Southwest Securities·2025-07-29 12:46Investment Rating - The report indicates a positive trend in the pharmaceutical sector, with public fund holdings increasing, suggesting a favorable investment outlook for the industry [3][10]. Core Insights - The pharmaceutical sector's public fund holdings reached 10.05% in Q2 2025, an increase of 0.82 percentage points (pp) from the previous quarter. Excluding active pharmaceutical funds, the holding percentage was 7.25%, up by 0.90 pp [3][10]. - The chemical preparation sub-sector saw the largest increase in public fund holdings, rising to 42.3%, an increase of 17.5 pp. Other biological products and medical research outsourcing also showed significant increases [4][19]. - The total market capitalization of the pharmaceutical sector was reported at 66,196 billion, with a market share of 6.32% in the overall A-share market [10][14]. Summary by Sections Public Fund Holdings - The total public fund holdings in the pharmaceutical sector increased to 10.05%, with a notable rise in the chemical preparation sector [3][10]. - The top five companies by public fund holdings include 恒瑞医药 (Hengrui Medicine) with 295 billion, 药明康德 (WuXi AppTec) with 277 billion, and 信达生物 (Innovent Biologics) with 227 billion [9][27]. Sub-sector Performance - The top three sub-sectors with increased market capitalization in public funds are: 1. Chemical preparations: 42.3%, +17.5 pp 2. Other biological products: 16.99%, +9.9 pp 3. Medical research outsourcing: 16.5%, +5.5 pp [4][19]. - The medical consumables sector saw a decrease to 2.34%, down by 0.36 pp, indicating a shift in investment focus [4][19]. Foreign Investment - Foreign investment in the pharmaceutical sector remained stable, with a total market value of 1491.1 billion, representing 2.3% of the sector [7][11]. Changes in Holdings - The report highlights significant changes in holdings, with 惠泰医疗 (Huitai Medical) seeing an increase of 97.8 billion in fund holdings, followed by 人福医药 (Renfu Pharmaceutical) with 93.8 billion [9][27].