The tradable shares equity concentration (Top3) factor reflects the concentration of a company's tradable shares. A higher concentration may mean that the company's control is concentrated in the hands of a few shareholders, which may lead to increased corporate governance risks, but may also make the company's decision-making more efficient. On the contrary, a lower concentration may mean that the company's equity is more dispersed and there are checks and balances between shareholders, but it may also lead to lower decision-making efficiency. This factor can be used to assess the company's equity structure characteristics and potential control risks, and can be used in combination with other factors to gain a more comprehensive understanding of the company's situation. This factor is important for identifying stocks with specific shareholder structures or for risk adjustment when constructing a portfolio.