diff --git a/UnitTestProject/Modules/SwapModule/GLMS20260817Fr007UnwindMorningTest.cs b/UnitTestProject/Modules/SwapModule/GLMS20260817Fr007UnwindMorningTest.cs
index ec4d2d65..a4c65c4b 100644
--- a/UnitTestProject/Modules/SwapModule/GLMS20260817Fr007UnwindMorningTest.cs
+++ b/UnitTestProject/Modules/SwapModule/GLMS20260817Fr007UnwindMorningTest.cs
@@ -97,7 +97,7 @@ namespace YLErp.Modules.SwapModule
         private static OptUserInfo MakeOptUser() =>
             new(0, nameof(GLMS20260817Fr007UnwindMorningTest), OptUserFrom.UnitTest);
 
-        private static trade BuildTrade(DateTime closeDate, string calcMode = "10")
+        private static trade BuildTrade(DateTime closeDate, string calcMode = "10", DateTime? exerciseDate = null)
         {
             var extend = new trade_extend
             {
@@ -117,7 +117,7 @@ namespace YLErp.Modules.SwapModule
                 TradeType = "债券TRS",
                 TradeDate = TradeDate,
                 StartDate = StartDate,
-                ExerciseDate = closeDate.AddDays(1),
+                ExerciseDate = exerciseDate ?? closeDate.AddDays(1),
                 TradeStatus = "已平仓",
                 ValidState = "Valid",
                 trade_extend = extend
@@ -183,7 +183,9 @@ namespace YLErp.Modules.SwapModule
             int interestRule = 0,
             bool newCalcLast = false,
             Dictionary<DateTime, double> market = null,
-            DateTime? omitDate2 = null)
+            DateTime? omitDate2 = null,
+            bool settment = false,
+            DateTime? exerciseDate = null)
         {
             var cd = closeDate ?? CloseDate;
             var omit = new HashSet<DateTime>();
@@ -195,7 +197,7 @@ namespace YLErp.Modules.SwapModule
             else if (!includeCloseDate) omit.Add(cd.Date);
 
             var svc = new StubSwapDealService(MakeOptUser(), omit, closeRate, market);
-            var td = BuildTrade(cd, calcMode);
+            var td = BuildTrade(cd, calcMode, exerciseDate);
             var position = BuildPosition(interestType, cd, restDays, interestRule);
             var eodList = preEod == null
                 ? new List<eod_swap_position>()
@@ -207,7 +209,7 @@ namespace YLErp.Modules.SwapModule
                     new List<swap_position> { position },
                     Notional, Notional, closePrecent,
                     (int)SwapEventTypeEnum.平仓, false, Notional,
-                    false, settment: false, newCalcLast: newCalcLast, closeList: null);
+                    false, settment: settment, newCalcLast: newCalcLast, closeList: null);
                 Assert.AreEqual(1, interests.Count, "应返回恰好 1 条利息事件");
                 return new Outcome { Fe = interests[0] };
             }
@@ -421,5 +423,35 @@ namespace YLErp.Modules.SwapModule
                 preEod: BuildPreEod(new DateTime(2026, 7, 13))),
                 "单利 算尾(11)+当日非重置日+当日缺价 → 应放行");
         }
+
+        // ── 不算头不算尾(calcMode="00")：CalcFirst=false 组合 ──
+        // 对尾日 FR007 行为与"10"一致(calcLast 同 false)；另以单利精确断言钉 CalcFirst 语义——
+        // "00" 比"10"恰好少计开始日一天的利息（单利无基数效应，差值可精确到分毫）。
+
+        [TestMethod]
+        public void Red_Compound_NoHeadNoTail_WithoutCloseDateFr007_Succeeds()
+        {
+            AssertNoThrow(Run(InterestTypeEnum.复利, includeCloseDate: false, calcMode: "00",
+                preEod: BuildPreEod(new DateTime(2026, 7, 13))),
+                "不算头不算尾(00)+缺平仓日价 → 应放行（与10同口径，尾日不参与计息）");
+        }
+
+        [TestMethod]
+        public void CalcFirst_Simple_NoHeadDropsExactlyStartDayInterest()
+        {
+            // closeRate=0.0142 与 7/6 定盘相同：使"00"首段种子利率与"10"首段取价利率一致，
+            // 断言只对"少计开始日一天"敏感，免疫无日终快照时 fetchAfter=interestStart-1
+            // 跳过 7/6 取价、首段用种子利率的既有取价细节。
+            var w10 = Run(InterestTypeEnum.单利, includeCloseDate: true, calcMode: "10", closeRate: 0.0142);
+            var w00 = Run(InterestTypeEnum.单利, includeCloseDate: true, calcMode: "00", closeRate: 0.0142);
+            Assert.IsFalse(w10.Threw, "10 不应抛：" + w10.Ex?.Message);
+            Assert.IsFalse(w00.Threw, "00 不应抛：" + w00.Ex?.Message);
+            // 开始日 7/6 属首段：all-in = spread(-0.0155) + 定盘(0.0142) = -0.0013；
+            // 单利下 00 与 10 的利息差 = 恰好首日一天利息（年化 A365）。
+            var expectedStartDayInterest = Notional * (Spread + 0.0142m) / AnnualDays;
+            Assert.AreEqual(expectedStartDayInterest, w10.Fe.InterestAmount - w00.Fe.InterestAmount, 0.0000001m,
+                "不算头(00)应恰好少计开始日一天利息（CalcFirst 回归锚）");
+        }
     }
 }
+