医药行业2024Q4持仓分析：全基医药持仓再创新低

Investment Rating - The report indicates a decline in public fund holdings in the pharmaceutical sector, with a total public fund holding ratio of 8.85%, down by 0.94 percentage points from the previous quarter [10][11]. Core Insights - The pharmaceutical sector has seen a decrease in public fund holdings, particularly in active pharmaceutical funds and index funds, with significant declines in their respective holding ratios [10][11]. - The top five stocks by the number of public fund holdings are Heng Rui Medicine (432 funds), Mai Rui Medical (354 funds), WuXi AppTec (255 funds), Renfu Medicine (165 funds), and Kelun Pharmaceutical (136 funds) [3][25]. - The report highlights a notable increase in holdings for WuXi AppTec (+65 funds) and Renfu Medicine (+44 funds), indicating growing interest in these companies [3][25]. Summary by Sections Public Fund Holdings - The total public fund holding ratio for the pharmaceutical sector is 8.85%, a decrease of 0.94 percentage points quarter-on-quarter [10]. - Excluding active pharmaceutical funds, the holding ratio is 3.80%, down by 2.83 percentage points [10]. - The holding ratio after excluding both active and index funds is 0.41%, down by 5.16 percentage points [10]. - The market capitalization ratio of the Shenwan pharmaceutical sector is 6.06%, down by 0.64 percentage points [10]. Sector Performance - The top five stocks by total market value held by public funds are Mai Rui Medical (30.95 billion), Heng Rui Medicine (29.87 billion), WuXi AppTec (21.46 billion), United Imaging Healthcare (10.9 billion), and Aier Eye Hospital (8.92 billion) [3][10]. - The report notes significant increases in market value for WuXi AppTec (+2.1 billion) and Renfu Medicine (+1.92 billion) [3][10]. Sub-industry Analysis - The report identifies the top three sub-industries with increased public fund holdings: pharmaceutical research outsourcing (10.7%, +2.1 percentage points), medical devices (6.7%, +1.5 percentage points), and blood products (1.1%, +0.5 percentage points) [4][15]. - Conversely, the sub-industries with the largest declines include chemical preparations (15.5%, -3.9 percentage points), medical consumables (2.2%, -1.8 percentage points), and hospitals (2.0%, -0.7 percentage points) [4][15]. Foreign Investment - Foreign investment in the pharmaceutical sector has slightly decreased, with foreign holdings accounting for 2.75% of the total market capitalization, down by 0.06 percentage points, totaling 164.9 billion [11][12].