This factor measures the degree of concentration or dispersion of a company's equity structure by calculating the standard deviation of the shareholding ratios of the top ten shareholders. Generally speaking, the higher the standard deviation of the shareholding ratios of the top ten shareholders, the more dispersed the equity, and vice versa. For stocks with high equity concentration, there are two market views in theory: one is that equity concentration may lead to the manipulation of stocks by a minority of shareholders, which poses potential risks; the other view is that equity concentration means that shareholders are more confident in the company's future development and may bring higher upward momentum. Therefore, the use of this factor needs to be comprehensively considered in combination with multiple factors such as the market environment and the company's fundamentals, and it is not an absolute one-way indicator. In some market views, this factor is a positive factor, which means that a higher value (i.e., a higher dispersion) may indicate an increase in subsequent relative returns, but the actual effect will vary depending on the market environment and the fundamentals of individual stocks.