<p>对于大多数投资者来说，没有什么比财报季更能反映华尔街的健康状况。这是一个为期六周的时间段，在此期间，市场上大多数最具影响力的企业会公布其季度运营结果。</p>
<p>然而，这并不是投资者了解哪些股票和趋势正在引起波动的唯一方式。13F 表格是机构投资者在季度结束后 45 个日历日内必须提交的文件，管理资产至少为 1 亿美元的机构投资者也会提交此表格，这些表格同样非常重要。13F 表格允许投资者追踪华尔街最优秀的资金经理正在买入和卖出的股票和交易所交易基金（ETFs）。</p>
<p>但对冲基金并不是华尔街唯一的大型投资者。13F 的要求适用于管理投资组合超过 1 亿美元的企业，例如 <strong>Alphabet</strong>(GOOGL 2.48%) (GOOG 2.44%)。</p>
<p>Alphabet 以其全球主导的互联网搜索平台 Google 而闻名，该平台产生了大量的运营现金流。Alphabet 是全球第三大云基础设施服务平台（Google Cloud）、第二大访问量社交网站（YouTube）以及最受欢迎的自动驾驶叫车服务之一（Waymo）的母公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>你可以在列表中添加的另一点是，Alphabet 是一家热衷于投资的公司。根据该公司新提交的 13F 表格，截至 6 月底，它在 36 家公司中投资超过 21 亿美元，几乎所有这些公司都与 Alphabet 以某种方式合作。</p>
<p>截至 2025 年中期，一只充满潜力的真正的 “月球飞行” 股票已成为 Alphabet 的第一大持股。同时，一家曾占其投资资产 15% 的可信公司已被剔除。</p>
<h2>Alphabet 的新顶级持股在 15 个月内飙升近 2000%</h2>
<p>在第二季度，Alphabet 的投资部门没有购买任何东西。但由于基于卫星的蜂窝宽带服务提供商 <strong>AST SpaceMobile</strong>(ASTS -2.26%) 的持续超常表现，该公司在过去 15 个月内上涨了近 2000%，截至 8 月 7 日收盘，这只 “月球飞行” 股票现在是 Alphabet 按市值计算的最大持股（占投资资产的 19.6%）。</p>
<p>Alphabet 在第一季度购买了 8,943,486 股 AST SpaceMobile 的股票。除了作为 AST 的金融支持者之一外，Alphabet 可能还有三个理由对其长期前景持乐观态度。</p>
<p>AST SpaceMobile 最大的区别在于，其基于卫星的蜂窝宽带服务旨在与现有智能手机兼容。而之前几代尝试创建基于卫星的蜂窝网络通常需要使用砖头般的手机，AST 的 BlueBird 卫星依赖于当前的智能手机技术。</p>
<p>消除了这一巨大障碍后，AST SpaceMobile 的管理团队可以专注于将卫星送入太空，而不是说服消费者他们需要新设备来访问其网络。预计每月将发射四到六颗 BlueBird Block 2 卫星，目标是到 2030 年在轨道上有 155 颗卫星。</p>
<p>第二个可能促使 Alphabet 加大投资的催化剂是 AST SpaceMobile 的合作伙伴关系能力。到 2024 年初，它已与 40 多家移动网络运营商达成协议和谅解，这些运营商共同服务超过 20 亿用户。与传统电信公司正面竞争相比，它将拥有一个庞大的既有客户基础，随着覆盖范围的扩大而增长。</p>
<p>第三，Alphabet 的投资团队可能对 AST SpaceMobile 预计的销售和利润增长感兴趣。今年，华尔街的共识预计销售额约为 6200 万美元，每股净亏损 1 美元。到 2028 年，分析师预测 AST SpaceMobile 将产生 19.3 亿美元的收入，并报告每股超过 2.50 美元的收益。</p>
<p>虽然 AST SpaceMobile 成为了一个令人兴奋的故事股票，但它的定价也要求完美。截至目前，其市值接近 170 亿美元，几乎没有出错的余地。如果卫星发射在任何方面延迟，或者用于制造卫星的商品成本上升，AST SpaceMobile 的股票可能会面临困难。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvaGFja2VyLWNvbXB1dGVyLWNvZGUtdGhlZnQtY3liZXJzZWN1cml0eS1zb2Z0d2FyZS1zYWFzLWxhcHRvcC1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvaGFja2VyLWNvbXB1dGVyLWNvZGUtdGhlZnQtY3liZXJzZWN1cml0eS1zb2Z0d2FyZS1zYWFzLWxhcHRvcC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Alphabet 的前核心持股被剔除</h2>
<p>在另一端，Alphabet 在截至 6 月的季度中减少了对一项现有持股的投资，并完全退出了五项其他持股。这些销售中没有哪一项比人工智能（AI）驱动的网络安全解决方案提供商 <strong>CrowdStrike Holdings</strong>(CRWD -0.20%) 更引人注目。</p>
<p>在 2023 年 6 月 1 日至 2024 年 3 月 31 日期间，CrowdStrike 是 Alphabet 按市值计算的第二大持股，曾达到其投资资产的约 15%。然而，Alphabet 的投资团队持续减持这一持股，从 2023 年底的 1,283,683 股减少到 2025 年 3 月底的仅 74,230 股。在第二季度，Alphabet 抛售了所有剩余的 CrowdStrike 股票。</p>
<p>2024 年 7 月中旬，由于 CrowdStrike 软件更新导致的全球最大 IT 故障，可能是 Alphabet 兑现其投资的原因之一。使用 Windows 操作系统的 CrowdStrike 软件即服务解决方案的客户发现其平台无法启动，持续了相当长的时间。尽管 CrowdStrike 修复了其软件更新，但人们担心客户留存率和/或新客户的获取将会下降。</p>
<p>从投资的角度来看，Alphabet 可能面临的另一个担忧是 CrowdStrike 的高估值。尽管拥有持续竞争优势的公司（我稍后会详细讨论这一点）值得获得溢价，但 CrowdStrike 的估值约为未来一年收益的 90 倍，以及未来一年预计销售额的 19 倍以上。这几乎没有错误的余地，并且内建了它将持续超越华尔街共识预测的期望。</p>
<p>但尽管 CrowdStrike 股票的短期上涨空间可能有限，其长期增长轨迹依然强劲。尽管其网络安全产品组合是市场上最昂贵的之一，但客户仍愿意为其服务支付更高的费用。请记住，它在 2024 年 7 月中旬的失误完全是自我造成的，该公司的 AI 驱动的 Falcon 安全平台在阻止和识别潜在终端用户违规方面表现出色。</p>
<p>CrowdStrike 的运营结果也显示出其客户正在扩大与公司的服务关系。截至 4 月底，几乎一半（48%）的客户至少购买了六个云模块。基于订阅的运营模式使 CrowdStrike 目标调整后的订阅毛利率达到 82% 至 85%。</p>
<p>回顾十年后，Alphabet 的投资团队可能会后悔出售 CrowdStrike Holdings 的股票。</p>

ASTS

CRWD

<p>字母表公司对其投资组合进行了重大调整，AST SpaceMobile 成为其最大的持股，15 个月内股价飙升近 2000%。该公司在 36 家企业中投资超过 21 亿美元，重点关注 AST 的创新卫星基础的手机服务，该服务与现有智能手机兼容。与此同时，字母表公司减少了对 CrowdStrike 的持股，后者曾是其第二大持股，从 1,283,683 股减持至仅 74,230 股。这一变化反映了字母表公司在科技领域对高潜力投资的战略重点</p>

<p>For most investors, nothing is more telling about the health of Wall Street than earnings season. This is the six-week period where a majority of the market's most-influential businesses unveil their quarterly operating results.</p>
<div class="lb-trans"><p>对于大多数投资者来说，没有什么比财报季更能反映华尔街的健康状况。这是一个为期六周的时间段，在此期间，市场上大多数最具影响力的企业会公布其季度运营结果。</p>
</div><p>However, this isn't the only way for investors to get a bead on which stocks and trends are making waves. Form 13Fs, which are required to be filed no later than 45 calendar days following the end to a quarter by institutional investors with at least $100 million in assets under management, are also invaluable. A 13F allows investors to track which stocks and exchange-traded funds (ETFs) Wall Street's brightest money managers have been buying and selling.</p>
<div class="lb-trans"><p>然而，这并不是投资者了解哪些股票和趋势正在引起波动的唯一方式。13F 表格是机构投资者在季度结束后 45 个日历日内必须提交的文件，管理资产至少为 1 亿美元的机构投资者也会提交此表格，这些表格同样非常重要。13F 表格允许投资者追踪华尔街最优秀的资金经理正在买入和卖出的股票和交易所交易基金（ETFs）。</p>
</div><p>But hedge funds aren't the only big-time investors on Wall Street. The 13F requirement extends to businesses managing investment portfolios in excess of $100 million, such as <strong>Alphabet</strong>(GOOGL 2.48%) (GOOG 2.44%).</p>
<div class="lb-trans"><p>但对冲基金并不是华尔街唯一的大型投资者。13F 的要求适用于管理投资组合超过 1 亿美元的企业，例如 <strong>Alphabet</strong>(GOOGL 2.48%) (GOOG 2.44%)。</p>
</div><p>Alphabet is best known for Google, its globally dominant internet search platform that generates boatloads of operating cash flow. Alphabet is the parent company of the world's No. 3 cloud infrastructure service platform (Google Cloud), the second most visited social website (YouTube), and one of the most popular autonomous ride-hailing services (Waymo) as well.</p>
<div class="lb-trans"><p>Alphabet 以其全球主导的互联网搜索平台 Google 而闻名，该平台产生了大量的运营现金流。Alphabet 是全球第三大云基础设施服务平台（Google Cloud）、第二大访问量社交网站（YouTube）以及最受欢迎的自动驾驶叫车服务之一（Waymo）的母公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828600%2Frocket-coins-calculator-financial-metrics-to-moon-crypto-invest-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Something else you can add to the list is that Alphabet is an avid investor. Based on the company's newly filed 13F, it closed out June with more than $2.1 billion invested across 36 companies, nearly all of which Alphabet has partnered with in some fashion or another.</p>
<div class="lb-trans"><p>你可以在列表中添加的另一点是，Alphabet 是一家热衷于投资的公司。根据该公司新提交的 13F 表格，截至 6 月底，它在 36 家公司中投资超过 21 亿美元，几乎所有这些公司都与 Alphabet 以某种方式合作。</p>
</div><p>As of the midpoint of 2025, a bona fide moonshot stock that's brimming with potential has become Alphabet's No. 1 holding. Meanwhile, a trusted company that once comprised 15% of its invested assets has been sent to the chopping block.</p>
<div class="lb-trans"><p>截至 2025 年中期，一只充满潜力的真正的 “月球飞行” 股票已成为 Alphabet 的第一大持股。同时，一家曾占其投资资产 15% 的可信公司已被剔除。</p>
</div><h2>Alphabet's new top holding has skyrocketed almost 2,000% in 15 months</h2>
<div class="lb-trans"><h2>Alphabet 的新顶级持股在 15 个月内飙升近 2000%</h2>
</div><p>During the second quarter, Alphabet's investment wing didn't purchase a thing. But because of the ongoing outperformance of satellite-based cellular broadband services provider <strong>AST SpaceMobile</strong>(ASTS -2.26%), which has rallied close to 2,000% on a trailing-15-month basis, as of the closing bell on Aug. 7, this moonshot stock is now Alphabet's largest holding by market value (19.6% of invested assets).</p>
<div class="lb-trans"><p>在第二季度，Alphabet 的投资部门没有购买任何东西。但由于基于卫星的蜂窝宽带服务提供商 <strong>AST SpaceMobile</strong>(ASTS -2.26%) 的持续超常表现，该公司在过去 15 个月内上涨了近 2000%，截至 8 月 7 日收盘，这只 “月球飞行” 股票现在是 Alphabet 按市值计算的最大持股（占投资资产的 19.6%）。</p>
</div><p>Alphabet bought 8,943,486 shares of AST SpaceMobile during the first quarter. Aside from being one of AST's financial backers, Alphabet likely has a trio of reasons to be optimistic about its long-term prospects.</p>
<div class="lb-trans"><p>Alphabet 在第一季度购买了 8,943,486 股 AST SpaceMobile 的股票。除了作为 AST 的金融支持者之一外，Alphabet 可能还有三个理由对其长期前景持乐观态度。</p>
</div><p>The biggest differentiator for AST SpaceMobile is that its satellite-based cellular broadband service is designed to work with existing smartphones. Whereas prior-generation attempts to create satellite-based cellular networks often involved the need to use brick-like phones, AST's BlueBird satellites rely on current smartphone technology.</p>
<div class="lb-trans"><p>AST SpaceMobile 最大的区别在于，其基于卫星的蜂窝宽带服务旨在与现有智能手机兼容。而之前几代尝试创建基于卫星的蜂窝网络通常需要使用砖头般的手机，AST 的 BlueBird 卫星依赖于当前的智能手机技术。</p>
</div><p>Removing this gigantic hurdle means AST SpaceMobile's management team can focus on getting satellites into space rather than convincing consumers they'll need new devices to access its network. The expectation is that four to six BlueBird Block 2 satellites will be launched monthly, with a target of 155 satellites in orbit by 2030.</p>
<div class="lb-trans"><p>消除了这一巨大障碍后，AST SpaceMobile 的管理团队可以专注于将卫星送入太空，而不是说服消费者他们需要新设备来访问其网络。预计每月将发射四到六颗 BlueBird Block 2 卫星，目标是到 2030 年在轨道上有 155 颗卫星。</p>
</div><p>The second catalyst that may have compelled Alphabet to pile in is AST SpaceMobile's ability to forge partnerships. By early 2024, it had secured agreements and understandings with more than 40 mobile network operators that collectively service north of 2 billion subscribers. Instead of going toe-to-toe with legacy telecom companies, it'll have a massive established customer base as its coverage ramps up.</p>
<div class="lb-trans"><p>第二个可能促使 Alphabet 加大投资的催化剂是 AST SpaceMobile 的合作伙伴关系能力。到 2024 年初，它已与 40 多家移动网络运营商达成协议和谅解，这些运营商共同服务超过 20 亿用户。与传统电信公司正面竞争相比，它将拥有一个庞大的既有客户基础，随着覆盖范围的扩大而增长。</p>
</div><p>Thirdly, Alphabet's investment team is likely intrigued by AST SpaceMobile's projected sales and profit growth. This year, Wall Street's consensus calls for roughly $62 million in sales and $1 in net loss per share. By 2028, analysts predict AST SpaceMobile will generate $1.93 billion in revenue and report in excess of $2.50 per share in earnings.</p>
<div class="lb-trans"><p>第三，Alphabet 的投资团队可能对 AST SpaceMobile 预计的销售和利润增长感兴趣。今年，华尔街的共识预计销售额约为 6200 万美元，每股净亏损 1 美元。到 2028 年，分析师预测 AST SpaceMobile 将产生 19.3 亿美元的收入，并报告每股超过 2.50 美元的收益。</p>
</div><p>While AST SpaceMobile has made for an exciting story stock, it's also priced for perfection. With a market cap of nearly $17 billion, as of this writing, there's simply no room for error. If satellite launches are in any way delayed, or if the cost of goods used to build its satellites increases, AST SpaceMobile stock could struggle.</p>
<div class="lb-trans"><p>虽然 AST SpaceMobile 成为了一个令人兴奋的故事股票，但它的定价也要求完美。截至目前，其市值接近 170 亿美元，几乎没有出错的余地。如果卫星发射在任何方面延迟，或者用于制造卫星的商品成本上升，AST SpaceMobile 的股票可能会面临困难。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvaGFja2VyLWNvbXB1dGVyLWNvZGUtdGhlZnQtY3liZXJzZWN1cml0eS1zb2Z0d2FyZS1zYWFzLWxhcHRvcC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828600%2Fhacker-computer-code-theft-cybersecurity-software-saas-laptop-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Alphabet's former core holding is sent packing</h2>
<div class="lb-trans"><h2>Alphabet 的前核心持股被剔除</h2>
</div><p>On the other end of the spectrum, Alphabet reduced its stake in one existing holding and completely exited five others during the June-ended quarter. None of these sales stands out more than artificial intelligence (AI)-fueled cybersecurity solutions provider <strong>CrowdStrike Holdings</strong>(CRWD -0.20%).</p>
<div class="lb-trans"><p>在另一端，Alphabet 在截至 6 月的季度中减少了对一项现有持股的投资，并完全退出了五项其他持股。这些销售中没有哪一项比人工智能（AI）驱动的网络安全解决方案提供商 <strong>CrowdStrike Holdings</strong>(CRWD -0.20%) 更引人注目。</p>
</div><p>Between June 1, 2023, and March 31, 2024, CrowdStrike was Alphabet's second-largest holding by market value and peaked at roughly 15% of invested assets. However, Alphabet's investment team persistently sold down this stake from a peak of 1,283,683 shares at the end of 2023 to just 74,230 shares by the end of March 2025. During the second quarter, Alphabet jettisoned all remaining shares of CrowdStrike.</p>
<div class="lb-trans"><p>在 2023 年 6 月 1 日至 2024 年 3 月 31 日期间，CrowdStrike 是 Alphabet 按市值计算的第二大持股，曾达到其投资资产的约 15%。然而，Alphabet 的投资团队持续减持这一持股，从 2023 年底的 1,283,683 股减少到 2025 年 3 月底的仅 74,230 股。在第二季度，Alphabet 抛售了所有剩余的 CrowdStrike 股票。</p>
</div><p>The world's largest-ever IT outage, which was caused by a CrowdStrike software update in mid-July 2024, may be one reason Alphabet cashed in its chips. Customers of CrowdStrike's software-as-a-service solutions using the Windows operating system saw their platforms unable to boot up for an extended period of time. Even though CrowdStrike fixed its software update, there were concerns that customer retention and/or new customer creation would decline.</p>
<div class="lb-trans"><p>2024 年 7 月中旬，由于 CrowdStrike 软件更新导致的全球最大 IT 故障，可能是 Alphabet 兑现其投资的原因之一。使用 Windows 操作系统的 CrowdStrike 软件即服务解决方案的客户发现其平台无法启动，持续了相当长的时间。尽管 CrowdStrike 修复了其软件更新，但人们担心客户留存率和/或新客户的获取将会下降。</p>
</div><p>Another possible concern for Alphabet, from an investment standpoint, is CrowdStrike's premium valuation. Though companies with sustained competitive advantages (a point I'll touch on a bit more in a moment) are deserving of a premium, CrowdStrike is valued at approximately 90 times forward-year earnings and more than 19 times forward-year projected sales. There's little margin for error and a built-in expectation that it'll consistently blow Wall Street's consensus forecasts out of the water.</p>
<div class="lb-trans"><p>从投资的角度来看，Alphabet 可能面临的另一个担忧是 CrowdStrike 的高估值。尽管拥有持续竞争优势的公司（我稍后会详细讨论这一点）值得获得溢价，但 CrowdStrike 的估值约为未来一年收益的 90 倍，以及未来一年预计销售额的 19 倍以上。这几乎没有错误的余地，并且内建了它将持续超越华尔街共识预测的期望。</p>
</div><p>But while short-term upside in CrowdStrike's stock may be minimal, its long-term growth trajectory remains as strong as ever. Despite having one of the costlier cybersecurity product portfolios, its clients have willingly paid more for its services. Remember, its mid-July 2024 screw-up was entirely self-inflicted, with the company's AI-driven Falcon security platform exhibiting a phenomenal track record of stopping and identifying potential end-user breaches.</p>
<div class="lb-trans"><p>但尽管 CrowdStrike 股票的短期上涨空间可能有限，其长期增长轨迹依然强劲。尽管其网络安全产品组合是市场上最昂贵的之一，但客户仍愿意为其服务支付更高的费用。请记住，它在 2024 年 7 月中旬的失误完全是自我造成的，该公司的 AI 驱动的 Falcon 安全平台在阻止和识别潜在终端用户违规方面表现出色。</p>
</div><p>CrowdStrike's operating results also show that its clients are expanding their services with the company. As of the end of April, nearly half (48%) of all its customers had purchased at least six cloud modules. A subscription-driven operating model has CrowdStrike targeting an 82% to 85% adjusted subscription gross margin.</p>
<div class="lb-trans"><p>CrowdStrike 的运营结果也显示出其客户正在扩大与公司的服务关系。截至 4 月底，几乎一半（48%）的客户至少购买了六个云模块。基于订阅的运营模式使 CrowdStrike 目标调整后的订阅毛利率达到 82% 至 85%。</p>
</div><p>When looking back a decade from now, Alphabet's investment team may regret their sale of CrowdStrike Holdings' stock.</p>
<div class="lb-trans"><p>回顾十年后，Alphabet 的投资团队可能会后悔出售 CrowdStrike Holdings 的股票。</p>
</div>

Alphabet's New No. 1 Holding Is a Bona Fide Moonshot Stock, While Its Former No. 2 Holding Has Been Given the Heave-Ho

- 大型投资者需在季度结束后 45 天内提交 13F 表格，跟踪投资动向。  
- Alphabet 在 2025 年中期将 AST SpaceMobile 作为最大持股，增值近 2000%。  
- 同时，Alphabet 完全退出了 CrowdStrike 的持股，因其软件更新导致大规模 IT 故障。  

Alphabet 的新第一大持股是一个真正的高风险高回报股票，而其之前的第二大持股已经被剔除