diff --git a/hello.py b/quant_data_pipeline_demo.py
similarity index 80%
rename from hello.py
rename to quant_data_pipeline_demo.py
index bd82afc..1404b14 100644
--- a/hello.py
+++ b/quant_data_pipeline_demo.py
@@ -1,3 +1,15 @@
+# =============================================================================
+# Quantitative Trading — Data Pipeline Demo
+# =============================================================================
+# Topics covered:
+#   1. Price Adjustment for Corporate Actions (splits & dividends)
+#   2. Simple Returns vs Log Returns
+#   3. Multi-stock Panel & Missing Value Handling
+#   4. Outlier Detection & Treatment (Z-score, MAD, Winsorize)
+#   5. Trading Calendar & Cross-market Alignment
+#   6. End-to-End DataPipeline Class
+# =============================================================================
+
 import numpy as np
 import pandas as pd
 import matplotlib.pyplot as plt
@@ -14,6 +26,20 @@ plt.rcParams['figure.dpi'] = 100
 np.random.seed(42)
 print("环境准备完成!")
 
+# =============================================================================
+# TOPIC 1: Price Adjustment for Corporate Actions (价格复权)
+# -----------------------------------------------------------------------------
+# Raw stock prices have artificial jumps caused by stock splits and cash
+# dividends. These must be adjusted before computing returns or signals,
+# otherwise your algorithm will see fake crashes/spikes.
+#
+# Key concepts:
+#   - Unadjusted price (未复权): raw market price, has visible jumps
+#   - Forward-adjusted (前复权): history scaled to today's price level
+#   - Backward-adjusted (后复权): history kept real, recent prices scaled up
+#   - Adjustment factor (复权因子): multiplier that accounts for all events
+# =============================================================================
+
 def generate_raw_stock_data(n_days=1000, seed=42):
     """生成包含拆股和分红事件的原始股票数据"""
     np.random.seed(seed)
@@ -145,6 +171,23 @@ print(f"未复权收益率: {stock_data['unadj_close'].iloc[split_idx] / stock_d
 print(f"前复权收益率: {stock_data['fwd_adj_close'].iloc[split_idx] / stock_data['fwd_adj_close'].iloc[split_idx-1] - 1:.4f}")
 print(f"真实收益率:   {stock_data['close'].iloc[split_idx] / stock_data['close'].iloc[split_idx-1] - 1:.4f}")
 
+
+# =============================================================================
+# TOPIC 2: Simple Returns vs Log Returns (简单收益率 vs 对数收益率)
+# -----------------------------------------------------------------------------
+# Two ways to measure how much a price changed:
+#   - Simple return:  r = (P_t / P_{t-1}) - 1
+#   - Log return:     r = ln(P_t / P_{t-1})
+#
+# Why log returns are preferred in quant research:
+#   - Time-additive: sum daily log returns to get total log return
+#   - Better statistical properties (closer to normal distribution)
+#   - Numerically stable for long compounding periods
+#
+# At daily frequency the difference is tiny (~1bp), but it grows at
+# monthly/annual frequency — never mix the two in the same calculation.
+# =============================================================================
+
 # 使用前复权价格计算收益率
 prices = stock_data['fwd_adj_close']
 
@@ -211,6 +254,22 @@ plt.tight_layout()
 plt.show()
 
 
+# =============================================================================
+# TOPIC 3: Multi-stock Panel & Missing Value Handling (多标的面板与缺失值处理)
+# -----------------------------------------------------------------------------
+# Real market data panels have two main sources of missing values:
+#   - Suspensions (停牌): a stock halts trading for days/weeks
+#   - Data feed gaps: vendor errors, holidays, late reporting
+#
+# Strategies (choice depends on context):
+#   - ffill (forward fill):    use last known price — standard for suspensions
+#   - Linear interpolation:    smooth gaps — OK for short random gaps
+#   - ffill with limit:        ffill but cap at N days — conservative choice
+#   - Drop:                    remove rows/columns — loses cross-sectional data
+#
+# Rule of thumb: if missing% > 10%, consider excluding the stock entirely.
+# =============================================================================
+
 def generate_multi_stock_panel(n_stocks=5, n_days=500, seed=42):
     """生成多标的日线数据面板，包含停牌和缺失值"""
     np.random.seed(seed)
@@ -363,6 +422,28 @@ ax.set_title('收益率相关性矩阵', fontsize=14)
 plt.tight_layout()
 plt.show()
 
+
+# =============================================================================
+# TOPIC 4: Outlier Detection & Treatment (异常值检测与处理)
+# -----------------------------------------------------------------------------
+# Financial return series contain extreme values from real events (crashes,
+# halts, data errors). How you handle them affects every downstream signal.
+#
+# Detection methods:
+#   - Z-score:   |z| = |(x - mean) / std| > 3  — simple, but mean/std are
+#                themselves pulled by outliers (not robust)
+#   - MAD:       uses median instead of mean — robust to extreme values,
+#                preferred for financial data
+#
+# Treatment methods:
+#   - Remove:    delete the outlier row — reduces sample size
+#   - Winsorize: clip to [p1, p99] boundary — keeps all data, limits impact
+#                standard practice before factor construction
+#
+# Q-Q plot: visualizes how far returns deviate from a normal distribution.
+# Fat tails (leptokurtosis) are a universal property of financial returns.
+# =============================================================================
+
 def detect_outliers_zscore(series, threshold=3.0):
     """Z-score (标准分数) 方法检测异常值
     
@@ -491,6 +572,28 @@ print("- MAD: 更稳健，推荐用于金融数据")
 print("- Winsorize: 保留数据量，适合构建因子时使用")
 print("- 实际中常用: Winsorize(1%, 99%) + MAD检测")
 
+
+# =============================================================================
+# TOPIC 5: Trading Calendar & Cross-market Alignment (交易日历与跨市场对齐)
+# -----------------------------------------------------------------------------
+# Different markets trade on different days (national holidays, weekends).
+# When combining data from multiple markets, you must decide how to align
+# the time axis — the wrong choice distorts correlation calculations.
+#
+# Two alignment strategies:
+#   - Intersection (取交集): keep only dates both markets are open.
+#     Best for: correlation, regression, signal comparison.
+#     Drawback: loses data on single-market trading days.
+#
+#   - Forward fill (向前填充): fill non-trading days with last known price.
+#     Best for: portfolio construction, continuous NAV calculation.
+#     Drawback: introduces artificial zero-return days — inflates Sharpe,
+#               understates volatility. Must be accounted for in analysis.
+#
+# Note: this demo uses simplified hardcoded holiday lists. Production systems
+# should use exchange_calendars or pandas_market_calendars libraries.
+# =============================================================================
+
 def create_trading_calendars():
     """创建不同市场的交易日历示例
     
@@ -599,6 +702,22 @@ print("- 计算相关性、回归: 使用交集日期，确保数据同步")
 print("- 构建组合/计算市值: 使用ffill，避免数据断裂")
 print("- 重要: ffill会引入假的'零收益日'，计算波动率时需注意")
 
+
+# =============================================================================
+# TOPIC 6: End-to-End DataPipeline Class (完整数据清洗管道)
+# -----------------------------------------------------------------------------
+# Combines all prior topics into a reusable, sequential pipeline:
+#   Step 1 — Filter stocks with too many missing values
+#   Step 2 — Fill remaining missing values (ffill + bfill)
+#   Step 3 — Compute return series
+#   Step 4 — Detect outliers (MAD) and apply Winsorize
+#   Step 5 — Generate a data quality report per stock
+#
+# This pattern (class-based pipeline with a .run() method) mirrors how
+# production quant systems structure data ingestion — each step is auditable,
+# configurable, and produces diagnostic output.
+# =============================================================================
+
 class DataPipeline:
     """简单的数据清洗管道