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Wrist-worn photoplethysmography (PPG) enables continuous monitoring of cardiopulmonary physiology, but reliable heart rate (HR) and respiratory rate (RR) estimation in free-living conditions remains challenging due to non-stationary motion artifacts that spectrally overlap with physiological dynamics. Existing signal-processing methods degrade under strong motion, while unconstrained deep learning approaches often lack physiological interpretability and identifiable structure. We propose a Physically-Constrained Harmonic Separation (PCHS) framework that formulates HR and RR estimation from wrist PPG as an analysis-by-synthesis problem, where accelerometer measurements condition artifact separation rather than directly regressing vital signs. A physics-guided harmonic generator decomposes the observed signal into quasi-periodic physiological components and a motion-related residual, enabling HR recovery from the fundamental frequency and RR prediction from respiratory-driven modulations of the harmonic parameters. Robust reconstruction objectives, separation constraints, and uncertainty-aware weighting stabilize the decomposition under motion. Experiments on the motion-intensive PPG-DaLiA dataset demonstrate that PCHS outperforms state-of-the-art methods while yielding interpretable signal decompositions that effectively disentangle physiological activity from motion artifacts.