diff --git a/README.md b/README.md
index 2d56510..ec0df40 100644
--- a/README.md
+++ b/README.md
@@ -73,7 +73,9 @@ python -m src.main --trading-day --start-date 19901219 --end-date 20261231
 python -m src.main --daily
 
 # 指定日期范围抓取日线
-python -m src.main --daily --start-date 19901201 --end-date 20260508
+python -m src.main --daily --start-date 19901201 --end-date 20260511
+
+python -m src.main --daily --start-date 19920101 --end-date 20260511
 
 # 抓取财务指标（全部股票，最近8个季度）
 python -m src.main --financial
diff --git a/src/baostock_conn.py b/src/baostock_conn.py
index a87da20..e9fce53 100644
--- a/src/baostock_conn.py
+++ b/src/baostock_conn.py
@@ -5,6 +5,7 @@ BaoStock 的 query_xxx() 非线程安全，所有查询需通过同一把锁串
 
 import threading
 from contextlib import contextmanager
+from datetime import datetime
 import baostock as bs
 
 _lock = threading.Lock()
@@ -43,7 +44,7 @@ def bs_query(query_fn, *args, **kwargs):
     sig_parts = [repr(a) for a in args]
     sig_parts += [f"{k}={v!r}" for k, v in kwargs.items()]
     sig = ", ".join(sig_parts)
-    print(f"    [BS] {short_name}({sig})", flush=True)
+    print(f"    [{datetime.now().strftime('%H:%M:%S')}] [BS] {short_name}({sig})", flush=True)
     with _lock:
         rs = query_fn(*args, **kwargs)
         yield rs
diff --git a/src/fetchers/daily.py b/src/fetchers/daily.py
index 162c817..7487016 100644
--- a/src/fetchers/daily.py
+++ b/src/fetchers/daily.py
@@ -1,10 +1,6 @@
 """日线行情抓取模块 — 使用 BaoStock
 
-单数据源架构，代码大幅简化。
-跳过策略：
-  - 数据完整 = 行情记录数 + 已标记停牌天数 >= 交易日总数
-  - 未上市股票（ipo_date > 查询结束日期）
-  - 增量抓取：只请求缺失的日期段，不重复抓已有数据
+增量抓取：一次本地查询确定每只股票的缺口范围，只请求缺失日期段。
 """
 
 import time
@@ -24,132 +20,122 @@ def _clean(val):
     return val
 
 
-def _get_not_listed(end_date: str) -> set[str]:
-    session = get_session()
-    try:
-        result = session.execute(
-            select(StockInfo.code).where(StockInfo.ipo_date > end_date)
-        )
-        return {row[0] for row in result}
-    finally:
-        session.close()
-
-
-def _get_complete_codes(start_date: str, end_date: str, trading_days: list[str]) -> set[str]:
-    """数据完整的判断：行情记录数 + 已标记停牌天数 >= 交易日总数"""
+def _analyze_gaps(codes: list[str], start_date: str, end_date: str,
+                  trading_days: list[str]) -> dict[str, list[str]]:
+    """按月分段分析缺口。用 COUNT 对比交易日数，不逐条加载。"""
     if not trading_days:
-        return set()
-    td_count = len(trading_days)
-    session = get_session()
-    try:
-        rec_rows = session.execute(
-            select(StockDaily.code, func.count(StockDaily.id))
-            .where(StockDaily.date >= start_date)
-            .where(StockDaily.date <= end_date)
-            .group_by(StockDaily.code)
-        )
-        rec_counts = {row[0]: row[1] for row in rec_rows}
+        return {}
 
-        susp_rows = session.execute(
-            select(StockNoData.code, func.count(StockNoData.id))
-            .where(StockNoData.date >= start_date)
-            .where(StockNoData.date <= end_date)
-            .group_by(StockNoData.code)
-        )
-        susp_counts = {row[0]: row[1] for row in susp_rows}
-
-        complete = set()
-        for code in set(rec_counts) | set(susp_counts):
-            if rec_counts.get(code, 0) + susp_counts.get(code, 0) >= td_count:
-                complete.add(code)
-        return complete
-    finally:
-        session.close()
-
-
-def _get_gaps(codes: list[str], start_date: str, end_date: str,
-              trading_days: list[str]) -> dict[str, list[str]]:
-    """查询每只股票缺失的日期段，返回 {code: [gap_start, gap_end]}"""
     sd = f"{start_date[:4]}-{start_date[4:6]}-{start_date[6:8]}"
     ed = f"{end_date[:4]}-{end_date[4:6]}-{end_date[6:8]}"
-    td_set = set(trading_days)
+
+    # 上市日期
     session = get_session()
     try:
-        # 已有行情日期
-        result = session.execute(
-            select(StockDaily.code, StockDaily.date)
-            .where(StockDaily.code.in_(codes))
-            .where(StockDaily.date >= sd)
-            .where(StockDaily.date <= ed)
+        ipo_result = session.execute(
+            select(StockInfo.code, StockInfo.ipo_date)
+            .where(StockInfo.code.in_(codes))
         )
-        code_dates: dict[str, set[str]] = {}
-        for code, date in result:
-            code_dates.setdefault(code, set()).add(str(date))
-
-        # 已标记停牌日期
-        nodata_result = session.execute(
-            select(StockNoData.code, StockNoData.date)
-            .where(StockNoData.code.in_(codes))
-            .where(StockNoData.date >= sd)
-            .where(StockNoData.date <= ed)
-        )
-        for code, date in nodata_result:
-            code_dates.setdefault(code, set()).add(str(date))
+        ipo_dates: dict[str, str] = {}
+        for code, ipo in ipo_result:
+            if ipo:
+                ipo_dates[code] = str(ipo)
     finally:
         session.close()
 
+    # 按月分段
+    td_by_month: dict[str, list[str]] = {}
+    for d in trading_days:
+        key = d[:7]  # "2026-05"
+        td_by_month.setdefault(key, []).append(d)
+
+    gap_codes: set[str] = set()
+    total_months = len(td_by_month)
+    t0 = time.time()
+
+    for idx, (month_key, month_days) in enumerate(sorted(td_by_month.items())):
+        m_start = month_days[0]
+        m_end = month_days[-1]
+
+        session = get_session()
+        try:
+            cnt_result = session.execute(
+                select(StockDaily.code, func.count(StockDaily.id))
+                .where(StockDaily.code.in_(codes))
+                .where(StockDaily.date >= m_start)
+                .where(StockDaily.date <= m_end)
+                .group_by(StockDaily.code)
+            )
+            code_cnt = {row[0]: row[1] for row in cnt_result}
+        finally:
+            session.close()
+
+        new_gaps = 0
+        for code in codes:
+            if code in gap_codes:
+                continue
+            ipo = ipo_dates.get(code)
+            if ipo and ipo > m_end:
+                continue
+            expected = [d for d in month_days if not ipo or d >= ipo]
+            if not expected:
+                continue
+            if code_cnt.get(code, 0) < len(expected):
+                gap_codes.add(code)
+                new_gaps += 1
+
+        print(f"  [{idx+1}/{total_months}] {month_key} 交易日:{len(month_days)} 新增缺口:{new_gaps} "
+              f"累计:{len(gap_codes)} 已用时:{time.time()-t0:.1f}s", flush=True)
+
+    if not gap_codes:
+        return {}
+
+    # 确定缺口范围
     gaps: dict[str, list[str]] = {}
-    for code in codes:
-        existing = code_dates.get(code, set())
-        missing = [d for d in trading_days if d not in existing]
-        if not missing:
-            continue
-        gaps[code] = [missing[0], missing[-1]]
+    for code in gap_codes:
+        ipo = ipo_dates.get(code)
+        expected = [d for d in trading_days if not ipo or d >= ipo]
+        session = get_session()
+        try:
+            minmax = session.execute(
+                select(func.min(StockDaily.date), func.max(StockDaily.date))
+                .where(StockDaily.code == code)
+                .where(StockDaily.date >= sd)
+                .where(StockDaily.date <= ed)
+            ).fetchone()
+        finally:
+            session.close()
+
+        if minmax and minmax[0]:
+            min_d, max_d = str(minmax[0]), str(minmax[1])
+            front = [d for d in expected if d < min_d]
+            back = [d for d in expected if d > max_d]
+            if front and back:
+                gaps[code] = [expected[0], expected[-1]]
+            elif front:
+                gaps[code] = [front[0], front[-1]]
+            elif back:
+                gaps[code] = [back[0], back[-1]]
+            else:
+                gaps[code] = [expected[0], expected[-1]]
+        else:
+            gaps[code] = [expected[0], expected[-1]]
+
     return gaps
 
 
-def _mark_suspensions_local(codes: list[str], start_date: str, end_date: str,
-                            trading_days: list[str]):
-    """纯本地数据库批量标记停牌天：比较 stock_daily 与 trading_day"""
-    if not codes or not trading_days:
+def _mark_suspensions(nodata_map: dict[str, list[str]]):
+    if not nodata_map:
         return
-    sd = f"{start_date[:4]}-{start_date[4:6]}-{start_date[6:8]}"
-    ed = f"{end_date[:4]}-{end_date[4:6]}-{end_date[6:8]}"
-    session = get_session()
-    try:
-        result = session.execute(
-            select(StockDaily.code, StockDaily.date)
-            .where(StockDaily.code.in_(codes))
-            .where(StockDaily.date >= sd)
-            .where(StockDaily.date <= ed)
-        )
-        code_dates: dict[str, set[str]] = {}
-        for code, date in result:
-            code_dates.setdefault(code, set()).add(str(date))
-
-        nodata_result = session.execute(
-            select(StockNoData.code, StockNoData.date)
-            .where(StockNoData.code.in_(codes))
-            .where(StockNoData.date >= sd)
-            .where(StockNoData.date <= ed)
-        )
-        nodata_existing = {(code, str(date)) for code, date in nodata_result}
-
-        rows = []
-        for code in codes:
-            existing = code_dates.get(code, set())
-            for td in trading_days:
-                if td not in existing and (code, td) not in nodata_existing:
-                    rows.append({"code": code, "date": td})
-        if rows:
-            batch_upsert(StockNoData, rows, ["code", "date"])
-            print(f"  本地批量标记停牌: {len(rows)} 条", flush=True)
-    finally:
-        session.close()
+    rows = []
+    for code, dates in nodata_map.items():
+        rows.extend({"code": code, "date": d} for d in dates)
+    if rows:
+        batch_upsert(StockNoData, rows, ["code", "date"])
+        print(f"  标记停牌: {len(rows)} 条（{len(nodata_map)} 只股票）", flush=True)
 
 
 def _fetch_baostock(code: str, start_date: str, end_date: str) -> list[dict] | None:
-    """从 BaoStock 获取日线行情，含振幅/涨跌幅/换手率"""
     bs_code = code_to_bs(code)
     if not bs_code:
         return None
@@ -208,42 +194,60 @@ def fetch_daily(start_date: str | None = None, end_date: str | None = None):
 
     bs_login()
 
-    from src.fetchers.trading_day import get_trading_days
-    trading_days = get_trading_days(start_date, end_date)
+    # 直接查本地 trading_day 表，不调 BaoStock
+    sd_fmt = f"{start_date[:4]}-{start_date[4:6]}-{start_date[6:8]}"
+    ed_fmt = f"{end_date[:4]}-{end_date[4:6]}-{end_date[6:8]}"
+    from src.db import TradingDay
+    session = get_session()
+    try:
+        td_result = session.execute(
+            select(TradingDay.date)
+            .where(TradingDay.date >= sd_fmt)
+            .where(TradingDay.date <= ed_fmt)
+            .order_by(TradingDay.date)
+        )
+        trading_days = [str(row[0]) for row in td_result]
+    finally:
+        session.close()
     td_count = len(trading_days)
     print(f"  交易日历: {start_date} ~ {end_date} 共 {td_count} 个交易日", flush=True)
 
-    complete = _get_complete_codes(start_date, end_date, trading_days)
-    not_listed = _get_not_listed(end_date)
-    skip_set = complete | not_listed
-    if complete:
-        print(f"  {len(complete)} 只股票数据已完整（含停牌天），跳过...", flush=True)
-    if not_listed:
-        print(f"  {len(not_listed)} 只股票未上市，跳过...", flush=True)
-    codes = [c for c in codes if c not in skip_set]
+    # 排除未上市股票
+    session = get_session()
+    try:
+        not_listed = {row[0] for row in session.execute(
+            select(StockInfo.code).where(StockInfo.ipo_date > ed_fmt)
+        )}
+    finally:
+        session.close()
+    codes = [c for c in codes if c not in not_listed]
 
-    total = len(codes)
+    if not_listed:
+        print(f"  {len(not_listed)} 只股票未上市，跳过", flush=True)
+
+    # 一次查询：判断完整 + 计算缺口
+    print(f"  正在分析 {len(codes)} 只股票的数据缺口...", flush=True)
+    gaps = _analyze_gaps(codes, start_date, end_date, trading_days)
+
+    complete_count = len(codes) - len(gaps) - len(not_listed)
+    if complete_count > 0:
+        print(f"  {complete_count} 只股票数据已完整，跳过", flush=True)
+
+    total = len(gaps)
     if total == 0:
         print("  所有股票数据已完整，无需抓取", flush=True)
         return
 
-    # 查询每只股票实际缺失的日期范围
-    print(f"  正在分析 {total} 只股票的数据缺口...", flush=True)
-    gaps = _get_gaps(codes, start_date, end_date, trading_days)
-
-    print(f"正在抓取日线行情 {start_date} ~ {end_date}，{len(gaps)} 只需更新...", flush=True)
+    print(f"正在抓取日线行情 {start_date} ~ {end_date}，{total} 只需更新...", flush=True)
 
     success = 0
     fail = 0
     nodata_count = 0
-    fetched_codes = []
+    nodata_map: dict[str, list[str]] = {}
     t_start = time.time()
 
-    for i, code in enumerate(codes):
-        g = gaps.get(code)
-        if not g:
-            continue
-        # 增量：只请求缺失的日期段
+    for i, code in enumerate(gaps):
+        g = gaps[code]
         gap_start = g[0].replace("-", "")
         gap_end = g[-1].replace("-", "")
 
@@ -259,9 +263,16 @@ def fetch_daily(start_date: str | None = None, end_date: str | None = None):
                 print(f"  {code} 写入失败: {e}", flush=True)
                 fail += 1
                 continue
+            returned_dates = {row["date"] for row in rows}
+            missing = [d for d in trading_days if d not in returned_dates
+                       and g[0] <= d <= g[-1]]
+            if missing:
+                nodata_map[code] = missing
         else:
+            missing = [d for d in trading_days if g[0] <= d <= g[-1]]
+            if missing:
+                nodata_map[code] = missing
             nodata_count += 1
-        fetched_codes.append(code)
         t_write = time.time() - t1
 
         elapsed = time.time() - t_start
@@ -272,10 +283,7 @@ def fetch_daily(start_date: str | None = None, end_date: str | None = None):
               f"成功:{success} 剩余:{eta:.0f}s", flush=True)
         time.sleep(delay)
 
-    # 批量本地标记停牌
-    if fetched_codes:
-        print(f"  正在本地批量标记停牌天...", flush=True)
-        _mark_suspensions_local(fetched_codes, start_date, end_date, trading_days)
+    _mark_suspensions(nodata_map)
 
     total_time = time.time() - t_start
     print(f"  日线行情抓取完成，成功:{success} 失败:{fail} 停牌:{nodata_count} 总耗时:{total_time:.1f}s", flush=True)
diff --git a/src/fetchers/trading_day.py b/src/fetchers/trading_day.py
index e137dde..06e6287 100644
--- a/src/fetchers/trading_day.py
+++ b/src/fetchers/trading_day.py
@@ -1,21 +1,21 @@
-"""交易日历模块 — 使用 BaoStock
+"""交易日历模块
 
 数据源优先级：
-  1. 本地 trading_day 表（最快，之前已缓存）
-  2. BaoStock 交易日历（需过滤掉周末）
-  3. 从 stock_daily 表已有数据推断（最后手段）
+  1. 本地 trading_day 表（最快）
+  2. BaoStock 交易日历（需校验，近期可能含节假日）
+  3. 从 stock_daily 表已有数据推断
 """
 
 import time
-from datetime import datetime
+from datetime import datetime, timedelta
 import baostock as bs
 from src.db import TradingDay, StockDaily, batch_upsert, get_session
 from src.baostock_conn import bs_query
-from sqlalchemy import select, func
+from sqlalchemy import select, func, text
 
 
 def _fetch_baostock(sd: str, ed: str) -> list[str] | None:
-    """从 BaoStock 获取交易日历，过滤周末"""
+    """从 BaoStock 获取交易日历"""
     try:
         with bs_query(bs.query_trade_dates, start_date=sd, end_date=ed) as rs:
             days = []
@@ -28,32 +28,68 @@ def _fetch_baostock(sd: str, ed: str) -> list[str] | None:
         return None
 
 
+def _validate_with_daily(dates: list[str]) -> list[str]:
+    """用 stock_daily 校验：只保留有实际行情数据的日期（排除节假日）
+    仅保留当天（可能还没抓取），其余必须有行情数据才算交易日。
+    """
+    if not dates:
+        return dates
+    today = datetime.now().strftime("%Y-%m-%d")
+    session = get_session()
+    try:
+        result = session.execute(
+            select(func.distinct(StockDaily.date))
+            .where(StockDaily.date >= dates[0])
+            .where(StockDaily.date <= dates[-1])
+        )
+        real_dates = {str(row[0]) for row in result}
+    finally:
+        session.close()
+
+    validated = [d for d in dates if d in real_dates or d == today]
+    return validated
+
+
 def _fetch_and_save(start_date: str, end_date: str) -> list[str]:
     """从 BaoStock 获取交易日并保存到本地表"""
-    sd = f"{start_date[:4]}-{start_date[4:6]}-{start_date[6:8]}"
-    ed = f"{end_date[:4]}-{end_date[4:6]}-{end_date[6:8]}"
+    sd = datetime.strptime(start_date, "%Y%m%d")
+    ed = datetime.strptime(end_date, "%Y%m%d")
+    today = datetime.now().strftime("%Y-%m-%d")
 
-    print(f"  正在从 BaoStock 获取交易日历 {sd} ~ {ed}...", flush=True)
-    days = _fetch_baostock(sd, ed)
-    if days:
-        rows = [{"date": d} for d in days]
+    all_days: list[str] = []
+    chunk_start = sd
+    while chunk_start <= ed:
+        chunk_end = min(chunk_start.replace(year=chunk_start.year + 5), ed)
+        cs = chunk_start.strftime("%Y-%m-%d")
+        ce = chunk_end.strftime("%Y-%m-%d")
+        print(f"  正在从 BaoStock 获取交易日历 {cs} ~ {ce}...", flush=True)
+        days = _fetch_baostock(cs, ce)
+        if days:
+            all_days.extend(d for d in days if d <= today)
+        else:
+            print(f"  {cs} ~ {ce} 获取失败", flush=True)
+        chunk_start = chunk_end + timedelta(days=1)
+
+    if all_days:
+        # 校验：排除节假日
+        all_days = _validate_with_daily(all_days)
+        rows = [{"date": d} for d in all_days]
         batch_upsert(TradingDay, rows, ["date"])
-        print(f"  交易日历已保存，{len(days)} 个交易日", flush=True)
-        return days
+        print(f"  交易日历已保存，{len(all_days)} 个交易日", flush=True)
+        return all_days
 
     print("  BaoStock 获取失败，将从已有行情数据推断", flush=True)
     return _infer_from_daily(start_date, end_date)
 
 
 def _format_date(d: str) -> str:
-    """YYYYMMDD → YYYY-MM-DD"""
     return f"{d[:4]}-{d[4:6]}-{d[6:8]}"
 
 
 def get_trading_days(start_date: str, end_date: str) -> list[str]:
     """获取指定范围内的交易日列表
 
-    优先查本地表，若本地数据未覆盖完整范围则从 BaoStock 补全。
+    优先查本地表，若本地数据未覆盖完整范围则补全。
     """
     sd = _format_date(start_date)
     ed = _format_date(end_date)
@@ -73,15 +109,10 @@ def get_trading_days(start_date: str, end_date: str) -> list[str]:
     finally:
         session.close()
 
-    # 本地数据不完整，从 BaoStock 获取
     fetched = _fetch_and_save(start_date, end_date)
-
-    # 合并本地 + 新获取的数据去重
     if not fetched:
         return days if days else []
-
-    all_days = sorted(set(days + fetched))
-    return all_days
+    return sorted(set(days + fetched))
 
 
 def _infer_from_daily(start_date: str, end_date: str) -> list[str]:
@@ -105,13 +136,31 @@ def fetch_trading_days(start_date: str | None = None, end_date: str | None = Non
     """独立抓取交易日历并保存
 
     用法：python -m src.main --trading-day --start-date 19901219 --end-date 20261231
-    默认从 1990-12-19（沪市开市日）到今天。
     """
     if end_date is None:
         end_date = time.strftime("%Y%m%d")
     if start_date is None:
         start_date = "19901219"
 
+    sd = _format_date(start_date)
+    ed = _format_date(end_date)
+
+    session = get_session()
+    try:
+        result = session.execute(
+            select(TradingDay.date)
+            .where(TradingDay.date >= sd)
+            .where(TradingDay.date <= ed)
+            .order_by(TradingDay.date)
+        )
+        days = [str(row[0]) for row in result]
+    finally:
+        session.close()
+
+    if days and days[0] <= sd and days[-1] >= ed:
+        print(f"  交易日历 {sd} ~ {ed} 已有 {len(days)} 天，跳过", flush=True)
+        return
+
     print(f"正在抓取交易日历 {start_date} ~ {end_date}...", flush=True)
     days = _fetch_and_save(start_date, end_date)
     if not days: