非药主动基金自22H1以来再次低配医药：医药生物行业评级强于大市（维持评级）

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [1] Core Insights - The overall holding ratio of the pharmaceutical sector by funds has been continuously declining, with non-pharmaceutical active funds underweighting pharmaceuticals again since the first half of 2022 [9][11] - The holding ratio of all public funds in the pharmaceutical sector for the second half of 2024 is 9.6%, a decrease of 1.2 percentage points from the previous period [3][11] - The holding ratio of all active public funds in the pharmaceutical sector is 9.9%, also down by 1.2 percentage points [3][11] - Non-pharmaceutical funds have a holding ratio of 6.0%, down by 0.8 percentage points, with an increased underweight ratio of 0.26% [3][11] Fund Holdings Overview - The holding ratios for different segments within the pharmaceutical industry show varied trends, with Pharma and Bio-Tech seeing increases, while generic drugs and traditional Chinese medicine are declining [5][15] - The top three segments with increased holdings among all public funds are CXO (+3.8%), Pharma (+2.7%), and Biotech (+0.8%) [8][11] - The top three segments with decreased holdings are medical devices (-1.9%), traditional Chinese medicine (-1.9%), and blood products (-1.3%) [8][11] Detailed Fund Type Analysis - Active pharmaceutical funds are overweight in Pharma, Biotech, and CXO, while non-pharmaceutical funds are overweight in Pharma, CXO, and medical devices [8][11] - The total market value of holdings for all public funds in the pharmaceutical sector is led by 恒瑞医药 (CNY 47.7 billion), 迈瑞医疗 (CNY 45.9 billion), and 药明康德 (CNY 37.2 billion) [8][11] - The top five stocks with increased holdings include 药明康德 (+CNY 7.5 billion) and 联影医疗 (+CNY 3.7 billion) [8][11]