Haitong Securities International·2025-11-05 07:03Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, driven by continuous technological innovation and demand, with an investment rating of "Outperform" [34][48]. Core Insights - From Q2 2025 to Q3 2025, the total market capitalization of pharmaceutical stocks in public fund long positions increased from RMB 300.90 billion to RMB 409.00 billion, representing a growth of 35.9% [34]. - As of Q3 2025, pharmaceutical stocks accounted for 10.53% of all public offering funds' long positions, an increase of 0.76 percentage points from Q2 2025 [34]. - The highest sectors in public fund pharmaceutical stock holdings in Q3 2025 were: 1) Chemical preparations: RMB 346.80 billion (44.3%); 2) Other biological products: RMB 184.20 billion (23.5%); 3) Medical devices: RMB 83.80 billion (10.7%) [34][12]. - The top five pharmaceutical stocks by market capitalization in Q3 2025 were: Jiangsu Heng Rui Medicine (RMB 50.20 billion), Innovent Biologics (RMB 25.70 billion), Mindray Medical (RMB 21.50 billion), Akeso (RMB 16.40 billion), and Sichuan Kelun-Biotech Biopharmaceutical (RMB 16.40 billion) [34][23]. Summary by Sections 1. Pharmaceutical Stock Holdings - The total market cap of pharmaceutical stocks in public fund long positions rose from RMB 3009 billion to RMB 3978 billion (+32.2%) from Q2 2025 to Q3 2025 [6]. - The proportion of pharmaceutical stocks in public funds increased, with pharmaceutical public offering funds holding 94.64% of their positions in pharmaceutical stocks [6]. 2. Sector Performance - The sectors with the highest public fund holdings in Q3 2025 were: 1) Chemical preparations: RMB 1734 billion (44.3%); 2) Other biological products: RMB 921 billion (23.5%); 3) Medical devices: RMB 419 billion (10.7%) [12]. - The segments that saw an increase in public fund holdings from Q2 2025 to Q3 2025 included chemical preparations (+RMB 809 billion) and other biological products (+RMB 639 billion) [13]. 3. Individual Stock Performance - The top five stocks by market cap growth in Q3 2025 were: Jiangsu Heng Rui Medicine (+RMB 18.10 billion), Akeso (+RMB 10.30 billion), Innovent Biologics (+RMB 10.10 billion), Akeso (+RMB 9.50 billion), and Sichuan Kelun-Biotech Biopharmaceutical (+RMB 8.60 billion) [27].