医药生物行业专题研究：公募基金持仓占比提升，化学制药加仓幅度最高

Investment Rating - Investment recommendation: Outperform the market (maintained) [5] Core Insights - In Q3 2024, the proportion of public fund holdings in the pharmaceutical and biotechnology sector increased to 10.71%, up by 0.83 percentage points from the previous quarter, indicating a positive trend [6][13] - The chemical pharmaceuticals and medical services sub-sectors saw an increase in their heavy holdings, with chemical pharmaceuticals rising by 0.76 percentage points to 3.42% [7][23] - The net inflow of northbound capital into the pharmaceutical and biotechnology sector was 1.833 billion yuan in Q3 2024, with significant inflows in July and September [8][27] Summary by Sections 1. Public Fund Holdings in Pharmaceutical Sector - The public fund heavy holding ratio for the pharmaceutical sector in Q3 2024 was 10.71%, reflecting a quarter-on-quarter increase of 0.83 percentage points [6][13] - The pharmaceutical sector ranked 11th among 31 primary industries in terms of cumulative growth, with a total increase of 17.62%, outperforming the CSI 300 index by 1.56 percentage points [15][16] 2. Changes in Sub-sector Holdings - The heavy holding ratios for sub-sectors in Q3 2024 were as follows: chemical pharmaceuticals (3.42%), medical devices (2.78%), medical services (1.99%), biological products (1.25%), traditional Chinese medicine II (1.02%), and pharmaceutical commerce (0.27%) [7][23] - The changes in heavy holding ratios showed a mixed trend, with increases in chemical pharmaceuticals and medical services, while medical devices saw a decrease of 0.47 percentage points [7][23] 3. Northbound Capital Inflows - Northbound capital saw a net inflow of 1.833 billion yuan into the pharmaceutical and biotechnology sector in Q3 2024, with notable inflows of 539 million yuan in July and 979.2 million yuan in September [8][27] - The companies with the highest net inflows included WuXi AppTec (1.147 billion yuan), East China Pharmaceutical (560 million yuan), and New Harmony (407 million yuan) [8][27] 4. Investment Recommendations - The report suggests focusing on high-quality companies in innovative drugs and high-end medical devices for overseas markets, as the pharmaceutical sector is expected to have a high cost-performance ratio at this stage [9][34]