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医药行业2024Q3持仓分析：全基医药持仓反弹
Southwest Securities·2024-12-02 12:09

Investment Rating - The report indicates a decrease in the overall public fund holding ratio in the pharmaceutical sector to 9.79%, down by 0.37 percentage points (pp) from the previous quarter [4][13]. Core Insights - The pharmaceutical sector's market capitalization ratio is reported at 6.7%, reflecting an increase of 0.36pp [4][13]. - The top five pharmaceutical companies by public fund holdings are 恒瑞医药 (Hengrui Medicine) with 573 funds, 迈瑞医疗 (Mindray) with 453 funds, 科伦药业 (Kelun Pharmaceutical) with 204 funds, 药明康德 (WuXi AppTec) with 190 funds, and 爱尔眼科 (Aier Eye Hospital) with 156 funds [5][36]. - The total market value of public fund holdings in the pharmaceutical sector has seen significant increases, with 恒瑞医药 rising by 113.4 billion CNY and 药明康德 by 71 billion CNY [5][36]. Summary by Sections Public Fund Holdings - The overall public fund holding ratio for the pharmaceutical sector is 9.79%, a decrease of 0.37pp; excluding active pharmaceutical funds, the ratio is 6.62%, an increase of 0.12pp; and excluding index funds, the ratio is 5.57%, an increase of 0.62pp [4][13]. - The top five stocks by public fund holdings are 恒瑞医药 (373.7 billion CNY), 迈瑞医疗 (365.6 billion CNY), 药明康德 (193.6 billion CNY), 爱尔眼科 (124.7 billion CNY), and 泰格医药 (109.3 billion CNY) [5][36]. Sub-industry Holdings - In Q3 2024, the pharmaceutical sub-industry with the largest increase in public fund holdings is chemical preparations, which rose to 19.4%, an increase of 2.3pp; followed by medical research outsourcing at 8.7%, up by 2.2pp; and other biological products at 4%, up by 0.8pp [6][20]. - Conversely, the sub-industries with the largest decreases include traditional Chinese medicine at 5.1%, down by 2.2pp; medical devices at 5.2%, down by 1.2pp; and blood products at 0.7%, down by 0.6pp [6][20]. Foreign Investment - Foreign investment in the pharmaceutical sector has slightly increased, with foreign holdings accounting for 2.81% of the total market capitalization, up by 0.07pp, and the total market value held by foreign investors reaching 183.2 billion CNY, an increase of 30.5 billion CNY [10][13].