医药行业2023Q4持仓分析：医药持仓持续提升化学制剂增持明显

2023Q4持仓分析：医药持仓持续提升，化学制剂增持明显西南证券研究发展中心2024年1月分析师：杜向阳执业证号：S1250520030002电话箱：duxy@swsc.com.cn分析师：王钰畅执业证号：S1250524010001电话箱：wangyc@swsc.com.cn从公募基金持仓来看23Q4全部公募基金占比13.59%，环比+1.1pp；剔除主动医药基金占比9.38%，环比-0.44pp；再剔除指数基金占比10%，环比+0.92pp；申万医药板块市值占比为7.93%，环比+0.34pp。从公募基金持仓家数来看，公募基金数量前五的分别是：恒瑞医药(703家)、迈瑞医疗(552家)、药明康德(388家)、智飞生物(382家)、人福医药(177家)

；基金数量增加前五支股票分别是：恒瑞医药(+158家)、智飞生物(+158家)、迈瑞医疗(+109家)、新产业(+53家)、奕锐科技(+49家)。从公募基金持仓占比情况来看，

1）持仓占流通股比例前五分别为：惠泰医疗(31.4%)、百洋医药(25.5%)、九典制药(25.1%)、悦康药业(24.9%)、迈威生物-U(21.6%)；2）持仓占总股本前五分别为：惠泰医疗(21.2%)、金域医学(21%)、爱博医疗(16.4%)、药明康德(16.3%)、健之佳(16%)。从公募基金持仓总市值来看，持仓总市值排名前五分别是：迈瑞医疗(430.1亿元)、恒瑞医药(417.5亿元)、药明康德(351.7亿元)、智飞生物(176.2亿元)、爱尔眼科（158.9亿元)；变动情况来看，基金持仓市值增加前五分别为：智飞生物(+61.3亿元)、迈瑞医疗(+60.8亿元)、恒瑞医药(+59.8亿元)、新产业(+43亿元)、天坛生物(+19亿元)。1从医药子行业持仓市值占比变化来看2023Q4医药基金医药子行业重仓市值占比变化情况：环比增加前三：

化学制剂占比14.4%

，

环比增加最大，

约5.11pp；

其他生物制品占比4.61%

，环比+3.84pp；医疗设备占比6.5%，环比+2.49pp；环比下降前三：医疗研发外包占比10.92%，环比下降最大，约-4.98pp；中药占比6.93%，环比-3.25pp；原料药占比0.47%，环比-0.26pp。2023Q4非医药基金医药子行业重仓市值占比变化情况：环比增加前三：化学制剂占比1.39%，环比增加最大，约+0.62pp；医疗设备占比1%，环比+0.37pp；医疗研发外包占比0.99%，环比+0.35pp。2从陆股通持仓来看23Q4外资持有医药生物板块的总市值占比为2.76%，环比下降0.03pp，持股总市值为1921.3亿元，环比-1.4亿元。从持仓占比情况来看，流通股持仓占比前五分别为：益丰药房(16.6%)、艾德生物(14.6%)、迈瑞医疗(12%)、东阿阿胶(11.3%)、药明康德(11.1%)；流通股持仓占比增幅前五分别为：江中药业(+4.3%)、奥美医疗(+2.7%)、山大华特(+2%)、智飞生物(1.7%)、安科生物(1.6%)。总股本持仓占比前五分别为：益丰药房(16.6%)、艾德生物(14.4%)、迈瑞医疗(12%)、东阿阿胶(11.3%)、金域医学（10.7%）；总股本持仓占比增幅前五分别为：迪安诊断(+0.9%)、新诺威(+0.9%)、药明康德(+0.9%)、润达医疗(+0.8%)、浙江医药(+0.8%)。从持仓市值情况来看前五分别为：迈瑞医疗(422.3亿元)、药明康德(207.7亿元)、恒瑞医药(146.5亿元)、益丰药房（67.2亿元)、爱尔眼科(63.5亿元)、；持仓市值增幅前五分别为：迈瑞医疗(+54.9亿元)、智飞生物(+19.4亿元)、益丰药房(+9.5亿元)、天坛生物(+8.3亿元)、上海莱士(+8.1亿元)。风险提示：公募基金持仓分析是基于wind基金数据库内开放式和封闭式公募基金披露的2023Q4季报重仓持股明细汇总，存在因为部分股票在十大重仓股之外导致的样本误差风险。31

医药行业公募基金持仓及外资持股占比一览4近年来基金持仓总量占比情况过去2年外资持股占比变化（陆股通）2023Q4医药总持仓变化情况：23Q4全部公募基金占比13.59%，环比+1.1pp；剔除主动医药基金占比9.38%，环比-0.44pp；再剔除指数基金占比10%，环比+0.92pp；申万医药板块市值占比为7.93%，环比+0.34pp；2023Q4外资持股占比略有下降：23Q4外资持有医药生物板块的总市值占比为2.76%，环比下降0.03pp，持股总市值为1921.3亿元，环比-1.4亿元。数据来源：Wind，西南证券整理2,8762,7333,1512,7812,6292,009

2,0521,7762,0362,1490.0%0.5%1.0%1.5%2.0%2,019.10,922.71921.3

2.5%2.76%

3.0%3.5%4.0%05001,0001,5002,0002,5003,0003,500持股市值(亿元)占总市值比例2014Q2,16.79%2017Q4,

8.54%2018Q3,11.89%2020Q3,14.21%2023Q4，13.59%2014Q2,18.01%2015Q1,

8.66%2017Q4,

7.26%2023Q4，10%0%5%10%15%20%25%全部公募基金扣除主动医药基金及指数基金扣除主动医药基金申万医药股总市值占比1

医药子行业公募基金持仓占比一览-5%2023Q4医药基金医药子行业重仓市值占比变化情况：环比增加前三：化学制剂占比14.4%

，环比增加最大，约5.11pp；

其他生物制品占比4.61%，

环比+3.84pp；医疗设备占比6.5%，环比+2.49pp；环比下降前三：医疗研发外包占比10.92%，环比下降最大，约-4.98pp；中药占比6.93%，环比-3.25pp；原料药占比0.47%，环比-0.26pp。2023Q4医药基金医药子行业重仓市值占比概况35%30%25%20%15%10%5%0%23Q423Q323Q223Q122Q422Q322Q222Q1化学制剂体外诊断中药Ⅲ医药流通线下药店诊断服务血液制品医疗耗材其他生物制品原料药医院医疗设备疫苗医疗研发外包注：仅纳入主动型基金数据来源：Wind，西南证券整理5医药基金重仓总市值占比环比变化持股总市值(亿元)板块总市值(亿元)占申万医药成分股总市值比重化学制剂14.39%5.11%310.4014288.5422.02%医疗研发外包10.92%-4.98%235.404758.007.33%中药Ⅲ6.93%-3.25%149.3410052.9515.49%医疗设备6.50%2.49%140.207945.2712.24%其他生物制品4.61%3.84%99.324384.686.76%医院4.34%-0.90%93.613019.024.65%医疗耗材3.25%2.41%70.103997.516.16%疫苗2.01%1.01%43.444502.156.94%体外诊断1.58%1.40%34.083177.554.90%线下药店1.33%0.11%28.731251.061.93%血液制品1.06%0.83%22.951490.552.30%诊断服务1.02%0.44%21.92735.211.13%医药流通0.66%0.05%14.182327.893.59%原料药0.47%-0.26%10.033570.565.50%1

医药子行业公募基金持仓占比一览非医药基金重仓总市值占比环比变化（pp）持股总市值(亿元)板块总市值(亿元)化学制剂1.39%0.62536.1314288.54医疗设备1.00%0.37388.047945.27医疗研发外包0.99%0.35382.064758.00中药Ⅲ0.63%0.25243.6110052.95医疗耗材0.37%0.09143.573997.51医院0.34%0.10130.263019.02体外诊断0.24%0.1693.983177.55其他生物制品0.24%0.0993.584384.68疫苗0.22%0.1386.444502.15诊断服务0.20%0.0477.05735.21线下药店0.12%0.0747.281251.06血液制品0.12%0.0844.791490.55原料药0.07%0.0527.803570.56医药流通0.07%0.0226.392327.892023Q4非医药基金医药子行业重仓市值占比变化情况：环比增加前三：化学制剂占比1.39%，环比增加最大，约+0.62pp；医疗设备占比1%，环比+0.37pp；医疗研发外包占比0.99%，环比+0.35pp。2023Q4非医药基金医药子行业重仓市值占比概况1.6%1.4%1.2%1.0%0.8%0.6%0.4%0.2%0.0%23Q423Q322Q422Q122Q2

22Q3医疗设备中药Ⅲ其他生物制品原料药血液制品23Q1

23Q2化学制剂医院医药流通医疗耗材其他医疗服务医疗研发外包诊断服务疫苗体外诊断线下药店注：仅纳入主动型基金数据来源：Wind，西南证券整理62

医药公司持股基金数量分析23Q4持股基金数量TOP20数据来源：Wind，西南证券整理7代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值600276.SH恒瑞医药703158417.559.814.5%2.0%14.5%2.0%1%2,8832,885300760.SZ迈瑞医疗552109430.160.812.2%0.7%12.2%0.9%8%3,5233,523603259.SH药明康德388-113351.7-141.216.3%-3.0%16.3%-3.0%-16%2,1602,160300122.SZ智飞生物382158176.261.320.3%3.7%12.0%2.2%26%8681,467600079.SH人福医药1771160.13.615.7%-0.2%14.8%0.5%3%382406002422.SZ科伦药业1692150.416.214.4%4.5%11.7%3.7%0%350431300015.SZ爱尔眼科168-27158.9-40.712.7%-1.4%10.8%-1.1%-12%1,2511,476000661.SZ长春高新138171.6-4.112.2%-1.3%12.1%-1.3%5%586590600129.SH太极集团1272638.1-9.314.7%-3.5%14.7%-3.5%0%259259688235.SH百济神州-U102537.07.02.0%0.4%2.0%0.4%-3%1,8841,883300832.SZ新产业965360.243.011.0%7.1%9.8%6.3%23%546614688617.SH惠泰医疗911055.18.931.4%4.7%21.2%3.1%1%176260000963.SZ华东医药87-627.4-7.83.8%-1.0%3.8%-1.0%-2%726727600085.SH同仁堂87-64.9-7.38.8%-0.8%8.8%-0.8%-2%736736688301.SH奕瑞科技824925.36.27.6%0.0%7.6%0.0%33%332332300896.SZ爱美客80-2943.3-27.69.8%-10.2%6.8%-1.6%-25%440637688062.SH迈威生物-U754114.29.121.6%11.3%10.9%5.7%33%66131002262.SZ恩华药业722222.82.39.5%0.7%8.3%0.7%2%239273300633.SZ开立医疗72127.54.513.5%2.6%13.5%2.6%-3%204204002223.SZ鱼跃医疗69-426.0-3.88.0%-1.2%7.5%-1.1%0%3253472

医药公司持股基金数量分析23Q4持股基金数量季度增加前20数据来源：Wind，西南证券整理8代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值600276.SH恒瑞医药703158417.559.814.5%2.0%14.5%2.0%1%2,8832,885300122.SZ智飞生物382158176.261.320.3%3.7%12.0%2.2%26%8681,467300760.SZ迈瑞医疗552109430.160.812.2%0.7%12.2%0.9%8%3,5233,523300832.SZ新产业965360.243.011.0%7.1%9.8%6.3%23%546614688301.SH奕瑞科技824925.36.27.6%0.0%7.6%0.0%33%332332603658.SH安图生物594418.49.85.5%2.3%5.5%2.3%25%334334002252.SZ上海莱士564324.812.14.7%2.0%4.7%2.0%13%531532688062.SH迈威生物-U754114.29.121.6%11.3%10.9%5.7%33%66131000403.SZ派林生物563718.713.310.8%6.8%9.4%5.9%29%173200600161.SH天坛生物693333.419.06.6%3.1%6.6%3.1%21%510510300573.SZ兴齐眼药613316.03.19.1%0.1%7.0%0.1%23%175227603939.SH益丰药房642912.12.43.0%0.2%3.0%0.2%14%404405688687.SH凯因科技39293.92.79.5%5.3%6.6%3.7%43%4160600129.SH太极集团1272638.1-9.314.7%-3.5%14.7%-3.5%0%259259300705.SZ九典制药622617.97.825.1%5.1%15.6%3.2%41%71115300049.SZ福瑞股份642416.23.416.1%1.1%14.1%0.9%18%100115600422.SH昆药集团39244.91.13.1%0.5%3.1%0.5%9%158158603392.SH万泰生物35238.77.80.9%0.8%0.9%0.8%57%950953002262.SZ恩华药业722222.82.39.5%0.7%8.3%0.7%2%239273600587.SH新华医疗40226.73.25.8%2.8%5.5%2.6%1%1141202

医药公司持股基金数量分析23Q4持股基金数量季度减少前20数据来源：Wind，西南证券整理9代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值603259.SH药明康德388-113351.7-141.216.3%-3.0%16.3%-3.0%-16%2,1602,160002821.SZ凯莱英36-8241.8-42.110.1%-5.4%9.7%-5.2%-23%413429000999.SZ华润三九42-3430.4-19.06.3%-3.8%6.2%-3.8%-1%487491300896.SZ爱美客80-2943.3-27.69.8%-10.2%6.8%-1.6%-25%440637300015.SZ爱尔眼科168-27158.9-40.712.7%-1.4%10.8%-1.1%-12%1,2511,476002044.SZ美年健康43-2723.9-15.910.3%-4.9%10.2%-4.8%-12%233235300759.SZ康龙化成44-2651.7-8.010.4%-0.8%10.0%-0.8%-7%499518300558.SZ贝达药业23-245.8-6.32.7%-2.4%2.7%-2.3%-10%215216300347.SZ泰格医药56-2358.9-22.315.5%-2.1%12.3%-1.7%-17%380480688276.SH百克生物20-222.8-1.12.1%-0.4%1.2%-0.2%-15%132226603368.SH柳药集团13-210.9-7.01.3%-8.8%1.3%-8.8%-12%6869600511.SH国药股份26-197.3-6.04.6%-2.7%3.4%-1.9%-14%158216688578.SH艾力斯5-182.2-1.51.2%-3.5%1.2%-1.0%7%187187000513.SZ丽珠集团33-173.4-1.31.1%-0.3%1.1%-0.3%-6%316323603456.SH九洲药业28-1716.9-12.57.8%-3.5%7.7%-3.5%-16%217218600436.SH片仔癀56-1650.3-19.53.4%-0.8%3.4%-0.8%-12%1,4601,460002737.SZ葵花药业36-165.20.23.4%0.0%3.4%0.0%4%152152600285.SH羚锐制药37-155.2-2.35.4%-2.0%5.3%-2.0%-4%9697300142.SZ沃森生物45-1320.7-8.45.6%-2.3%5.5%-2.2%0%369378300601.SZ康泰生物14-120.8-1.10.4%-0.4%0.3%-0.3%-7%2383032

医药公司按持股市值分析23Q4公募基金持股市值TOP20医药公司数据来源：Wind，西南证券整理10代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值300760.SZ迈瑞医疗552109430.160.812.2%0.7%12.2%0.9%8%3,5233,523600276.SH恒瑞医药703158417.559.814.5%2.0%14.5%2.0%1%2,8832,885603259.SH药明康德388-113351.7-141.216.3%-3.0%16.3%-3.0%-16%2,1602,160300122.SZ智飞生物382158176.261.320.3%3.7%12.0%2.2%26%8681,467300015.SZ爱尔眼科168-27158.9-40.712.7%-1.4%10.8%-1.1%-12%1,2511,476000661.SZ长春高新138171.6-4.112.2%-1.3%12.1%-1.3%5%586590600085.SH同仁堂87064.9-7.38.8%-0.8%8.8%-0.8%-2%736736603882.SH金域医学56461.5-2.921.1%-1.1%21.0%-1.1%1%291293300832.SZ新产业965360.243.011.0%7.1%9.8%6.3%23%546614600079.SH人福医药1771160.13.615.7%-0.2%14.8%0.5%3%382406300347.SZ泰格医药56-2358.9-22.315.5%-2.1%12.3%-1.7%-17%380480688617.SH惠泰医疗911055.18.931.4%4.7%21.2%3.1%1%176260300759.SZ康龙化成44-2651.7-8.010.4%-0.8%10.0%-0.8%-7%499518002422.SZ科伦药业1692150.416.214.4%4.5%11.7%3.7%0%350431600436.SH片仔癀56-1650.3-19.53.4%-0.8%3.4%-0.8%-12%1,4601,460300896.SZ爱美客80-2943.3-27.69.8%-10.2%6.8%-1.6%-25%440637002821.SZ凯莱英36-8241.8-42.110.1%-5.4%9.7%-5.2%-23%413429600129.SH太极集团1272638.1-9.314.7%-3.5%14.7%-3.5%0%259259688235.SH百济神州-U102537.07.02.0%0.4%2.0%0.4%-3%1,8841,883600161.SH天坛生物693333.419.06.6%3.1%6.6%3.1%21%5105102

医药公司按持股市值分析23Q4公募基金持股市值增加前20医药公司数据来源：Wind，西南证券整理11代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值300122.SZ智飞生物382158176.261.320.3%3.7%12.0%2.2%26%8681,467300760.SZ迈瑞医疗552109430.160.812.2%0.7%12.2%0.9%8%3,5233,523600276.SH恒瑞医药703158417.559.814.5%2.0%14.5%2.0%1%2,8832,885300832.SZ新产业965360.243.011.0%7.1%9.8%6.3%23%546614600161.SH天坛生物693333.419.06.6%3.1%6.6%3.1%21%510510002422.SZ科伦药业1692150.416.214.4%4.5%11.7%3.7%0%350431000403.SZ派林生物563718.713.310.8%6.8%9.4%5.9%29%173200002252.SZ上海莱士564324.812.14.7%2.0%4.7%2.0%13%531532603658.SH安图生物594418.49.85.5%2.3%5.5%2.3%25%334334688062.SH迈威生物-U754114.29.121.6%11.3%10.9%5.7%33%66131688617.SH惠泰医疗911055.18.931.4%4.7%21.2%3.1%1%176260688029.SH南微医学39915.08.08.2%3.3%8.2%3.3%27%182182603392.SH万泰生物35238.77.80.9%0.8%0.9%0.8%57%950953300705.SZ九典制药622617.97.825.1%5.1%15.6%3.2%41%71115688166.SH博瑞医药21197.87.75.3%5.2%5.3%5.2%14%148148688235.SH百济神州-U102537.07.02.0%0.4%2.0%0.4%-3%1,8841,883688050.SH爱博医疗28229.66.216.4%4.0%16.4%4.0%-4%181181688301.SH奕瑞科技824925.36.27.6%0.0%7.6%0.0%33%332332300244.SZ迪安诊断22611.25.69.4%4.6%7.5%3.7%1%120149301015.SZ百洋医药331610.95.425.5%6.4%5.8%1.5%50%431882

医药公司按持股市值分析23Q4公募基金持股市值减少前20医药公司数据来源：Wind，西南证券整理12代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值603259.SH药明康德388-113351.7-141.216.3%-3.0%16.3%-3.0%-16%2,1602,160002821.SZ凯莱英36-8241.8-42.110.1%-5.4%9.7%-5.2%-23%413429300015.SZ爱尔眼科168-27158.9-40.712.7%-1.4%10.8%-1.1%-12%1,2511,476300896.SZ爱美客80-2943.3-27.69.8%-10.2%6.8%-1.6%-25%440637300347.SZ泰格医药56-2358.9-22.315.5%-2.1%12.3%-1.7%-17%380480600436.SH片仔癀56-1650.3-19.53.4%-0.8%3.4%-0.8%-12%1,4601,460000999.SZ华润三九42-3430.4-19.06.3%-3.8%6.2%-3.8%-1%487491002044.SZ美年健康43-2723.9-15.910.3%-4.9%10.2%-4.8%-12%233235603456.SH九洲药业28-1716.9-12.57.8%-3.5%7.7%-3.5%-16%217218600129.SH太极集团1272638.1-9.314.7%-3.5%14.7%-3.5%0%259259300142.SZ沃森生物45-1320.7-8.45.6%-2.3%5.5%-2.2%0%369378300759.SZ康龙化成44-2651.7-8.010.4%-0.8%10.0%-0.8%-7%499518000963.SZ华东医药87-627.4-7.83.8%-1.0%3.8%-1.0%-2%726727600976.SH健民集团20-45.8-7.55.8%-7.3%5.8%-7.3%-2%100100600763.SH通策医疗27-88.0-7.43.3%-2.2%3.3%-2.2%-13%245245600085.SH同仁堂87064.9-7.38.8%-0.8%8.8%-0.8%-2%736736603368.SH柳药集团13-210.9-7.01.3%-8.8%1.3%-8.8%-12%6869300558.SZ贝达药业23-245.8-6.32.7%-2.4%2.7%-2.3%-10%215216600511.SH国药股份26-197.3-6.04.6%-2.7%3.4%-1.9%-14%158216000661.SZ长春高新138171.6-4.112.2%-1.3%12.1%-1.3%5%5865903

医药公司按公募基金持仓流通股占比分析23Q4公募基金持股流通股占比TOP20医药公司数据来源：Wind，西南证券整理13代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值688617.SH惠泰医疗911055.18.931.4%4.7%21.2%3.1%1%176260301015.SZ百洋医药331610.95.425.5%6.4%5.8%1.5%50%43188300705.SZ九典制药622617.97.825.1%5.1%15.6%3.2%41%71115688658.SH悦康药业20-310.62.724.9%3.6%11.3%1.6%14%4394688062.SH迈威生物-U754114.29.121.6%11.3%10.9%5.7%33%66131603882.SH金域医学56461.5-2.921.1%-1.1%21.0%-1.1%1%291293300122.SZ智飞生物382158176.261.320.3%3.7%12.0%2.2%26%8681,467688212.SH澳华内镜35-111.0-1.219.2%-3.2%13.2%-2.0%3%5783002727.SZ一心堂30-517.2-0.518.5%-0.5%12.4%-0.3%0%93138605266.SH健之佳24412.31.917.7%-9.3%16.0%0.1%18%7077688050.SH爱博医疗28229.66.216.4%4.0%16.4%4.0%-4%181181603259.SH药明康德388-113351.7-141.216.3%-3.0%16.3%-3.0%-16%2,1602,160300049.SZ福瑞股份642416.23.416.1%1.1%14.1%0.9%18%100115600079.SH人福医药1771160.13.615.7%-0.2%14.8%0.5%3%382406300347.SZ泰格医药56-2358.9-22.315.5%-2.1%12.3%-1.7%-17%380480300298.SZ三诺生物291521.35.215.4%1.6%12.4%1.3%18%138172600129.SH太极集团1272638.1-9.314.7%-3.5%14.7%-3.5%0%259259600276.SH恒瑞医药703158417.559.814.5%2.0%14.5%2.0%1%2,8832,885002422.SZ科伦药业1692150.416.214.4%4.5%11.7%3.7%0%350431300633.SZ开立医疗72127.54.513.5%2.6%13.5%2.6%-3%2042043

医药公司按公募基金持仓流通股占比分析23Q4公募基金持股流通股占比增加前20医药公司数据来源：Wind，西南证券整理14代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值688062.SH迈威生物-U754114.29.121.6%11.3%10.9%5.7%33%66131688606.SH奥泰生物642.72.610.5%10.1%5.0%4.8%11%2654300832.SZ新产业965360.243.011.0%7.1%9.8%6.3%23%546614000403.SZ派林生物563718.713.310.8%6.8%9.4%5.9%29%173200301015.SZ百洋医药331610.95.425.5%6.4%5.8%1.5%50%43188301087.SZ可孚医疗633.22.19.2%6.2%4.0%2.7%-2%3479300396.SZ迪瑞医疗2457.14.69.5%5.5%8.8%5.1%19%7581688687.SH凯因科技39293.92.79.5%5.3%6.6%3.7%43%4160688166.SH博瑞医药21197.87.75.3%5.2%5.3%5.2%14%148148300705.SZ九典制药622617.97.825.1%5.1%15.6%3.2%41%71115688617.SH惠泰医疗911055.18.931.4%4.7%21.2%3.1%1%176260300244.SZ迪安诊断22611.25.69.4%4.6%7.5%3.7%1%120149688575.SH亚辉龙1745.93.39.6%4.6%4.5%2.2%19%61130002422.SZ科伦药业1692150.416.214.4%4.5%11.7%3.7%0%350431002940.SZ昂利康1234.72.011.8%4.0%10.8%3.7%16%4044688050.SH爱博医疗28229.66.216.4%4.0%16.4%4.0%-4%181181688192.SH迪哲医药-U26116.03.210.4%3.9%3.1%1.2%35%57195300723.SZ一品红25197.63.311.5%3.9%5.6%1.9%16%67135300122.SZ智飞生物382158176.261.320.3%3.7%12.0%2.2%26%8681,467688658.SH悦康药业20-310.62.724.9%3.6%11.3%1.6%14%43943

医药公司按公募基金持仓流通股占比分析23Q4公募基金持股流通股占比减少前20医药公司数据来源：Wind，西南证券整理15代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值300896.SZ爱美客80-2943.3-27.69.8%-10.2%6.8%-1.6%-25%440637605266.SH健之佳24412.31.917.7%-9.3%16.0%0.1%18%7077603368.SH柳药集团13-210.9-7.01.3%-8.8%1.3%-8.8%-12%6869600976.SH健民集团20-45.8-7.55.8%-7.3%5.8%-7.3%-2%100100002821.SZ凯莱英36-8241.8-42.110.1%-5.4%9.7%-5.2%-23%413429002044.SZ美年健康43-2723.9-15.910.3%-4.9%10.2%-4.8%-12%233235000999.SZ华润三九42-3430.4-19.06.3%-3.8%6.2%-3.8%-1%487491603456.SH九洲药业28-1716.9-12.57.8%-3.5%7.7%-3.5%-16%217218600129.SH太极集团1272638.1-9.314.7%-3.5%14.7%-3.5%0%259259688578.SH艾力斯5-182.2-1.51.2%-3.5%1.2%-1.0%7%187187688212.SH澳华内镜35-111.0-1.219.2%-3.2%13.2%-2.0%3%5783603259.SH药明康德388-113351.7-141.216.3%-3.0%16.3%-3.0%-16%2,1602,160300406.SZ九强生物1922.6-2.63.3%-2.9%2.3%-2.1%-4%81112600750.SH江中药业2003.1-3.02.4%-2.7%2.4%-2.5%5%131131600511.SH国药股份26-197.3-6.04.6%-2.7%3.4%-1.9%-14%158216603896.SH寿仙谷6-65.0-4.07.7%-2.6%7.7%-2.6%-26%6565300026.SZ红日药业4-50.1-3.20.1%-2.6%0.1%-2.3%-8%117127600572.SH康恩贝23-63.3-4.02.6%-2.5%2.6%-2.5%-11%129130300558.SZ贝达药业23-245.8-6.32.7%-2.4%2.7%-2.3%-10%215216300142.SZ沃森生物45-1320.7-8.45.6%-2.3%5.5%-2.2%0%3693784

医药公司按公募基金持仓总股本占比分析23Q4公募基金持股总股本占比TOP20医药公司数据来源：Wind，西南证券整理16代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值688617.SH惠泰医疗911055.18.931.4%4.7%21.2%3.1%1%176260603882.SH金域医学56461.5-2.921.1%-1.1%21.0%-1.1%1%291293688050.SH爱博医疗28229.66.216.4%4.0%16.4%4.0%-4%181181603259.SH药明康德388-113351.7-141.216.3%-3.0%16.3%-3.0%-16%2,1602,160605266.SH健之佳24412.31.917.7%-9.3%16.0%0.1%18%7077300705.SZ九典制药622617.97.825.1%5.1%15.6%3.2%41%71115600079.SH人福医药1771160.13.615.7%-0.2%14.8%0.5%3%382406600129.SH太极集团1272638.1-9.314.7%-3.5%14.7%-3.5%0%259259600276.SH恒瑞医药703158417.559.814.5%2.0%14.5%2.0%1%2,8832,885300049.SZ福瑞股份642416.23.416.1%1.1%14.1%0.9%18%100115300633.SZ开立医疗72127.54.513.5%2.6%13.5%2.6%-3%204204688212.SH澳华内镜35-111.0-1.219.2%-3.2%13.2%-2.0%3%5783002727.SZ一心堂30-517.2-0.518.5%-0.5%12.4%-0.3%0%93138300298.SZ三诺生物291521.35.215.4%1.6%12.4%1.3%18%138172300347.SZ泰格医药56-2358.9-22.315.5%-2.1%12.3%-1.7%-17%380480300760.SZ迈瑞医疗552109430.160.812.2%0.7%12.2%0.9%8%3,5233,523000661.SZ长春高新138171.6-4.112.2%-1.3%12.1%-1.3%5%586590300122.SZ智飞生物382158176.261.320.3%3.7%12.0%2.2%26%8681,467688108.SH赛诺医疗16-76.2-0.412.0%-1.5%12.0%-1.5%5%5151002422.SZ科伦药业1692150.416.214.4%4.5%11.7%3.7%0%3504315

医药公司按公募基金持仓总股本占比分析23Q4公募基金持股总股本占比增加前20医药公司数据来源：Wind，西南证券整理17代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值300832.SZ新产业965360.243.011.0%7.1%9.8%6.3%23%546614000403.SZ派林生物563718.713.310.8%6.8%9.4%5.9%29%173200688062.SH迈威生物-U754114.29.121.6%11.3%10.9%5.7%33%66131688166.SH博瑞医药21197.87.75.3%5.2%5.3%5.2%14%148148300396.SZ迪瑞医疗2457.14.69.5%5.5%8.8%5.1%19%7581688606.SH奥泰生物642.72.610.5%10.1%5.0%4.8%11%2654688050.SH爱博医疗28229.66.216.4%4.0%16.4%4.0%-4%181181002422.SZ科伦药业1692150.416.214.4%4.5%11.7%3.7%0%350431300244.SZ迪安诊断22611.25.69.4%4.6%7.5%3.7%1%120149002940.SZ昂利康1234.72.011.8%4.0%10.8%3.7%16%4044688687.SH凯因科技39293.92.79.5%5.3%6.6%3.7%43%4160688029.SH南微医学39915.08.08.2%3.3%8.2%3.3%27%182182300158.SZ振东制药16132.52.33.6%3.3%3.6%3.3%10%6969688289.SH圣湘生物973.73.73.3%3.2%3.3%3.2%17%115115300705.SZ九典制药622617.97.825.1%5.1%15.6%3.2%41%71115688617.SH惠泰医疗911055.18.931.4%4.7%21.2%3.1%1%176260600161.SH天坛生物693333.419.06.6%3.1%6.6%3.1%21%510510301087.SZ可孚医疗633.22.19.2%6.2%4.0%2.7%-2%3479600587.SH新华医疗40226.73.25.8%2.8%5.5%2.6%1%114120300633.SZ开立医疗72127.54.513.5%2.6%13.5%2.6%-3%2042045

医药公司按公募基金持仓总股本占比分析23Q4公募基金持股总股本占比减少前20医药公司数据来源：Wind，西南证券整理18代码名称持股基金数量持股总市值(亿元)流通股本占比总股本占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值603368.SH柳药集团13-210.9-7.01.3%-8.8%1.3%-8.8%-12%6869600976.SH健民集团20-45.8-7.55.8%-7.3%5.8%-7.3%-2%100100002821.SZ凯莱英36-8241.8-42.110.1%-5.4%9.7%-5.2%-23%413429002044.SZ美年健康43-2723.9-15.910.3%-4.9%10.2%-4.8%-12%233235000999.SZ华润三九42-3430.4-19.06.3%-3.8%6.2%-3.8%-1%487491600129.SH太极集团1272638.1-9.314.7%-3.5%14.7%-3.5%0%259259603456.SH九洲药业28-1716.9-12.57.8%-3.5%7.7%-3.5%-16%217218300725.SZ药石科技3-20.2-2.80.3%-3.7%0.2%-3.1%-13%6678603259.SH药明康德388-113351.7-141.216.3%-3.0%16.3%-3.0%-16%2,1602,160603896.SH寿仙谷6-65.0-4.07.7%-2.6%7.7%-2.6%-26%6565600750.SH江中药业2003.1-3.02.4%-2.7%2.4%-2.5%5%131131600572.SH康恩贝23-63.3-4.02.6%-2.5%2.6%-2.5%-11%129130300558.SZ贝达药业23-245.8-6.32.7%-2.4%2.7%-2.3%-10%215216300026.SZ红日药业4-50.1-3.20.1%-2.6%0.1%-2.3%-8%117127300142.SZ沃森生物45-1320.7-8.45.6%-2.3%5.5%-2.2%0%369378600763.SH通策医疗27-88.0-7.43.3%-2.2%3.3%-2.2%-13%245245300406.SZ九强生物1922.6-2.63.3%-2.9%2.3%-2.1%-4%81112600285.SH羚锐制药37-155.2-2.35.4%-2.0%5.3%-2.0%-4%9697688212.SH澳华内镜35-111.0-1.219.2%-3.2%13.2%-2.0%3%5783600511.SH国药股份26-197.3-6.04.6%-2.7%3.4%-1.9%-14%1582166

陆股通持仓医药个股分析-流通股本占比TOP10增加前10减少前10注：陆股通个股数据区间为2023/10/1-2023/12/31

数据来源：Wind，西南证券整理197

陆股通持仓医药个股分析-总股本占比TOP10增加前10减少前10注：陆股通个股数据区间为2023/10/1-2023/12/31

数据来源：Wind，西南证券整理208

陆股通持仓医药个股分析-持仓市值注：陆股通个股数据区间为2023/10/1-2023/12/31

数据来源：Wind，西南证券整理21代码名称流通股本占比总股本占比持股市值（亿元）期间涨跌幅季度末季度变化季度末季度变化季度末季度变化300760.SZ迈瑞医疗11.99%0.75%11.99%0.75%422.354.98.31%603259.SH药明康德11.12%1.00%9.61%0.86%207.7-16.2-10.78%600276.SH恒瑞医药5.08%0.14%5.08%0.14%146.54.91.19%603939.SH益丰药房16.64%0.30%16.60%0.33%67.29.512.41%300015.SZ爱尔眼科5.08%-0.52%4.30%-0.42%63.5-15.7-13.17%300122.SZ智飞生物4.37%1.68%2.59%1.00%37.919.425.74%000423.SZ东阿阿胶11.32%0.30%11.32%0.30%36.01.22.43%600436.SH片仔癀2.43%-0.17%2.43%-0.17%35.5-7.8-12.50%000538.SZ云南白药3.75%-1.57%3.72%-1.56%32.9-17.7-6.84%603882.SH金域医学10.81%0.17%10.74%0.17%31.50.7-0.86%300760.SZ迈瑞医疗11.99%0.75%11.99%0.75%422.354.98.31%300122.SZ智飞生物2.59%1.00%2.59%1.00%37.919.425.74%603939.SH益丰药房16.60%0.33%16.60%0.33%67.29.512.41%600161.SH天坛生物3.16%1.32%3.16%1.32%16.18.322.97%002252.SZ上海莱士3.54%1.26%3.54%1.26%18.88.114.61%002001.SZ新和成3.22%1.08%3.22%1.08%16.96.12.79%300765.SZ新诺威1.93%0.87%1.93%0.87%8.35.891.73%600750.SH江中药业6.43%4.26%6.43%4.26%8.45.710.91%600276.SH恒瑞医药5.08%0.14%5.08%0.14%146.54.91.19%603883.SH老百姓10.18%0.66%10.18%0.66%17.83.615.94%000538.SZ云南白药3.75%-1.57%3.72%-1.56%32.9-17.7-6.84%603259.SH药明康德11.12%1.00%9.61%0.86%207.7-16.2-10.78%300015.SZ爱尔眼科5.08%-0.52%4.30%-0.42%63.5-15.7-13.17%300347.SZ泰格医药8.67%-1.08%5.64%-0.71%27.1-9.8-14.51%002422.SZ科伦药业5.99%-2.33%4.80%-1.85%20.7-7.91.47%600436.SH片仔癀2.43%-0.17%2.43%-0.17%35.5-7.8-12.50%002821.SZ凯莱英4.84%0.24%4.30%0.21%18.4-4.5-21.37%600557.SH康缘药业1.99%-3.63%1.97%-3.57%2.4-4.411.83%000513.SZ丽珠集团7.78%-1.35%5.00%-0.91%16.2-4.2-5.10%000028.SZ国药一致1.54%-2.66%1.32%-2.28%2.1-4.2-6.93%TOP10增加前10减少前10西南证券研究发展中心分析师承诺报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，报告所采用的数据均来自合法合规渠道，分析逻辑基于分析师的职业理解，通过合理判断得出结论，独立、客观地出具本报告。分析师承诺不曾因，不因，也将不会因本报告中的具体推荐意见或观点而直接或间接获取任何形式的补偿。重要声明西南证券股份有限公司（以下简称“本公司”）具有中国证券监督管理委员会核准的证券投资咨询业务资格。本公司与作者在自身所知情范围内，与本报告中所评价或推荐的证券不存在法律法规要求披露或采取限制、静默措施的利益冲突。《证券期货投资者适当性管理办法》于2017年7月1

日起正式实施，本报告仅供本公司签约客户使用，若您并非本公司签约客户，为控制投资风险，请取消接收、订阅或使用本报告中的任何信息。本公司也不会因接收人收到、阅读或关注自媒体推送本报告中的内容而视其为客户。本公司或关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提