diff --git a/backend/app/export/exporters/docx.py b/backend/app/export/exporters/docx.py
index 2f461a1..74c9d9c 100644
--- a/backend/app/export/exporters/docx.py
+++ b/backend/app/export/exporters/docx.py
@@ -176,12 +176,13 @@ class DocxExporter:
             if first:
                 self._add_run(p, marker)
                 first = False
-            if child.children:
-                # 段落或行内容器（strong/link 等）：渲染其行内子节点
+            if child.type == "paragraph":
+                # 块级容器：展开其行内子节点
                 self._render_inline(p, child.children, warnings)
             else:
-                # 直接行内叶子节点（text 等）：拼进段落，不能交给块级渲染器（会丢弃正文）
-                self._add_run(p, child.text or "")
+                # 直接行内节点（text/strong/emphasis/link/codespan 等）：走行内渲染保留
+                # 语义（加粗/斜体/超链接），不能只渲染其 children 而丢掉格式。
+                self._render_inline_node(p, child, warnings)
             if color is not None:
                 for run in p.runs:
                     run.font.color.rgb = color
@@ -259,7 +260,12 @@ class DocxExporter:
             self._render_inline_node(paragraph, child, warnings, bold, italic)
 
     def _render_inline_node(
-        self, paragraph, node: DocumentNode, warnings: list[str], bold: bool, italic: bool
+        self,
+        paragraph,
+        node: DocumentNode,
+        warnings: list[str],
+        bold: bool = False,
+        italic: bool = False,
     ) -> None:
         t = node.type
         if t == "text":
diff --git a/backend/app/export/exporters/pdf.py b/backend/app/export/exporters/pdf.py
index 32f2131..24125ce 100644
--- a/backend/app/export/exporters/pdf.py
+++ b/backend/app/export/exporters/pdf.py
@@ -220,22 +220,32 @@ class PdfExporter:
         if color:
             style_kwargs["textColor"] = color
         style = ParagraphStyle(f"pdf-li-{indent}-{color or 'normal'}", **style_kwargs)
-        # 先收集父级正文、后处理嵌套列表：保证「父级文字在前、子列表在后」的阅读顺序，
-        # 而不是在循环里遇到嵌套列表就立刻递归输出（那会把子列表排到父级前面）。
+        # 按 AST 顺序逐段输出：正文暂存为行内标记文本，遇到嵌套列表先 flush 再递归、
+        # 之后继续后续正文，保持「父段—子列表—后续段」的原始顺序（而不是把所有正文
+        # 都挤到子列表之前）。直接行内节点（text/strong/link 等）走 _render_inline_node，
+        # 保留加粗/链接等语义，不能只渲染其 children 而丢掉格式。
         parts: list[str] = []
-        nested: list[DocumentNode] = []
+        first = True
+
+        def flush() -> None:
+            nonlocal first
+            text = "<br/>".join(parts)
+            if first:
+                text = marker + text
+                first = False
+            if text:
+                story.append(Paragraph(text, style))
+            parts.clear()
+
         for child in item.children:
             if child.type == "list":
-                nested.append(child)
+                flush()
+                self._block_list(child, story, warnings, indent + 14, color)
             elif child.type == "paragraph":
                 parts.append(self._render_inline(child.children, warnings))
-            elif child.children:
-                parts.append(self._render_inline(child.children, warnings))
             else:
-                parts.append(_html.escape(child.text))
-        story.append(Paragraph(marker + "<br/>".join(parts), style))
-        for child_list in nested:
-            self._block_list(child_list, story, warnings, indent + 14, color)
+                parts.append(self._render_inline_node(child, warnings))
+        flush()
 
     def _block_table(self, node: DocumentNode, story: list, warnings: list[str]) -> None:
         rows = node.children
diff --git a/backend/tests/test_export.py b/backend/tests/test_export.py
index fa18e45..2e3b353 100644
--- a/backend/tests/test_export.py
+++ b/backend/tests/test_export.py
@@ -465,6 +465,54 @@ def test_docx_nested_list_parent_before_child() -> None:
     assert xml.index("parent") < xml.index("child")
 
 
+def test_pdf_nested_list_mixed_order_preserves_sequence() -> None:
+    from app.export.exporters.pdf import PdfExporter
+
+    # P2：混合列表项（父段—子列表—后续段）应保持原始顺序，不能把所有正文挤到子列表之前
+    result = asyncio.run(
+        PdfExporter().export(parse_document("- parent\n\n  - child\n\n  after"), ExportOptions())
+    )
+    text = _extract_pdf_text(result.content)
+    assert text.index("parent") < text.index("child") < text.index("after")
+
+
+def test_pdf_list_item_preserves_inline_semantics() -> None:
+    from app.export.exporters.pdf import PdfExporter
+
+    # P2：列表项内的加粗与链接语义不能被「只渲染 children」而静默丢失
+    result = asyncio.run(
+        PdfExporter().export(parse_document("- **bold** [link](https://example.com)"), ExportOptions())
+    )
+    text = _extract_pdf_text(result.content)
+    assert "bold" in text
+    assert "link" in text
+    # 链接以 PDF 链接注解（/URI）保留，而非降级为纯文本
+    assert b"/URI" in result.content
+    assert b"example.com" in result.content
+    assert not any("链接协议不安全" in w for w in result.warnings)
+    assert not any("无法表示" in w for w in result.warnings)
+
+
+def test_docx_list_item_preserves_inline_semantics() -> None:
+    import zipfile
+    from io import BytesIO
+
+    from app.export.exporters.docx import DocxExporter
+
+    # P2：列表项内的加粗与链接语义应保留（w:b 加粗、w:hyperlink 可点击链接）
+    result = asyncio.run(
+        DocxExporter().export(parse_document("- **bold** [link](https://example.com)"), ExportOptions())
+    )
+    with zipfile.ZipFile(BytesIO(result.content)) as zf:
+        xml = zf.read("word/document.xml").decode("utf-8")
+        rels = zf.read("word/_rels/document.xml.rels").decode("utf-8")
+    assert "<w:b/>" in xml
+    assert "w:hyperlink" in xml
+    assert "example.com" in rels
+    assert not any("链接协议不安全" in w for w in result.warnings)
+    assert not any("无法表示" in w for w in result.warnings)
+
+
 def test_export_cancel_queued_job_waiting_for_slot(monkeypatch) -> None:
     # P2：等待渲染槽位的任务取消后应立即进入 cancelled，不必等前面的渲染完成
     import threading
diff --git a/docs/contracts/第二阶段接口契约-开发版.md b/docs/contracts/第二阶段接口契约-开发版.md
index fc6cd38..55ce34e 100644
--- a/docs/contracts/第二阶段接口契约-开发版.md
+++ b/docs/contracts/第二阶段接口契约-开发版.md
@@ -74,7 +74,7 @@
 | Export | GET | `/api/exports/{job_id}/file` | 已实现 | 下载已完成产物 |
 | Export | POST | `/api/exports/{job_id}/cancel` | 已实现 | 取消导出任务 |
 | Theme | Host Contract | `ThemePackageService` | 计划新增 | 导入、预览、启停和卸载主题包 |
-| Renderer | 内部 Contract | `StaticRenderer` | 计划新增 | Mermaid/Function Plot 预览和导出复用 |
+| Renderer | 内部 Contract | `StaticRenderer` | 已实现 | Function Plot 后端静态 SVG 渲染；Mermaid 返回占位；PDF/DOCX 中两者保留源码占位 |
 
 ---