diff --git a/README.md b/README.md
index 64b4ce6..118cf23 100644
--- a/README.md
+++ b/README.md
@@ -18,6 +18,8 @@ Canonical profile names were simplified in this branch. The old names are not ke
 
 These profiles use platform-provided `market_history` and do not require a separate snapshot artifact before the strategy entrypoint can produce target weights.
 
+The combo wrapper `hk_equity_combo` is retained for research/orchestration only and should not be treated as a runtime-enabled profile.
+
 | Profile | Name | Input | Benchmark | Current role |
 | --- | --- | --- | --- | --- |
 | `hk_global_etf_tactical_rotation` | HK Global ETF Tactical Rotation | `market_history` | `02800` | Retained HK ETF runtime profile with broader ETF exposure and heavier product checks. |
diff --git a/src/hk_equity_strategies/catalog.py b/src/hk_equity_strategies/catalog.py
index 1122ecc..f370bbe 100644
--- a/src/hk_equity_strategies/catalog.py
+++ b/src/hk_equity_strategies/catalog.py
@@ -32,7 +32,7 @@
 )
 HK_SNAPSHOT_BACKED_PROFILES = frozenset({HK_LOW_VOL_DIVIDEND_QUALITY_SNAPSHOT_PROFILE})
 HK_EXTERNAL_SNAPSHOT_SCAFFOLD_PROFILES = frozenset()
-HK_RESEARCH_BACKTEST_ONLY_PROFILES = frozenset()
+HK_RESEARCH_BACKTEST_ONLY_PROFILES = frozenset({HK_EQUITY_COMBO_PROFILE})
 
 STRATEGY_PLATFORM_COMPATIBILITY: dict[str, frozenset[str]] = {
     HK_GLOBAL_ETF_TACTICAL_ROTATION_PROFILE: frozenset({"ibkr", "longbridge"}),
@@ -190,7 +190,7 @@ def _build_strategy_definition(
         asset_scope="hk_equity_combo",
         benchmark="2800",
         role="hk_equity_combo",
-        status="runtime_enabled",
+        status="research_backtest_only",
     ),
 }
 
diff --git a/src/hk_equity_strategies/live_enablement_matrix.py b/src/hk_equity_strategies/live_enablement_matrix.py
index dd9937d..89a66f3 100644
--- a/src/hk_equity_strategies/live_enablement_matrix.py
+++ b/src/hk_equity_strategies/live_enablement_matrix.py
@@ -374,7 +374,23 @@ def _common_platform_evidence_requirements(profile: str) -> tuple[str, ...]:
     ),
 }
 
-RESEARCH_ONLY_PROFILES: dict[str, dict[str, object]] = {}
+RESEARCH_ONLY_PROFILES: dict[str, dict[str, object]] = {
+    "hk_equity_combo": {
+        "display_name": "HK Equity Combo",
+        "profile_type": "research_backtest_only",
+        "reason": "Retained combo wrapper for research comparison only; not part of the HK runtime allowlist.",
+        "required_next_evidence": (
+            "long_history_backtest_replay",
+            "platform_dry_run_order_preview",
+            "live_enablement_review_pack",
+        ),
+        "research_evidence_urls": (
+            "docs/research/hk_equity_combo_backtest_20260628.json",
+            "docs/research/hk_strategy_selection_20260603.md",
+            "docs/research/hk_quant_strategy_ideas.md",
+        ),
+    },
+}
 
 
 
diff --git a/tests/test_catalog.py b/tests/test_catalog.py
index 0b1d535..c64a42e 100644
--- a/tests/test_catalog.py
+++ b/tests/test_catalog.py
@@ -66,10 +66,9 @@ def test_profile_groups_keep_runtime_research_and_snapshot_scaffolds_separate():
     )
     assert get_snapshot_backed_profiles() == frozenset({HK_LOW_VOL_DIVIDEND_QUALITY_SNAPSHOT_PROFILE})
     assert get_external_snapshot_scaffold_profiles() == frozenset()
-    assert get_research_backtest_only_profiles() == frozenset()
+    assert get_research_backtest_only_profiles() == frozenset({HK_EQUITY_COMBO_PROFILE})
     assert get_runtime_enabled_profiles() == frozenset(
         {
-            HK_EQUITY_COMBO_PROFILE,
             HK_GLOBAL_ETF_TACTICAL_ROTATION_PROFILE,
             HK_LOW_VOL_DIVIDEND_QUALITY_SNAPSHOT_PROFILE,
         }
diff --git a/tests/test_live_enablement_matrix.py b/tests/test_live_enablement_matrix.py
index 837bfa9..4ed24d6 100644
--- a/tests/test_live_enablement_matrix.py
+++ b/tests/test_live_enablement_matrix.py
@@ -41,11 +41,11 @@ def test_live_enablement_matrix_keeps_only_runtime_profiles_selectable_or_listed
     matrix = build_live_enablement_matrix()
 
     assert set(matrix["selectable_profiles"]) == get_runtime_enabled_profiles()
-    assert matrix["selectable_profile_count"] == 3
+    assert matrix["selectable_profile_count"] == 2
     assert matrix["profile_count"] == 3
-    assert matrix["blocked_profile_count"] == 0
+    assert matrix["blocked_profile_count"] == 1
     assert get_external_snapshot_scaffold_profiles() == frozenset()
-    assert get_research_backtest_only_profiles() == frozenset()
+    assert get_research_backtest_only_profiles() == frozenset({HK_EQUITY_COMBO_PROFILE})
     assert matrix["first_snapshot_candidates"] == [HK_LOW_VOL_DIVIDEND_QUALITY_SNAPSHOT_PROFILE]
     assert matrix["snapshot_required_repository_policies"] == ["quality_yield_live_enablement_policy"]
     assert matrix["backtest_validation_policy"]["policy_version"] == "hk_backtest_validation_policy.v1"
@@ -142,5 +142,5 @@ def test_print_hk_live_enablement_matrix_json():
     payload = json.loads(completed.stdout)
 
     assert payload["profile_count"] == 3
-    assert payload["blocked_profile_count"] == 0
+    assert payload["blocked_profile_count"] == 1
     assert set(payload["selectable_profiles"]) == get_runtime_enabled_profiles()