医药行业25Q1基金持仓分析：药基、非药基医药重仓占比有所回升，创新药/CXO为共识度最高的加仓方向

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - In Q1 2025, the pharmaceutical sector saw a rebound in fund holdings, with a consensus on increasing allocations towards innovative drugs and CXO [1][7] - The overall fund holding in the pharmaceutical sector increased, with active funds showing a higher concentration compared to non-pharmaceutical funds [4][12] Fund Holding Analysis - The total holding of public funds in the pharmaceutical sector was 9.1%, up by 0.5 percentage points quarter-on-quarter, with an overweight ratio of 2.83% [4][12] - Active public funds had a pharmaceutical holding ratio of 9.6%, increasing by 0.6 percentage points, while non-pharmaceutical funds had a holding ratio of 4.1%, up by 0.2 percentage points [4][12] - The total scale of pharmaceutical funds reached 307 billion yuan, a 7.0% increase quarter-on-quarter, with active funds accounting for 158.1 billion yuan [23][20] Sector-Specific Fund Holdings - In Q1 2025, the holding ratios for different sectors were as follows: Pharma increased by 0.26 percentage points, Bio-Tech by 1.73 percentage points, and Bio-Pharma by 1.21 percentage points [6][31] - CXO saw a slight increase of 0.05 percentage points, while traditional Chinese medicine and medical devices experienced declines [6][31] Top Holdings and Changes - The top five holdings in public funds included 恒瑞医药 (32.3 billion yuan), 药明康德 (27.6 billion yuan), and 迈瑞医疗 (25.6 billion yuan) [9][8] - Notable increases in holdings were seen in 泽璟制药 (+2.5 billion yuan) and 科伦药业 (+2.2 billion yuan), while 迈瑞医疗 saw a decrease of 3.0 billion yuan [9][8] Fund Type Comparison - Active pharmaceutical funds showed a holding market value ratio of 32%, while non-pharmaceutical active funds were at 31% [16][12] - The proportion of passive pharmaceutical funds was 25%, indicating a shift towards passive investment strategies in the sector [16][12]