2025 年 9 月 2 日 星期二 每日大市点评 9 月 1 日，港股大盘取得良好开局，恒生指数在权重股阿里巴巴(9988 HK)带领下最终上涨 539 点或 2.2%，收报 25,617 点；恒生科指上升 2.2%，收报 5,798 点。大市成交金额达到 3,802 多亿港元，港股通也净流入 119.4 亿港元。值得注意 的是，尽管恒指大升，但港股市宽调整，资金明显集中于科技、生物医药及有色金属股份。受惠于阿里云增速回升及管 理层乐观预期，阿里巴巴单天大升 18.5%，是升幅最强的蓝等股，成交金额达到 549.2 亿港元，创上市以来最多。阿里二 季度增加对 AI 的资本开支投入，也刺激国产半导体股造好，中芯国际(981 HK)上升 4.9%。生物医药及有色金属股继续强 势，紫金(2899 HK)、招金(1818 HK)、洛阳钼业(3993 HK)分别上升 6.7%至 8.9%不等。中银香港(2388 HK)业绩后上升 6.7%，再创上市新高。新世界发展(17 HK)股价出现异动，股价上升 6.8%。 港股大盘情绪总体保持稳定，交投保持活跃，资金围绕绩优股交易，呈现结构性行情为主。基本面方面，8 月中国官方 ...

2025 年 9 月 2 日 星期二 每日大市点评 9 月 1 日，港股大盘取得良好开局，恒生指数在权重股阿里巴巴(9988 HK)带领下最终上涨 539 点或 2.2%，收报 25,617 点；恒生科指上升 2.2%，收报 5,798 点。大市成交金额达到 3,802 多亿港元，港股通也净流入 119.4 亿港元。值得注意 的是，尽管恒指大升，但港股市宽调整，资金明显集中于科技、生物医药及有色金属股份。受惠于阿里云增速回升及管 理层乐观预期，阿里巴巴单天大升 18.5%，是升幅最强的蓝等股，成交金额达到 549.2 亿港元，创上市以来最多。阿里二 季度增加对 AI 的资本开支投入，也刺激国产半导体股造好，中芯国际(981 HK)上升 4.9%。生物医药及有色金属股继续强 势，紫金(2899 HK)、招金(1818 HK)、洛阳钼业(3993 HK)分别上升 6.7%至 8.9%不等。中银香港(2388 HK)业绩后上升 6.7%，再创上市新高。新世界发展(17 HK)股价出现异动，股价上升 6.8%。 港股大盘情绪总体保持稳定，交投保持活跃，资金围绕绩优股交易，呈现结构性行情为主。基本面方面，8 月中国官方 ...

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [3][33] Core Insights - The allocation ratio of innovative drugs and traditional pharmaceuticals has significantly increased, indicating substantial room for further allocation in the overall market [4] - As of Q2 2025, the active pharmaceutical fund size reached 191.6 billion, a quarter-on-quarter increase of 3.5 billion, while the passive pharmaceutical fund size reached a historical high of 143.4 billion [4][6] - The top three sectors held by active pharmaceutical theme funds in Q1 2025 were innovative drugs (41%), traditional pharmaceuticals (34%), and CDMO (13%) [4] - The pharmaceutical sector's heavy holdings in all funds accounted for 10.2%, with a slight increase of 0.7 percentage points, indicating a slight rise in overall allocation [4] Summary by Sections Fund Size and Share - As of Q2 2025, the active pharmaceutical fund size was 191.6 billion, up 3.5 billion from Q1 2025, while the passive fund size was 143.4 billion, marking a historical peak [4][6] - The active pharmaceutical fund share was 104.2 billion, down 19.6 billion from Q1 2025, primarily due to rising stock prices [9] Heavy Holdings in Pharmaceutical Sector - The pharmaceutical industry accounted for 10.2% of heavy holdings in all funds, with a slight increase of 0.7 percentage points, while the proportion excluding pharmaceutical funds was 4.7%, up 0.1 percentage points [4] Sector Allocation - As of Q2 2025, the over-allocation levels for innovative drugs, traditional pharmaceuticals, and CDMO were notably high, while medical equipment and traditional Chinese medicine were under-allocated [14] - The over-allocation ratios for innovative drugs increased from 17.5% in Q1 2025 to 20.6% in Q2 2025, and for traditional pharmaceuticals from 2.9% to 9.4% in the same period [15] Major Holdings in Innovative and Traditional Pharmaceuticals - Key holdings in the innovative drug sector included companies like Innovent Biologics and BeiGene, while traditional pharmaceutical holdings featured companies such as Hengrui Medicine and Sinopharm [16][17]

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [3][41]. Core Insights - The pharmaceutical fund allocation structure remains balanced, with the overall allocation ratio at a historically low level. As of Q1 2025, the active pharmaceutical fund size reached 188.5 billion yuan, an increase of 12.6 billion yuan from Q4 2024. The passive pharmaceutical fund size reached a historical high of 140.4 billion yuan [4][10]. - The top three sectors for active pharmaceutical theme funds in Q1 2025 are innovative drugs (34%), traditional pharmaceuticals (26%), and CDMO (17%). Notable holdings include BeiGene, Zai Lab, Innovent Biologics, and others, which have seen significant increases in their positions [4][19]. - The pharmaceutical sector's heavy holdings in all funds account for 9.5% (+0.5 percentage points), while the heavy holdings excluding pharmaceutical funds stand at 4.6% (+0.5 percentage points), indicating an increase but still at a relatively low level [5]. Summary by Sections Fund Size and Share - As of Q1 2025, the active pharmaceutical fund size is 188.5 billion yuan, up 12.6 billion yuan from Q4 2024. The passive pharmaceutical fund size is 140.4 billion yuan, marking a historical peak [4][7]. - The active pharmaceutical fund share is 124.6 billion shares, down 15.2 billion shares from Q4 2024, primarily due to stock price increases. The passive pharmaceutical fund share is 266.2 billion shares, up 41.2 billion shares, also reaching a historical high [10][10]. Sector Allocation - As of Q1 2025, there is an over-allocation in innovative drugs, CDMO, traditional pharmaceuticals, and CRO, while sectors like commercial circulation and traditional Chinese medicine are under-allocated [16][18]. - The top holdings in the innovative drug sector include Zai Lab, BeiGene, and others, with significant increases in their market values from Q4 2024 to Q1 2025 [19]. Heavy Holdings - The pharmaceutical sector's heavy holdings in all funds account for 9.5%, with a slight increase, while the ratio excluding pharmaceutical funds is 4.6% [5][5]. - The report highlights the top ten pharmaceutical heavy holdings in both active and passive funds, indicating a trend towards innovative drug companies [21][24].