被动 / 指数平台Passive / index platform · platform

BlackRock

贝莱德

研究可用度中Medium research usability

13F-RS 研究可用度13F-RS research usability 62.6 覆盖coverage 70% · 置信confidence B

结论先行Answer first

前五大占19.3%，最值得继续核验的动作是增持ADVANCED MICRO DEVICES INCTop five represent 19.3%; increase in ADVANCED MICRO DEVICES INC is the clearest next diligence lead

最大可见非期权证券持仓为NVIDIA CORPORATION（5.8%）；季度快照换手代理为2.5%，前十大延续率为100.0%。该机构归入“被动/指数平台”，13F只能解释公开的美国可报告证券多头。

The largest visible non-option security is NVIDIA CORPORATION (5.8%). The quarterly snapshot turnover proxy is 2.5%, and top-ten persistence is 100.0%. The manager is classified as Passive/index platform; 13F covers only visible reportable U.S. long securities.

最重要的可比减持Most material comparable reductionQUALCOMM INCCOM · CUSIP 747525103股数 -10.2%；上季 0.24% → 本季 0.26%Shares -10.2%; prior 0.24% → current 0.26%减仓影响代理 ≈ 0.02 个百分点Sale-impact proxy ≈ 0.02 pp

最大退出候选Largest apparent exit组合或关系申报使缺席含义不完整；10 项本季未见仅列为未分类缺席。Combination or notice scope makes absences incomplete; 10 current absences remain unclassified.

按上季可见权重 × 股数降幅排序；完整非期权证券变化见下方。Ranked by prior visible weight × share decline; the full non-option security changes appear below.

下一步Next diligence

把增持ADVANCED MICRO DEVICES INC作为研究线索，结合公司基本面、估值、催化剂及13D/G核验；不要直接跟单。

Treat the increase in ADVANCED MICRO DEVICES INC as a research lead and verify fundamentals, valuation, catalysts and any 13D/G filings; do not copy mechanically.

可见总值Visible value$6.73tn前期 2026-03-31: $5.72tn（仅作规模对照）Prior 2026-03-31: $5.72tn (scale context only)

经济持仓数Economic positions5,696按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration19.3%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy2.5%范围变化时不估算not estimated when scope changes

前十大延续Top-ten persistence100.0%范围变化时不估算not estimated when scope changes

最新申报日Latest filing date2026-08-07报告期report date 2026-06-30

阅读警告Reading warnings

本期或上期含组合申报、关系通知或其他范围歧义；部分减持仍按可见切片展示，但证券缺席不归类为退出，也不进入退出共识。The current or prior period contains a combination report, relationship notice or other scope ambiguity; visible-slice reductions may remain, but absences are not classified as exits or counted in exit consensus.
季度比较已按权威来源处理拆股、分拆、迁册、换股或现金并购；公司行动造成的证券消失不计作管理人主动买卖。Quarterly comparisons use primary-source treatment for splits, spin-offs, redomiciliations, stock exchanges and cash mergers; security disappearance caused by the event is not counted as manager-initiated trading.
期权项目已与普通证券分开；13F报告值不能直接还原期权权利金、Delta或净方向。Options are separated from non-option securities; reported 13F values do not reveal premium, delta or net direction.
平台型申报汇总指数、客户或多管理人资产，前十大不等于单一投委会的最佳想法。Platform filings aggregate index, client or multi-manager assets; top holdings are not a single investment committee's best ideas.

CUSIP bridge · terminal event

公司行动换算与事件退出Corporate-action adjustments and event exits

为什么要换算Why adjustments matter

下列旧证券没有被机械写成“清仓”。股票事件按权威比例恢复可比基线；现金/CVR并购没有 13F 继承证券，直接从卖出分类剔除。

These obsolete securities are not mechanically labeled as exits. Stock events use primary-source ratios to restore comparable baselines; cash/CVR mergers have no 13F successor and are excluded from sale classification.

生效日Effective	上季证券Prior security	可比证券 / 事件处置Comparable security / event treatment	证据Evidence
2026-04-07	HOLOGIC INCCUSIP 436440101 · 22,520,444 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceBlackstone 与 TPG 完成收购；每股 76 美元现金加一份最高 3 美元的 CVR，证券注销，不推断为管理人主动卖出Blackstone and TPG completed the acquisition for $76 cash plus one CVR worth up to $3 per share; the security was cancelled, so no manager-initiated sale is inferred
2026-04-08	AIR LEASE CORPCUSIP 00912X302 · 12,796,880 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceSumisho Air Lease 完成私有化；每股 65 美元现金，A 类普通股注销，不推断为管理人主动卖出Sumisho Air Lease completed the take-private for $65 cash per share; the Class A common stock was cancelled, so no manager-initiated sale is inferred
2026-04-09	SEALED AIR CORP NEWCUSIP 81211K100 · 16,702,312 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceCD&R 完成收购；每股 42.15 美元现金，证券注销，不推断为管理人主动卖出CD&R completed the acquisition for $42.15 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-04-27	AMICUS THERAPEUTICSCUSIP 03152W109 · 33,879,048 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceBioMarin 完成收购；每股 14.50 美元现金，证券注销，不推断为管理人主动卖出BioMarin completed the acquisition for $14.50 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-04-28	ARCELLX INCCUSIP 03940C100 · 3,945,238 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceGilead 完成收购；每股 115 美元现金加一份 5 美元 CVR，证券注销，不推断为管理人主动卖出Gilead completed the acquisition for $115 cash plus one $5 CVR per share; the security was cancelled, so no manager-initiated sale is inferred
2026-05-05	TERNS PHARMACEUTICALS INCCUSIP 880881107 · 9,569,585 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceMerck 完成要约收购及合并；每股 53 美元现金，证券注销，不推断为管理人主动卖出Merck completed the tender offer and merger for $53 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-05-07	COTERRA ENERGY INCCUSIP 127097103 · 63,751,199 股shares	DEVON ENERGY CORP NEWCUSIP 25179M103换股所得 44,625,839 股 + 原有继承证券 60,507,488 股 = 可比基准 105,133,327 股；本季申报 95,378,854 股Converted 44,625,839 shares + 60,507,488 pre-existing successor shares = 105,133,327 comparable baseline shares; current filing 95,378,854 shares	核验来源Verification sourceCoterra 与 Devon 完成全股票合并；每股 Coterra 换 0.70 股 Devon，先并入原有 Devon 基线再比较Coterra and Devon completed an all-stock merger; each Coterra share converted into 0.70 Devon shares, which are added to any existing Devon baseline before comparison
2026-05-14	TRI POINTE HOMES INCCUSIP 87265H109 · 13,680,620 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceSumitomo Forestry 完成收购；每股 47 美元现金，证券注销，不推断为管理人主动卖出Sumitomo Forestry completed the acquisition for $47 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-05-14	APELLIS PHARMACEUTICALS INCCUSIP 03753U106 · 13,536,964 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceBiogen 完成收购；每股 41 美元现金加一份最高 4 美元的 CVR，证券注销，不推断为管理人主动卖出Biogen completed the acquisition for $41 cash plus one CVR worth up to $4 per share; the security was cancelled, so no manager-initiated sale is inferred
2026-05-18	SOLENO THERAPEUTICS INCCUSIP 834203309 · 3,742,774 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceNeurocrine 完成收购；每股 53 美元现金，证券注销，不推断为管理人主动卖出Neurocrine completed the acquisition for $53 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-06-10	MASIMO CORPCUSIP 574795100 · 4,644,578 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceDanaher 完成收购；每股 180 美元现金，证券注销，不推断为管理人主动卖出Danaher completed the acquisition for $180 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-06-24	CENTESSA PHARMACEUTICALS PLCCUSIP 152309100 · 625,420 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceLilly 完成收购；每股 38 美元现金加一份最高 9 美元的 CVR，ADS 注销，不推断为管理人主动卖出Lilly completed the acquisition for $38 cash plus one CVR worth up to $9 per share; the ADS was cancelled, so no manager-initiated sale is inferred
2026-06-25	CLEARWATER ANALYTICS HLDGS ICUSIP 185123106 · 28,270,108 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourcePermira 与 Warburg Pincus 牵头的投资者集团完成私有化；每股 24.55 美元现金，证券注销，不推断为管理人主动卖出A Permira- and Warburg Pincus-led investor group completed the take-private for $24.55 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-04-20	ASCENDIS PHARMA A/SCUSIP 04351P101 · 661,054 股shares	ASCENDIS PHARMA A/SCUSIP K08588103权威比例基准 661,054 股；本季申报 2,211,833 股Primary-ratio baseline 661,054 shares; current filing 2,211,833 shares	核验来源Verification sourceADS 按 1:1 强制转换为普通股并更换 CUSIPMandatory 1:1 ADS-to-ordinary-share exchange and CUSIP change
2026-05-04	THOMSON REUTERS CORPCUSIP 884903808 · 1,194,266 股shares	THOMSON REUTERS CORPCUSIP 884903881权威比例基准 1,175,827 股；本季申报 1,120,950 股Primary-ratio baseline 1,175,827 shares; current filing 1,120,950 shares	核验来源Verification source资本返还后按 0.984560:1 合股并更换 CUSIP0.984560-for-1 share consolidation after a return of capital, with a CUSIP change
2026-05-07	CARNIVAL CORPCUSIP 143658300 · 89,979,406 股shares	CARNIVAL CORP LTDCUSIP G2004J103权威比例基准 89,979,406 股；本季申报 96,304,948 股Primary-ratio baseline 89,979,406 shares; current filing 96,304,948 shares	核验来源Verification source公司结构简化及迁册，旧股按 1:1 对应新 CUSIPCorporate simplification and redomiciliation, with old shares mapped 1:1 to the new CUSIP
2026-06-24	DUPONT DE NEMOURS INCCUSIP 26614N102 · 31,162,893 股shares	DUPONT DE NEMOURS INCCUSIP 26614N201权威比例基准 10,387,631 股；本季申报 10,637,868 股Primary-ratio baseline 10,387,631 shares; current filing 10,637,868 shares	核验来源Verification source1:3 反向拆股并更换 CUSIP1-for-3 reverse stock split and CUSIP change
2026-06-29	HONEYWELL INTL INCCUSIP 438516106 · 48,831,876 股shares	HONEYWELL AEROSPACE INCCUSIP 43849R105权威比例基准 24,415,938 股；本季申报 23,762,174 股Primary-ratio baseline 24,415,938 shares; current filing 23,762,174 shares HONEYWELL INTL INCCUSIP 438516205权威比例基准 24,415,938 股；本季申报 22,778,297 股Primary-ratio baseline 24,415,938 shares; current filing 22,778,297 shares	核验来源Verification source航天业务分拆，同时原公司 1:2 反向拆股并更换 CUSIPAerospace spin-off plus a 1-for-2 reverse split and CUSIP change for the remaining company
2026-06-30	MARQETA INCCUSIP 57142B104 · 27,265,603 股shares	MARQETA INCCUSIP 57142B203权威比例换算为 6,816,401 股；本季却申报 27,455,536 股，因口径冲突不计算变化Primary ratio implies 6,816,401 shares, while the current filing reports 27,455,536; no change is calculated because the conventions conflict季末报量口径冲突，本季只桥接身份、不分类买卖Quarter-end quantity convention conflict; identity bridged without trade classification	核验来源Verification source1:4 反向拆股在季末收盘生效；部分13F用新CUSIP但仍报拆股前数量，本季只桥接身份、不推断交易A 1-for-4 reverse split took effect at the quarter-end close; some 13Fs use the new CUSIP with pre-split quantities, so this quarter bridges identity without inferring trading

CIK · accession · accepted date

本季申报链Current filing chain

先展示 13F-NT 关系通知，再展示解析到的 13F-HR / HR-A。价值单位说明保留检测结果和归一化倍数。

Relationship notices appear before resolved 13F-HR / HR-A filings. Unit notes preserve the detection result and normalization multiplier.

法律申报人Legal filer	CIK	Form	Accession	申报日Filed	解析 / 单位说明Resolution / unit note
BlackRock, Inc.	CIK 0002012383	13F-HR	0002012383-26-003238	2026-08-07	usd_consistent_with_implied_prices

2026-03-31 → 2026-06-30

持仓与季度变化Holdings and quarterly change

前十大可见非期权证券Top visible non-option holdings 10

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
NVIDIA CORPORATIONCOM · CUSIP 67066G104	—	$388.56bn	5.77%	1,941,918,386	0.8%
APPLE INCCOM · CUSIP 037833100	—	$336.52bn	5.00%	1,162,996,939	1.6%
MICROSOFT CORPCOM · CUSIP 594918104	—	$226.56bn	3.37%	607,367,113	2.4%
AMAZON COM INCCOM · CUSIP 023135106	—	$178.37bn	2.65%	748,403,539	1.8%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$164.74bn	2.45%	460,972,803	3.1%
BROADCOM INCCOM · CUSIP 11135F101	—	$150.43bn	2.23%	398,213,826	3.2%
ALPHABET INCCAP STK CL C · CUSIP 02079K107	—	$130.70bn	1.94%	369,922,502	1.4%
MICRON TECHNOLOGY INCCOM · CUSIP 595112103	—	$121.00bn	1.80%	104,827,219	1.6%
META PLATFORMS INCCL A · CUSIP 30303M102	—	$97.67bn	1.45%	173,396,976	2.7%
TESLA INCCOM · CUSIP 88160R101	—	$90.06bn	1.34%	214,123,129	2.9%

新建仓位New positions 10

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
SPACE EXPLORATION TECHN CORPCLASS A COM STK · CUSIP 84615Q103	—	$8.72bn	0.13%	51,037,137	—
FEDEX FGHT HLDG CO INCCOMMON STOCK · CUSIP 314352105	—	$1.37bn	0.02%	9,078,495	—
VERSIGENT PLCORDINARY SHARES · CUSIP G9600F104	—	$469.0m	0.01%	11,162,977	—
CEREBRAS SYSTEMS INCCOM CL A · CUSIP 15675D103	—	$458.6m	0.01%	2,075,168	—
MADISON AIR SOLUTIONS CORPCOM SHS CL A · CUSIP 55658T105	—	$292.5m	0.00%	7,501,231	—
KEEL INFRASTRUCTURE CORPCOM SHS · CUSIP 486917107	—	$252.4m	0.00%	43,970,304	—
AKAMAI TECHNOLOGIES INCNOTE 0.250% 5/1 · CUSIP 00971TAQ4	—	$218.6m	0.00%	149,880,000	—
SUPER MICRO COMPUTER INC7 DEP CM SR A WI · CUSIP 86800U500	—	$210.1m	0.00%	4,042,684	—
QUANTINUUM INCCL A COM · CUSIP 74768A104	—	$184.7m	0.00%	2,259,347	—
SOUTHERN CONOTE 3.250% 6/1 · CUSIP 842587ED5	—	$166.5m	0.00%	164,802,000	—

增持仓位Added positions 10

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
ADVANCED MICRO DEVICES INCCOM · CUSIP 007903107	—	$87.31bn	1.30%	150,301,510	3.2%
MICROSOFT CORPCOM · CUSIP 594918104	—	$226.56bn	3.37%	607,367,113	2.4%
EXXON MOBIL CORPCOM · CUSIP 30231G102	—	$45.77bn	0.68%	334,746,496	3.7%
MARVELL TECHNOLOGY INCCOM · CUSIP 573874104	—	$25.51bn	0.38%	85,641,174	34.1%
KLA CORPCOM NEW · CUSIP 482480100	—	$38.08bn	0.57%	126,198,653	901.9%
META PLATFORMS INCCL A · CUSIP 30303M102	—	$97.67bn	1.45%	173,396,976	2.7%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$164.74bn	2.45%	460,972,803	3.1%
PALO ALTO NETWORKS INCCOM · CUSIP 697435105	—	$25.83bn	0.38%	75,753,509	4.6%
BROADCOM INCCOM · CUSIP 11135F101	—	$150.43bn	2.23%	398,213,826	3.2%
CHEVRON CORPORATIONCOM · CUSIP 166764100	—	$25.66bn	0.38%	154,824,622	7.0%

减持仓位Reduced positions 10

用公司行动调整后的股数判断，按上季可见权重 × 股数降幅排序；报告权重变化不是交易量。Classified from corporate-action-adjusted shares and ranked by prior visible weight × share decline; reported weight change is not trading volume.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
QUALCOMM INCCOM · CUSIP 747525103	—	$17.58bn	0.26%	95,151,875	-10.2%
SALESFORCE INCCOM · CUSIP 79466L302	—	$11.40bn	0.17%	72,748,909	-8.7%
INTEL CORPCOM · CUSIP 458140100	—	$59.55bn	0.89%	426,478,962	-4.7%
BLOOM ENERGY CORPCOM CL A · CUSIP 093712107	—	$5.58bn	0.08%	18,442,336	-26.4%
PROGRESSIVE CORPCOM · CUSIP 743315103	—	$10.50bn	0.16%	48,048,848	-8.2%
TOPBUILD CORCOM · CUSIP 89055F103	—	$201.0m	0.00%	566,817	-80.6%
SLB LIMITEDCOM STK · CUSIP 806857108	—	$5.40bn	0.08%	116,151,208	-12.2%
COCA COLA COCOM · CUSIP 191216100	—	$26.23bn	0.39%	322,740,471	-3.2%
WELLS FARGO & COCOM · CUSIP 949746101	—	$20.71bn	0.31%	250,601,039	-3.9%
WESTERN DIGITAL CORPCOM · CUSIP 958102105	—	$21.05bn	0.31%	32,953,613	-7.9%

本季未见｜不分类为退出Current absences | not classified as exits 10

组合、关系通知或保密口径使缺席含义不完整；这些证券不进入退出候选或跨机构卖出共识。Combination, notice or confidential scope makes absence incomplete; these securities do not enter apparent exits or cross-manager sell consensus.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
CSG SYS INTL INCCOM · CUSIP 126349109	—	$327.3m	0.01%	4,094,650	—
VERIS RESIDENTIAL INCCOM · CUSIP 554489104	—	$284.3m	0.01%	15,067,443	—
KENNEDY-WILSON HOLDINGS INCCOM · CUSIP 489398107	—	$230.3m	0.00%	21,288,875	—
ENVIRI CORPCOM · CUSIP 415864107	—	$229.7m	0.00%	11,705,331	—
PROASSURANCE CORPCOM · CUSIP 74267C106	—	$179.9m	0.00%	7,278,352	—
CLEARWAY ENERGY INCCL A · CUSIP 18539C105	—	$164.0m	0.00%	4,186,923	—
DAY ONE BIOPHARMACEUTICALS ICOM · CUSIP 23954D109	—	$151.0m	0.00%	7,044,487	—
THERMON GROUP HLDGS INCCOM · CUSIP 88362T103	—	$130.4m	0.00%	2,588,149	—
SUN CTRY AIRLS HLDGS INCCOM · CUSIP 866683105	—	$129.3m	0.00%	7,828,177	—
MISTER CAR WASH INCCOM · CUSIP 60646V105	—	$102.9m	0.00%	14,768,629	—

期权切片Options slice 10

Put/Call 股数是标的股数；13F 没有执行价、到期日、权利金或净方向。Put/call shares are underlying shares; 13F omits strike, expiry, premium and net direction.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
STATE STR SPDR S&P 500 ETF TOPTIONS · CUSIP 78462F103	CALL	$9.59bn	0.14%	12,841,300	-36.6%
INVESCO QQQ TROPTIONS · CUSIP 46090E103	PUT	$1.23bn	0.02%	1,671,500	—
STATE STR SPDR S&P 500 ETF TOPTIONS · CUSIP 78462F103	PUT	$1.10bn	0.02%	1,474,900	149.7%
ISHARES TROPTIONS · CUSIP 464287200	PUT	$909.5m	0.01%	1,214,400	-18.6%
SPACE EXPLORATION TECHN CORPOPTIONS · CUSIP 84615Q103	PUT	$635.3m	0.01%	3,718,400	—
AMAZON COM INCOPTIONS · CUSIP 023135106	CALL	$573.5m	0.01%	2,406,400	113.4%
APPLE INCOPTIONS · CUSIP 037833100	CALL	$480.7m	0.01%	1,661,200	627.0%
NVIDIA CORPORATIONOPTIONS · CUSIP 67066G104	PUT	$284.3m	0.00%	1,420,800	-46.7%
ISHARES TROPTIONS · CUSIP 464287184	CALL	$219.6m	0.00%	6,952,600	—
SPDR GOLD TROPTIONS · CUSIP 78463V107	CALL	$217.2m	0.00%	589,500	-92.7%

13F-RS-v1.0

评分拆解Score breakdown

完整方法Full methodology

维度Dimension	得分Score	比例Ratio
申报完整性Filing integrity	15.0 / 15	100%
实体映射Entity mapping	10.0 / 10	100%
策略适配度Strategy fit	4.5 / 15	30%
集中度信息密度Concentration signal	4.7 / 10	47%
高确信度可识别性Conviction identifiability	2.4 / 15	16%
延续性 / 换手Persistence / turnover	9.9 / 10	99%
申报时滞Filing lag	2.0 / 10	20%
不可见风险Opacity risk	9.1 / 10	91%
独立共识Independent consensus	5.0 / 5	100%

策略分类：被动 / 指数平台。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Passive / index platform. The score measures public-13F research usability, not future returns.

H（高确信度可识别性）当前以单仓≥2%为有限代理，尚未接入风格基准主动权重，因此该分项覆盖度只有50%。H (conviction identifiability) currently uses positions ≥2% as a limited proxy; style-benchmark active weights are not yet available, so this component has only 50% coverage.