医药生物2025年3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][34] Core Insights - As of Q3 2025, the active pharmaceutical fund size reached 237.3 billion yuan, an increase of 45.7 billion yuan from Q2 2025. The passive pharmaceutical fund size also increased to 186.3 billion yuan, marking a historical high [4][7] - The top three sectors for active pharmaceutical theme funds in Q3 2025 are innovative drugs (40%), traditional pharmaceuticals (34%), and CDMO (16%). Notable increases in holdings were observed in companies like Innovent Biologics and Hengrui Medicine [4][18] - The pharmaceutical sector's heavy holdings in all funds account for 9.8%, with a decrease of 0.4 percentage points, indicating significant allocation space [5] Fund Holdings Analysis - The active pharmaceutical fund's holdings show a stable concentration, with innovative drugs and traditional pharmaceuticals being the primary focus. The allocation in medical devices and consumables is relatively low [16][18] - The top holdings in the innovative drug sector include companies like Innovent Biologics and BeiGene, while traditional pharmaceuticals see significant investments in Hengrui Medicine and Sanofi [19] Fund Performance Trends - The active pharmaceutical fund's size and share have fluctuated, with a notable increase in size due to rising stock prices, despite a decrease in share count [10][12] - The allocation ratios for various sectors indicate a higher overweight in innovative drugs and traditional pharmaceuticals, while sectors like medical devices and consumables are underweighted [16][17]