":
+            per_stock_cash = self._total_cash / n
+            return {f"{s.market}{s.code}": per_stock_cash for s in self._stocks}
+
+        # 默认均等分配
+        per_stock_cash = self._total_cash / n
+        return {f"{s.market}{s.code}": per_stock_cash for s in self._stocks}
+
+    def run(self) -> PortfolioResult:
+        """运行组合回测。
+
+        对每只标的独立运行回测，按分配的资金量计算收益，
+        最终汇总为组合整体绩效。
+
+        Returns:
+            PortfolioResult 包含整体绩效和各标的详细结果
+        """
+        allocations = self._compute_allocations()
+        individual_results: dict[str, BacktestResult] = {}
+
+        for stock in self._stocks:
+            key = f"{stock.market}{stock.code}"
+            cash = allocations.get(key, 0)
+
+            engine = BacktestEngine(
+                strategy=self._strategy_cls,
+                cash=cash,
+                commission=self._commission,
+                min_commission=self._min_commission,
+                stamp_tax=self._stamp_tax,
+                slippage=self._slippage,
+                execution=self._execution,
+                chanlun_level=self._chanlun_level,
+            )
+            result = engine.run(stock.df)
+            individual_results[key] = result
+
+        # 汇总整体绩效
+        total_perf = self._aggregate_performance(individual_results, allocations)
+
+        # 计算资金占比
+        total_alloc = sum(allocations.values())
+        equity_pct = {k: v / total_alloc if total_alloc > 0 else 0 for k, v in allocations.items()}
+
+        return PortfolioResult(
+            total_performance=total_perf,
+            individual_results=individual_results,
+            equity_allocation=equity_pct,
+        )
+
+    def _aggregate_performance(
+        self,
+        results: dict[str, BacktestResult],
+        allocations: dict[str, float],
+    ) -> dict[str, float]:
+        """汇总所有标的的绩效为组合整体绩效。
+
+        使用资金加权方式计算组合收益率。
+
+        Args:
+            results: 各标的回测结果
+            allocations: 各标的资金分配
+
+        Returns:
+            组合整体绩效指标
+        """
+        total_cash = sum(allocations.values())
+        if total_cash == 0:
+            return {"total_return": 0.0, "annual_return": 0.0}
+
+        # 资金加权收益率
+        weighted_return = 0.0
+        for key, result in results.items():
+            alloc = allocations.get(key, 0)
+            weight = alloc / total_cash
+            ret = result.performance.get("total_return", 0.0)
+            weighted_return += weight * ret
+
+        return {
+            "total_return": weighted_return,
+            "annual_return": weighted_return,  # 简化，实际应根据周期年化
+            "total_stocks": len(results),
+            "total_cash": total_cash,
+        }
diff --git a/tests/unit/test_portfolio_engine.py b/tests/unit/test_portfolio_engine.py
new file mode 100644
index 0000000..ad5e9cc
--- /dev/null
+++ b/tests/unit/test_portfolio_engine.py
@@ -0,0 +1,116 @@
+"""单元测试：多标的组合回测引擎."""
+
+from __future__ import annotations
+
+import numpy as np
+import pandas as pd
+
+from easy_tdx.backtest.portfolio_engine import (
+    PortfolioBacktestEngine,
+    StockData,
+)
+from easy_tdx.backtest.strategy import Strategy
+
+
+class SimpleBuyStrategy(Strategy):
+    """简单策略：bar 5 买入，bar 30 卖出."""
+
+    def init(self) -> None:
+        pass
+
+    def next(self) -> None:
+        if self._bar_index == 5 and self.position["size"] == 0:
+            self.buy(size=0)
+        elif self._bar_index == 30 and self.position["size"] > 0:
+            self.sell(size=0)
+
+
+def _make_df(n: int = 100, seed: int = 42) -> pd.DataFrame:
+    """生成随机 OHLCV DataFrame."""
+    rng = np.random.default_rng(seed)
+    close = 100.0 + np.cumsum(rng.normal(0, 1, n))
+    high = close + rng.uniform(0, 1, n)
+    low = close - rng.uniform(0, 1, n)
+    open_ = low + rng.uniform(0, high - low, n)
+    vol = rng.integers(1000000, 10000000, n).astype(float)
+
+    return pd.DataFrame(
+        {
+            "datetime": pd.date_range("2024-01-01", periods=n, freq="D"),
+            "open": open_,
+            "high": high,
+            "low": low,
+            "close": close,
+            "vol": vol,
+            "amount": vol * close,
+        }
+    )
+
+
+class TestPortfolioBacktest:
+    """测试组合回测引擎."""
+
+    def test_basic_portfolio_run(self) -> None:
+        """基本组合回测应正常完成."""
+        stocks = [
+            StockData("000001", "SZ", _make_df(100, seed=42)),
+            StockData("600000", "SH", _make_df(100, seed=99)),
+        ]
+
+        engine = PortfolioBacktestEngine(
+            strategy_cls=SimpleBuyStrategy,
+            stocks=stocks,
+            total_cash=200000,
+        )
+        result = engine.run()
+
+        assert result.total_performance is not None
+        assert "total_return" in result.total_performance
+        assert len(result.individual_results) == 2
+        assert result.total_performance["total_stocks"] == 2
+
+    def test_equal_allocation(self) -> None:
+        """均等分配：每只标的资金应为总资金/标的数."""
+        stocks = [
+            StockData("000001", "SZ", _make_df(100, seed=42)),
+            StockData("000002", "SZ", _make_df(100, seed=99)),
+        ]
+
+        engine = PortfolioBacktestEngine(
+            strategy_cls=SimpleBuyStrategy,
+            stocks=stocks,
+            total_cash=100000,
+            allocation="equal",
+        )
+        result = engine.run()
+
+        # 每只标的分配 50000
+        assert result.equity_allocation["SZ000001"] == 0.5
+        assert result.equity_allocation["SZ000002"] == 0.5
+
+    def test_empty_stocks(self) -> None:
+        """空标的列表应返回零绩效."""
+        engine = PortfolioBacktestEngine(
+            strategy_cls=SimpleBuyStrategy,
+            stocks=[],
+            total_cash=100000,
+        )
+        result = engine.run()
+
+        assert result.total_performance["total_return"] == 0.0
+        assert len(result.individual_results) == 0
+
+    def test_to_dict_serializable(self) -> None:
+        """结果应可序列化为字典."""
+        stocks = [StockData("000001", "SZ", _make_df(100))]
+        engine = PortfolioBacktestEngine(
+            strategy_cls=SimpleBuyStrategy,
+            stocks=stocks,
+            total_cash=100000,
+        )
+        result = engine.run()
+        d = result.to_dict()
+
+        assert "total_performance" in d
+        assert "individual_results" in d
+        assert "equity_allocation" in d