医药行业专题报告：24Q3医药持仓维持低位，恒瑞医药持仓攀升

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [1] Core Insights - The pharmaceutical sector has faced continuous pressure since the beginning of the year, with the Shenwan Pharmaceutical Index declining by 11.19% from January 1, 2024, to October 31, 2024, underperforming the CSI 300 Index by 24.60 percentage points [4][6] - The Hang Seng Healthcare Index also fell by 13.66%, lagging behind the Hang Seng Index by 34.68 percentage points [6] - The report highlights significant stock performance variations within the sector, with top gainers including Shuangcheng Pharmaceutical (+397.74%) and Xiangxue Pharmaceutical (+191.26%), while major losers included Jianzhijia (-56.01%) and Puli Pharmaceutical (-54.24%) [7][9] Summary by Sections 1. Pharmaceutical Market Performance Analysis - The pharmaceutical industry ranked 31st among 31 Shenwan first-level industries in terms of performance, with sub-sectors such as chemical pharmaceuticals and medical devices experiencing declines of 0.75% and 11.71%, respectively [4][5] 2. Public Fund Pharmaceutical Holdings Analysis - As of Q3 2024, the pharmaceutical sector's fund holding ratio was 10.18%, a decrease of 0.61 percentage points from the previous quarter [10][11] - The top ten stocks by fund holding ratio included Heng Rui Pharmaceutical (10.83%) and Mai Rui Medical (10.34%), with significant increases in market value for Heng Rui Pharmaceutical (+3.7 billion) and Ai Er Eye Hospital (+2.2 billion) [12][13]