Wanlian Securities: Public offering of medical pharmaceutical holdings in the first quarter of 2026 focused on creating Shenzhen New Industries Biomedical Engineering Chain. It is recommended to pay attention to biotechnology companies and large pharmaceutical enterprises.

Wanlian Securities released a research report stating that as of Q1 2026, the structure of public fund pharmaceutical holdings continues to focus on innovative drugs and CXO, such as Shenzhen New Industries Biomedical Engineering. It is recommended to focus on biotechnology companies with FIC (first in class) or BIC (best in class) potential and large pharmaceutical companies that have successfully transformed. At the same time, attention should be paid to CXOs with ample orders on hand and production capacity in emerging areas such as peptide synthesis and CGT (cell and gene therapy). Key points from Wanlian Securities include: - As of Q1 2026, the scale of pharmaceutical theme funds increased by 59.90 billion yuan compared to the previous quarter. - The percentage of total market value of pharmaceutical and bio-pharmaceutical industries in all industries increased by 0.90 percentage points quarter-on-quarter. The total market value of biopharmaceuticals and medical services increased significantly, and the structure of public fund pharmaceutical holdings continued to focus on innovative drugs and CXO. - The scale of pharmaceutical theme funds increased by 59.90 billion yuan compared to the previous quarter. - As of Q1 2026, the net asset value of Hithink RoyalFlush Information Network's pharmaceutical industry theme fund was 207.02 billion yuan, an increase of 59.90 billion yuan compared to the previous quarter. Among them, the net asset value of Hithink RoyalFlush Information Network pharmaceutical ETF accounted for 56.41% of the net asset value of pharmaceutical industry theme funds, an increase of 5.13 percentage points compared to the previous quarter. - The percentage of total market value of pharmaceutical and bio-pharmaceutical industries in all industries increased by 0.90 percentage points quarter-on-quarter. - As of Q1 2026, among all public funds, the total market value of the pharmaceutical and bio-pharmaceutical industry maintained by Wind Bio Pharmaceutical was 329.79 billion yuan, an increase of 14.76 billion yuan compared to the previous quarter. The total market value of pharmaceutical and bio-pharmaceutical industries accounted for 8.85% of the total market value of all industries, an increase of 0.90 percentage points compared to the previous quarter. - The total market value of biopharmaceuticals and medical services increased significantly quarter-on-quarter. - As of Q1 2026, among all public funds, the total market value of the second-tier industries of chemical pharmaceuticals, biopharmaceuticals, medical services, medical devices, pharmaceutical commerce, and traditional Chinese medicine II maintained by Shanghai Securities was 119.40 billion Yuan, 75.81 billion yuan, 70.78 billion yuan, 46.42 billion yuan, 7.73 billion yuan, and 9.15 billion yuan respectively. Among them, the total market value of medical services, biopharmaceuticals, and traditional Chinese medicines II increased by 14.37 billion yuan, 8.05 billion yuan, and 2.73 billion yuan respectively compared to the previous quarter, while the total market value of chemical pharmaceuticals, medical devices, and pharmaceutical commerce decreased by 47.00 billion yuan, 32.19 billion yuan, and 6.20 billion yuan respectively compared to the previous quarter. - Among the top five stocks with the highest holdings in the pharmaceutical and bio-pharmaceutical sub-industries, innovative drug companies and CXO increased their holdings significantly. - As of Q1 2026, among all funds, the top five stocks with the highest holdings in the second-tier industries of chemical pharmaceuticals were: Jiangsu Hengrui Pharmaceuticals (A-share + H-share), BeOne Medicines Ltd. (A-share + H-share), CSPC PHARMA, Shenzhen Salubris Pharmaceuticals, Sichuan Biokin Pharmaceutical; The top five stocks with the highest holdings in the biopharmaceutical industry were: INNOVENT BIO, AKESO, SKB BIO, REMEGEN (A-share + H-share), 3SBIO; The top five stocks with the highest holdings in medical services were: WuXi AppTec (A-share + H-share), Hangzhou Tigermed Consulting (A-share + H-share), Pharmaron Beijing (A-share + H-share), Asymchem Laboratories (A-share + H-share), Aier Eye Hospital Group. Among them, CSPC PHARMA, Shenzhen Salubris Pharmaceuticals, Sichuan Biokin Pharmaceutical, AKESO, and REMEGEN and other innovative drug companies increased their holdings significantly, while WuXi AppTec, Hangzhou Tigermed Consulting, Pharmaron Beijing, and Asymchem Laboratories and other CXOs increased their holdings significantly. - Risk factors: geopolitical risks, research and development failure risks, lagging disclosure of public fund quarterly reports, etc.