证券研究报告 | 2026年02月01日 美股市场速览 弱于大市 小盘带头回撤，资金加速流出 价格走势：整体边际走弱，小盘显著回撤 本周，标普 500 涨 0.3%，纳斯达克跌 0.2%。 风格：大盘价值（罗素 1000 价值+0.6%）＞大盘成长（罗素 1000 成长-0.5%） ＞小盘价值（罗素 2000 价值-1.0%）＞小盘成长（罗素 2000 成长-3.1%）。 13 个行业上涨，10 个行业下跌，1 个基本持平。上涨的主要有：电信业务 （+9.0%）、技术硬件与设备（+4.6%）、能源（+3.9%）、媒体与娱乐（+3.8%）、 银行（+2.7%）；下跌的主要有：软件与服务（-6.9%）、汽车与汽车零部件 （-3.2%）、医疗保健设备与服务（-3.1%）、商业和专业服务（-2.6%）、 耐用消费品与服装（-1.5%）。 资金流向：资金加速流出，科技板块内部分化 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-84.1（亿美元， 下同），上周为+5.6，近 4 周为+50.1，近 13 周为+1.2。 15 个行业资金流入，9 个行业资金流出。资金流入的主要有：技术硬件与设 备（+40. ...

美股市场速览 弱于大市 小盘带头回撤，资金加速流出 证券研究报告 | 2026年02月01日 价格走势：整体边际走弱，小盘显著回撤 本周，标普 500 涨 0.3%，纳斯达克跌 0.2%。 风格：大盘价值（罗素 1000 价值+0.6%）＞大盘成长（罗素 1000 成长-0.5%） ＞小盘价值（罗素 2000 价值-1.0%）＞小盘成长（罗素 2000 成长-3.1%）。 13 个行业上涨，10 个行业下跌，1 个基本持平。上涨的主要有：电信业务 （+9.0%）、技术硬件与设备（+4.6%）、能源（+3.9%）、媒体与娱乐（+3.8%）、 银行（+2.7%）；下跌的主要有：软件与服务（-6.9%）、汽车与汽车零部件 （-3.2%）、医疗保健设备与服务（-3.1%）、商业和专业服务（-2.6%）、 耐用消费品与服装（-1.5%）。 资金流向：资金加速流出，科技板块内部分化 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-84.1（亿美元， 下同），上周为+5.6，近 4 周为+50.1，近 13 周为+1.2。 15 个行业资金流入，9 个行业资金流出。资金流入的主要有：技术硬件与设 备（+40. ...

Core Viewpoint - Retail investors are actively discussing five prominent stocks driven by retail hype, earnings reports, AI developments, and corporate news flow during the week of January 26 to January 30 [1] Company Summaries Microsoft (MSFT) - The stock is trading around $433 to $435 per share, with a 52-week range of $344.79 to $555.45 - It has risen by 4.46% over the year but declined by 15.54% over the last six months - The stock shows a weaker price trend in the short, medium, and long terms, despite a solid quality ranking [7] SanDisk (SNDK) - The stock is trading around $539 to $546 per share, with a 52-week range of $27.90 to $546.75 - It has advanced by 1,398.06% over the year and 1,142.91% in the last six months - The stock demonstrates a stronger price trend across all time frames [7] Meta Platforms (META) - The stock is trading around $730 to $739 per share, with a 52-week range of $479.80 to $796.25 - It has returned 7.47% over the year and 6.20% in the last six months - The stock shows a stronger price trend in the short, medium, and long terms, with a moderate value score [7] Apple (AAPL) - The stock is trading around $258 to $260 per share, with a 52-week range of $169.21 to $288.61 - It has increased by 8.71% over the year and 23.55% over the last six months - The stock maintains a stronger long-term price trend but a weaker trend in the short and medium terms, with a solid quality score [7] UnitedHealth (UNH) - The stock is trading around $291 to $293 per share, with a 52-week range of $234.60 to $606.36 - It has dropped by 46.42% over the year but increased by 9.87% over the last six months - The stock shows a weaker price trend across all time frames, with a moderate value ranking [7] Market Overview - Retail investor sentiment is influenced by a blend of meme-driven narratives, earnings outlooks, and corporate news flow, while major indices like the S&P 500, Dow Jones, and Nasdaq exhibited mixed market action during the week [8]

中新网1月31日电 综合报道，当地时间30日，美国纽约曼哈顿地区法院法官驳回了对联合健康集团高管 枪杀案嫌疑人路易吉·曼吉奥内的谋杀指控，该联邦指控原本使检方有权寻求死刑。 据此前报道，2024年12月4日，一名蒙面枪手在纽约曼哈顿近距离射杀了在该市参加会议的汤普森。案 发后，嫌疑人逃离现场，并于五日后在宾夕法尼亚州被捕，后被引渡回纽约。该案以其骇人细节震惊全 美，后续审理受到广泛关注。 图片来 源：美联社报道截图 据英国《卫报》报道，法官玛格丽特·加内特表示，她受到美国联邦最高法院判例的约束，不得不撤销 谋杀指控，因为相关指控与曼吉奥内仍然面临的两项跟踪指控在法律上"不相容"。 美国有线电视新闻网(CNN)指出，为了寻求死刑，联邦检方必须证明曼吉奥内是在实施"暴力犯罪"过程 中杀害了联合健康保险公司首席执行官布莱恩·汤普森。然而，加内特指出，跟踪行为不构成"暴力犯 罪"。 加内特承认，该判决确实不符合公众的直觉，但她作为法官只能按照现行法律审理此案。 此外，加内特还驳回了一项枪支相关指控，但保留了两项跟踪罪指控，这些指控最高可判处终身监禁。 曼吉奥内目前面临联邦指控和州指控，而他均表示不认罪。 ...

Core Viewpoint - UnitedHealth Group (NYSE: UNH) has shown a significant bullish technical signal with the formation of its first golden cross since July 2024, indicating potential recovery after a substantial earnings-driven decline [1][3]. Stock Performance - UNH stock has experienced a peak-to-trough decline of approximately 48%, trading around $287, down from highs above $550 in 2024 [2]. - The stock saw a sharp drop of about 20% in January 2026 following disappointing Q4 2025 earnings and a weaker outlook for 2026 [3]. Technical Indicators - The 50-day moving average recently crossed above the 200-day moving average, suggesting improving short-term momentum after a prolonged bearish trend [1][3]. - The $330–$350 price zone remains a critical resistance level that needs to be reclaimed for a sustainable trend reversal [4]. Financial Performance - UnitedHealth reported Q4 2025 revenue of $113.2 billion, which fell short of expectations by approximately $530 million [4]. - Although adjusted EPS of $2.11 met forecasts, the focus was on underlying weaknesses, particularly the 2026 revenue guidance projected at over $439 billion, significantly below the consensus of around $454 billion [5]. - This guidance indicates a rare year-over-year revenue decline from 2025's revenue of about $447.6 billion, challenging previous growth assumptions [6].

【#枪杀美医保高管嫌犯不会面临死刑#】#路易吉将不会面临死刑#当地时间1月30日，美国纽约曼哈顿 地区法院法官驳回了对枪杀美国联合健康集团旗下联合健康保险公司首席执行官汤普森的嫌疑人路易吉 ·曼焦内的谋杀指控，该联邦指控原本使检方有权寻求死刑。法官玛格丽特·加内特还驳回了一项枪支相 关指控，但保留了两项跟踪罪指控，这些指控最高可判处终身监禁。#美法官驳回对路易吉谋杀指控#加 内特表示，她受到美国联邦最高法院判例的约束，不得不撤销谋杀指控，因为相关指控在法律上与曼焦 内仍然面临的两项跟踪指控"不相容"——为了寻求死刑，联邦检方必须证明曼焦内是在实施"暴力犯 罪"过程中杀害了汤普森。然而，加内特在判决书中援引判例等指出，跟踪行为不符合"暴力犯罪"的定 义。在这份长达39页的判决书中，加内特指出，联邦检察官只有在跟踪指控构成"暴力犯罪"的前提下， 才能继续推进谋杀和枪支相关指控。曼焦内目前面临联邦指控和州指控，而他均表示不认罪。2024年12 月4日，汤普森在纽约市曼哈顿一家酒店外遭枪击身亡。一名蒙面枪手事先等在酒店外，在汤普森抵达 后向其连开数枪，随后逃离现场。5天后，曼焦内在宾夕法尼亚州被捕。之后，他被控谋杀等 ...

UnitedHealth Group Incorporated (NYSE:UNH) is included among the 14 High Yield Dividend Stocks with Sustainable Payouts. RBC Capital Sees Long-Term Growth Intact at UnitedHealth (UNH) Despite CMS Uncertainty On January 28, RBC Capital cut its price recommendation on UnitedHealth Group Incorporated (NYSE:UNH) to $361 from $408. However, it kept an Outperform rating on the stock. The firm said it was encouraged that management has recommitted to a long-term adjusted EPS growth target of 13%–16%. At the sam ...

Piper Sandler analyst Jessica Tassan remains bullish on UnitedHealth (UNH) stock, although she lowered her price target on shares. This comes after news that the Centers for Medicare and Medicaid Services (CMS) indicated that it would not meaningfully increase health insurers' Medicare Advantage reimbursement rates in 2027. However, with health insurers obviously in President Donald Trump's administration's crosshairs and UnitedHealth's Medicare and Retirement unit generating 25% of its revenue in fiscal ...

2024年12月4日，美国联合健康集团旗下联合健康保险公司首席执行官布赖恩·汤普森在纽约市曼哈顿一 家酒店外遭枪击身亡。一名蒙面枪手事先等在酒店外，在汤普森抵达后向其连开数枪，随后逃离现场。 5天后，曼吉奥内在宾夕法尼亚州被捕。之后，他被控谋杀等罪名，多次出庭受审。目前曼吉奥内同时 面临州级和联邦指控，并已对所有指控表示不认罪。 （文章来源：央视新闻） 当地时间1月30日，美国纽约一名联邦法官驳回了针对被控枪杀联合健康集团高管布莱恩·汤普森的嫌疑 人路易吉·曼吉奥内可适用死刑的相关指控，其中包括谋杀指控和武器相关指控，这意味着死刑不再作 为该案的量刑选项。 ...

Core Insights - UnitedHealth Group experienced a significant loss of approximately $60 billion in market value following the Centers for Medicare & Medicaid Services' proposed payment rates for 2027, which were only a 0.09% increase compared to the expected 5% [1] - The company's stock plummeted 19% in one day, marking its worst performance since April 2025 [1] Financial Performance - UnitedHealth's CEO projected a decline in 2026 revenue to around $439 billion, representing a 2% decrease from 2025, marking the first revenue contraction since 1989 [4] - The company reported adjusted earnings per share (EPS) of $2.11 for the fourth quarter, slightly above estimates, but this figure excluded a significant $1.6 billion after-tax charge related to a cyberattack and restructuring costs [4] Membership Trends - UnitedHealth is facing a substantial membership decline, with projections indicating a loss of between 1.3 million and 1.4 million members in its Medicare Advantage segment this year [5] - The company anticipates total membership losses of 2.3 million to 2.8 million, including expected losses of 565,000 to 715,000 Medicaid members and declines in commercial plans [8] - Despite the membership exodus, the company is strategically focusing on sustainable members by walking away from unprofitable business and repricing plans to prioritize margin recovery over top-line growth [8] Dependency on Medicare - UnitedHealth has become increasingly reliant on Medicare for revenue growth, with Medicare revenue now more than double that of private insurance revenue [7] - This dependency has turned into a vulnerability as government rates have stagnated, impacting the company's long-term growth prospects [7]