1 医药子行业公募基金持仓占比一览

www.swsc.com.cn西南证券研究院2026年4月2026Q1持仓分析公募基金医药持仓环比回升，医药与非药主动基金均加仓医疗研发外包分析师：杜向阳执业证号：S1250520030002电话：021-68416017联系人：王钰玮电话：021-68415819从公募基金持仓来看2026Q1医药总持仓变化情况：26Q1全部公募基金占比8.87%，环比+0.90pp；剔除主动医药基金占比5.97%，环比+0.80pp；再剔除指数基金医药持仓占比3.84%，环比+0.51pp；申万医药板块市值占比为5.61%，环比-0.05pp。从公募基金持仓家数来看，公募基金数量前五的分别是药明康德（720家）、恒瑞医药（487家）、信达生物（226家） 、荣昌生物（211家）、百济神州（209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：海思科（24.5%）、荣昌生物（18.6%）、英科医疗（18.2%）、泰格医药（17.8%）、泽璟制药-U（17.0%）；2）持仓总股本占比前五分别为：英科医疗（18.2%）、泽璟制药-U（17.0%）、泰格医药（14.3%）、三生制药（14.3%）、药明康德（13.6%）。从公募基金持仓总市值来看，持仓总市值排名前五分别是：药明康德（399亿元）、恒瑞医药（278亿元）、信达生物（175亿元）、百济神州（137亿元）、康方生物（134亿元）；变动情况来看，基金持仓市值增加前五分别为：药明康德（+92.6亿元）、荣昌生物（+60.6亿元）、英科医疗（+43.3亿元）、信立泰（+41.9亿元）、百济神州（+40.5亿元）。数据来源：Wind，西南证券整理从医药子行业持仓市值占比变化来看2026Q1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：医疗研发外包占比11.47%，环比+1.85pp；其他生物制品占比15.35%，环比+1.66pp；医疗耗材占比1.78%，环比+0.38pp。环比变化后三：体外诊断占比0.61%，环比变化-0.60pp；原料药占比1.07%，环比-0.24pp；线下药店占比0.16%，环比-0.07pp。2026Q1非医药基金医药子行业重仓市值占比变化情况：环比变化前三：医疗研发外包占比0.40%，环比+0.10pp；其他生物制品占比0.42%，环比+0.09pp；医疗耗材占比0.22%，环比+0.07pp。环比变化后三：医疗设备占比0.14%，环比-0.05pp；疫苗、血液制品、诊断服务环比基本持平。数据来源：Wind，西南证券整理从陆股通持仓来看2026Q1外资持股占比微降：26Q1沪深港通持有医药生物板块的总市值占比为1.91%，环比下降0.16pp，持股总市值为1303.76亿元，较期初下降131.26亿元。从持仓占比情况来看，1）流通股持仓占比前五分别为：益丰药房（10.7%）、泰格医药（9.1%）、大参林（9.1%）、理邦仪器（8%）、百普赛斯（7.9%）；流通股持仓占比增幅前五分别为：华人健康（+2.4pp）、永安药业（+1.9pp）、英诺特（+1.6pp）、美诺华（+1.6pp）、艾德生物（+1.5pp）。2）总股本持仓占比前五分别为：益丰药房（10.7%）、大参林（9.1%）、迈瑞医疗（7.6%）、艾德生物（6.9%）、恒瑞医药（6.6%）；总股本持仓占比增幅前五分别为：大参林（+0.9pp）、富祥药业（+0.9pp）、ST九芝（+0.8pp）、尔康制药（+0.8pp）、赛升药业（+0.8pp）。从持仓市值情况来看前五分别为：恒瑞医药（241亿元）、药明康德（171亿元）、迈瑞医疗（151亿元）、益丰药房（32亿元）、云南白药（31亿元）；持仓市值增加前五分别为：益丰药房（+4.1亿元）、云南白药（+3.6亿元）、九安医疗（+3.3亿元）、常山药业（+2.8亿元）、大参林（+2亿元）。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2026Q1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。数据来源：Wind，西南证券整理1 医药行业公募基金持仓及外资持股占比一览近年来基金持仓总量占比情况近年来基金持仓总量占比情况外资持股变化（陆股通）外资持股变化（陆股通）2026Q1医药总持仓变化情况：26Q1全部公募基金占比8.87%，环比+0.90pp；剔除主动医药基金占比5.97%，环比+0.80pp；再剔除指数基金医药持仓占比3.84%，环比+0.51pp；申万医药板块市值占比为5.61%，环比-0.05pp。2026Q1外资持股占比微降：26Q1沪深港通持有医药生物板块的总市值占比为1.91%，环比下降0.16pp，持股总市值为1303.76亿元，较期初下降131.26亿元。数据来源：Wind，西南证券整理0%2%4%6%8%10%12%14%16%18%20%2014Q12014Q32015Q12015Q32016Q12016Q32017Q12017Q32018Q12018Q32019Q12019Q32020Q12020Q32021Q12021Q32022Q12022Q32023Q12023Q32024Q12024Q32025Q12025Q32026Q1扣除主动医药基金扣除主动医药基金及所有指数基金申万医药股总市值占比1,0001,5002,0002,5003,0003,5002021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1持股市值（亿元）1 医药行业公募基金持仓及外资持股占比一览数据来源：Wind，西南证券整理2024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1医药全部公募基金占比10.16%9.79%8.85%9.23%9.89%9.67%7.97%8.87%扣除主动医药基金占比6.50%6.62%6.06%6.35%7.29%6.56%5.18%5.97%扣除主动医药基金及指数基金医药持仓占比4.96%5.57%4.66%5.43%4.21%4.85%3.33%3.84%申万医药股总市值（亿元）5561865061599566241166196762716971768944A股总市值（亿元）850289970594988925998213104818697385812304111228383申万医药股总市值占比6.54%6.70%6.06%6.25%6.32%7.83%5.67%5.61%主动医药基金持有医药市值（亿元）主动医药基金中前十大重仓医药标的占比（备注：前十大重仓医药公司市值/合计医药基金规模）31.80%31.20%26.60%26.40%28.25%31.81%30.38%33.34%指数基金医药持仓市值（亿元）主动医药基金规模（亿元）医药指数基金规模（亿元）合计医药基金规模（亿元）
1 医药子行业公募基金持仓占比一览
数据来源：Wind，西南证券整理2026Q1 医药基金医药子行业重仓市值占比概况2026Q1医药基金医药子行业重仓市值占比概况2026Q1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：医疗研发外包占比11.47%，环比+1.85pp；其他生物制品占比15.35%，环比+1.66pp；医疗耗材占比1.78%，环比+0.38pp。环比变化后三：体外诊断占比0.61%，环比变化-0.60pp；原料药占比1.07%，环比-0.24pp；线下药店占比0.16%，环比-0.07pp。医药基金重仓持股(亿元)板块(亿元)占申万医药成分股医疗研发外包11.47%1.85pp216.57 5845.678.48%其他生物制品15.35%1.66pp289.96 4421.296.41%医疗耗材1.78%0.38pp33.674710.886.83%化学制剂28.09%0.26pp530.53 17572.5825.49%医院0.48%0.09pp9.122189.633.18%疫苗0.01%0.00pp0.262234.773.24%医疗设备1.58%0.01pp29.865899.688.56%血液制品0.00%0.00pp0.001240.351.80%医药流通0.03%-0.01pp0.632422.503.51%中药Ⅲ0.37%-0.06pp7.088442.0412.24%线下药店0.16%-0.07pp2.94858.041.24%原料药1.07%-0.24pp20.213503.205.08%体外诊断0.61%-0.60pp11.482759.394.00%互联网药店0.03%-0.61-0.00%诊断服务0.00%-0.08-0.00%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%化学制剂医疗研发外包医疗设备中药Ⅲ其他生物制品医疗耗材体外诊断医院血液制品
1 医药子行业公募基金持仓占比一览
数据来源：Wind，西南证券整理2026Q1 医药基金医药子行业重仓市值占比概况2026Q1医药基金医药子行业重仓市值占比概况2026Q1医药基金医药子行业重仓市值占比情况：持仓占比前三：化学制剂28.09%，其他生物制品15.35%，医疗研发外包11.47%。26Q125Q425Q325Q225Q124Q424Q324Q2化学制剂28.09%27.83%28.75%29.48%24.77%20.00%19.37%17.07%医疗研发外包11.47%9.62%9.16%7.50%10.97%10.40%8.66%6.46%医疗设备1.58%1.57%1.44%1.61%2.80%3.70%5.19%6.39%中药Ⅲ0.37%0.44%0.40%0.66%2.48%5.50%5.11%7.34%其他生物制品15.35%13.69%14.27%10.84%7.12%4.70%3.97%3.21%医疗耗材1.78%1.40%1.57%1.56%2.70%3.10%2.69%2.59%体外诊断0.61%1.21%1.13%1.40%0.85%1.10%1.78%1.38%医院0.48%0.40%0.26%0.41%1.30%1.10%1.59%1.43%血液制品0.00%0.00%0.00%0.05%0.04%0.30%0.67%1.27%医药流通0.03%0.05%0.08%0.09%0.09%0.30%0.58%0.76%原料药1.07%1.31%1.56%2.78%2.00%1.10%0.52%0.61%线下药店0.16%0.23%0.24%0.33%0.46%0.50%0.45%0.64%疫苗0.01%0.01%0.01%0.00%0.00%0.00%0.28%0.34%诊断服务0.00%0.00%0.01%0.12%0.02%0.00%0.18%0.17%
1 医药子行业公募基金持仓占比一览
数据来源：Wind，西南证券整理2026Q1 非医药基金医药子行业重仓市值占比概况2026Q1非医药基金医药子行业重仓市值占比概况2026Q1非医药基金医药子行业重仓市值占比变化情况：环比变化前三：医疗研发外包占比0.40%，环比+0.10pp；其他生物制品占比0.42%，环比+0.09pp；医疗耗材占比0.22%，环比+0.07pp。环比变化后三：医疗设备占比0.14%，环比-0.05pp；疫苗、血液制品、诊断服务环比基本持平。-0.2%0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%化学制剂医疗设备医疗耗材中药Ⅲ医疗研发外包医院体外诊断血液制品其他生物制品原料药诊断服务医药流通医药基金重仓环比变化持股(亿元)板块(亿元)占申万医药成分股医疗研发外包0.40%0.10pp138.44 5845.678.48%其他生物制品0.42%0.09pp146.64 4421.296.41%医疗耗材0.22%0.07pp76.064710.886.83%化学制剂0.42%0.06pp147.97 17572.5825.49%体外诊断0.10%0.03pp33.292759.394.00%线下药店0.03%0.02pp9.22858.041.24%医院0.05%0.02pp18.152189.633.18%中药Ⅲ0.08%0.01pp26.548442.0412.24%原料药0.06%0.01pp20.243503.205.08%医药流通0.02%0.01pp7.182422.503.51%诊断服务0.00%0.00pp1.680.000.00%血液制品0.00%0.00pp0.041240.351.80%疫苗0.00%0.00pp0.632234.773.24%医疗设备0.14%-0.05pp48.605899.688.56%互联网药店0.04%-14.71-0.00%
1 医药子行业公募基金持仓占比一览
数据来源：Wind，西南证券整理2026Q1 非医药基金医药子行业重仓市值占比概况2026Q1非医药基金医药子行业重仓市值占比概况2026Q1非医药基金医药子行业重仓市值占比变化情况：持仓占比前三：化学制剂0.42%，其他生物制品0.42%，医疗研发外包0.40%。26Q125Q425Q325Q225Q124Q424Q324Q2化学制剂0.42%0.36%0.67%1.40%0.63%0.56%0.59%0.61%医疗设备0.14%0.19%0.26%1.01%0.37%0.46%0.56%0.69%医疗耗材0.22%0.15%0.17%0.19%0.19%0.23%0.23%0.22%中药Ⅲ0.08%0.06%0.06%0.23%0.15%0.21%0.23%0.27%医疗研发外包0.40%0.29%0.37%0.39%0.27%0.20%0.21%0.15%医院0.05%0.03%0.03%0.08%0.07%0.05%0.09%0.09%体外诊断0.10%0.06%0.06%0.09%0.07%0.09%0.08%0.10%血液制品0.00%0.00%0.00%0.02%0.03%0.03%0.06%0.08%其他生物制品0.42%0.33%0.60%0.54%0.30%0.15%0.05%0.12%原料药0.06%0.05%0.04%0.08%0.04%0.04%0.05%0.05%诊断服务0.00%0.00%0.00%0.00%0.01%0.01%0.05%0.04%医药流通0.02%0.01%0.01%0.03%0.03%0.04%0.05%0.07%线下药店0.03%0.01%0.01%0.03%0.02%0.02%0.03%0.03%疫苗0.00%0.00%0.00%0.01%0.00%0.00%0.02%0.01%
2 医药公司持股基金数量分析
26Q1 持股基金数量TOP2026Q1持股基金数量TOP20数据来源：Wind，西南证券整理，市值数据截至2026.3.31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涨跌幅603259.SH药明康德398.792.613.6%2.3pp13.6%2.3pp6.7%600276.SH恒瑞医药-20277.9-42.17.6%-0.5pp7.6%-0.5pp-8.2%1801.HK信达生物175.18.511.9%-0.8pp11.9%-0.8pp7.3%688331.SH荣昌生物89.260.618.6%8.7pp12.3%5.7pp66.4%688235.SH百济神州137.040.53.8%0.3pp3.8%0.3pp-14.1%300677.SZ英科医疗70.143.318.2%3.5pp18.2%7.7pp49.7%300760.SZ迈瑞医疗-41111.0-40.75.6%-1.0pp5.6%-1.0pp-15.8%9926.HK康方生物134.126.211.2%0.8pp11.2%0.8pp17.0%002294.SZ信立泰86.641.912.7%4.6pp12.7%4.6pp18.4%300347.SZ泰格医药66.26.717.8%2.6pp14.3%2.1pp-4.9%1530.HK三生制药-1182.1-14.914.3%-1.5pp14.3%-1.5pp-8.8%688506.SH百利天恒-777.1-5.86.7%-18.2pp6.7%0.5pp-13.8%6990.HK科伦博泰生物92.17.312.3%-1.0pp8.6%-0.7pp15.2%002422.SZ科伦药业70.522.115.6%2.9pp12.7%2.4pp20.3%688271.SH联影医疗-3180.4-21.78.7%-1.2pp8.7%-1.2pp-11.9%300759.SZ康龙化成58.3-1.111.7%-0.4pp11.3%-0.4pp-2.8%688266.SH泽璟制药-U44.4-1.717.0%-1.8pp17.0%-1.8pp7.1%1093.HK石药集团97.513.09.3%0.6pp9.3%0.6pp7.1%2269.HK药明生物54.8-10.84.0%-1.0pp4.0%-1.0pp3.0%002821.SZ凯莱英51.526.113.5%5.5pp12.9%5.3pp19.1%
2 医药公司持股基金数量分析
26Q1 持股基金数量季度增加前26Q1持股基金数量季度增加前20数据来源：Wind，西南证券整理，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅603259.SH药明康德398.792.613.6%2.3pp13.6%2.3pp6.7%688331.SH荣昌生物89.260.618.6%8.7pp12.3%5.7pp66.4%688235.SH百济神州137.040.53.8%0.3pp3.8%0.3pp-14.1%300677.SZ英科医疗70.143.318.2%3.5pp18.2%7.7pp49.7%002294.SZ信立泰86.641.912.7%4.6pp12.7%4.6pp18.4%000534.SZ万泽股份17.114.99.6%7.6pp9.4%7.5pp61.5%002432.SZ九安医疗19.919.36.2%5.8pp5.8%5.5pp83.6%002821.SZ凯莱英51.526.113.5%5.5pp12.9%5.3pp19.1%688796.SH百奥赛图12.58.54.0%-1.3pp3.0%1.3pp81.4%002422.SZ科伦药业70.522.115.6%2.9pp12.7%2.4pp20.3%9926.HK康方生物134.126.211.2%0.8pp11.2%0.8pp17.0%688428.SH诺诚健华19.512.24.1%0.7pp4.1%0.7pp31.2%2315.HK百奥赛图-B7.25.58.9%5.5pp2.9%1.8pp61.0%000423.SZ东阿阿胶13.58.33.7%2.0pp3.7%2.0pp16.9%1801.HK信达生物175.18.511.9%-0.8pp11.9%-0.8pp7.3%300347.SZ泰格医药66.26.717.8%2.6pp14.3%2.1pp-4.9%2162.HK康诺亚-B8.07.14.4%3.9pp4.4%3.9pp13.7%688336.SH三生国健6.01.31.3%0.0pp1.3%0.0pp25.4%688710.SH益诺思9.37.314.5%9.3pp9.3%6.0pp62.5%6990.HK科伦博泰生物92.17.312.3%-1.0pp8.6%-0.7pp15.2%最新市值（亿元）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
2 医药公司持股基金数量分析
26Q1 持股基金数量季度减少前26Q1持股基金数量季度减少前20数据来源：Wind，西南证券整理，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅300760.SZ迈瑞医疗-41111.0-40.75.6%-1.0pp5.6%-1.0pp-15.8%688382.SH益方生物-U-408.5-8.37.7%-7.1pp7.7%-3.0pp-30.1%688271.SH联影医疗-3180.4-21.78.7%-1.2pp8.7%-1.2pp-11.9%688068.SH热景生物-3014.2-15.612.5%-7.3pp12.5%-7.3pp-24.2%002020.SZ京新药业-220.4-3.50.3%-2.5pp0.3%-2.1pp-16.8%600993.SH马应龙-216.3-4.45.8%-3.1pp5.8%-3.1pp-10.4%600276.SH恒瑞医药-20277.9-42.17.6%-0.5pp7.6%-0.5pp-8.2%002223.SZ鱼跃医疗-2014.6-4.44.6%-0.7pp4.3%-0.7pp-11.3%002262.SZ恩华药业-182.8-2.61.4%-1.1pp1.2%-1.0pp-7.6%300049.SZ福瑞医科-176.6-2.84.8%-0.8pp4.3%-0.7pp-18.9%688658.SH悦康药业-174.6-7.65.9%-6.0pp5.9%-6.0pp-24.8%688131.SH皓元医药-154.3-2.92.9%-1.8pp2.9%-1.8pp-4.5%688278.SH特宝生物-145.80.42.2%0.6pp2.2%0.6pp-22.5%688578.SH艾力斯-1318.82.64.4%0.9pp4.4%0.9pp-9.3%2268.HK药明合联-1215.7-8.32.1%-1.0pp2.1%-1.0pp-6.4%300003.SZ乐普医疗-126.90.82.7%0.3pp2.3%0.2pp2.0%1530.HK三生制药-1182.1-14.914.3%-1.5pp14.3%-1.5pp-8.8%688029.SH南微医学-104.5-2.33.3%-1.1pp3.3%-1.1pp-12.3%688114.SH华大智造-103.5-1.61.7%-0.3pp1.7%-0.3pp-19.0%2273.HK固生堂-102.6-0.34.1%-0.3pp4.1%-0.3pp-1.4%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最新市值（亿元）
2 医药公司按持股市值分析
26Q1 公募基金持股市值TOP20医药公司26Q1公募基金持股市值TOP20医药公司数据来源：Wind，西南证券整理，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅603259.SH药明康德398.792.613.6%2.3pp13.6%2.3pp6.7%600276.SH恒瑞医药-20277.9-42.17.6%-0.5pp7.6%-0.5pp-8.2%1801.HK信达生物175.18.511.9%-0.8pp11.9%-0.8pp7.3%688235.SH百济神州137.040.53.8%0.3pp3.8%0.3pp-14.1%9926.HK康方生物134.126.211.2%0.8pp11.2%0.8pp17.0%300760.SZ迈瑞医疗-41111.0-40.75.6%-1.0pp5.6%-1.0pp-15.8%1093.HK石药集团97.513.09.3%0.6pp9.3%0.6pp7.1%6990.HK科伦博泰生物92.17.312.3%-1.0pp8.6%-0.7pp15.2%688331.SH荣昌生物89.260.618.6%8.7pp12.3%5.7pp66.4%002294.SZ信立泰86.641.912.7%4.6pp12.7%4.6pp18.4%1530.HK三生制药-1182.1-14.914.3%-1.5pp14.3%-1.5pp-8.8%688271.SH联影医疗-3180.4-21.78.7%-1.2pp8.7%-1.2pp-11.9%688506.SH百利天恒-777.1-5.86.7%-18.2pp6.7%0.5pp-13.8%002653.SZ海思科71.49.524.5%2.0pp11.8%1.0pp7.2%002422.SZ科伦药业70.522.115.6%2.9pp12.7%2.4pp20.3%300677.SZ英科医疗70.143.318.2%3.5pp18.2%7.7pp49.7%300347.SZ泰格医药66.26.717.8%2.6pp14.3%2.1pp-4.9%300759.SZ康龙化成58.3-1.111.7%-0.4pp11.3%-0.4pp-2.8%2269.HK药明生物54.8-10.84.0%-1.0pp4.0%-1.0pp3.0%1177.HK中国生物制药53.90.14.9%0.2pp4.9%0.2pp-6.2%最新市值（亿元）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
2 医药公司按持股市值分析
26Q1 公募基金持股市值增加前
20 医药公司
26Q1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，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅603259.SH药明康德398.792.613.6%2.3pp13.6%2.3pp6.7%688331.SH荣昌生物89.260.618.6%8.7pp12.3%5.7pp66.4%300677.SZ英科医疗70.143.318.2%3.5pp18.2%7.7pp49.7%002294.SZ信立泰86.641.912.7%4.6pp12.7%4.6pp18.4%688235.SH百济神州137.040.53.8%0.3pp3.8%0.3pp-14.1%9926.HK康方生物134.126.211.2%0.8pp11.2%0.8pp17.0%002821.SZ凯莱英51.526.113.5%5.5pp12.9%5.3pp19.1%002422.SZ科伦药业70.522.115.6%2.9pp12.7%2.4pp20.3%002432.SZ九安医疗19.919.36.2%5.8pp5.8%5.5pp83.6%000534.SZ万泽股份17.114.99.6%7.6pp9.4%7.5pp61.5%1093.HK石药集团97.513.09.3%0.6pp9.3%0.6pp7.1%688428.SH诺诚健华19.512.24.1%0.7pp4.1%0.7pp31.2%002653.SZ海思科71.49.524.5%2.0pp11.8%1.0pp7.2%002044.SZ美年健康11.58.85.3%3.9pp5.2%3.9pp8.9%1801.HK信达生物175.18.511.9%-0.8pp11.9%-0.8pp7.3%688796.SH百奥赛图12.58.54.0%-1.3pp3.0%1.3pp81.4%000423.SZ东阿阿胶13.58.33.7%2.0pp3.7%2.0pp16.9%603939.SH益丰药房11.98.14.0%2.6pp4.0%2.6pp12.7%6990.HK科伦博泰生物92.17.312.3%-1.0pp8.6%-0.7pp15.2%688710.SH益诺思9.37.314.5%9.3pp9.3%6.0pp62.5%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最新市值（亿元）
2 医药公司按持股市值分析
26Q1 公募基金持股市值减少前
20 医药公司
26Q1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，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅600276.SH恒瑞医药-20277.9-42.17.6%-0.5pp7.6%-0.5pp-8.2%300760.SZ迈瑞医疗-41111.0-40.75.6%-1.0pp5.6%-1.0pp-15.8%688271.SH联影医疗-3180.4-21.78.7%-1.2pp8.7%-1.2pp-11.9%688068.SH热景生物-3014.2-15.612.5%-7.3pp12.5%-7.3pp-24.2%1530.HK三生制药-1182.1-14.914.3%-1.5pp14.3%-1.5pp-8.8%6618.HK京东健康48.1-12.13.2%-0.2pp3.2%-0.2pp-16.7%2269.HK药明生物54.8-10.84.0%-1.0pp4.0%-1.0pp3.0%6855.HK亚盛医药-B-80.2-10.10.1%-5.2pp0.1%-5.2pp-10.8%300765.SZ新诺威14.6-8.63.3%-1.3pp3.3%-1.3pp-11.1%688382.SH益方生物-U-408.5-8.37.7%-7.1pp7.7%-3.0pp-30.1%2268.HK药明合联-1215.7-8.32.1%-1.0pp2.1%-1.0pp-6.4%688658.SH悦康药业-174.6-7.65.9%-6.0pp5.9%-6.0pp-24.8%603127.SH昭衍新药8.6-6.33.3%-2.3pp3.3%-2.3pp-1.7%300122.SZ智飞生物-60.5-5.90.2%-2.2pp0.1%-1.3pp-21.2%688506.SH百利天恒-777.1-5.86.7%-18.2pp6.7%0.5pp-13.8%300832.SZ新产业-113.0-5.63.9%-1.0pp3.4%-0.8pp-13.0%000963.SZ华东医药-718.0-5.62.9%-0.5pp2.9%-0.5pp-9.6%688192.SH迪哲医药-U20.8-5.08.3%-1.5pp8.3%-1.5pp-3.5%600993.SH马应龙-216.3-4.45.8%-3.1pp5.8%-3.1pp-10.4%002223.SZ鱼跃医疗-2014.6-4.44.6%-0.7pp4.3%-0.7pp-11.3%最新市值（亿元）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
3 医药公司按公募基金持仓流通股占比分析
26Q1 公募基金持股流通股占比TOP20医药公司26Q1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，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅002653.SZ海思科71.49.524.5%2.0pp11.8%1.0pp7.2%688331.SH荣昌生物89.260.618.6%8.7pp12.3%5.7pp66.4%300677.SZ英科医疗70.143.318.2%3.5pp18.2%7.7pp49.7%300347.SZ泰格医药66.26.717.8%2.6pp14.3%2.1pp-4.9%688266.SH泽璟制药-U44.4-1.717.0%-1.8pp17.0%-1.8pp7.1%002422.SZ科伦药业70.522.115.6%2.9pp12.7%2.4pp20.3%688710.SH益诺思9.37.314.5%9.3pp9.3%6.0pp62.5%1530.HK三生制药-1182.1-14.914.3%-1.5pp14.3%-1.5pp-8.8%603259.SH药明康德398.792.613.6%2.3pp13.6%2.3pp6.7%002821.SZ凯莱英51.526.113.5%5.5pp12.9%5.3pp19.1%002294.SZ信立泰86.641.912.7%4.6pp12.7%4.6pp18.4%688068.SH热景生物-3014.2-15.612.5%-7.3pp12.5%-7.3pp-24.2%6990.HK科伦博泰生物92.17.312.3%-1.0pp8.6%-0.7pp15.2%688197.SH首药控股-U-23.00.012.2%-1.3pp5.2%-0.6pp12.2%1801.HK信达生物175.18.511.9%-0.8pp11.9%-0.8pp7.3%300759.SZ康龙化成58.3-1.111.7%-0.4pp11.3%-0.4pp-2.8%688212.SH澳华内镜5.7-0.511.4%0.9pp11.4%0.9pp-14.7%9926.HK康方生物134.126.211.2%0.8pp11.2%0.8pp17.0%000534.SZ万泽股份17.114.99.6%7.6pp9.4%7.5pp61.5%301257.SZ普蕊斯-74.1-0.29.4%-1.6pp9.4%-1.1pp6.5%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最新市值（亿元）
3 医药公司按公募基金持仓流通股占比分析
26Q1 公募基金持股流通股占比增加前
20 医药公司
26Q1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，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅688710.SH益诺思9.37.314.5%9.3pp9.3%6.0pp62.5%688331.SH荣昌生物89.260.618.6%8.7pp12.3%5.7pp66.4%000534.SZ万泽股份17.114.99.6%7.6pp9.4%7.5pp61.5%002432.SZ九安医疗19.919.36.2%5.8pp5.8%5.5pp83.6%002821.SZ凯莱英51.526.113.5%5.5pp12.9%5.3pp19.1%2315.HK百奥赛图-B7.25.58.9%5.5pp2.9%1.8pp61.0%688202.SH美迪西5.04.66.0%5.4pp6.0%5.4pp9.4%002294.SZ信立泰86.641.912.7%4.6pp12.7%4.6pp18.4%688607.SH康众医疗1.91.94.0%4.0pp3.6%3.6pp36.7%002044.SZ美年健康11.58.85.3%3.9pp5.2%3.9pp8.9%2162.HK康诺亚-B8.07.14.4%3.9pp4.4%3.9pp13.7%300677.SZ英科医疗70.143.318.2%3.5pp18.2%7.7pp49.7%688075.SH安旭生物1.51.43.2%3.0pp3.2%3.0pp-3.3%002422.SZ科伦药业70.522.115.6%2.9pp12.7%2.4pp20.3%688443.SH智翔金泰-U0.90.93.0%2.9pp1.0%0.9pp-5.8%300347.SZ泰格医药66.26.717.8%2.6pp14.3%2.1pp-4.9%603939.SH益丰药房11.98.14.0%2.6pp4.0%2.6pp12.7%300633.SZ开立医疗3.90.15.7%2.4pp3.5%0.2pp-2.4%603259.SH药明康德398.792.613.6%2.3pp13.6%2.3pp6.7%300358.SZ楚天科技2.01.43.0%2.2pp3.0%2.2pp-4.5%最新市值（亿元）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
3 医药公司按公募基金持仓流通股占比分析
26Q1 公募基金持股流通股占比减少前
20 医药公司
26Q1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，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅688506.SH百利天恒-777.1-5.86.7%-18.2pp6.7%0.5pp-13.8%688068.SH热景生物-3014.2-15.612.5%-7.3pp12.5%-7.3pp-24.2%688382.SH益方生物-U-408.5-8.37.7%-7.1pp7.7%-3.0pp-30.1%688658.SH悦康药业-174.6-7.65.9%-6.0pp5.9%-6.0pp-24.8%6855.HK亚盛医药-B-80.2-10.10.1%-5.2pp0.1%-5.2pp-10.8%301080.SZ百普赛斯-71.2-2.41.6%-3.7pp1.6%-2.4pp-17.0%688062.SH迈威生物-U-73.7-3.05.0%-3.4pp2.6%-1.8pp-7.7%603590.SH康辰药业-70.1-2.00.2%-3.2pp0.2%-3.2pp-7.7%600993.SH马应龙-216.3-4.45.8%-3.1pp5.8%-3.1pp-10.4%301367.SZ瑞迈特-71.2-2.02.5%-2.9pp1.9%-2.3pp-20.2%301087.SZ可孚医疗4.6-1.44.3%-2.8pp4.0%-2.5pp27.6%002020.SZ京新药业-220.4-3.50.3%-2.5pp0.3%-2.1pp-16.8%688050.SH爱博医疗-82.3-3.22.3%-2.4pp2.3%-2.4pp-15.8%688488.SH艾迪药业-41.7-1.82.8%-2.3pp2.8%-2.3pp-7.1%603127.SH昭衍新药8.6-6.33.3%-2.3pp3.3%-2.3pp-1.7%300122.SZ智飞生物-60.5-5.90.2%-2.2pp0.1%-1.3pp-21.2%301363.SZ美好医疗-62.1-1.82.3%-2.1pp1.5%-1.4pp1.7%920047.BJ诺思兰德3.7-0.88.6%-2.0pp5.6%-1.3pp4.6%000915.SZ华特达因-50.4-1.50.5%-1.9pp0.5%-1.9pp-5.5%688266.SH泽璟制药-U44.4-1.717.0%-1.8pp17.0%-1.8pp7.1%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最新市值（亿元）
4 医药公司按公募基金持仓总股本占比分析
26Q1 公募基金持股总股本占比TOP20医药公司26Q1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，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅300677.SZ英科医疗70.143.318.2%3.5pp18.2%7.7pp49.7%688266.SH泽璟制药-U44.4-1.717.0%-1.8pp17.0%-1.8pp7.1%300347.SZ泰格医药66.26.717.8%2.6pp14.3%2.1pp-4.9%1530.HK三生制药-1182.1-14.914.3%-1.5pp14.3%-1.5pp-8.8%603259.SH药明康德398.792.613.6%2.3pp13.6%2.3pp6.7%002821.SZ凯莱英51.526.113.5%5.5pp12.9%5.3pp19.1%002422.SZ科伦药业70.522.115.6%2.9pp12.7%2.4pp20.3%002294.SZ信立泰86.641.912.7%4.6pp12.7%4.6pp18.4%688068.SH热景生物-3014.2-15.612.5%-7.3pp12.5%-7.3pp-24.2%688331.SH荣昌生物89.260.618.6%8.7pp12.3%5.7pp66.4%1801.HK信达生物175.18.511.9%-0.8pp11.9%-0.8pp7.3%002653.SZ海思科71.49.524.5%2.0pp11.8%1.0pp7.2%688212.SH澳华内镜5.7-0.511.4%0.9pp11.4%0.9pp-14.7%300759.SZ康龙化成58.3-1.111.7%-0.4pp11.3%-0.4pp-2.8%9926.HK康方生物134.126.211.2%0.8pp11.2%0.8pp17.0%000534.SZ万泽股份17.114.99.6%7.6pp9.4%7.5pp61.5%301257.SZ普蕊斯-74.1-0.29.4%-1.6pp9.4%-1.1pp6.5%688710.SH益诺思9.37.314.5%9.3pp9.3%6.0pp62.5%1093.HK石药集团97.513.09.3%0.6pp9.3%0.6pp7.1%600750.SH华润江中-215.61.19.3%-0.6pp9.2%-0.6pp13.8%最新市值（亿元）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
5 医药公司按公募基金持仓总股本占比分析
26Q1 公募基金持股总股本占比增加前
20 医药公司
26Q1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，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅300677.SZ英科医疗70.143.318.2%3.5pp18.2%7.7pp49.7%000534.SZ万泽股份17.114.99.6%7.6pp9.4%7.5pp61.5%688710.SH益诺思9.37.314.5%9.3pp9.3%6.0pp62.5%688331.SH荣昌生物89.260.618.6%8.7pp12.3%5.7pp66.4%002432.SZ九安医疗19.919.36.2%5.8pp5.8%5.5pp83.6%688202.SH美迪西5.04.66.0%5.4pp6.0%5.4pp9.4%002821.SZ凯莱英51.526.113.5%5.5pp12.9%5.3pp19.1%002294.SZ信立泰86.641.912.7%4.6pp12.7%4.6pp18.4%002044.SZ美年健康11.58.85.3%3.9pp5.2%3.9pp8.9%2162.HK康诺亚-B8.07.14.4%3.9pp4.4%3.9pp13.7%688607.SH康众医疗1.91.94.0%4.0pp3.6%3.6pp36.7%688075.SH安旭生物1.51.43.2%3.0pp3.2%3.0pp-3.3%603939.SH益丰药房11.98.14.0%2.6pp4.0%2.6pp12.7%002422.SZ科伦药业70.522.115.6%2.9pp12.7%2.4pp20.3%603259.SH药明康德398.792.613.6%2.3pp13.6%2.3pp6.7%300358.SZ楚天科技2.01.43.0%2.2pp3.0%2.2pp-4.5%300347.SZ泰格医药66.26.717.8%2.6pp14.3%2.1pp-4.9%000423.SZ东阿阿胶13.58.33.7%2.0pp3.7%2.0pp16.9%2315.HK百奥赛图-B7.25.58.9%5.5pp2.9%1.8pp61.0%688389.SH普门科技1.10.82.1%1.6pp2.1%1.6pp-6.6%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最新市值（亿元）
5 医药公司按公募基金持仓总股本占比分析
26Q1 公募基金持股总股本占比减少前
20 医药公司
26Q1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，市值数据截至2026.3.31季度最新季度变化最新季度变化最新季度变化最新季度变化涨跌幅688068.SH热景生物-3014.2-15.612.5%-7.3pp12.5%-7.3pp-24.2%688658.SH悦康药业-174.6-7.65.9%-6.0pp5.9%-6.0pp-24.8%6855.HK亚盛医药-B-80.2-10.10.1%-5.2pp0.1%-5.2pp-10.8%603590.SH康辰药业-70.1-2.00.2%-3.2pp0.2%-3.2pp-7.7%600993.SH马应龙-216.3-4.45.8%-3.1pp5.8%-3.1pp-10.4%688382.SH益方生物-U-408.5-8.37.7%-7.1pp7.7%-3.0pp-30.1%301087.SZ可孚医疗4.6-1.44.3%-2.8pp4.0%-2.5pp27.6%301080.SZ百普赛斯-71.2-2.41.6%-3.7pp1.6%-2.4pp-17.0%688050.SH爱博医疗-82.3-3.22.3%-2.4pp2.3%-2.4pp-15.8%688488.SH艾迪药业-41.7-1.82.8%-2.3pp2.8%-2.3pp-7.1%603127.SH昭衍新药8.6-6.33.3%-2.3pp3.3%-2.3pp-1.7%301367.SZ瑞迈特-71.2-2.02.5%-2.9pp1.9%-2.3pp-20.2%002020.SZ京新药业-220.4-3.50.3%-2.5pp0.3%-2.1pp-16.8%000915.SZ华特达因-50.4-1.50.5%-1.9pp0.5%-1.9pp-5.5%688266.SH泽璟制药-U44.4-1.717.0%-1.8pp17.0%-1.8pp7.1%688131.SH皓元医药-154.3-2.92.9%-1.8pp2.9%-1.8pp-4.5%688062.SH迈威生物-U-73.7-3.05.0%-3.4pp2.6%-1.8pp-7.7%688677.SH海泰新光5.60.38.6%-1.6pp8.6%-1.6pp26.7%1530.HK三生制药-1182.1-14.914.3%-1.5pp14.3%-1.5pp-8.8%688236.SH春立医疗-40.2-1.30.2%-1.5pp0.2%-1.5pp-11.9%最新市值（亿元）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
6 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2025/12/31-2026/3/31 数据来源：Wind，西南证券整理代码名称流通股本占比总股本占比持股市值期间涨跌幅季度末季度变化(pp)季度末季度变化(pp) 季度末（亿元） 季度变化（亿元）603939.SH益丰药房10.70%0.2310.70%0.2331.74.112.7%300347.SZ泰格医药9.13%-0.436.01%-0.2827.8-2.9-4.9%603233.SH大参林9.11%0.919.11%0.9118.42.00.3%300206.SZ理邦仪器7.99%-4.604.66%-2.683.5-1.92.6%301080.SZ百普赛斯7.86%-2.735.92%-2.064.3-2.9-17.0%300760.SZ迈瑞医疗7.56%-0.487.55%-0.48150.8-34.6-15.8%603259.SH药明康德7.03%-0.915.83%-0.76170.6-7.46.7%300685.SZ艾德生物6.94%1.496.91%1.496.11.79.9%600276.SH恒瑞医药6.84%-0.356.58%-0.33241.1-32.1-8.2%688617.SH惠泰医疗5.89%-0.525.89%-0.5220.8-1.22.8%301408.SZ华人健康3.40%2.421.94%1.581.31.1-8.3%002365.SZ永安药业2.42%1.922.01%1.590.80.6-8.2%688253.SH英诺特1.94%1.631.94%1.781.00.918.8%603538.SH美诺华1.94%1.591.90%1.561.71.6110.0%300685.SZ艾德生物6.94%1.496.91%1.496.11.79.9%300485.SZ赛升药业1.80%1.371.02%0.780.50.41.9%300267.SZ尔康制药2.18%1.161.50%0.801.20.714.6%688658.SH悦康药业1.35%1.111.35%1.111.00.8-24.8%300255.SZ常山药业1.43%1.061.42%1.064.92.8-39.4%600351.SH亚宝药业4.51%1.044.51%1.042.10.55.9%300206.SZ理邦仪器7.99%-4.604.66%-2.683.5-1.92.6%688331.SH荣昌生物1.38%-4.200.40%-1.212.9-4.266.4%301080.SZ百普赛斯7.86%-2.735.92%-2.064.3-2.9-17.0%688506.SH百利天恒0.44%-2.520.44%-0.305.0-4.8-13.8%002950.SZ奥美医疗4.56%-2.123.09%-1.442.4-0.810.4%603882.SH金域医学5.75%-1.785.71%-1.776.9-2.9-3.6%605507.SH国邦医药0.99%-1.750.99%-0.491.4-0.65.4%688050.SH爱博医疗0.67%-1.600.67%-1.600.7-2.0-15.8%300363.SZ博腾股份4.06%-1.463.73%-1.344.3-2.1-10.4%300702.SZ天宇股份1.28%-1.440.78%-0.870.6-0.7-1.1%
7 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代码名称流通股本占比总股本占比持股市值期间涨跌幅季度末季度变化(pp)季度末季度变化(pp) 季度末（亿元） 季度变化（亿元）603939.SH益丰药房10.70%0.2310.70%0.2331.74.112.7%603233.SH大参林9.11%0.919.11%0.9118.42.00.3%300760.SZ迈瑞医疗7.56%-0.487.55%-0.48150.8-34.6-15.8%300685.SZ艾德生物6.94%1.496.91%1.496.11.79.9%600276.SH恒瑞医药6.84%-0.356.58%-0.33241.1-32.1-8.2%300347.SZ泰格医药9.13%-0.436.01%-0.2827.8-2.9-4.9%301080.SZ百普赛斯7.86%-2.735.92%-2.064.3-2.9-17.0%688617.SH惠泰医疗5.89%-0.525.89%-0.5220.8-1.22.8%603259.SH药明康德7.03%-0.915.83%-0.76170.6-7.46.7%603882.SH金域医学5.75%-1.785.71%-1.776.9-2.9-3.6%603233.SH大参林9.11%0.919.11%0.9118.42.00.3%300497.SZ富祥药业2.33%1.041.96%0.871.91.016.9%000989.SZST九芝1.50%1.001.21%0.811.00.76.6%300267.SZ尔康制药2.18%1.161.50%0.801.20.714.6%300485.SZ赛升药业1.80%1.371.02%0.780.50.41.9%002432.SZ九安医疗1.30%0.791.22%0.754.23.383.6%002223.SZ鱼跃医疗4.00%0.783.76%0.7312.81.2-11.3%301096.SZ百诚医药1.61%0.951.23%0.720.70.4-12.0%688293.SH奥浦迈1.07%0.850.94%0.710.50.4-10.9%301580.SZ爱迪特1.61%1.031.09%0.690.80.656.8%002550.SZ千红制药3.58%-1.162.64%-0.852.6-0.9-3.2%300233.SZ金城医药0.74%-0.880.72%-0.850.4-0.5-0.8%300765.SZ新诺威1.25%-0.801.25%-0.805.6-4.8-11.1%603259.SH药明康德7.03%-0.915.83%-0.76170.6-7.46.7%002821.SZ凯莱英2.09%-0.851.83%-0.757.3-1.319.1%002773.SZ康弘药业4.09%-0.983.05%-0.738.1-2.3-3.6%600161.SH天坛生物1.96%-0.681.96%-0.685.9-2.7-8.2%688366.SH昊海生科1.76%-0.811.48%-0.681.3-0.9-11.7%000423.SZ东阿阿胶4.66%-0.684.65%-0.6817.10.316.9%002675.SZ东诚药业1.98%-0.751.79%-0.672.1-0.76.0%注：陆股通个股数据区间为2025/12/31-2026/3/31 数据来源：Wind，西南证券整理
8 陆股通持仓医药个股分析-持仓市值
TOP10增加前10减少前10代码名称流通股本占比总股本占比持股市值期间涨跌幅季度末季度变化(pp)季度末季度变化(pp) 季度末（亿元） 季度变化（亿元）600276.SH恒瑞医药6.84%-0.356.58%-0.33241.1-32.1-8.2%603259.SH药明康德7.03%-0.915.83%-0.76170.6-7.46.7%300760.SZ迈瑞医疗7.56%-0.487.55%-0.48150.8-34.6-15.8%603939.SH益丰药房10.70%0.2310.70%0.2331.74.112.7%000538.SZ云南白药3.23%0.463.21%0.4631.53.6-3.7%300347.SZ泰格医药9.13%-0.436.01%-0.2827.8-2.9-4.9%688617.SH惠泰医疗5.89%-0.525.89%-0.5220.8-1.22.8%688271.SH联影医疗2.12%-0.012.12%-0.0119.6-2.4-11.9%300832.SZ新产业5.64%-0.064.90%-0.0418.9-3.0-13.0%688578.SH艾力斯4.32%-0.284.32%-0.2818.7-2.9-9.3%603939.SH益丰药房10.70%0.2310.70%0.2331.74.112.7%000538.SZ云南白药3.23%0.463.21%0.4631.53.6-3.7%002432.SZ九安医疗1.30%0.791.22%0.754.23.383.6%300255.SZ常山药业1.43%1.061.42%1.064.92.8-39.4%603233.SH大参林9.11%0.919.11%0.9118.42.00.3%300685.SZ艾德生物6.94%1.496.91%1.496.11.79.9%603538.SH美诺华1.94%1.591.90%1.561.71.6110.0%600998.SH九州通2.08%0.532.08%0.535.51.53.7%300677.SZ英科医疗1.27%0.100.90%0.073.51.449.7%000999.SZ华润三九2.28%0.312.28%0.3110.61.3-2.1%300760.SZ迈瑞医疗7.56%-0.487.55%-0.48150.8-34.6-15.8%600276.SH恒瑞医药6.84%-0.356.58%-0.33241.1-32.1-8.2%603259.SH药明康德7.03%-0.915.83%-0.76170.6-7.46.7%688506.SH百利天恒0.44%-2.520.44%-0.305.0-4.8-13.8%300765.SZ新诺威1.25%-0.801.25%-0.805.6-4.8-11.1%000963.SZ华东医药2.22%-0.422.22%-0.4213.7-4.5-9.6%600332.SH白云山1.44%-1.031.25%-0.894.6-4.3-10.9%300759.SZ康龙化成2.80%-1.022.17%-0.8811.1-4.3-2.8%688331.SH荣昌生物1.38%-4.200.40%-1.212.9-4.266.4%300832.SZ新产业5.64%-0.064.90%-0.0418.9-3.0-13.0%注：陆股通个股数据区间为2025/12/31-2026/3/31 数据来源：Wind，西南证券整理西南证券研究院