结论先行：把 Q1 与 Q2 都申报 13F 的 8,521 家机构全部纳入逐笔比较，全市场仍是净买入——加仓 781,799 笔、减仓 675,154 笔，净加仓名义额约 $178.7B；另有 368,987 笔新建仓（$3.12T）与 307,862 笔清仓（$3.07T）。
本报告与前两份 13F 报告的区别在于样本：7 月 21 日那份只覆盖 6 家提前申报机构，8 月 19 日那份聚焦 30 家知名主动基金；这一份把整个申报池纳入，因此第一次能看到「共识扩张/瓦解」在全市场的分布，而不是名単里的故事。
方法上只比较普通股多头的股数方向（已做拆股校正），金额用季末隐含单价重估，并明确标出 13F 的边界：季末快照、滞后约 45 天、不含空头与现金、同一证券被数千家机构重复持有。这是线索地图，不是买入信号。
全市场 13F 迁移图：8,521 家机构 · Q1→Q2 2026 The whole-market 13F migration map: 8,521 managers, Q1→Q2 2026
不挑明星基金，把两个季度都申报的机构全部纳入，逐笔比较 2,314,894 笔股票持仓。结论：全市场仍是净买入，但共识在从「AI 芯片」向「存储、电力、下游基础设施」迁移，同时必选消费与医疗的机构家数在同步增加——这是一个杠铃，不是单边追高。 No star-fund cherry-picking: every manager that filed in both quarters, compared line by line across 2,314,894 equity positions. The market stayed a net buyer, but consensus is rotating from AI chips toward storage, power and downstream infrastructure while staples and healthcare add holders — a barbell, not a one-way risk-on trade.
一、全市场规模：谁在申报，规模有多大1. Whole-market scale: who files, and how much they hold
本报告不挑选知名基金，而是把 8,521 家在 2026 Q1 与 Q2 两个季度都提交了 13F 的机构全部纳入，逐笔比较季末持仓（CUSIP 级、按股数方向判断，已校正拆股）。这是目前唯一一份覆盖全市场的 13F 迁移图：既看到贝莱德这类指数巨头的资金潮汐，也看到几千家中小机构的方向。 This report does not cherry-pick famous funds. It takes all 8,521 managers that filed a 13F in both Q1 and Q2 2026 and compares every quarter-end position at CUSIP level, using share-count direction with stock-split correction. It is the only whole-market 13F migration map: it captures the index-giant tide and the direction of thousands of smaller managers at once.
调仓方向：加仓多于减仓Direction: more adds than trims
同一机构同一标的的逐笔比较中，加仓 781,799 笔、减仓 675,154 笔，两者相抵后净加仓名义额约 $178.7B。若把新建仓 $3.12T 与清仓 $3.07T 一并计入，估算的资金净流入约 $231.5B——注意这是按季末价格重估的资金口径，不等于持仓市值变化：后者从 $54.29T 升到 $62.60T，差额主要来自股价上涨。 Across manager-security pairs held in both quarters: 781,799 adds versus 675,154 trims, leaving about $178.7B of net added notional. Including initiations ($3.12T) and exits ($3.07T), estimated net capital inflow is about $231.5B — a flow measure revalued at quarter-end prices, not a change in position value: that rose from $54.29T to $62.60T, with the gap coming mostly from price appreciation.
集中度：少数股票吃掉大部分仓位Concentration: a few names absorb most capital
全部 2,314,894 笔 Q2 股票持仓中，市值最大的 10 只占 3.1%、前 25 只占 5.5%、前 100 只占 11.9%。机构资金高度集中在头部标的，讨论「全市场」时必须意识到这一点。 Of 2,314,894 Q2 equity positions, the 10 largest securities account for 3.1%, the top 25 for 5.5% and the top 100 for 11.9%. Institutional capital is extremely top-heavy.
| 机构规模分层Cohort by AUM | 机构数Managers | Q1 股票市值Q1 equity value | Q2 股票市值Q2 equity value | 变动Change |
|---|---|---|---|---|
| 超大型 ≥$100B | 71 | $36.84T | $41.10T | $4.27T |
| 大型 $10–100B | 335 | $10.38T | $11.43T | $1.05T |
| 中型 $1–10B | 1,682 | $5.14T | $5.91T | $770.9B |
| 小型 <$1B | 6,551 | $1.93T | $2.68T | $742.5B |
规模分层按各机构 Q1 披露的股票市值划分，用于区分「指数巨头的资金潮汐」与「中小机构的主动选择」。13F 只统计美国上市证券的多头，不含空头、现金和多数债券。Cohorts use each manager's Q1 disclosed equity value, separating index-giant fund flows from smaller managers' active choices. A 13F covers long US-listed securities only; shorts, cash and most bonds are absent.
二、拥挤度地图：哪些股票几乎人人都有2. Crowding map: what almost everyone owns
| ## | 证券Security | Q2 持有机构数Q2 holders | 持有机构变化Δ holders | Q2 市值Q2 value | 估算净增减Est. net flow |
|---|---|---|---|---|---|
| 1 | MSFTMicrosoft Corp | 5,903 | -21 | $1.47T | $-455M |
| 2 | AMZNAmazon.Com Inc | 5,821 | +106 | $1.27T | $9.8B |
| 3 | AAPLApple Inc | 5,819 | -5 | $2.00T | $17.4B |
| 4 | NVDANvidia Corp | 5,562 | +70 | $2.39T | $3.1B |
| 5 | GOOGLAlphabet Inc-Cl A | 5,553 | +133 | $1.40T | $23.0B |
| 6 | GOOGAlphabet Inc-Cl C | 5,038 | +86 | $1.02T | $27.1B |
| 7 | JPMJpmorgan Chase & Co | 4,973 | +48 | $537.9B | $-3.0B |
| 8 | METAMeta Platforms Inc-Class A | 4,819 | -32 | $710.5B | $-591M |
| 9 | BRK/BBerkshire Hathaway Inc-Cl B | 4,777 | +44 | $405.9B | $-1.5B |
| 10 | AVGOBroadcom Inc | 4,606 | +124 | $1.04T | $8.8B |
| 11 | JNJJohnson & Johnson | 4,564 | +45 | $402.5B | $-2.6B |
| 12 | LLYEli Lilly & Co | 4,463 | +226 | $844.5B | $-5.0B |
| 13 | VVisa Inc-Class A Shares | 4,442 | +102 | $444.3B | $2.1B |
| 14 | WMTWalmart Inc | 4,264 | -59 | $237.2B | $-1.6B |
| 15 | COSTCostco Wholesale Corp | 4,113 | -18 | $250.7B | $-1.5B |
| 16 | ABBVAbbvie Inc | 4,094 | +107 | $296.3B | $-250M |
| 17 | TSLATesla Inc | 4,050 | +80 | $499.4B | $4.3B |
| 18 | CVXChevron Corp | 3,993 | -177 | $212.2B | $-1.6B |
| 19 | HDHome Depot Inc | 3,985 | -35 | $232.2B | $476M |
| 20 | CSCOCisco Systems Inc | 3,953 | +337 | $304.1B | $-3.5B |
| 21 | CATCaterpillar Inc | 3,922 | +287 | $313.2B | $1.9B |
| 22 | PGProcter & Gamble Co/The | 3,907 | -1 | $206.7B | $-1.2B |
| 23 | AMDAdvanced Micro Devices | 3,811 | +793 | $543.6B | $16.6B |
| 24 | EXMOCExxon Mobil Corp | 3,754 | -898 | $325.9B | $-6.1B |
持有机构数 = 申报该证券普通股多头的机构家数（不含 ETF/期权）。持有机构变化是判断「共识扩张还是瓦解」最稳健的指标，因为股数会被股价和拆分扰动，而机构家数不会。Holders = number of managers reporting a long common-stock position (ETF and options excluded). The change in holder count is the most robust consensus gauge: share counts are distorted by price and splits, but manager counts are not.
三、共识的扩张与瓦解：机构家数变化最大3. Consensus expanding and collapsing: biggest shifts in holder count
机构家数增加最多Biggest gains in holders
| 证券Security | Q1Q1 | Q2Q2 | 变化Δ | 估算净额Est. net |
|---|---|---|---|---|
| INTCIntel Corp | 2,457 | 3,381 | +924 | $4.1B |
| MUMicron Technology Inc | 2,856 | 3,682 | +826 | $-20.4B |
| AMDAdvanced Micro Devices | 3,018 | 3,811 | +793 | $16.6B |
| MRVLMarvell Technology Inc | 1,470 | 2,092 | +622 | $-10.5B |
| SNDKSandisk Corp | 1,109 | 1,717 | +608 | $-20.9B |
| AMATApplied Materials Inc | 2,842 | 3,377 | +535 | $-588M |
| DELLDell Technologies -C | 1,565 | 2,034 | +469 | $-1.3B |
| LRCXLam Research Corp | 2,524 | 2,990 | +466 | $-2.8B |
| STX | 1,399 | 1,861 | +462 | $-14.4B |
| PANWPalo Alto Networks Inc | 2,382 | 2,802 | +420 | $3.6B |
| KLACKla Corp | 2,005 | 2,410 | +405 | $-221M |
| GLWCorning Inc | 2,170 | 2,572 | +402 | $5.6B |
| WDCWestern Digital Corp | 1,354 | 1,755 | +401 | $-8.3B |
| TXNTexas Instruments Inc | 2,379 | 2,753 | +374 | $-5.9B |
| CRWDCrowdstrike Holdings Inc - A | 1,986 | 2,350 | +364 | $5.6B |
| UNHUnitedhealth Group Inc | 2,904 | 3,243 | +339 | $9.0B |
| CSCOCisco Systems Inc | 3,616 | 3,953 | +337 | $-3.5B |
| YANDEX NV CLASS A | 679 | 990 | +311 | $1.7B |
| GEVGe Vernova Inc | 3,027 | 3,330 | +303 | $1.7B |
| FLEXTRONICSI | 770 | 1,072 | +302 | $-2.0B |
机构家数减少最多Biggest losses in holders
| 证券Security | Q1Q1 | Q2Q2 | 变化Δ | 估算净额Est. net |
|---|---|---|---|---|
| EXMOCExxon Mobil Corp | 4,652 | 3,754 | -898 | $-6.1B |
| TAt&T Inc | 2,889 | 2,601 | -288 | $-2.8B |
| INTUIntuit Inc | 1,939 | 1,661 | -278 | $-2.0B |
| ACN | 2,090 | 1,823 | -267 | $-710M |
| NFLXNetflix Inc | 3,456 | 3,192 | -264 | $-8.7B |
| CRMSalesforce Inc | 2,561 | 2,344 | -217 | $-9.3B |
| ADBEAdobe Inc | 2,098 | 1,884 | -214 | $-374M |
| BSXBoston Scientific Corp | 1,599 | 1,389 | -210 | $-1.4B |
| NKENike Inc -Cl B | 1,827 | 1,625 | -202 | $-236M |
| ZTSZoetis Inc | 1,572 | 1,377 | -195 | $-2.1B |
| CVXChevron Corp | 4,170 | 3,993 | -177 | $-1.6B |
| CMCSAComcast Corp-Class A | 1,990 | 1,823 | -167 | $-2.7B |
| PLTRPalantir Technologies Inc-A | 2,820 | 2,657 | -163 | $4.7B |
| LMTLockheed Martin Corp | 2,847 | 2,693 | -154 | $477M |
| PEPPepsico Inc | 3,456 | 3,307 | -149 | $-314M |
| LDOSLeidos Holdings Inc | 881 | 735 | -146 | $-53M |
| BABAAlibaba Group Holding-Sp Adr | 1,257 | 1,114 | -143 | $-2.3B |
| VZVerizon Communications Inc | 3,181 | 3,043 | -138 | $116M |
| ABTAbbott Laboratories | 3,016 | 2,879 | -137 | $-4.6B |
| TSCOTractor Supply Company | 1,139 | 1,011 | -128 | $-415M |
样本限定为两个季度都有至少 100 家机构持有的标的，避免小盘股的小基数噪声。机构家数减少不等于看空：可能是指数调整、基金清盘或转持 ETF。Restricted to securities held by at least 100 managers in both quarters, to avoid small-base noise in micro caps. A falling holder count is not a short signal: index changes, fund closures and ETF substitution all show up here.
四、全市场净买入与净卖出榜4. Market-wide net buys and net sells
估算净加仓金额最大Largest estimated net adds
| ## | 证券Security | 估算净加仓Est. net add | 加仓机构Adds | 减仓机构Trims | 净广度Net breadth | Q2 市值Q2 value |
|---|---|---|---|---|---|---|
| 1 | GOOGAlphabet Inc-Cl C | $27.1B | 1,799 | 2,103 | -304 | $1.02T |
| 2 | GOOGLAlphabet Inc-Cl A | $23.0B | 2,099 | 2,338 | -239 | $1.40T |
| 3 | AAPLApple Inc | $17.4B | 2,292 | 2,614 | -322 | $2.00T |
| 4 | AMDAdvanced Micro Devices | $16.6B | 1,140 | 1,281 | -141 | $543.6B |
| 5 | AMZNAmazon.Com Inc | $9.8B | 2,604 | 2,140 | +464 | $1.27T |
| 6 | UNHUnitedhealth Group Inc | $9.0B | 1,170 | 1,116 | +54 | $275.3B |
| 7 | AVGOBroadcom Inc | $8.8B | 2,045 | 1,687 | +358 | $1.04T |
| 8 | DVNDevon Energy Corp | $7.6B | 483 | 493 | -10 | $35.6B |
| 9 | GLWCorning Inc | $5.6B | 819 | 838 | -19 | $130.5B |
| 10 | CRWDCrowdstrike Holdings Inc - A | $5.6B | 711 | 738 | -27 | $120.6B |
| 11 | PLTRPalantir Technologies Inc-A | $4.7B | 1,112 | 951 | +161 | $137.8B |
| 12 | ASMLHLDGNV | $4.5B | 847 | 714 | +133 | $122.7B |
| 13 | TSLATesla Inc | $4.3B | 1,851 | 1,196 | +655 | $499.4B |
| 14 | DEDeere & Co | $4.3B | 933 | 803 | +130 | $114.6B |
| 15 | INTCIntel Corp | $4.1B | 874 | 1,006 | -132 | $408.3B |
| 16 | CRWVCoreweave Inc-Cl A | $4.0B | 329 | 137 | +192 | $28.6B |
| 17 | AEPAmerican Electric Power | $3.9B | 806 | 544 | +262 | $59.0B |
| 18 | WELLWelltower Inc | $3.8B | 610 | 427 | +183 | $140.5B |
| 19 | PANWPalo Alto Networks Inc | $3.6B | 851 | 1,005 | -154 | $192.6B |
| 20 | MDLNMedline Inc-Cl A | $3.4B | 135 | 54 | +81 | $27.3B |
| 21 | AZN | $3.1B | 466 | 438 | +28 | $180.5B |
| 22 | NVDANvidia Corp | $3.1B | 2,587 | 2,038 | +549 | $2.39T |
| 23 | BABoeing Co/The | $3.0B | 961 | 742 | +219 | $113.5B |
| 24 | DLRDigital Realty Trust Inc | $3.0B | 521 | 351 | +170 | $56.8B |
估算净减仓金额最大Largest estimated net trims
| ## | 证券Security | 估算净减仓Est. net trim | 加仓机构Adds | 减仓机构Trims | 净广度Net breadth | Q2 市值Q2 value |
|---|---|---|---|---|---|---|
| 1 | SNDKSandisk Corp | $-20.9B | 451 | 378 | +73 | $193.4B |
| 2 | MUMicron Technology Inc | $-20.4B | 1,096 | 1,256 | -160 | $693.3B |
| 3 | STX | $-14.4B | 550 | 529 | +21 | $152.3B |
| 4 | MRVLMarvell Technology Inc | $-10.5B | 539 | 564 | -25 | $166.5B |
| 5 | QCOMQualcomm Inc | $-9.4B | 846 | 1,197 | -351 | $122.3B |
| 6 | CRMSalesforce Inc | $-9.3B | 706 | 1,148 | -442 | $94.0B |
| 7 | NFLXNetflix Inc | $-8.7B | 1,304 | 1,231 | +73 | $200.4B |
| 8 | WDCWestern Digital Corp | $-8.3B | 524 | 513 | +11 | $177.2B |
| 9 | MAMastercard Inc - A | $-7.3B | 1,256 | 1,431 | -175 | $351.2B |
| 10 | TSMTaiwan Semiconductor-Sp Adr | $-7.0B | 1,293 | 1,163 | +130 | $299.7B |
| 11 | EXMOCExxon Mobil Corp | $-6.1B | 1,403 | 1,599 | -196 | $325.9B |
| 12 | TXNTexas Instruments Inc | $-5.9B | 941 | 879 | +62 | $200.6B |
| 13 | LLYEli Lilly & Co | $-5.0B | 2,012 | 1,326 | +686 | $844.5B |
| 14 | MEDTRONICS PLC | $-4.7B | 755 | 842 | -87 | $75.9B |
| 15 | WFCWells Fargo & Co | $-4.6B | 980 | 1,022 | -42 | $171.9B |
| 16 | ABTAbbott Laboratories | $-4.6B | 952 | 1,271 | -319 | $108.4B |
| 17 | CNQCanadian Natural Resources | $-4.1B | 251 | 219 | +32 | $47.5B |
| 18 | BEBloom Energy Corp- A | $-4.1B | 353 | 324 | +29 | $44.9B |
| 19 | HPEHewlett Packard Enterprise | $-3.7B | 403 | 366 | +37 | $45.0B |
| 20 | CSCOCisco Systems Inc | $-3.5B | 1,239 | 1,660 | -421 | $304.1B |
| 21 | STRLSterling Infrastructure Inc | $-3.4B | 186 | 331 | -145 | $18.7B |
| 22 | PRAXAIR INC | $-3.3B | 928 | 702 | +226 | $174.3B |
| 23 | HLTHilton Worldwide Holdings In | $-3.1B | 445 | 372 | +73 | $62.1B |
| 24 | BLD*Topbuild Corp | $-3.0B | 89 | 155 | -66 | $7.2B |
估算净额 = Σ（Q2 股数 − 校正后 Q1 股数）× 该机构 Q2 隐含单价。它是按季末价格重估的近似值，不是实际成交金额，也会被股价波动放大。金额榜由大型机构主导，广度榜更接近「多数人的看法」。Estimated net = Σ (Q2 shares − split-adjusted Q1 shares) × the filer's implied Q2 price. It is a quarter-end revaluation proxy, not execution value, and is amplified by price moves. Notional rankings are dominated by large managers; breadth rankings are closer to a headcount vote.
五、广度榜：按机构家数投票，而不是按金额5. Breadth rankings: a headcount vote, not a dollar vote
净增持机构最多Most net buyers
| ## | 证券Security | 净广度Net | 增Add | 减Trim | 新建New | 清仓Exit | 估算净额Est. net |
|---|---|---|---|---|---|---|---|
| 1 | LLYEli Lilly & Co | +686 | 2,012 | 1,326 | 420 | 192 | $-5.0B |
| 2 | TSLATesla Inc | +655 | 1,851 | 1,196 | 313 | 213 | $4.3B |
| 3 | MSFTMicrosoft Corp | +649 | 2,821 | 2,172 | 257 | 251 | $-455M |
| 4 | NVDANvidia Corp | +549 | 2,587 | 2,038 | 328 | 225 | $3.1B |
| 5 | AMZNAmazon.Com Inc | +464 | 2,604 | 2,140 | 332 | 214 | $9.8B |
| 6 | METAMeta Platforms Inc-Class A | +464 | 2,174 | 1,710 | 259 | 288 | $-591M |
| 7 | GEVGe Vernova Inc | +429 | 1,340 | 911 | 481 | 179 | $1.7B |
| 8 | AVGOBroadcom Inc | +358 | 2,045 | 1,687 | 362 | 233 | $8.8B |
| 9 | ABBVAbbvie Inc | +357 | 1,752 | 1,395 | 308 | 199 | $-250M |
| 10 | IBMIntl Business Machines Corp | +356 | 1,479 | 1,123 | 344 | 211 | $1.8B |
| 11 | SOSouthern Co/The | +353 | 1,019 | 666 | 152 | 159 | $1.7B |
| 12 | NEENextera Energy Inc | +319 | 1,292 | 973 | 193 | 212 | $-579M |
| 13 | MOAltria Group Inc | +295 | 1,054 | 759 | 224 | 157 | $2.6B |
| 14 | DUKDuke Energy Corp | +293 | 1,035 | 742 | 183 | 189 | $213M |
| 15 | GEGeneral Electric | +284 | 1,316 | 1,032 | 402 | 190 | $2.9B |
| 16 | AEPAmerican Electric Power | +262 | 806 | 544 | 178 | 136 | $3.9B |
| 17 | VVisa Inc-Class A Shares | +261 | 1,865 | 1,604 | 321 | 218 | $2.1B |
| 18 | SCCOSouthern Copper Corp | +253 | 443 | 190 | 107 | 90 | $188M |
| 19 | PLDPrologis Inc | +234 | 726 | 492 | 169 | 117 | $-201M |
| 20 | PRAXAIR INC | +226 | 928 | 702 | 219 | 159 | $-3.3B |
净减持机构最多Most net sellers
| ## | 证券Security | 净广度Net | 增Add | 减Trim | 新建New | 清仓Exit | 估算净额Est. net |
|---|---|---|---|---|---|---|---|
| 1 | CRMSalesforce Inc | -442 | 706 | 1,148 | 177 | 382 | $-9.3B |
| 2 | CSCOCisco Systems Inc | -421 | 1,239 | 1,660 | 491 | 180 | $-3.5B |
| 3 | QCOMQualcomm Inc | -351 | 846 | 1,197 | 452 | 184 | $-9.4B |
| 4 | AAPLApple Inc | -322 | 2,292 | 2,614 | 242 | 215 | $17.4B |
| 5 | ABTAbbott Laboratories | -319 | 952 | 1,271 | 209 | 338 | $-4.6B |
| 6 | DISWalt Disney Co/The | -314 | 930 | 1,244 | 168 | 229 | $-1.6B |
| 7 | GOOGAlphabet Inc-Cl C | -304 | 1,799 | 2,103 | 311 | 217 | $27.1B |
| 8 | DHRDanaher Corp | -302 | 618 | 920 | 163 | 230 | $349M |
| 9 | LOWLowe'S Cos Inc | -275 | 822 | 1,097 | 177 | 221 | $-448M |
| 10 | ADBEAdobe Inc | -272 | 563 | 835 | 174 | 375 | $-374M |
| 11 | PYPLPaypal Holdings Inc | -240 | 341 | 581 | 110 | 236 | $-675M |
| 12 | GOOGLAlphabet Inc-Cl A | -239 | 2,099 | 2,338 | 356 | 214 | $23.0B |
| 13 | AMATApplied Materials Inc | -204 | 991 | 1,195 | 691 | 166 | $-588M |
| 14 | CMCSAComcast Corp-Class A | -200 | 595 | 795 | 156 | 319 | $-2.7B |
广度与金额经常背离：一只股票可能被几百家机构小幅增持（广度强、金额小），也可能被少数巨头巨额加仓（金额大、广度弱）。两者同时为正，才是更强的信号。Breadth and notional often diverge: a stock can be nudged up by hundreds of managers (high breadth, small notional) or loaded up by a few giants (large notional, thin breadth). A name that is strong on both is the cleaner signal.
六、二维交叉：同一只股票，大小机构在对着干6. The cross-cut: where small and mega managers trade against each other
| 证券Security | 超大型 ≥$100BMega ≥$100B | 大型 $10–100BLarge $10–100B | 中型 $1–10BMid $1–10B | 小型 <$1BSmall <$1B | 合计净额Total net | Δ机构家数Δ holders |
|---|---|---|---|---|---|---|
| GOOGAlphabet Inc-Cl C | $26.9B | $222M | $146M | $-189M | $27.1B | +86 |
| GOOGLAlphabet Inc-Cl A | $33.4B | $-5.1B | $-5.0B | $-307M | $23.0B | +133 |
| SNDKSandisk Corp | $-8.8B | $-2.6B | $-8.1B | $-1.5B | $-20.9B | +608 |
| MUMicron Technology Inc | $-4.9B | $-8.5B | $-5.5B | $-1.5B | $-20.4B | +826 |
| AAPLApple Inc | $18.3B | $-2.8B | $1.9B | $-79M | $17.4B | -5 |
| AMDAdvanced Micro Devices | $20.0B | $878M | $-3.3B | $-967M | $16.6B | +793 |
| STX | $-3.6B | $-10.6B | · | $-202M | $-14.4B | +462 |
| MRVLMarvell Technology Inc | $-2.8B | $-5.4B | $-1.5B | $-796M | $-10.5B | +622 |
| AMZNAmazon.Com Inc | $7.1B | $2.0B | $694M | · | $9.8B | +106 |
| QCOMQualcomm Inc | $-5.9B | $-2.4B | $-822M | $-186M | $-9.4B | +268 |
| CRMSalesforce Inc | $-8.4B | $-444M | $-465M | · | $-9.3B | -217 |
| UNHUnitedhealth Group Inc | $8.7B | $1.6B | $-1.3B | $-63M | $9.0B | +339 |
| AVGOBroadcom Inc | $9.9B | $301M | $-1.6B | $150M | $8.8B | +124 |
| NFLXNetflix Inc | $-8.5B | $-608M | $340M | $66M | $-8.7B | -264 |
| WDCWestern Digital Corp | $-4.6B | $-3.8B | $306M | $-154M | $-8.3B | +401 |
| DVNDevon Energy Corp | $7.8B | $122M | · | $-327M | $7.6B | +189 |
| MAMastercard Inc - A | $-5.7B | $-1.4B | $-185M | · | $-7.3B | -21 |
| TSMTaiwan Semiconductor-Sp Adr | $584M | $-6.1B | $-1.6B | · | $-7.0B | +275 |
| EXMOCExxon Mobil Corp | $-5.7B | $-140M | $-206M | · | $-6.1B | -898 |
| TXNTexas Instruments Inc | $-3.9B | $-669M | $-1.2B | $-126M | $-5.9B | +374 |
| GLWCorning Inc | $7.8B | $-1.0B | $-723M | $-417M | $5.6B | +402 |
| CRWDCrowdstrike Holdings Inc - A | $6.5B | $-408M | $-380M | $-134M | $5.6B | +364 |
| PLTRPalantir Technologies Inc-A | $2.9B | $1.5B | $334M | · | $4.7B | -163 |
| ASMLHLDGNV | $7.6B | $-2.4B | $-672M | $-93M | $4.5B | +295 |
| TSLATesla Inc | $5.2B | $662M | $-2.1B | $502M | $4.3B | +80 |
| DEDeere & Co | $4.5B | $-262M | $83M | · | $4.3B | +50 |
| INTCIntel Corp | $6.5B | $864M | $-2.3B | $-944M | $4.1B | +924 |
| CRWVCoreweave Inc-Cl A | $4.7B | $648M | $-1.3B | · | $4.0B | +152 |
行是标的，列是机构规模分层，单元格是"这一层机构在这只股票上的估算净额"，绿=净买入、红=净卖出、颜色深浅=金额大小。 在列出的 28 只标的中，有 14 只出现"超大型机构与小型机构方向相反"——也就是说，单看全市场净额会把两种完全相反的行为平均掉。 典型例子：Alphabet C 类几乎全靠超大型机构（+$26.9B），而小型机构小幅净卖出；SanDisk、Micron 则是各层一致净卖出，属于真共识减仓。 Rows are securities, columns are manager-size cohorts, and each cell is that cohort's estimated net notional in that name — green is net buying, red is net selling, depth is magnitude. Of the 28 names shown, 14 have mega and small managers moving in opposite directions, so a market-wide net figure averages two opposite behaviours into one number. Alphabet class C is carried almost entirely by mega managers (+$26.9B) while small managers are slight net sellers; SanDisk and Micron are net sold by every cohort, which is genuine consensus selling.
分层按各机构 Q1 披露的股票市值划分（≥$100B / $10–100B / $1–10B / <$1B）。单元格只统计两个季度都持有该标的的机构，所以「合计净额」不等于该股全部资金流；空单元格表示该层没有可比的成对持仓。Cohorts use each manager's Q1 disclosed equity value (≥$100B / $10–100B / $1–10B / <$1B). Cells only count managers that held the name in both quarters, so the total column is not the security's entire flow; an empty cell means no comparable paired position in that cohort.
七、新建仓与清仓：最容易挖到 alpha 的两张表7. Initiations and exits: the two most alpha-rich tables
被最多机构新建仓Most widely initiated
| ## | 证券Security | 新建机构数New | 新建市值New value | Q2 机构数Q2 holders | Q2 市值Q2 value |
|---|---|---|---|---|---|
| 1 | SPCXSpace Exploration Techn-Cl A | 1,555 | $561.9B | 1,615 | $562.0B |
| 2 | INTCIntel Corp | 1,071 | $15.5B | 3,381 | $408.3B |
| 3 | FDXFFedex Freight Holding Co | 1,024 | $12.3B | 1,093 | $12.3B |
| 4 | MUMicron Technology Inc | 997 | $28.5B | 3,682 | $693.3B |
| 5 | AMDAdvanced Micro Devices | 956 | $23.0B | 3,811 | $543.6B |
| 6 | CCL | 868 | $21.0B | 931 | $21.0B |
| 7 | MRVLMarvell Technology Inc | 752 | $8.7B | 2,092 | $166.5B |
| 8 | SNDKSandisk Corp | 716 | $11.8B | 1,717 | $193.4B |
| 9 | AMATApplied Materials Inc | 691 | $15.3B | 3,377 | $397.8B |
| 10 | DELLDell Technologies -C | 595 | $4.6B | 2,034 | $85.3B |
| 11 | LRCXLam Research Corp | 593 | $14.6B | 2,990 | $321.4B |
| 12 | PANWPalo Alto Networks Inc | 592 | $5.9B | 2,802 | $192.6B |
| 13 | STX | 557 | $9.6B | 1,861 | $152.3B |
| 14 | GLWCorning Inc | 554 | $4.5B | 2,572 | $130.5B |
| 15 | UNHUnitedhealth Group Inc | 527 | $8.9B | 3,243 | $275.3B |
| 16 | KLACKla Corp | 519 | $11.1B | 2,410 | $320.4B |
| 17 | WDCWestern Digital Corp | 513 | $5.7B | 1,755 | $177.2B |
| 18 | TXNTexas Instruments Inc | 496 | $6.0B | 2,753 | $200.6B |
| 19 | CRWDCrowdstrike Holdings Inc - A | 492 | $5.0B | 2,350 | $120.6B |
| 20 | CSCOCisco Systems Inc | 491 | $11.2B | 3,953 | $304.1B |
被最多机构清仓Most widely exited
| ## | 证券Security | 清仓机构数Exits | 清仓市值Exit value | Q2 机构数Q2 holders | Q2 市值Q2 value |
|---|---|---|---|---|---|
| 1 | EXMOCExxon Mobil Corp | 1,022 | $25.0B | 3,754 | $325.9B |
| 2 | TAt&T Inc | 455 | $4.7B | 2,601 | $83.1B |
| 3 | INTUIntuit Inc | 451 | $6.7B | 1,661 | $51.6B |
| 4 | NFLXNetflix Inc | 447 | $6.4B | 3,192 | $200.4B |
| 5 | ACN | 430 | $5.4B | 1,823 | $54.5B |
| 6 | CRMSalesforce Inc | 382 | $2.8B | 2,344 | $94.0B |
| 7 | ADBEAdobe Inc | 375 | $3.3B | 1,884 | $56.3B |
| 8 | PLTRPalantir Technologies Inc-A | 369 | $6.7B | 2,657 | $137.8B |
| 9 | CVXChevron Corp | 365 | $10.6B | 3,993 | $212.2B |
| 10 | ZTSZoetis Inc | 355 | $2.8B | 1,377 | $25.0B |
| 11 | BSXBoston Scientific Corp | 353 | $4.6B | 1,389 | $45.5B |
| 12 | ABTAbbott Laboratories | 338 | $4.9B | 2,879 | $108.4B |
| 13 | NKENike Inc -Cl B | 331 | $2.4B | 1,625 | $34.2B |
| 14 | CMCSAComcast Corp-Class A | 319 | $3.5B | 1,823 | $66.9B |
| 15 | LMTLockheed Martin Corp | 317 | $3.7B | 2,693 | $77.5B |
| 16 | VZVerizon Communications Inc | 315 | $4.8B | 3,043 | $90.8B |
| 17 | TRI POINTE HOMES INC | 311 | $3.6B | 2 | $3K |
| 18 | MCDMcdonald'S Corp | 310 | $4.7B | 3,361 | $123.2B |
| 19 | PEPPepsico Inc | 305 | $5.5B | 3,307 | $123.2B |
| 20 | NOWServicenow Inc | 293 | $3.2B | 2,080 | $68.5B |
新建仓的信息量高于小幅加仓，但必须先排除拆股、换股、CUSIP 变更与申报范围变化制造的假新建仓。本表已对拆股做比例校正；清仓同样不等于做空。Initiations carry more information than small adds, but splits, mergers, CUSIP migrations and reporting-scope changes must be ruled out first. Split ratios are corrected here; an exit is still not a short.
八、公司行动剔除清单：这些不是买卖，是换了个代码8. Corporate actions removed from the flow tables: not trades, just a new line
| 证券Security | Q1 机构数Q1 holders | Q2 机构数Q2 holders | 判定Verdict |
|---|---|---|---|
| HONGBPHoneywell International Inc | 2,726 | 140 | → HON |
| HONAHoneywell Aerospace Inc | 0 | 2,018 | ← HONGBP |
| HONHoneywell International Inc | 0 | 1,972 | ← HONGBP |
| DWDPEURDupont De Nemours Inc | 1,202 | 49 | → DD |
| DDDupont De Nemours Inc | 0 | 1,039 | ← DWDPEUR |
| CCL1EURCarnival Corp Ltd | 974 | 43 | 线位/CUSIP 变更 |
| CTRACoterra Energy Inc | 930 | 6 | 线位/CUSIP 变更 |
| HO1Hologic Inc | 683 | 3 | 线位/CUSIP 变更 |
| TRI4EURThomson Reuters Corp | 447 | 11 | → TRI |
| MASI*Masimo Corp | 431 | 2 | 线位/CUSIP 变更 |
| AIR LEASE CORP | 424 | 4 | 线位/CUSIP 变更 |
| SEALED AIR CORP NEW | 403 | 1 | 线位/CUSIP 变更 |
| TRIThomson Reuters Corp | 3 | 389 | ← TRI4EUR |
| ASCENDIS PHARMA BEARER | 8 | 282 | ← ASCENDIS PHARMA |
| ASCENDIS PHARMA A/S SP | 256 | 9 | → ASCENDIS PHARMA |
规则：若一只证券的持有机构数在一个季度内跌到原来的 25% 以下，而同一发行人名下出现持有机构数量级相当的新代码，或持有机构数直接跌到原来的 5% 以下，就判定为公司行动（分拆、改名、CUSIP/交易线变更），并从新建仓榜、清仓榜、机构家数变化榜和金额榜中剔除。2026 Q2 最典型的是霍尼韦尔分拆为霍尼韦尔航空航天与霍尼韦尔国际两只标的，以及 DuPont、Thomson Reuters、Carnival、Coterra、Hologic 的交易线变更——如果不剔除，这些会直接占据「新建仓」和「清仓」榜首，把几千家机构的零决策误报成集体行动。Rule: a security whose holder count falls below 25% while a same-issuer line appears with a comparable holder base, or whose holder count falls below 5% outright, is treated as a corporate action (spin-off, rename, CUSIP or trading-line change) and excluded from the initiation, exit, holder-change and notional tables. In Q2 2026 the clearest cases are Honeywell separating into Honeywell Aerospace and Honeywell International, plus line changes at DuPont, Thomson Reuters, Carnival, Coterra and Hologic. Left uncorrected these dominate the initiation and exit tables, turning thousands of non-decisions into apparent collective action.
九、分歧榜：机构互相打架的标的9. Most contested: where institutions disagree
| ## | 证券Security | 增持 / 减持机构数Adds / Trims | 净广度Net | 估算净额Est. net | 新建New | 清仓Exit |
|---|---|---|---|---|---|---|
| 1 | MSFTMicrosoft Corp | 2,821 / 2,172 | +649 | $-455M | 257 | 251 |
| 2 | AAPLApple Inc | 2,292 / 2,614 | -322 | $17.4B | 242 | 215 |
| 3 | AMZNAmazon.Com Inc | 2,604 / 2,140 | +464 | $9.8B | 332 | 214 |
| 4 | NVDANvidia Corp | 2,587 / 2,038 | +549 | $3.1B | 328 | 225 |
| 5 | GOOGLAlphabet Inc-Cl A | 2,099 / 2,338 | -239 | $23.0B | 356 | 214 |
| 6 | JPMJpmorgan Chase & Co | 2,061 / 1,898 | +163 | $-3.0B | 266 | 216 |
| 7 | GOOGAlphabet Inc-Cl C | 1,799 / 2,103 | -304 | $27.1B | 311 | 217 |
| 8 | METAMeta Platforms Inc-Class A | 2,174 / 1,710 | +464 | $-591M | 259 | 288 |
| 9 | AVGOBroadcom Inc | 2,045 / 1,687 | +358 | $8.8B | 362 | 233 |
| 10 | BRK/BBerkshire Hathaway Inc-Cl B | 1,847 / 1,811 | +36 | $-1.5B | 259 | 209 |
| 11 | JNJJohnson & Johnson | 1,906 / 1,709 | +197 | $-2.6B | 255 | 218 |
| 12 | VVisa Inc-Class A Shares | 1,865 / 1,604 | +261 | $2.1B | 321 | 218 |
| 13 | WMTWalmart Inc | 1,732 / 1,675 | +57 | $-1.6B | 228 | 283 |
| 14 | LLYEli Lilly & Co | 2,012 / 1,326 | +686 | $-5.0B | 420 | 192 |
| 15 | CVXChevron Corp | 1,649 / 1,563 | +86 | $-1.6B | 185 | 365 |
| 16 | HDHome Depot Inc | 1,539 / 1,618 | -79 | $476M | 238 | 267 |
| 17 | ABBVAbbvie Inc | 1,752 / 1,395 | +357 | $-250M | 308 | 199 |
| 18 | COSTCostco Wholesale Corp | 1,567 / 1,566 | +1 | $-1.5B | 223 | 242 |
分歧度高意味着这不是一只靠共识驱动的股票，而是多空同时下注的战场。这类标的通常对应分歧巨大的基本面叙事（存储周期、AI 资本开支、加密、电力），适合作为研究起点而非跟单对象。High two-way turnover means the name is not consensus-driven but a battleground. These tend to sit on genuinely divisive narratives (memory cycles, AI capex, crypto, power) and belong at the start of a research list, not a copy-trade list.
十、主题轮动：钱从哪来，到哪去10. Theme rotation: where the money went
| 主题Theme | 标的数Names | Q1 市值Q1 value | Q2 市值Q2 value | 估算净增持Est. net | 机构家数变化Δ holders | 新建New | 清仓Exit |
|---|---|---|---|---|---|---|---|
| AI软件与云 | 33 | $6.58T | $7.50T | $65.7B | +1,114 | 7,537 | 6,306 |
| 其他个股 | 722 | $13.21T | $14.58T | $10.3B | +8,127 | 77,998 | 70,608 |
| 数据中心与算力租赁 | 10 | $279.4B | $308.3B | $9.0B | +389 | 1,404 | 1,026 |
| 公用事业 | 14 | $690.2B | $687.6B | $7.5B | +151 | 2,144 | 2,043 |
| 工业与运输 | 18 | $1.05T | $1.31T | $5.3B | +2,757 | 5,194 | 2,569 |
| 能源 | 17 | $1.04T | $911.6B | $4.5B | -228 | 2,773 | 3,008 |
| AI算力与芯片 | 18 | $3.71T | $5.28T | $3.3B | +4,267 | 6,467 | 2,248 |
| 加密与数字资产 | 6 | $84.5B | $108.0B | $2.8B | +113 | 792 | 683 |
| 太空与国防 | 13 | $811.0B | $911.0B | $2.1B | +174 | 2,486 | 2,311 |
| 必选消费 | 19 | $1.74T | $1.76T | $1.4B | +140 | 3,514 | 3,342 |
| 机器人与自动化 | 2 | $15.2B | $16.6B | $355M | -5 | 195 | 203 |
| 稀土与关键矿物 | 9 | $301.2B | $273.2B | $-2.2B | -154 | 1,102 | 1,246 |
| 电力与电气化 | 9 | $500.9B | $674.9B | $-3.0B | +1,094 | 2,147 | 1,109 |
| 可选消费 | 29 | $1.83T | $1.95T | $-3.9B | -364 | 4,472 | 4,765 |
| 半导体设备与材料 | 12 | $608.0B | $1.21T | $-7.1B | +2,382 | 3,389 | 1,068 |
| 医疗健康 | 31 | $3.27T | $3.73T | $-9.4B | +222 | 6,035 | 5,815 |
| 网络与光通信 | 7 | $431.5B | $632.8B | $-9.9B | +1,295 | 2,166 | 912 |
| 中概与新兴市场 | 10 | $400.9B | $469.2B | $-10.1B | -69 | 1,204 | 1,209 |
| 通信与媒体 | 12 | $884.2B | $750.9B | $-17.5B | -1,020 | 1,860 | 2,819 |
| 金融 | 30 | $3.37T | $3.78T | $-32.6B | +1,073 | 6,039 | 5,010 |
| 存储与硬件 | 7 | $435.0B | $1.24T | $-55.8B | +2,727 | 3,526 | 803 |
主题分类基于 CUSIP→股票代码映射后的手工行业归属，覆盖市值最大的头部标的；未映射到的标的计入「其他个股」。因此主题金额是方向性读数，不是全市场精确加总。Themes are assigned by hand after mapping CUSIPs to tickers, and cover the largest securities by value; unmapped names fall into “Other equities”. Theme totals are therefore directional, not an exact market sum.
十一、知名机构 Q2 实际动作（本报告已含完整 Q2 数据）11. What notable managers actually did in Q2
| 机构Manager | Q1 市值Q1 value | Q2 市值Q2 value | 变动Δ | Q2 持仓数Q2 positions | 前三大加仓Top adds | 前三大减仓Top trims | 新建仓New |
|---|---|---|---|---|---|---|---|
| Berkshire Hathaway | $263.1B | $299.3B | $36.2B | 29 | GOOGL、GOOG、DAL | BAC、COF、KR | DHI |
| AQR Capital Management | $218.4B | $286.8B | $68.5B | 3,900 | NVDA、AAPL、CVX | MU、SNDK、BKNG | G2004J103、FDXF、HON |
| Renaissance Technologies | $63.9B | $72.6B | $8.7B | 3,140 | META、NVDA、GOOGL | MU、SNDK、AAPL | CRWD、AMZN、G5960L103 |
| Two Sigma Investments | $63.7B | $61.9B | $-1.8B | 3,267 | APLD、IBB、ITW | VUG、G93A5A101、VNQ | XLE、SPCX、ICE |
| D. E. Shaw | $40.3B | $57.6B | $17.3B | 2,562 | XLE、G51502105、GDX | KVUE、IWM、CDNS | SPCX、GOOGL 6.25 05/15/29 A、GOOGL 6.25 05/15/29 B |
| GQG Partners | $63.1B | $53.8B | $-9.3B | 102 | EXMOC、CVS、NVDA | JNJ、ENB、IBN | TRV、TEAM、HSY |
| TCI Fund Management | $45.2B | $52.8B | $7.6B | 11 | GOOG、SPGI、N3168P101 | CP、CNI、GE | MLM、VMC |
| Millennium Management | $50.5B | $51.7B | $1.3B | 2,762 | AMG、LII、G4253H101 | DTE、NBIX、G5509L101 | 86800U500、HONA、GOOGL 6.25 05/15/29 B |
| Marshall Wace | $61.8B | $51.1B | $-10.7B | 2,483 | ABBV、PH、MNST | SNDK、MRVL、APH | LPLA、RSG、RSP |
| Coatue Management | $29.1B | $48.6B | $19.6B | 66 | MU、AMZN、GOOGL | AMAT、N07059210、LRCX | SPCX、INTC、CBRS |
| Viking Global Investors | $35.7B | $35.1B | $-669M | 90 | AMZN、META、IBKR | TSLA、TSM、DIS | N3167Y103、MSCI、UNP |
| D1 Capital Partners | $11.2B | $34.8B | $23.6B | 55 | G51502105、SHW、G6683N103 | TXN、AMZN、SE | SPCX、META、ISRG |
| Balyasny Asset Mgmt | $26.8B | $25.8B | $-984M | 1,575 | AES、DLR、ECL | ODFL、G25508105、D | IVV、CBRS、ACA |
| Bridgewater Associates | $22.4B | $24.4B | $2.0B | 997 | SPY、VOO、PCG | MU、AMZN、MRVL | ES、APP、ED |
| Tiger Global Management | $22.8B | $24.0B | $1.1B | 46 | INTC、CPAY、XYZ | GOOGL、AVGO、TSM | CBRS、AMD、G7997R103 |
| H&H International | $20.0B | $19.1B | $-903M | 18 | PDD、BRK/B、DIS | NVDA、GOOG、AAPL | BABA |
| Point72 Asset Management | $19.1B | $17.3B | $-1.8B | 1,326 | LSCC、AEE、BWA | PFGC、EQIX、PNFP | ATO、N52A8C105、GOOGL 6.25 05/15/29 B |
| Lone Pine Capital | $12.5B | $16.4B | $3.8B | 34 | MDLN、PFGC、G6683N103 | TSM、CRS、BN | N97284108、G7997R103、HD |
| ARK Investment Mgmt | $12.9B | $15.4B | $2.5B | 188 | GOOG、LLY、NVDA | AMD、ROKU、TER | SPCX、CBRS、98386P102 |
| Elliott Investment Mgmt | $15.9B | $14.3B | $-1.6B | 17 | HPE、G66721104 | SU、LUV、G7997W102 | SNPS、74768A104 |
| Whale Rock Capital | $7.7B | $12.5B | $4.7B | 35 | AMD、VIAV、AMZN | SNDK、AVGO、M6191J100 | ALAB、SNOW、TWLO |
| SRS Investment Mgmt | $9.5B | $10.7B | $1.2B | 32 | RBLX、MDB、FIVE | AMD、HUT、TWLO | COHR、314911108、CRL |
| Egerton Capital | $9.0B | $10.4B | $1.3B | 23 | MDLN、APH、AMZN | G54950103、IBKR、UBER | AMAT、EFX、SPGI |
| Altimeter Capital | $5.7B | $9.8B | $4.1B | 20 | CRWV、AMZN、MSFT | META、UBER、ARM | CBRS、QCOM、SPCX |
| Jane Street Group | $10.4B | $8.9B | $-1.5B | 3,136 | VTEB、SPSB、DFAX | SPDW、46435G102、PYLD | 86800U500、GOOGL 6.25 05/15/29 B、GOOGL 6.25 05/15/29 A |
| Appaloosa | $5.9B | $7.5B | $1.5B | 25 | AMZN、TSM、META | MU、BABA、963320106 | BA、AAL、CRWV |
| Citadel Advisors | $5.8B | $7.3B | $1.5B | 3,030 | 316092113、314211103、35473P744 | 88339Y102、64119V303、471024109 | 55658T105、GOOGL 6.25 05/15/29 B、HONA |
| ValueAct Holdings | $5.7B | $5.6B | $-78M | 18 | RKT、CBRE、L8681T102 | MDB、RBLX、530909308 | 70450C101 |
| Soros Fund Management | $5.2B | $5.5B | $350M | 230 | ETR、DLR、SPGI | AMZN、G8267P108、IBKR | 86800U500、AEP、N97284108 |
| Susquehanna Intl Group | $4.3B | $4.9B | $558M | 3,145 | CGGR、CGGO、SPIB | SPEM、316092840、52468L505 | HONA、38149W630、DFCF |
| Sculptor Capital | $4.2B | $4.9B | $623M | 224 | N00985106、N07059210、G93A5A101 | AMAT、LRCX、KVUE | AMD、86800U500、AGX |
| Third Point | $2.1B | $4.6B | $2.6B | 40 | GOOGL、NSC、COF | CRS、AMZN、MTZ | WBD、KEYS、XYZ |
| Starboard Value | $4.4B | $4.2B | $-131M | 20 | IJH、090043100 | QRVO、KMX、MTCH | DT、FLS |
| Himalaya Capital | $3.2B | $3.7B | $502M | 8 | PDD、BRK/B | — | — |
| Dragoneer Investment | $3.0B | $2.8B | $-168M | 12 | — | M5216V106、G5279N105 | SPCX、AMD、AMZN |
| Lansdowne Partners | $1.9B | $2.4B | $564M | 26 | BKR、TSM、ARM | G54950103、TECK、G8267P108 | G6700G107、A、G8060N102 |
| Greenwoods Asset Mgmt | $3.9B | $2.2B | $-1.7B | 21 | 36118L106 | INTC、GOOGL、NTES | N07059210、03823U102、90138A103 |
| Sylebra Capital | $774M | $945M | $171M | 9 | 70339W104 | PAYC、453204109、N14506104 | — |
| HHLR Advisors (Hillhouse) | $1.7B | $832M | $-841M | 35 | 92763W103、36118L106、LITE | PDD、BABA、482497104 | 010911105、67613T104、NTES |
本表来自本报告自建的完整 Q2 数据集，与 2026-08-19 发布的《30 家知名基金 Q2 全景》互为补充：那份报告聚焦主动型基金的名単，本报告覆盖全市场。加/减仓以估算净额排序，已做拆股校正。Built from this report's own complete Q2 dataset and complementary to the 2026-08-19 “30 active funds” report: that one focuses on a named active list, this one covers the whole market. Adds and trims are ranked by estimated net with split correction.
十二、方法与误判防线12. Method and safeguards
| 步骤Step | 做法What we do | 原因Why |
|---|---|---|
| 申报池 | 2026-07-01 至 08-18 EDGAR 全部 13F-HR / 13F-HR/A，共 8,808 家申报人 | 覆盖完整 Q2 申报窗口，不用早报样本 |
| 报告期 | 只保留 CONFORMED PERIOD = 2026-06-30 | 排除迟到的其他季度申报 |
| 修订处理 | RESTATEMENT 替换原表；NEW HOLDINGS 追加 | 避免同一机构被重复或漏计 |
| 可比样本 | Q1（2026-03-31）与 Q2 都申报的机构 | 无 Q1 基准就无法判断方向 |
| 聚合键 | CUSIP，普通股多头（SH、无 put/call） | 发行人名称文本噪声极大；期权不构成股票多头 |
| 方向 | 比较股数而非市值 | 市值变化混入股价涨跌 |
| 公司行动 | 用跨机构股数比中位数识别拆股并校正；分拆、改名与 CUSIP/交易线变更单独剔除 | 防止机械股数变化被误读为买卖 |
| 单价一致性 | 剔除隐含单价比全市场价偏离 2.5 倍以上的申报行 | 少数申报人的股数单位错误会制造万亿级假流水 |
| 金额 | Δ股数 × 该机构 Q2 隐含单价 | 统一到季末价格口径 |
- 13F 是季末快照，滞后约 45 天，反映的是 6 月 30 日的持仓，不是今天的仓位。A 13F is a quarter-end snapshot published about 45 days late: it shows June 30, not today.
- 不含美股空头、现金、多数债券与非上市资产，因此「减持」不等于看空。US equity shorts, cash, most bonds and private assets are absent, so a trim is not a bearish view.
- 同一证券被数千家机构重复持有，全市场金额存在大量重复计算，只能横向比较方向与相对强弱。The same security is counted across thousands of filers, so market totals are heavily double-counted; use them for direction and relative strength, not absolute size.
- 合并申报（Combination）与含其他管理人的报告会把多个团队合并成一个申报人。Combination reports and included-manager filings merge several teams into one filer.
- CUSIP 迁移、换股与并购仍可能制造假新建仓或假清仓。CUSIP migrations, share exchanges and M&A can still create false initiations or exits.
数据来源Sources
SEC EDGAR APIs · Form 13F FAQ · 13F data dictionary · SEC Form 13F data sets
数据截止 2026-08-18 申报窗口。事实层来自 SEC EDGAR 原始申报；分层、主题归纳、估算金额与研究优先级属于 YoloLab 推断。本文不构成投资建议。 Filing window ends 2026-08-18. Facts come from original SEC EDGAR filings; cohorts, theme synthesis, estimated notionals and research priorities are YoloLab inferences. Not investment advice.