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医药行业24Q3基金持仓分析：药基/非药基、主动/被动基金有何异同？
Huafu Securities·2024-10-31 01:10

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The overall situation of fund holdings in the pharmaceutical sector for Q3 2024 shows a continuous decline in the proportion of heavy holdings in pharmaceuticals, with non-pharmaceutical funds significantly underweighting pharmaceuticals [3][4] - The structure of funds indicates a continuous increase in the proportion of passive funds [4][14] Summary by Sections Overall Holdings - In Q3 2024, the pharmaceutical heavy holding ratio for all public funds is 9.9%, a decrease of 0.2 percentage points from the previous quarter, with an overweight ratio of 2.98%, down by 0.35 percentage points [9] - The heavy holding ratio for public active funds is 10.7%, an increase of 0.1 percentage points, while the overweight ratio is 3.77%, down by 0.07 percentage points [9] - Non-pharmaceutical funds have a heavy holding ratio of 4.6%, a decrease of 0.1 percentage points, with an underweight ratio of 2.32%, which has expanded by 0.32 percentage points [9] Fund Structure - The proportion of passive funds in the pharmaceutical sector continues to rise, with the market value of active pharmaceutical funds accounting for 36% of the total heavy holding market value, down by 1.1 percentage points [14] - The total scale of pharmaceutical funds in Q3 2024 is 376.9 billion yuan, with active pharmaceutical funds at 240.3 billion yuan (63.8%) and passive funds at 136.6 billion yuan (36.2%) [14] Subsector Analysis - The top five subsectors for all public funds are: Medical Devices (27.8%), Chemical Drugs (21.6%), CXO (14%), Innovative Drugs (10%), and Traditional Chinese Medicine (8.1%) [5] - The top five subsectors for pharmaceutical funds are: Chemical Drugs (23%), Medical Devices (21.2%), CXO (18.6%), Innovative Drugs (10.6%), and Traditional Chinese Medicine (10.4%) [5] Heavy Holdings - The top five holdings by total market value for all public funds are: Heng Rui Medicine (37.4 billion), Mai Rui Medical (36.6 billion), WuXi AppTec (19.3 billion), Aier Eye Hospital (12.5 billion), and Tigermed (10.9 billion) [7] - The top three increased holdings by market value are: Heng Rui Medicine (+11.3 billion), WuXi AppTec (+7.1 billion), and Aier Eye Hospital (+4.8 billion) [7]