Group 1 - The report recommends a focus on cyclical sectors for August 2025, including oil and petrochemicals, construction, banking, agriculture, building materials, automotive, media, textiles, and pharmaceuticals [2][26][54] - The multi-strategy approach has achieved an annualized relative return of 7.08% since July 2011, with a maximum drawdown of 13.03% [2][26][62] - The dynamic balance strategy has an annualized absolute return of 16.45% from 2015 to July 2025, with a relative maximum drawdown of 10.18% [3][20][50] Group 2 - The macro-driven strategy has an annualized excess return of 4.44% since early 2016, with a maximum drawdown of 9.51% [4][18][42] - The report highlights the performance of various sectors, with the top-performing sectors in July being steel, pharmaceuticals, communications, building materials, and construction [11][12][13] - The report indicates that the current economic diffusion is the most important macro-driven factor, with an importance score of 105.52% [34][39] Group 3 - The report identifies crowded trading conditions in sectors such as coal, non-bank financials, and pharmaceuticals, indicating potential risks in these areas [5][68] - The dynamic balance strategy's absolute return in July was 4.85%, underperforming the benchmark with an excess return of -0.14% [3][50] - The multi-strategy sector allocation for August includes a high weight on oil and petrochemicals, construction, and banking, with no adjustments from the previous period [54][58][62]

Group 1 - The core viewpoint of the article highlights that the Shenzhen 100 index often leads the market rebound, significantly outperforming other broad-based indices during upward trends over the past decade [1][2] - Historical performance data shows that the Shenzhen 100 index had the highest rebound rates compared to the CSI 300 and SSE 50 during various market uptrends, with a peak rebound of 67.1% from January 1, 2015, to June 12, 2015 [1] - The index is characterized by a strong growth factor exposure, with its constituent stocks primarily in high-growth sectors such as new energy and semiconductors, indicating a preference for high-growth potential assets [2][4] Group 2 - The Shenzhen 100 index is classified as a "large-cap growth" index, with a significant positive exposure to the size factor, reflecting a heavy allocation to leading enterprises [1][4] - The index's constituents exhibit high revenue growth rates and net profit growth rates, which are consistently above market averages, further emphasizing its growth-oriented nature [2][4] - The Morningstar style box is used to classify the index's investment style, positioning it as the strongest in growth among large-cap indices [4] Group 3 - The article discusses the profitability and growth expectations of the Shenzhen 100 index, noting that its high return on equity (ROE) provides a buffer during market adjustments, making its valuation more stable [9][11] - The index's rebound potential is supported by its constituent stocks, which are leaders in their respective industries, ensuring stable revenue and profit even during market corrections [14] - The top ten constituents of the Shenzhen 100 index include major companies like CATL and BYD, which are positioned in sectors with long-term growth prospects [15]

Domestic Market Overview - The domestic market experienced a mixed performance on July 30, with the Shanghai Composite Index closing at 3615.72 points, up 0.17%, while the Shenzhen Component Index fell to 11203.03 points, down 0.77% [1][10] - Among the 30 sectors tracked, 14 sectors saw gains, with notable increases in the oil and petrochemical, steel, and food and beverage sectors, while comprehensive finance, electric equipment and new energy, and computer sectors faced significant declines [1][10] - The total trading volume of the A-share market reached 18710 billion, showing an increase compared to the previous day [1][10] Overseas Market Overview - On July 30, the three major U.S. stock indices closed mixed, with the Dow Jones down 0.38%, the S&P 500 down 0.12%, and the Nasdaq up 0.15% [2] - Precious metals and copper concepts saw significant declines, with U.S. gold prices dropping over 7% [2] - The Federal Reserve maintained interest rates but showed rare internal disagreements, leading to a sharp drop in the market's expectation for a rate cut in September from 68% to 45% [2] Key News Highlights - The Central Political Bureau of the Communist Party of China held a meeting to discuss the economic situation and set the agenda for the upcoming Fourth Plenary Session of the 20th Central Committee [12][20] - The National Development and Reform Commission is soliciting public opinions on guidelines for government investment funds [24][25] - The National Health Commission announced measures to reduce the costs of childbirth, childcare, and education, and to improve maternity leave policies [27][28] - The Federal Reserve has maintained interest rates unchanged for the fifth consecutive time [29] Driving Factors - The Central Political Bureau emphasized the need for stable and flexible macroeconomic policies to support economic growth, including active fiscal policies and moderately loose monetary policies [11][16] - The meeting highlighted the importance of enhancing domestic demand and promoting consumption while ensuring the stability of employment and businesses [16][18] - The focus on technological innovation and the integration of industry and technology was reiterated as a key driver for future economic development [17][22]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, A-share market showed strong bullish sentiment, with significant trading volume increase. Cyclical stocks performed well, but funds shifted from high - risk themes to low - risk and high - certainty targets on Thursday and Friday. [2][11] - Active equity funds in the second - quarter adjusted their positions around prosperity and valuation repair, with a focus on the computing power chain, innovative drugs, military, and financial sectors. [12] - The "anti - involution" market is a theme - driven market under a capital - rich environment, and state - owned enterprises may see more marginal improvements. [13] - The technology wave is ongoing, with AI still having room for growth, and semiconductors are also worth attention due to potential low - level rebound. [4][13] Summary by Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - **Market Performance**: From July 21 to 25, 2025, major A - share indices rose. The average daily trading volume was about 1.85 trillion yuan, a significant increase of 300 billion yuan compared to the previous week. Cyclical stocks led the rise, but funds shifted on Thursday and Friday. [11] - **Public Fund Q2 Report Adjustment**: Active equity funds increased their positions in the ChiNext and slightly raised their Hong Kong stock holdings. They concentrated less on heavy - position stocks. The top five industries for increased holdings were communication, medicine, non - bank finance, bank, and national defense and military industry, while the top five for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. [12] - **Re - discussion on "Anti - involution"**: The "anti - involution" theme stimulates traditional cyclical industries. It is a theme - driven market, and state - owned enterprises may have more marginal improvements. [13] - **Technology Sector Rebound**: The 2025 World Artificial Intelligence Conference was held. The AI industry is booming, and semiconductors may benefit from low - level rebound. [13] 1.2. Public Fund Market Dynamics - On July 24, the second batch of 12 new floating - rate funds was approved, including industry - themed products. Some funds adjusted their management fee thresholds to strengthen performance constraints. [4][14] 2. Active Equity Fund Index Performance Tracking 2.1. Active Stock Fund Selection - The index selects 15 funds equally weighted, with core positions balanced according to the style distribution of the CSI Active Stock Fund Index. Its performance benchmark is the Active Stock Fund Index (930980.CSI). It rose 1.67% last week and has a cumulative excess return of 12.31% since its establishment. [15][16] 2.2. Value Stock Fund Selection - The index includes value - style funds, selecting 10 funds based on style classification. Its performance benchmark is the CSI 800 Value Index (H30356.CSI). It rose 2.49% last week and has a cumulative excess return of - 3.41% since its establishment. [15][19] 2.3. Balanced Stock Fund Selection - The index selects 10 balanced - style funds. Its performance benchmark is the CSI 800 (000906.SH). It rose 1.25% last week and has a cumulative excess return of 6.01% since its establishment. [15][20] 2.4. Growth Stock Fund Selection - The index selects 10 growth - style funds. Its performance benchmark is the 800 Growth Index (H30355.CSI). It rose 1.68% last week and has a cumulative excess return of 18.39% since its establishment. [15][24] 2.5. Pharmaceutical Stock Fund Selection - The index selects 15 pharmaceutical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the pharmaceutical - themed fund index. It fell 0.95% last week and has a cumulative excess return of 22.21% since its establishment. [15][26] 2.6. Consumption Stock Fund Selection - The index selects 10 consumption - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the consumption - themed fund index. It rose 0.84% last week and has a cumulative excess return of 14.87% since its establishment. [15][28] 2.7. Technology Stock Fund Selection - The index selects 10 technology - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the technology - themed fund index. It rose 2.35% last week and has a cumulative excess return of 17.37% since its establishment. [15][32] 2.8. High - end Manufacturing Stock Fund Selection - The index selects 10 high - end manufacturing - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the high - end manufacturing - themed fund index. It rose 1.67% last week and has a cumulative excess return of - 2.78% since its establishment. [15][32] 2.9. Cyclical Stock Fund Selection - The index selects 5 cyclical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the cyclical - themed fund index. It rose 2.28% last week and has a cumulative excess return of - 0.40% since its establishment. [15][37]

Group 1 - The core viewpoint of the news is that the China Securities Regulatory Commission (CSRC) emphasizes stimulating the vitality of a multi-tiered market and plans to launch a comprehensive set of measures to deepen the reform of the ChiNext board, including the introduction of a third set of standards to support the listing of high-quality, unprofitable innovative enterprises [1] - The policy is expected to enhance the inclusiveness of the capital market, better meet the financing needs of early-stage growth companies, and promote the recovery of investment banks' underwriting business income, particularly benefiting leading institutions deeply involved in the sci-tech innovation sector [1] - The steady implementation of the ChiNext reform measures will further strengthen market confidence in growth sectors and solidify the trend of stabilization and improvement in the capital market [1] Group 2 - The Guotai ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which can experience daily fluctuations of up to 20%. This index selects 50 securities from the ChiNext board based on market capitalization and liquidity, focusing on emerging industries such as information technology, new energy, financial technology, and pharmaceuticals [1] - The index exhibits significant volatility and elasticity, with a high proportion of weight in the electric equipment and new energy sectors [1] - Investors without stock accounts can consider the Guotai ChiNext 50 ETF Initiator Link C (023372) and Guotai ChiNext 50 ETF Initiator Link A (023371) [1]

Quantitative Models and Construction Methods Model Name: Central Enterprise Innovation Index (000861.CSI) - **Model Construction Idea**: The index selects 100 representative listed companies under the State-owned Assets Supervision and Administration Commission (SASAC) based on their innovation and profitability to reflect the overall performance of innovative central enterprises[8] - **Model Construction Process**: - **Sample Space**: All listed companies under SASAC[9] - **Step 1**: Rank the securities in the sample space by average daily trading volume over the past year and exclude the bottom 20%[9] - **Step 2**: Select the remaining securities controlled by SASAC and its subsidiaries[9] - **Step 3**: Exclude securities with negative operating cash flow in the past year and negative net profit excluding non-recurring items in the past two years[9] - **Step 4**: Calculate the innovation score for non-financial companies based on R&D expenditure, R&D personnel ratio, patent quality score, and participation in national or industry standards. For financial companies, use revenue, net profit, patent quality score, and participation in standards[9] - **Step 5**: Rank the remaining securities by innovation score and select the top 50% as innovation-themed securities[9] - **Step 6**: Calculate the quality score for non-financial companies based on ROE, net profit growth, earnings quality, and financial leverage. For financial companies, use ROE and net profit growth. Combine the quality score with the scale score (based on market cap) to get a comprehensive score[9] - **Step 7**: Select the top 100 securities by comprehensive score as index samples[9] - **Adjustment**: The index samples are adjusted semi-annually[9] - **Model Evaluation**: The index is designed to reflect the performance of innovative central enterprises, with a focus on maintaining representativeness and accuracy through regular adjustments[8][9] Model Backtesting Results - **Central Enterprise Innovation Index**: - **Cumulative Return Since Inception**: 138.08%[5][10] - **Excess Return Over Major Indices**: - CSI 300: 79.25%[5] - SSE Composite Index: 83.67%[5] - CSI 500: 54.40%[5] - CSI 800: 74.09%[5] - **5-Year Cumulative Return**: 33.70%[10] - **Excess Return Over Major Indices in 5 Years**: - CSI 300: 49.24%[10] - SSE Composite Index: 29.47%[10] - CSI 800: 47.94%[10] Quantitative Factors and Construction Methods Factor Name: Innovation Score - **Factor Construction Idea**: Evaluate the innovation capability of non-financial and financial companies based on specific indicators[9] - **Factor Construction Process**: - **Non-Financial Companies**: - R&D expenditure to market cap ratio (40% weight) - R&D personnel ratio (10% weight) - Patent quality score (40% weight) - Participation in national or industry standards (10% weight)[9] - **Financial Companies**: - Revenue (40% weight) - Net profit (10% weight) - Patent quality score (40% weight) - Participation in national or industry standards (10% weight)[9] - **Calculation**: Sum the weighted scores to get the innovation score[9] Factor Name: Quality Score - **Factor Construction Idea**: Assess the financial quality of companies based on profitability and financial stability[9] - **Factor Construction Process**: - **Non-Financial Companies**: - ROE (30% weight) - Net profit growth (35% weight) - Earnings quality (25% weight) - Financial leverage (10% weight)[9] - **Financial Companies**: - ROE (50% weight) - Net profit growth (50% weight)[9] - **Calculation**: Sum the weighted scores to get the quality score[9] Factor Backtesting Results - **Innovation Score**: - **Top 50% Selection**: Used to identify innovation-themed securities[9] - **Quality Score**: - **Comprehensive Score Calculation**: Combined with scale score to select top 100 securities[9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q2 2025, the positions of funds increased slightly, and the concentration decreased again. Funds reduced their holdings in the Main Board and increased their holdings in the Science and Technology Innovation Board and the Growth Enterprise Market. The proportion of Hong Kong stock holdings continued to rise, and the overall stock market value proportion of four types of active stock - type funds increased slightly. The concentration of fund holdings decreased, and the profitability of heavy - holding stocks was differentiated. The allocation of leading companies continued to decline [11][14][17]. - The overall management scale and share of public funds shrank. The management scale changes of funds of different sizes were differentiated, but the position - adjustment directions of large and small public funds were relatively consistent. Small - scale funds switched from consumption to TMT, while large - scale products separately increased their positions in manufacturing and raw materials [61][70][75]. - Manufacturing and consumption sectors were under - weighted, while TMT and cyclical sectors were over - weighted. The upstream, mid - stream manufacturing, and mid - stream processing sectors within manufacturing showed different trends in position allocation, with some industries increasing and some decreasing [78][85][118]. 3. Summary According to Relevant Catalogs 3.1 Position Slightly Increased, Concentration Decreased Again - **Plate Allocation**: In Q2 2025, funds reduced their holdings in the Main Board, with the heavy - holding allocation ratio decreasing by 1.81 percentage points to 72.52%. They increased their holdings in the Science and Technology Innovation Board and the Growth Enterprise Market, with the Growth Enterprise Market increasing by 1.76 percentage points to 15.20%. The proportion of Hong Kong stock holdings continued to rise [11]. - **Stock - holding Ratio of Funds**: The stock - holding ratio of four types of funds increased slightly compared with the previous quarter. The proportion of stocks in the total fund assets increased to 84.24% quarter - on - quarter, while the proportion of bonds decreased to 4.63%, and the cash ratio also decreased [14]. - **Concentration of Fund Holdings**: The concentration of the top 50 heavy - holding stocks in Q2 2025 reached 38.2%. The profitability of heavy - holding stocks was differentiated. The average return of the top 50 heavy - holding stocks in Q1 2025 in Q2 2025 was 3.1%, higher than the 2.5% of the common stock - type fund index, while the average return of the top 10 heavy - holding stocks was - 5.1%, significantly underperforming the index [17][18]. - **Allocation of Leading Companies**: The holding ratios of first - tier and second - and third - tier leading companies in Q2 2025 decreased by 1.26 and 0.13 percentage points respectively compared with Q1 2025, to 27.06% and 13.24%. In terms of industries, funds mainly increased their positions in the leading companies of the communication and agriculture, forestry, animal husbandry, and fishery industries and reduced their positions in the leading companies of the electronics, food and beverage, and household appliance industries [21]. - **Industry Allocation**: In Q2, funds significantly increased their positions in the communication and finance sectors, with an increase of 3.2% and 1.9% respectively, and reduced their positions in the optional consumption and necessary consumption sectors, with a decrease of 2.3% and 1.5% respectively. In terms of heavy - holding allocation ratio changes, the communication, bank, national defense and military industry, and non - bank sectors had the largest increases, while the food and beverage, automobile, electric power equipment and new energy, and machinery sectors had the largest decreases [30][32]. 3.2 Public Funds' Scale and Share Shrunk - **Overall Scale and Share**: The overall management scale and share of public funds shrank [61]. - **Differentiated Changes in Different - Sized Funds**: The management scale changes of funds of different sizes were differentiated, but the position - adjustment directions of large and small public funds were relatively consistent. Small - scale funds switched from consumption to TMT, while large - scale products separately increased their positions in manufacturing and raw materials. Funds of different sizes reduced their heavy - holding stock allocations [64][70][75]. 3.3 Manufacturing and Consumption Under - weighted, TMT and Cyclical Sectors Over - weighted - **Upstream Sector**: The heavy - holding allocation ratio of the upstream sector declined overall, with internal structural differentiation. The allocation ratio of the petroleum and petrochemical sector remained stable at 0.52% in Q2, while the allocation ratio of the coal sector decreased by 0.1 percentage point to 0.36%. The allocation ratio of non - ferrous metals increased by 0.12 percentage points to 4.68%, and the allocation ratio of steel decreased by 0.26 percentage points to 0.37% [85][90]. - **Mid - stream Manufacturing**: The overall heavy - holding allocation of the manufacturing sector decreased. The allocation ratio of the electric power equipment and new energy sector decreased by 0.99 percentage points to 8.78% in Q2, while the allocation ratio of the national defense and military industry sector increased by 0.89 percentage points to 3.64% [118]. - **Mid - stream Processing**: The overall heavy - holding allocation of the manufacturing sector decreased. The allocation ratio of the machinery sector decreased by 0.99 percentage points to 5.55% in Q2, the allocation ratio of building materials remained stable at 0.47%, the allocation ratio of transportation increased by 0.31 percentage points to 1.97%, and the allocation ratio of light industry manufacturing decreased by 0.01 percentage points to 0.86% [123][127].

- The total number of quantitative funds in the market reached 604 by the end of Q2 2025, with an increase of 53 funds compared to Q1 2025. The total fund size amounted to 2854.39 billion yuan, marking a quarter-on-quarter growth of 144.46 billion yuan, or 5.33%[159] - Quantitative funds are categorized into active funds, index-enhanced funds, and hedging funds. Active funds accounted for 894.30 billion yuan, with a quarter-on-quarter growth rate of 8.48%. Index-enhanced funds reached 1908.69 billion yuan, growing by 4.29% quarter-on-quarter. Hedging funds totaled 51.39 billion yuan, showing a decline of 7.15% quarter-on-quarter[160][159] - Among active quantitative funds, the top fund by size was "招商量化精选A" (49.01 billion yuan), followed by "国金量化多因子" (43.40 billion yuan) and "信诚多策略" (34.41 billion yuan). The top 10 funds collectively accounted for 56.05% of the market[164][165] - Active quantitative funds tracking broad-based indices showed strong performance in Q2 2025. For example, "诺安多策略" achieved an excess return of 19.58% and "汇安多策略A" delivered an excess return of 14.67%[166] - Industry-themed active quantitative funds also performed well, with "东吴智慧医疗量化策略A" achieving an excess return of 20.77% and "浙商大数据智选消费A" delivering an excess return of 14.57%[169] - Smart-beta active quantitative funds tracking indices like 中证红利 and 中证国企红利 showed notable excess returns, with "富国中证红利指数增强A" achieving an excess return of 3.94%[179] - Index-enhanced funds reached a total size of 1908.69 billion yuan by the end of Q2 2025. The largest fund was "易方达上证50增强A" with a size of 183.15 billion yuan[172][175] - Among index-enhanced funds, broad-based funds tracking indices like 中证A500 and 国证2000 showed strong excess returns, with "银华中证全指医药卫生增强" achieving an excess return of 4.04%[176] - Hedging quantitative funds totaled 51.39 billion yuan by the end of Q2 2025. The largest fund was "汇添富绝对收益策略A" with a size of 28.00 billion yuan[180][181] - Absolute return rankings for hedging funds in Q2 2025 showed "中邮绝对收益策略" leading with a return of 2.70%, followed by "富国量化对冲策略三个月A" with a return of 2.65%[184] - In Q2 2025, 58 new quantitative funds were established, including 50 index-enhanced funds. The total issuance size was 241.15 billion yuan, marking an increase of 57.95 billion yuan compared to the previous quarter[185]

Report Summary 1. Investment Rating of the Reported Industry There is no information provided regarding the investment rating of the reported industry in the given content. 2. Core Viewpoints of the Report The report analyzes the performance, scale changes, and portfolio configurations of active equity - biased funds in Q2 2025. It shows that in Q2, the North -交所 continued to lead the gains, the large - cap value style was dominant, and the average return of active equity - biased funds was 2.9%. The scale of equity - biased funds declined, the new fund issuance market improved, and the overall stock positions of equity - biased funds increased. Additionally, the funds continued to increase their positions in Hong Kong stocks, with changes in market - value styles and industry distributions [1][4]. 3. Summary According to the Table of Contents I. Active Equity - Biased Fund Market Review - **Performance Overview**: In Q2, the North -交所 led the gains, the large - cap value style was dominant, and the average return of active equity - biased funds was 2.9%. 70% of the funds had positive returns, and most single - quarter returns were between 0% and 5%. Funds heavily invested in innovative drugs, computing power, and the North -交所 performed outstandingly. The Hang Seng Index rose 4.1%, while the Hang Seng Tech Index declined 1.7%. Industries such as comprehensive finance and national defense and military industry led the gains, while the food and beverage industry had a large decline [4][9]. - **Scale Change**: At the end of Q2, the scale of equity - biased funds declined again, decreasing by 1% compared to the end of the previous quarter. The decline was mainly due to the redemption of fund shares. Funds with relatively large scale increases were mainly those heavily invested in military industry, innovative drugs, computing power, and new consumption. The scales of top - tier funds over 20 billion yuan all shrank to varying degrees [4][19]. - **New Fund Issuance Market**: The new fund issuance market improved, with a significant increase in the number and scale of newly issued funds in 2025Q2. A total of 72 active equity - biased funds were established, with a total scale of 37.419 billion yuan. The largest - scale newly established fund in Q2 was Dongfanghong Core Value, with a scale exceeding 1.9 billion yuan [29][35]. II. Position Analysis - **Position Analysis**: At the end of Q2, the overall stock positions of common stock, equity - biased hybrid, flexible allocation, and balanced hybrid funds were 90.10%, 88.49%, 85.77%, and 65.99% respectively, increasing by 0.75, 0.33, 0.87, and 3.21 percentage points compared to the end of the previous quarter [4][38]. - **AH Market Selection**: Active equity - biased funds that can invest in Hong Kong stocks continued to increase their positions in Hong Kong stocks in Q2, with the proportion of Hong Kong stocks in the stock investment market value increasing by about 1.6 percentage points. The Hong Kong stock positions have been increasing for 6 consecutive quarters [4][46]. - **Market - Value Style**: The proportion of the main board continued to decline slightly, while the proportions of the Science and Technology Innovation Board and the Growth Enterprise Market increased. The proportion of small - and medium - cap stocks below 5 billion yuan further increased by 0.76 percentage points [4][51]. - **Industry Distribution**: Active equity - biased funds increased their positions in TMT and financial real estate sectors and reduced their positions in consumption and mid - stream manufacturing sectors. Among the first - tier industries, the industries with the largest increase in heavy - position market value were communications, banking, and national defense and military industry, while the industries with the largest decrease were food and beverage, automobiles, and power equipment and new energy [4][56]. - **Heavy - Positioned Stocks**: At the end of Q2 2025, Tencent Holdings remained the largest heavy - positioned stock of active equity - biased funds, followed by CATL and Kweichow Moutai. Tencent Holdings was significantly reduced, while Inphi and Xinyisheng received the most increases in positions [4][64].

- 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]