Southwest Securities·2025-12-08 06:19Investment Rating - The report indicates a slight decrease in the overall investment rating for the pharmaceutical sector, with public fund holdings at 9.67%, down by 0.21 percentage points from the previous quarter [2][9]. Core Insights - The pharmaceutical sector's market capitalization accounted for 7.83% of the total market, reflecting an increase of 1.52 percentage points [2][9]. - The top five holdings by public funds include 恒瑞医药 (Hengrui Medicine) with 745 funds, 药明康德 (WuXi AppTec) with 608 funds, 信达生物 (Innovent Biologics) with 297 funds, 迈瑞医疗 (Mindray) with 249 funds, and 三生制药 (3SBio) with 206 funds [2][9]. - The report highlights a significant increase in foreign investment, with a total market value of 1839.40 billion yuan, up by 229.2 billion yuan from the beginning of the period [6][10]. Summary by Sections Public Fund Holdings - The total public fund holdings in the pharmaceutical sector decreased to 9.67%, with a notable drop in active pharmaceutical fund holdings to 6.74% [2][9]. - The market capitalization of the pharmaceutical sector increased to 76270.93 billion yuan [13]. Sector Performance - The top sectors by public fund holdings include chemical preparations at 28.75%, other biological products at 14.27%, and medical research outsourcing at 9.16% [19][20]. - The report notes a significant increase in the holdings of other biological products, which rose by 3.43 percentage points [3][15]. Foreign Investment - Foreign investment in the pharmaceutical sector has shown a notable increase, with the total market value held by foreign investors rising to 1839.40 billion yuan [10][6]. - The report indicates that the foreign shareholding in the pharmaceutical sector is 2.41%, reflecting a slight decrease of 0.02 percentage points [10]. Top Holdings and Changes - The top five companies by total market value held by public funds are 药明康德 (461 billion yuan), 恒瑞医药 (427 billion yuan), 信达生物 (217 billion yuan), 迈瑞医疗 (199 billion yuan), and 康方生物 (135 billion yuan) [2][8]. - The report highlights significant increases in holdings for 药明康德 (+209.4 billion yuan) and 恒瑞医药 (+110.3 billion yuan) [2][8].