diff --git a/frontend/src/pages/projects/index.test.tsx b/frontend/src/pages/projects/index.test.tsx
index 550f8dbe..11150196 100644
--- a/frontend/src/pages/projects/index.test.tsx
+++ b/frontend/src/pages/projects/index.test.tsx
@@ -22,6 +22,44 @@ function installBackend() {
 }
 
 describe('ProjectsPage', () => {
+  it('renders the project shell while the project list is pending', async () => {
+    const backend = createProjectAssetsBackend()
+    vi.stubEnv('VITE_API_BASE_URL', 'https://api.windup.test')
+    let releaseProjects: (() => void) | undefined
+    const projectsGate = new Promise<void>((resolve) => {
+      releaseProjects = resolve
+    })
+    vi.stubGlobal('fetch', async (input: RequestInfo | URL, init?: RequestInit) => {
+      const request = new Request(input, init)
+      if (new URL(request.url).pathname === '/projects') await projectsGate
+      return backend.fetch(input, init)
+    })
+
+    render(
+      <AuthenticatedAuthSession>
+        <MemoryRouter initialEntries={['/projects']}>
+          <AppRoutes />
+        </MemoryRouter>
+      </AuthenticatedAuthSession>,
+    )
+
+    try {
+      expect(await screen.findByRole('link', { name: '新建项目' })).toBeTruthy()
+      const loadingShell = screen.getByRole('status', { name: '正在读取项目' })
+      expect(loadingShell.getAttribute('aria-busy')).toBe('true')
+      expect(loadingShell.querySelectorAll('[data-project-loading-placeholder]')).toHaveLength(3)
+      expect(loadingShell.querySelectorAll('[data-pixel-matrix-dot]')).toHaveLength(3 * 432)
+      expect(screen.queryByText('正在读取项目…')).toBeNull()
+      expect(screen.queryByRole('link', { name: /打开项目/ })).toBeNull()
+    } finally {
+      releaseProjects?.()
+    }
+
+    expect(await screen.findAllByRole('link', { name: /打开项目/ })).toHaveLength(2)
+    expect(screen.queryByRole('status', { name: '正在读取项目' })).toBeNull()
+    expect(document.querySelector('[data-project-loading-placeholder]')).toBeNull()
+  })
+
   it('loads a project card thumbnail and falls back to its original preview', async () => {
     const backend = createProjectAssetsBackend()
     vi.stubEnv('VITE_API_BASE_URL', 'https://api.windup.test')
diff --git a/frontend/src/pages/projects/index.tsx b/frontend/src/pages/projects/index.tsx
index 920a314f..a9228cf5 100644
--- a/frontend/src/pages/projects/index.tsx
+++ b/frontend/src/pages/projects/index.tsx
@@ -85,21 +85,17 @@ export function ProjectsPage() {
             {error}
           </p>
         ) : null}
-        {projectsPage === null && !error ? (
-          <p className="mt-6 text-sm text-app-muted">正在读取项目…</p>
-        ) : null}
-        {projectsPage ? (
-          <div>
-            <ProjectCreateCard />
-            {projectsPage.items.length > 0 ? (
-              <ProjectGallery
-                projects={projectsPage.items}
-                total={projectsPage.total}
-                onDelete={setDeleteTarget}
-              />
-            ) : null}
-          </div>
-        ) : null}
+        <div>
+          <ProjectCreateCard />
+          {projectsPage === null && !error ? <ProjectGalleryLoading /> : null}
+          {projectsPage && projectsPage.items.length > 0 ? (
+            <ProjectGallery
+              projects={projectsPage.items}
+              total={projectsPage.total}
+              onDelete={setDeleteTarget}
+            />
+          ) : null}
+        </div>
         {projectsPage ? (
           <Pagination
             page={projectsPage.page}
@@ -159,6 +155,34 @@ function ProjectCreateCard() {
   )
 }
 
+function ProjectGalleryLoading() {
+  return (
+    <section role="status" aria-label="正在读取项目" aria-busy="true" className="mt-7">
+      <h2 aria-hidden="true" className="mb-4 text-sm font-medium tracking-[0.04em] text-app-ink">
+        最近项目
+      </h2>
+      <div
+        aria-hidden="true"
+        className="grid gap-x-4 gap-y-7 sm:grid-cols-2 lg:grid-cols-3 2xl:grid-cols-4"
+      >
+        {Array.from({ length: 3 }, (_, index) => (
+          <article key={index} data-project-loading-placeholder className="min-w-0">
+            <div className="relative aspect-[16/10] overflow-hidden rounded-[1.25rem] border border-app-line bg-app-surface-muted">
+              <PixelMatrix coverage="compact" />
+            </div>
+            <div className="mt-3 flex items-center justify-between gap-4 px-0.5">
+              <span className="h-3.5 w-2/5 rounded-sm bg-app-line" />
+              <span className="h-3 w-10 rounded-sm bg-app-line" />
+            </div>
+            <span className="mt-2 block h-3 w-3/5 rounded-sm bg-app-line" />
+            <span className="mt-2 block h-2.5 w-2/5 rounded-sm bg-app-line" />
+          </article>
+        ))}
+      </div>
+    </section>
+  )
+}
+
 function ProjectGallery({
   projects,
   total,