证券研究报告 2024年07月25日 医药生物 2024年2季度医药行业基金持仓结构分析 分析师杨松SAC执业证书编号:S1110521020001 作者: 请务必阅读正文之后的信息披露和免责申明 行业评级:强于大市上次评级:强于大市 维持评级 医药基金及全基医药行业配置情况 (1)医药基金规模及份额:截至2024Q2,医药主题基金总体规模为2845.01亿元,其中主动医药主题基金1767.31亿元,被动医药主题基金1077.69亿元。从基金份额上看,2023Q4医药主动基金份额达1392.47亿份,为最高值,2024Q2降至1359亿份,份额未出现明显下降。 (2))医药基金重仓持股:从医药基金重仓持股比例看:2024Q2主动医药主题基金持仓前三行业分别为传统制药(27.1%)/创新药 (15.9%)/中药(14.6%),整体与2024Q1相比变化较小;被动医药主题基金持仓前三行业分别为传统制药(19.8%)/医疗设备(19.2%) /CDMO(15.8%)。 (3)全基(剔除被动基金)医药重仓持股:从医药行业在全基的重仓持股比例看:医药行业在全部基金中重仓持股比例为10.4%;剔除医药基金后,医药行业在全基中重仓持股比例为5.3%,全基配置比例处于历史低位。 风险提示:宏观经济环境风险、药物临床研发风险、国内市场竞争风险、海外市场销售不及预期风险 2 4000 3500 图:2014Q1-2024Q2主动+被动医药基金规模(亿元) 2021Q4医药主动基金规模达2700.8亿元,为最高值 2023Q3医药被动基金规模达1328.7亿元,为最高值 3000 2500 243122842305 2565 2701 2524 2507 1935 2000 1500 1000 2468 2293 17411849 1568 1646 2374 2205 1767 860 120813291328 500 175282 537568 650 502507510488463465 412 456509548496 432 523552573 670 427438402443560 779765827858 9521015 11221078 130174167126132170135173153148166150134119110105109108102 99127132130145170283 0141522 被动医药基金规模(亿元)主动医药基金规模(亿元) 4000 3500 图:2014Q1-2024Q2主动+被动医药基金份额(亿份) 2023Q4医药主动基金份额达1392.47亿份,为最高值 3000 1392.47 1359 2500 1351 1284 1371 2000 1198 10821129 1500 1000 804 919 974 1052 2257 2370 21722204 1957 500 602 558545526517536514488461454473429432446448447444397456 477638 668721727719 521 806905990 128613151438 148148166175216 107100104172160308341339348 01111103027 82736383787576737568686770759397 被动医药基金份额(亿份)主动医药基金份额(亿份) 图:内地公募基金前十大医药重仓股-主动医药基金(2021Q2-2024Q2) 100% 传统制药创新药中药CDMO医疗设备医疗耗材CRO 医疗服务商业流通血液制品药店互联网医疗消费医药医学检验科研服务疫苗非医药原辅包医疗装备医疗信息化其他 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 19.2% 10.5% 4.3% 9.8% 35.9% 4.8% 16.8% 14.9% 3.0% 4.9% 47.4% 1.7% 0.8% 1.4% 12.9% 10.2% 9.1%8.7% 3.0%1.6% 8.1% 8.6% 46.4% 47.2% 8.4% 6.0% 0.5%0.4% 2.3%2.9% 16.8% 7.8% 1.7% 6.9% 37.8% 10.7% 0.4% 4.6% 17.3% 8.1% 2.6% 9.8% 26.1% 10.1% 0.7% 8.6% 16.8% 7.0% 2.3% 9.6% 25.5% 10.6% 1.7% 11.1% 14.2% 5.2% 4.0% 8.7% 20.4% 15.0% 3.3% 16.1% 9.6% 2.7% 5.3% 7.9% 12.6% 22.1% 5.1% 23.2% 10.2% 2.6% 5.2% 8.3% 7.4% 23.4% 5.3% 24.7% 7.0% 2.6% 7.6% 7.5% 17.3% 11.3% 11.6% 22.4% 5.0% 3.5% 8.0% 8.6% 9.7% 13.1% 14.9% 25.9% 2.9% 0.9% 1.2% 3.7% 8.3% 9.8% 10.5% 14.6% 15.9% 27.1% 资料来源:w2i0n2d1Q,2天风证券研202究1Q所32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2 详细数据欢迎联系:杨松/刘一伯(15214315179) 图:内地公募基金前十大医药重仓股-被动医药基金(2021Q2-2024Q2) 100% 传统制药医疗设备CDMO医疗耗材中药疫苗医疗服务血液制品CRO消费医药创新药商业流通互联网医疗原辅包科研服务医疗信息化药店医疗装备医学检验其他非医药 90% 80% 70% 60% 50% 40% 30% 20% 4.9% 9.1% 8.1% 21.3% 2.4% 23.7% 4.7% 5.2% 9.4% 9.3% 18.2% 3.0% 28.5% 5.8% 5.4% 7.4% 7.7% 19.8% 3.7% 23.9% 10.1% 4.3% 6.9% 6.6% 24.4% 5.2% 25.4% 9.1% 6.0% 7.4% 9.1% 17.6% 4.9% 25.2% 9.1% 6.2% 7.3% 9.8% 15.5% 5.7% 20.6% 11.6% 7.2% 7.3% 9.8% 14.9% 5.4% 23.6% 10.8% 7.1% 6.6% 9.9% 12.9% 5.6% 20.5% 11.3% 6.5% 4.0% 9.7% 11.7% 7.2% 20.0% 12.1% 5.5% 4.1% 8.6% 9.8% 6.5% 28.5% 10.8% 3.3% 3.6% 6.8% 11.1% 6.4% 20.8% 18.3% 4.6% 4.1% 6.4% 10.3% 7.0% 13.4% 20.3% 3.6% 4.0% 5.6% 5.9% 7.3% 7.4% 7.7% 15.8% 19.2% 10% 20.7% 15.8% 18.2% 16.1% 18.3% 17.9% 16.1% 18.9% 21.5% 18.9% 19.2% 21.0% 19.8% 资料0来%源:w2i0n2d1Q,2天风证券研202究1Q所32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2 详细数据欢迎联系:杨松/刘一伯(15214315179) 图:内地公募基金前十大医药重仓股-(剔除药基后)主动全基(2021Q2-2024Q2) 100% 传统制药医疗设备医疗耗材中药非医药创新药血液制品医疗服务CDMOCRO消费医药商业流通药店原辅包医学检验科研服务医疗信息化疫苗互联网医疗其他医疗装备 90% 80% 10.19% 11.65% 1.56% 3.82% 3.03% 2.66% 2.91% 3.06% 3.88% 3.95% 70% 27.32% 37.79% 26.56% 25.04% 15.73% 20.68% 13.85% 8.15% 1.06% 29.43% 4.94% 1.86% 3.07% 4.00% 4.78% 6.10% 10.44% 60% 50% 40% 12.69% 1.38% 1.50% 1.84% 8.30% 0.44% 4.40% 0.39% 2.44% 5.41% 5.28% 32.47% 2.97% 0.38% 1.66% 5.42% 9.78% 0.30% 2.45% 5.13% 8.16% 0.39% 4.89% 4.46% 8.06% 9.83% 0.57% 3.34% 4.91% 6.22% 9.82% 0.71% 3.94% 8.81% 8.19% 1.14% 3.41% 11.12% 9.90% 6.89% 0.78% 5.24% 2.78% 3.11% 9.11% 4.24%8.77% 7.04% 14.30%16.91% 12.84% 16.62% 30% 6.49% 1.70% 2.14% 4.96% 15.09% 6.00% 6.13% 17.85% 13.53%12.67% 14.66% 11.56% 15.66% 19.07% 20% 10% 14.05% 11.84% 16.64% 11.79% 13.67% 17.69%16.40%17.46% 21.88% 16.82% 22.84%25.11%21.26% 13.92% 11.70% 12.70% 15.63% 0% 2021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2 图:2021Q1-2024Q2医药股在全基中重仓配置比例(%) 16.0% 14.5% 14.4% 13.1%13.5% 12.9% 11.9%11.9%11.9% 11.8% 11.8% 11.2% 10.7% 9.8% 10.2% 8.6% 7.6% 8.1% 6.5% 7.0% 6.5% 6.3% 6.4% 6.5% 5.7% 6.0% 4.4% 14.0% 12.0% 10.0% 10.4% 8.0% 6.0% 4.0% 5.3% 2.0% 0.0% 21Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q323Q424Q124Q2 (剔除医药基金后)医药股在全基中重仓配置比例(不剔除医药基金)医药股在全基中重仓配置比例 图:2014Q1-2024Q2陆股通(亿元)及港股通(亿港元)医药持仓变化情况 7000 2768 1688 2081 1537 1472 1805 2119 2146 1852 2119 2107 1273 1847 1863 2880 3325 2929 2774 2107 2164 1881 2143 2273 2125 2022 2002 1756 1610 6000 5000 4000 3000 2000 1000 0 21Q1 21Q2 21Q3 21Q422Q122Q222Q322Q423Q123Q223Q323Q424Q124Q2 陆股通医药持仓(亿元)港股通医药持仓(亿港元) 14.0% 12.0% 10.0% 12.2%12.6% 11.5% 10.0% 9.2% 8.4% 8.7%9.6%9.0%9.0%9.2% 10.0% 8.3%7.8% 8.0% 6.0% 4.0% 2.0% 0.0% 6.6% 10.0% 9.1% 6.9%7.0% 7.9% 7.0% 9.5% 9.0% 8.2% 9.2%9.7% 7.8% 6.5% 21Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q323Q424Q124Q2 陆股通中医药持仓比