2025Q1持仓分析：医药基金持仓回升，化学制剂加仓较多

Investment Rating - The report indicates a positive trend in the pharmaceutical sector, with a notable increase in holdings by public funds, particularly in chemical preparations [2][3]. Core Insights - The pharmaceutical sector's public fund holdings have shown a recovery, with significant increases in the chemical preparations sub-sector, which saw a rise of 9.3 percentage points to 24.8% [3][14]. - The total market capitalization of the pharmaceutical sector held by public funds reached 624.11 billion yuan, with a market share of 6.25%, reflecting a 0.19 percentage point increase [9][15]. - The top five stocks by public fund holdings include 恒瑞医药 (Hengrui Medicine) with 32.3 billion yuan, 药明康德 (WuXi AppTec) with 27.6 billion yuan, and 迈瑞医疗 (Mindray) with 25.6 billion yuan [2][29]. Summary by Sections Public Fund Holdings - The proportion of public funds in the pharmaceutical sector is 9.05%, with a quarter-on-quarter increase of 0.37 percentage points [2][9]. - The top five stocks by the number of public funds holding are 恒瑞医药 (528 funds), 药明康德 (376 funds), and 迈瑞医疗 (313 funds) [2][29]. Sub-sector Performance - The sub-sectors with the largest increases in public fund holdings include: - Chemical preparations: 24.8%, up 9.3 percentage points - Other biological products: 7.1%, up 5.7 percentage points - Raw materials: 2.0%, up 1.4 percentage points [3][14]. - The sub-sectors with the largest decreases include: - Medical devices: 2.8%, down 3.8 percentage points - Traditional Chinese medicine: 2.5%, down 2.2 percentage points - Vaccines: 0.0%, down 1.2 percentage points [3][14]. Foreign Investment - The foreign investment in the pharmaceutical sector remains stable, with a total market capitalization of 149.32 billion yuan, reflecting a slight decrease of 8.7 billion yuan [5][10].