医药行业24Q4基金持仓分析：药基/非药基医药重仓占比续创新低，被动基金占比持续提升

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The overall fund holdings in the pharmaceutical sector have continued to decline, with a significant decrease in the heavy holdings of pharmaceutical funds and a notable underweight in non-pharmaceutical funds [3][10] - The proportion of passive funds has been steadily increasing, indicating a shift in investment strategy within the sector [4][14] - The total scale of pharmaceutical funds as of Q4 2024 is 286.7 billion yuan, reflecting a quarter-on-quarter decrease of 9.4% [21] Summary by Sections Overall Holdings - In Q4 2024, the heavy holdings in the pharmaceutical sector accounted for 8.8% of all public funds, down 1.2 percentage points from the previous quarter [10] - The heavy holdings in all public active funds were 9.3%, also down 1.2 percentage points [10] - Non-pharmaceutical funds showed a heavy holding of 4.0%, down 1.0 percentage points, with an increased underweight ratio of 2.26% [10] Fund Structure - The proportion of passive funds in the pharmaceutical sector has increased to 26%, up 1.8 percentage points from the previous quarter [14] - The total number of shares in pharmaceutical funds reached 598.5 billion shares, with a quarter-on-quarter increase of 1.4% [21] Sub-industry Analysis - The proportion of holdings in innovative drugs decreased by 0.03 percentage points, while the holdings in CXO and chemical drug formulations also saw declines of 0.47 and 0.57 percentage points, respectively [22][29][32] - Conversely, the holdings in upstream sectors increased by 0.39 percentage points [36] Fund Type Analysis - Active pharmaceutical funds have increased their holdings in CXO, innovative drugs, and chemical drug formulations, while reducing their exposure to medical services and biological products [63] - Non-pharmaceutical funds have increased their holdings in medical devices and CXO, while decreasing their investments in medical services and chemical drug formulations [87] Heavy Holdings - The top five holdings in all public funds include Mindray Medical (31.3 billion yuan), Heng Rui Medicine (29.8 billion yuan), WuXi AppTec (21.4 billion yuan), United Imaging (11.2 billion yuan), and Aier Eye Hospital (8.9 billion yuan) [100] - The top three active increases in holdings were in Renfu Medicine (+1.5 billion yuan), Betta Pharmaceuticals (+0.7 billion yuan), and Kunming Pharmaceutical (+0.6 billion yuan) [100]