医药生物行业点评：Q2公募医药持仓继续下降

Investment Rating - The industry investment rating is "Recommended" indicating a favorable outlook for the sector in the next six months [8] Core Insights - As of June 30, 2024, the proportion of A-share pharmaceutical stocks held by public funds is 10.16%, a decrease of 0.97 percentage points from the previous quarter. The market capitalization of the A-share pharmaceutical and biological sector is 6.74%, indicating an overall overweight position in pharmaceutical holdings by public funds [1] - Public funds have increased their allocations in medical devices, traditional Chinese medicine, and medical research outsourcing while reducing allocations in other biopharmaceuticals, vaccines, and diagnostic services [1] - The top ten companies by the number of funds holding them in Q2 2024 include Mindray Medical (534), Heng Rui Medicine (401), and WuXi AppTec (107) [1] - The top ten companies by market value held in Q2 2024 include Mindray Medical (41.5 billion), Heng Rui Medicine (26 billion), and WuXi AppTec (12.3 billion) [1] - The companies with the highest proportion of circulating shares held in Q2 2024 include Microelectrode Physiology-U (28.36%) and Yuyuan Pharmaceutical (27.78%) [1] - The companies with the largest increase in holdings as a percentage of circulating shares in Q2 2024 include Mayinglong (7.59%) and Borui Pharmaceutical (6.99%) [1] - The companies with the largest decrease in holdings as a percentage of circulating shares in Q2 2024 include Baiyang Pharmaceutical (-14.94%) and Chunli Medical (-10.21%) [1]