从公募基金持仓来看（298家）

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - In 2025Q2, the proportion of pharmaceutical stocks held by public - offering funds increased, while the proportion of foreign - owned shares remained basically flat. Different pharmaceutical sub - industries showed varying trends in the proportion of heavy - position market value held by funds [2][8] 3. Summary by Relevant Catalogs 3.1 Pharmaceutical Industry Public - Offering Fund Holdings and Foreign - Owned Share Proportions - Public - Offering Fund Holdings: In 2025Q2, the proportion of all A - share public - offering funds in the pharmaceutical industry was 10.05%, a quarter - on - quarter increase of 0.82pp; after excluding active pharmaceutical funds, the proportion was 7.25%, a quarter - on - quarter increase of 0.90pp; after further excluding index funds, the proportion of pharmaceutical holdings was 7.38%, a quarter - on - quarter increase of 1.95pp. The proportion of the total market value of Shenwan pharmaceutical stocks was 6.32%, a quarter - on - quarter increase of 0.06pp [2][11] - Foreign - Owned Shares: In 2025Q2, the total market value of the pharmaceutical and biological sector held by Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect accounted for 2.3%, a quarter - on - quarter decrease of 0.14pp, and the total market value of shares held was 149.11 billion yuan, a decrease of 0.3 billion yuan from the beginning of the period [8][12] 3.2 Pharmaceutical Sub - Industry Public - Offering Fund Holdings 3.2.1 Pharmaceutical Funds - Top Three in Quarter - on - Quarter Increase: Chemical preparations accounted for 42.3%, with the largest quarter - on - quarter increase of 17.5pp; other biological products accounted for 16.99%, a quarter - on - quarter increase of 9.9pp; medical R & D outsourcing accounted for 16.5%, a quarter - on - quarter increase of 5.5pp [5][18] - Bottom Three in Quarter - on - Quarter Change: Medical consumables accounted for 2.34%, a quarter - on - quarter change of - 0.36pp; offline pharmacies accounted for 0.4%, a quarter - on - quarter decrease of 0.11pp; pharmaceutical circulation accounted for 0.2%, a quarter - on - quarter increase of 0.02pp [5][18] 3.2.2 Non - Pharmaceutical Funds - Top Three in Quarter - on - Quarter Increase: Other biological products accounted for 0.54%, with the largest quarter - on - quarter increase of 0.23pp; chemical preparations accounted for 0.74%, a quarter - on - quarter increase of 0.11pp; traditional Chinese medicine accounted for 0.17%, a quarter - on - quarter increase of 0.02pp [6][24] - Bottom Three in Quarter - on - Quarter Decrease: Medical equipment accounted for 0.54%, a quarter - on - quarter decrease of 0.04pp; medical R & D outsourcing accounted for 0.23%, a quarter - on - quarter decrease of 0.04pp; medical consumables accounted for 0.15%, a quarter - on - quarter decrease of 0.04pp [6][24] 3.3 Pharmaceutical Companies by Public - Offering Fund Holdings 3.3.1 By Number of Holding Funds - Top Five in Number of Holding Funds: Hengrui Medicine (552 funds), WuXi AppTec (403 funds), Innovent Biologics (298 funds), Mindray Medical (274 funds), and 3SBio (208 funds) [4] - Top Five in Increase of Number of Holding Funds in 2025Q2: Yifang Biotech - U (increase of 84), Xintiandi (increase of 41), Baili Tianheng (increase of 36), Tigermed (increase of 32), and Rejing Bio (increase of 28) [33] - Top Five in Decrease of Number of Holding Funds in 2025Q2: Dong'e E - Jiao (decrease of 77), Aier Eye Hospital (decrease of 51), Aibo Medical (decrease of 43), Kanglong化成 (decrease of 33), and Changchun High - tech (decrease of 24) [35] 3.3.2 By Total Market Value of Holdings - Top Five in Total Market Value of Holdings: Hengrui Medicine (29.5 billion yuan), WuXi AppTec (27.7 billion yuan), Innovent Biologics (22.7 billion yuan), Mindray Medical (15.5 billion yuan), and Baili Tianheng (11.9 billion yuan) [4] - Top Five in Increase of Total Market Value of Holdings in 2025Q2: Huatai Medical (+9.78 billion yuan), Renfu Medicine (+9.38 billion yuan), Yunnan Baiyao (+6.7 billion yuan), New Industry (+5.08 billion yuan), and Fosun Pharma (+4.24 billion yuan) [4] - Top Five in Decrease of Total Market Value of Holdings in 2025Q2: Kanghong Pharmaceutical (-2.36 billion yuan), Alis ( - 2.03 billion yuan), BGI Genomics (-1.61 billion yuan), Xingqi Eye Drops (-1.45 billion yuan), and Aotai Biotech (-1.38 billion yuan) [41] 3.3.3 By Proportion of Circulating Shares Held - Top Five in Proportion of Circulating Shares Held: BeiGene - U (24.9%), Huatai Medical (22.9%), Zai Lab - U (22.6%), Haisco (22.4%), and 3SBio (21.0%) [4] - Top Five in Increase of Proportion of Circulating Shares Held in 2025Q2: BeiGene - U (+21.9pp), Yunnan Baiyao (+15.4pp), Zai Lab - U (+20.7pp), Haooubo (+12.3pp), and Shenzhou Cell (+12.0pp) [45] - Top Five in Decrease of Proportion of Circulating Shares Held in 2025Q2: Meihua Medical (-15.8pp), Kangwei Century (-14.5pp), San诺生物 (-12.1pp), Hitae Shinco (-11.7pp), and Dizal Pharma - U (-11.6pp) [47] 3.3.4 By Proportion of Total Shares Held - Top Five in Proportion of Total Shares Held: BeiGene - U (24.9%), Haisco (22.4%), 3SBio (17.1%), Zai Lab - U (15.7%), and United Imaging Healthcare (15.0%) [4] - Top Five in Increase of Proportion of Total Shares Held in 2025Q2: BeiGene - U (+21.9pp), Zai Lab - U (+15.0pp), United Imaging Healthcare (+12.0pp), Haisco (+14.3pp), and WuXi AppTec (+10.5pp) [51] - Top Five in Decrease of Proportion of Total Shares Held in 2025Q2: Hitae Shinco (-11.8pp), Aibo Medical (-10.5pp), Linuo Pharmaceutical Packaging (-10.3pp), San诺生物 (-9.6pp), and Huatai Medical (-9.5pp) [53]