医药生物2025年2季度医药行业基金持仓结构分析

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [3][33] Core Insights - The allocation ratio of innovative drugs and traditional pharmaceuticals has significantly increased, indicating substantial room for further allocation in the overall market [4] - As of Q2 2025, the active pharmaceutical fund size reached 191.6 billion, a quarter-on-quarter increase of 3.5 billion, while the passive pharmaceutical fund size reached a historical high of 143.4 billion [4][6] - The top three sectors held by active pharmaceutical theme funds in Q1 2025 were innovative drugs (41%), traditional pharmaceuticals (34%), and CDMO (13%) [4] - The pharmaceutical sector's heavy holdings in all funds accounted for 10.2%, with a slight increase of 0.7 percentage points, indicating a slight rise in overall allocation [4] Summary by Sections Fund Size and Share - As of Q2 2025, the active pharmaceutical fund size was 191.6 billion, up 3.5 billion from Q1 2025, while the passive fund size was 143.4 billion, marking a historical peak [4][6] - The active pharmaceutical fund share was 104.2 billion, down 19.6 billion from Q1 2025, primarily due to rising stock prices [9] Heavy Holdings in Pharmaceutical Sector - The pharmaceutical industry accounted for 10.2% of heavy holdings in all funds, with a slight increase of 0.7 percentage points, while the proportion excluding pharmaceutical funds was 4.7%, up 0.1 percentage points [4] Sector Allocation - As of Q2 2025, the over-allocation levels for innovative drugs, traditional pharmaceuticals, and CDMO were notably high, while medical equipment and traditional Chinese medicine were under-allocated [14] - The over-allocation ratios for innovative drugs increased from 17.5% in Q1 2025 to 20.6% in Q2 2025, and for traditional pharmaceuticals from 2.9% to 9.4% in the same period [15] Major Holdings in Innovative and Traditional Pharmaceuticals - Key holdings in the innovative drug sector included companies like Innovent Biologics and BeiGene, while traditional pharmaceutical holdings featured companies such as Hengrui Medicine and Sinopharm [16][17]