- The report defines "fund clustering degree" as a measure influenced by the clustering degree of heavy stocks and their holding proportions. Stock clustering degree is calculated based on the number of funds holding a specific stock, ranked by percentile within all stocks[25][26] - Fund clustering degree is derived as a weighted sum of heavy stock clustering degrees, with weights being the proportion of the stock's market value to the fund's total stock holdings. The formula is: $ \text{fund\_score}_{\text{j,t}}=\sum_{k=1}^{10}\text{stock\_cap}_{k,t}\times\text{stock\_score}_{k,t} $ where stock_cap represents the proportion of the stock's market value, and stock_score denotes the clustering degree of the stock[27] - In Q2 2025, the fund clustering degree decreased compared to the previous quarter, currently positioned near historical averages[27]

- The report analyzes the active equity funds' allocation in Q1 2025, highlighting that the median position of active equity funds was 89.55%, which has remained stable around 90% since 2020[1][7] - The top three sectors with the highest allocation in Q1 2025 were machinery, TMT, and Hong Kong stocks, with allocation ratios of 22.30%, 21.01%, and 19.08%, respectively[1][13] - Compared to the previous quarter, the allocation ratio for Hong Kong stocks and pharmaceuticals increased by 4.74% and 0.03%, respectively, while the allocation ratio for machinery, TMT, consumption, finance, others, real estate infrastructure, and cyclical sectors decreased[1][13] - The top five industries with the highest allocation in Q1 2025 were Hong Kong stocks, electronics, pharmaceuticals, power equipment and new energy, and food and beverages, with allocation ratios of 19.08%, 15.29%, 8.63%, 7.91%, and 7.14%, respectively[1][20] - The top five stocks with the largest holdings by active equity funds in Q1 2025 were CATL, Midea Group, Luxshare Precision, Kweichow Moutai, and BYD, with holding values of 54.49 billion yuan, 32.32 billion yuan, 30.82 billion yuan, 37.53 billion yuan, and 23.09 billion yuan, respectively[1][24] - The top five Hong Kong stocks with the largest holdings by active equity funds in Q1 2025 were Tencent Holdings, SMIC, Xiaomi Group-W, Pop Mart, and Meituan-W, with holding values accounting for 4.1%, 1.2%, 1.1%, 0.5%, and 0.6% of the fund's heavy stock value, respectively[1][26][28] - The report defines fund clustering degree as determined by the clustering degree of heavy stocks and their holding ratios, with the calculation method provided[1][30][32] - The report lists the top 20 funds with the highest clustering degree and the top 20 funds with the lowest clustering degree, based on specific screening criteria[1][35][39]

日本汽车业再曝造假丑闻 日本国土交通省（相当于交通部与建设部）6 月 3 日通报称，丰田、本田、马自达、雅马哈、铃木被 发现在多款车型认证过程中提交虚假数据，现在已被要求暂停出货。去年底，丰田旗下的大发汽车被 指长期伪造碰撞测试数据，已经暂停出货。 日本汽车业再曝造假丑闻 曾经的核心资产现在怎么样了？ 新能源销量二梯队背后的爆款们 当一家对冲基金要 IPO "截至 5 月底，共有 5 家汽车制造商涉嫌在车型指定申请中进行了不当行为……这种行为不仅会损害 用户的信任，同时也会动摇汽车认证制度的基础……" 日本国土交通省说。根据日本规定，进入日本 市场的整车和零部件，均需要通过型式指定，由日本国土交通省监管。日本的整车型式测试包括安 全，排放，油耗，噪音，由国土交通省指定机构负责测试和输出报告。 五家日本车企在各自官网刊登了相关说明。丰田三款现役车型（Corolla Fielder、Corolla Axio 以及 Yaris Cross）涉及提交行人保护测试虚假数据等问题，四款过去生产的车型（Crown、Isis、Sienta 和 雷克萨斯 RX）涉及碰撞测试的不当应对。 关注《晚点财经》并设为星标，第一时间获取 ...