diff --git a/PanBar/Domain/Services/PortfolioService.swift b/PanBar/Domain/Services/PortfolioService.swift
index 4d3773e..ee137a1 100644
--- a/PanBar/Domain/Services/PortfolioService.swift
+++ b/PanBar/Domain/Services/PortfolioService.swift
@@ -36,7 +36,9 @@ actor PortfolioService {
         if allSymbols.isEmpty {
             quotes = [:]
         } else {
-            quotes = (try? await provider.fetch(Array(allSymbols))) ?? [:]
+            let fetched = try await provider.fetch(Array(allSymbols))
+            guard !fetched.isEmpty else { throw ProviderError.empty }
+            quotes = fetched
         }
 
         let converter = await fx.currentConverter()
diff --git a/PanBar/Infrastructure/QuoteRefresher.swift b/PanBar/Infrastructure/QuoteRefresher.swift
index d3bcc3a..483e55b 100644
--- a/PanBar/Infrastructure/QuoteRefresher.swift
+++ b/PanBar/Infrastructure/QuoteRefresher.swift
@@ -224,32 +224,33 @@ final class QuoteRefresher: ObservableObject {
     }
 
     private func tick() async {
-        await MainActor.run { self.isRefreshing = true }
+        guard !isRefreshing else { return }
+        isRefreshing = true
+        defer { isRefreshing = false }
+
         do {
             let snap = try await service.computeSnapshot()
-            // 网络空响应(provider.fetch 失败 -> quotes 空)时,不要拿一个全 nil quote 的
-            // snapshot 去覆盖磁盘 seed 的好数据;原样保留 cached snapshot,等下次 tick。
             let hasFreshData = !snap.allQuotes.isEmpty
-            await MainActor.run {
-                if hasFreshData {
-                    self.snapshot = snap
-                    self.snapshotIsFromCache = false
-                    self.quotes.merge(snap.allQuotes) { _, new in new }
-                    self.lastUpdated = Date()
-                    self.lastError = nil
-                    self.alertEngine?.evaluate(quotes: self.quotes)
+            let isEmptyPortfolio = snap.positions.isEmpty && snap.allQuotes.isEmpty
+            if hasFreshData || isEmptyPortfolio {
+                snapshot = snap
+                snapshotIsFromCache = false
+                if isEmptyPortfolio {
+                    quotes = [:]
+                } else {
+                    quotes.merge(snap.allQuotes) { _, new in new }
                 }
+                lastUpdated = Date()
+                lastError = nil
+                alertEngine?.evaluate(quotes: quotes)
             }
             // 拉到了就异步写盘,下次冷启动可以秒读
             if hasFreshData {
                 quoteCacheRepo?.upsertMany(snap.allQuotes)
             }
         } catch {
-            await MainActor.run {
-                self.lastError = String(describing: error)
-            }
+            lastError = String(describing: error)
             Log.quote.error("refresh failed: \(String(describing: error), privacy: .public)")
         }
-        await MainActor.run { self.isRefreshing = false }
     }
 }
diff --git a/PanBar/Popover/Views/PopoverRoot.swift b/PanBar/Popover/Views/PopoverRoot.swift
index 3c6ce4f..a76526f 100644
--- a/PanBar/Popover/Views/PopoverRoot.swift
+++ b/PanBar/Popover/Views/PopoverRoot.swift
@@ -228,9 +228,12 @@ struct PopoverRoot: View {
     }
 
     private var footerStatus: String {
-        if let err = refresher.lastError, !err.isEmpty {
+        if refresher.isOffline {
             return L("footer.offline", comment: "")
         }
+        if hasQuoteError {
+            return L("footer.quoteFailed", comment: "")
+        }
         // 还没拿到任何 fresh 数据,但有磁盘 seed 进来的旧数据
         if refresher.snapshotIsFromCache {
             return L("footer.cached", comment: "")
@@ -247,20 +250,29 @@ struct PopoverRoot: View {
 
     /// 文字统一用 .secondary 灰色保证两个模式下都清晰可读,状态用图标颜色区分:
     ///   - 离线:橙色 wifi.slash
+    ///   - 行情失败:橙色感叹号
     ///   - cached:橙色 clock(让用户知道在看的不是最新值,但不刺眼)
     ///   - 正常:灰色刷新箭头
     private var footerIcon: String {
-        if refresher.lastError != nil { return "wifi.slash" }
+        if refresher.isOffline { return "wifi.slash" }
+        if hasQuoteError { return "exclamationmark.triangle" }
         if refresher.snapshotIsFromCache { return "clock.arrow.circlepath" }
         return "arrow.clockwise"
     }
 
     private var footerIconColor: Color {
-        if refresher.lastError != nil { return .orange }
+        if refresher.isOffline || hasQuoteError { return .orange }
         if refresher.snapshotIsFromCache { return .orange }
         return .secondary
     }
 
+    private var hasQuoteError: Bool {
+        if let err = refresher.lastError {
+            return !err.isEmpty
+        }
+        return false
+    }
+
     private func openSettings() {
         SettingsWindowController.shared.show()
     }
diff --git a/PanBar/Resources/Localizable.xcstrings b/PanBar/Resources/Localizable.xcstrings
index 2db8ffd..688566a 100644
--- a/PanBar/Resources/Localizable.xcstrings
+++ b/PanBar/Resources/Localizable.xcstrings
@@ -416,6 +416,12 @@
         "zh-Hans" : { "stringUnit" : { "state" : "translated", "value" : "离线" } }
       }
     },
+    "footer.quoteFailed" : {
+      "localizations" : {
+        "en" : { "stringUnit" : { "state" : "translated", "value" : "Quote refresh failed" } },
+        "zh-Hans" : { "stringUnit" : { "state" : "translated", "value" : "行情刷新失败" } }
+      }
+    },
     "holdings.empty" : {
       "localizations" : {
         "en" : { "stringUnit" : { "state" : "translated", "value" : "No holdings yet." } },