Group 1 - Watson Bio (300142.SZ) reported its Q3 2025 results, with 12 institutional investors holding a total of 128 million A-shares, representing 8.00% of the total share capital [1] - The top ten institutional investors collectively hold 7.99% of the shares, with a decrease of 3.05 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings, including Huaxia National Index Vaccine and Biotechnology Fund A, Guotai Chuangye Board Medical and Health ETF, and others, with a slight increase in holding ratio [2] - Six public funds reduced their holdings, with a total decrease ratio of 0.66%, including E Fund Chuangye Board ETF and others [2] - A total of 204 public funds did not disclose their holdings this period, including several notable funds in the innovative drug and biotechnology sectors [2]

Group 1 - The core viewpoint is that the national medical insurance fund in China is operating safely and steadily in 2024, with a coverage rate stable at over 95% and total income and expenditure both showing year-on-year growth, resulting in a cumulative surplus of 5.31 trillion yuan [1] - The number of employees covered by medical insurance increased by 2.3% year-on-year, with income growing by 3.5% and expenditure rising by 7.6%. The overall fund income increased by 4.6%, while expenditure surged by 13.5%, leading to a surplus of 41.2 billion yuan for the current period [1] - The income from resident medical insurance grew by 5.78%, with expenditure increasing by 1.9%, resulting in a surplus of 51.9 billion yuan for the current period. The overall operation of the medical insurance fund remains stable, providing a solid payment environment for the biopharmaceutical industry [1] Group 2 - The Vaccine ETF tracks the National Index of Vaccines and Biotechnology, which is compiled by Shenzhen Securities Information Co., Ltd. It selects listed companies involved in vaccine research, production, and related biotechnology sectors from the A-share market to reflect the overall performance of these securities [1] - This index focuses on the biopharmaceutical industry, particularly companies in the vaccine segment, effectively tracking the comprehensive trends of this specialized market [1] - Investors without stock accounts can consider the Guotai National Vaccine and Biotechnology ETF Initiated Link A (017185) and Guotai National Vaccine and Biotechnology ETF Initiated Link C (017186) [1]