Piper Sandler：联合健康是医保费率风暴中“最强生存者”，但行业整体风险加剧_老虎社区_美港股上老虎

Piper Sandler：联合健康是医保费率风暴中“最强生存者”，但行业整体风险加剧

智通财经网01-28

智通财经APP获悉，Piper Sandler高级研究分析师杰西卡·塔桑(Jessica Tassan)表示，在充满挑战的联邦医疗保险优势计划(Medicare Advantage)费率环境中，联合健康集团(UNH.US)是应对能力最强的公司，其核心原因包括公司规模庞大的基础设施、深厚的基于价值的医疗业务底蕴，以及对联邦医疗保险这一核心业务的战略坚守。这一评估是在医疗保险和医疗补助服务中心(...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2606760096?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-28 15:11","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2606760096","market":"us","top_or_hot":-1,"title":"Piper Sandler：联合健康是医保费率风暴中“最强生存者”，但行业整体风险加剧","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，Piper Sandler高级研究分析师杰西卡·塔桑(Jessica Tassan)表示，在充满挑战的联邦医疗保险优势计划(Medicare Advantage)费率环境中，联合健康集团(UNH.US)是应对能力最强的公司，其核心原因包括公司规模庞大的基础设施、深厚的基于价值的医疗业务底蕴，以及对联邦医疗保险这一核心业务的战略坚守。这一评估是在医疗保险和医疗补助服务中心(...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260128151439a6b62e58&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Piper Sandler：联合健康是医保费率风暴中“最强生存者”，但行业整体风险加剧</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPiper Sandler：联合健康是医保费率风暴中“最强生存者”，但行业整体风险加剧\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-28 15:11 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260128151439a6b62e58&s=b><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，Piper Sandler高级研究分析师杰西卡·塔桑(Jessica Tassan)表示，在充满挑战的联邦医疗保险优势计划(Medicare Advantage)费率环境中，联合健康集团(UNH.US)是应对能力最强的公司，其核心原因包括公司规模庞大的基础设施、深厚的基于价值的医疗业务底蕴，以及对联邦医疗保险这一核心业务的战略坚守。这一评估是在医疗保险和医疗补助服务中心(...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260128151439a6b62e58&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999014906.USD","symbol_name":"大华全球优质成长基金Acc USD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260128151439a6b62e58&s=b","article_id":"2606760096","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260128151439a6b62e58&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2606760096","pubTimestamp":1769584272,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"尽管面临诸多不利因素，塔桑仍强调，联合健康不会退出联邦医疗保险业务。此外，塔桑将联邦医疗保险优势计划形容为“一项极具意义与价值的崇高事业”。展望未来，塔桑依据近期的理赔数据分析认为，在4月公布最终费率时，存在上调费率的可能性。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","SG9999013999.USD":"UOB UNITED GLOBAL HEALTHCARE FUND (USDHDG) INC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","SG9999001176.SGD":"UOB UNITED GLOBAL HEALTHCARE \"SGD\" (ACC)","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0122379950.USD":"贝莱德世界健康科学A2","IE00B894F039.SGD":"Legg Mason ClearBridge - US Aggressive Growth A Acc SGD-H","LU1983299246.USD":"SCHRODER ISF HEALTHCARE INNOVATION \"A\" (USD) ACC","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","UNH":"联合健康","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE0009355771.USD":"骏利亨德森环球生命科技A Acc","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","IE00B2B36J28.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I1\" (USD) INC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","SG9999002232.USD":"Allianz Global High Payout USD","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","BK4585":"ETF&股票定投概念","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1023059063.AUD":"BGF WORLD HEALTHSCIENCE \"A2\" (AUDHDG) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU0079474960.USD":"联博美国增长基金A","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU1854103824.USD":"M&G (LUX) POSITIVE IMPACT \"A\" (USD) INC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU0823416689.USD":"BNP PARIBAS HEALTH CARE INNOVATORS \"C\" (USD) ACC","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","BK4588":"碎股","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU0058720904.USD":"联博国际健康护理基金A","BK4154":"管理型保健护理","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU2468319806.SGD":"MANULIFE GF HEALTHCARE \"AA\" (SGDHDG) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0289739699.SGD":"AB INTERNATIONAL HEALTH CARE PORTFOLIO \"A\" (SGD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","IE00BJT1NW94.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (SGDHDG) ACC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU2089984988.USD":"MANULIFE GF HEALTHCARE \"AA\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE00BJJMRZ35.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I2\" (SGDHDG) ACC","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","BK4566":"资本集团","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","IE00B4R5TH58.HKD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (HKD) ACC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU2324357040.USD":"HSBC GIF GLOBAL EQUITY SUSTAINABLE HEALTHCARE \"AC\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","IE00BZ9MQY76.HKD":"FTGF CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (HKD) ACC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0432979614.USD":"JPM GLOBAL HEALTHCARE \"A\" ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2112291526.USD":"BGF WORLD HEALTHSCIENCE \"A4\" (USD) INC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","UNHG":"2倍做多UNH ETF-Leverage Shares","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","UNHW":"Roundhill UNH WeeklyPay ETF","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","IE00BFTCPJ56.SGD":"Janus Henderson Global Life Sciences A Acc SGD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0882574055.USD":"富达全球健康医疗A ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","SGXZ57979304.SGD":"United Global Healthcare A Acc SGD-H","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0211326839.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) INC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","SG9999001176.USD":"United Global Healthcare Acc USD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","LU1057294990.SGD":"Blackrock World Healthscience A2 SGD-H","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0114720955.EUR":"SUSTAINABLE GLOBAL HEALTH CARE \"A\" INC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","IE00BFXG1179.USD":"BNY MELLON U.S. EQUITY INCOME \"B\" (USD) INC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1854104046.USD":"M&G (LUX) POSITIVE IMPACT \"A\" (USD) ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","IE0002141913.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I2\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","BK4534":"瑞士信贷持仓","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","LU1061106388.HKD":"BGF WORLD HEALTHSCIENCE \"A2\" (HKDHDG) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H"},"translate_title":"Piper Sandler: UnitedHealth is the \"strongest survivor\" in the health insurance rate storm, but the overall risk of the industry has intensified","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UNH":1.96,"UNHW":0.6,"UNHG":0.6},"content_text":"智通财经APP获悉，Piper Sandler高级研究分析师杰西卡·塔桑(Jessica Tassan)表示，在充满挑战的联邦医疗保险优势计划(Medicare Advantage)费率环境中，联合健康集团(UNH.US)是应对能力最强的公司，其核心原因包括公司规模庞大的基础设施、深厚的基于价值的医疗业务底蕴，以及对联邦医疗保险这一核心业务的战略坚守。这一评估是在医疗保险和医疗补助服务中心(Centers for Medicare and Medicaid Services)发布2027年预估费率通知后做出的。该通知显示，预计平均收入变化近乎持平，仅为0.09%，与2026年约5%的增幅相比出现大幅下降。据了解，由于当前医疗通胀率仍维持在较高水平，这一近乎持平的费率实际上构成了显著的盈利压力。与此同时，政府计划通过严厉打击“虚增代码”行为来收紧预算，预计到2027年将导致整个保险行业减少超过 70亿美元 的收入，这一政策导向直接触发了资本市场的剧烈抛售。受此冲击，联合健康的股价在2026年1月27日遭遇重挫，跌幅一度接近 20%，最终收跌19.61%，市值蒸发规模创下历史记录。在接受采访时，塔桑详细阐释了医疗保险行业的核心盈利模式，以及该行业当前所面临的困境。她表示：“目前的这些费率，远远无法跟上成本不断攀升的趋势。”她进一步指出，医疗保险的利用率和单位成本正以高个位数甚至两位数的幅度同比增长。这便导致了塔桑所形容的一种局面——“你获取的报酬，与作为支付方最终需承担的偿付金额之间的差距，正日益扩大”。尽管面临诸多不利因素，塔桑仍强调，联合健康不会退出联邦医疗保险业务。毕竟，该业务在公司通过联邦医疗保险优势计划、双资格特殊需求计划(DSNP)、独立处方药计划(Part D)以及医疗补充保险(MedSup)所获取的保费收入中，占比约达三分之二。\"甚至可以说，鉴于其规模、基础设施和资源，它们是最有能力经受住这种充满挑战的费率环境的。\"她称。该分析师特别强调了联合健康在基础设施方面所具备的优势，尤其强调了其规模庞大的基于价值的医疗业务。他表示：“联合健康所拥有的规模化基础设施，这里具体所指的就是其庞大的基于价值的医疗业务，这使得它相较于大多数其他医疗优势计划组织(MAO)，在艰难的费率环境中具备更强的抗风险能力。”此外，塔桑将联邦医疗保险优势计划形容为“一项极具意义与价值的崇高事业”。她提到，到2025年，预计将有3400万老年人选择这一计划。不过，她也同时指出了其中潜藏的更广泛风险。她表示，当前颇具挑战性的费率情况，“对整个行业而言，乃至最终对受益人来说，都是一种风险”，这并非单纯针对联合健康而言。毕竟，该计划在改善医疗成效、推广医疗服务普及等方面，有着良好的过往记录。展望未来，塔桑依据近期的理赔数据分析认为，在4月公布最终费率时，存在上调费率的可能性。不过，倘若最终公布的费率依旧无法满足需求、仍显不足，她预计医疗优势计划组织会进一步削减福利，甚至退出部分地区市场——若真如此，这将是该行业连续第二年出现整体规模收缩的情况。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}