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 ...

加拿大皇家银行(RBC)：将联合健康(UNH.US)目标价从408美元下调至361美元。 ...

政府統計處發表的對外商品貿易統計數字顯示，2025 年 12 月份本港整體出口 和進口貨值均錄得按年升幅，分別上升 26.1%和 30.6%。市場預期分別上升 16.8% 及 19.9% 港股點評 2026年1月28日9:30 a.m 恒指升 361 點，滬指升 7 點，標普 500 升 28 點 外圍股市上升。港股造好。恒指高開 97 點後升幅擴大，曾升 423 點一度高見 27,188 點，全日升 361 點或 1.4%，收 27,126 點；國指升 97 點或 1.1%，收 9,244 點；恒生科指升 28 點或 0.5%，收 5,754 點。大市全日成交總額 2,543.73 億元。 人民幣兌美元中間價按日下調 15 點，報 6,9858 兌一美元。人民銀行 27 日在公 開市場開展 4,020 億元人民幣七天期逆回購操作，操作利率持平於 1.4%。有 3,240 億元逆回購到期，單日淨投放 780 億元。A 股三大指數早市個別發展，午後全 線穩升。滬綜指全日收升 7 點或 0.2%，報 4,139 點，成交 1.29 萬億元。深成指 全日收升 13 點或 0.09%，報 14,329 點，成交 1. ...

In medical school lingo, comorbidity is when a patient has two or more conditions at once. On Tuesday, Minnesota-based UnitedHealth Group (UNH) suffered the financial equivalent, as disappointing annual earnings combined with a dramatic tightening in 2027 federal Medicare reimbursements to send its shares reeling. Unfortunately for those holding other insurance-sector stocks, the bad news was contagious. SUBSCRIBE:  Receive more of our free The Daily Upside newsletter. READ ALSO: Meta, Microsoft Confront ...

Group 1: Hong Kong Stock Market Performance - Most property stocks in Hong Kong rose, with China Jinmao (00817) up 7.95%, Greentown China (03900) up 5.79%, and China Overseas Macro Yang Group (00081) up 4.62%. Vanke Enterprises (02202) also saw a gain of 2.49% following significant progress in debt resolution, with the extension proposals for two medium-term notes totaling 5.7 billion yuan approved [1][1]. - Pop Mart (09992) increased by over 4.8%, reflecting confidence in its development as it recently repurchased shares for the first time since early 2024, which is expected to attract more investors [1][1]. - Nanshan Aluminum International (02610) rose over 4.7% after announcing plans to invest approximately 4.37 billion USD (about 30.56 billion yuan) in a new aluminum project in Indonesia [1][1]. Group 2: Notable Company Announcements - Alibaba Health (00241) rose over 3.3% after launching a new feature for its AI medical application "Hydrogen Ion" [2][2]. - GCL Global (GCL.US) increased by 9.91% ahead of its earnings call scheduled for January 30, 2026 [5][5]. - Ericsson (ERIC.US) continued its upward trend with a 4.03% increase after reporting a strong Q4 2025 financial performance, with adjusted EBITA rising 24% year-on-year [5][5]. Group 3: Market Trends and Price Adjustments - The gold market saw a significant rise, with spot gold prices surpassing 5200 USD, leading to a 7.38% increase in the shares of Wan Guo Gold Group (03939) [2][2]. - The semiconductor sector showed strong performance, with stocks like Naxin Micro (02676) up 10.62% and a price adjustment announcement from Zhongwei Semiconductor indicating a price increase of 15% to 50% due to supply-demand pressures [3][4]. - The storage sector also experienced a pre-market surge, with Micron Technology (MU.US) up 5.44% as price increases spread across the storage market [7][7].

Summary of Key Points from Conference Call Records Industry Overview - **Market Performance**: The S&P 500 experienced a five-day winning streak, reaching record highs before major tech earnings reports. The dollar hit a four-year low, while gold prices surged. A-shares showed a volatile upward trend, with significant gains in precious metals and the computing hardware supply chain [1][2]. Core Insights and Arguments - **Tech Sector Earnings**: Major tech companies are influencing market trends, with Meta's $60 billion order for fiber optics leading to a 15% surge in Corning's stock. Micron and Microsoft also saw stock increases of over 5% and 2%, respectively, while Tesla's stock fell by 1% [1]. - **Economic Indicators**: In December, profits for large-scale industrial enterprises in China shifted from a 13.1% decline in November to a 5.3% increase, indicating improved profitability and growth in the upper and middle reaches of the industrial sector [1]. - **Commodity Prices**: Gold prices rose over 3%, while silver experienced significant volatility, with a drop of over 10% and a subsequent rise of nearly 9% [1]. Important but Overlooked Content - **Sector-Specific Developments**: - **AI Applications**: The AI sector is seeing significant advancements, with new models expected to launch during the Spring Festival. Companies like Deepseek and Kimi are releasing new products, indicating a robust growth trajectory in AI applications [5][6]. - **Fiber Optics**: Meta's substantial investment in fiber optics is a key development, with potential implications for related companies such as Yangtze Optical Fibre and Hengtong Optic-Electric [6]. - **Aviation Industry**: China’s COMAC plans to increase production and delivery of the C919 narrow-body aircraft, suggesting a potential growth area in the domestic aviation market [6]. - **Semiconductors**: Price adjustments by Zhongwei Semiconductor for MCU and Norflash products, with increases ranging from 15% to 50%, highlight the ongoing demand and pricing power in the semiconductor sector [6]. - **Cloud Computing**: Google announced a price adjustment for data transmission methods in North America, which could significantly impact cloud service providers and related companies [6].

James对联合健康(UNH.US)和西维斯健康(CVS.US)均维持"买入"评级，她认为这两家企业不应随板块整 体走弱而被拖累。 受联邦医疗保险优势计划定价体系紊乱影响，美股医疗保险板块陷入低迷，但Cantor Fitzgerald分析师 Sarah James认为，这正是逢低布局的绝佳时机。 James在接受采访时表示："我认为这是又一次优质的买入机会。"她指出，联邦医疗保险优势计划的定 价每年都会重新核定，而板块当下的抛售潮，正导致行业内多只股票被错误定价。 她进一步分析称，医保板块此番走弱，根源在于过去数年该计划的定价水平不足以覆盖老年群体的医疗 成本。市场原本预期2027年定价与成本将实现匹配并迎来改善，然而美国联邦医疗保险和医疗补助服务 中心却反其道而行之，出台了新的利空政策。James直言，这些政策的核算准确性"往好里说也颇具争 议"。 James认为，股市对联邦医疗保险优势计划的相关挑战作出了"不合理的资金配置反应"。尽管哈门那 (HUM.US)等高度依赖该计划的企业确实面临实质性利空——James对其给出"持有"评级，但那些定价策 略稳健、业务布局多元的医保企业，却遭到了市场的不公正抛售。 ...

Core Viewpoint - UnitedHealth Group (NYSE:UNH) is a leading healthcare company in the U.S., providing a wide range of health benefits and services, and competes with major players like Anthem and Cigna [1] Group 1: Stock Performance - On January 27, 2026, UNH's stock experienced a significant downturn, plummeting by 19.8% to $281.96, marking its worst single-day percentage loss since April [2] - The stock's decline amounted to $70.08, or approximately 19.93%, bringing its price to $281.56, with a trading day low of $280.40 and a high of $299.50 [3] - The trading volume for the day reached 56.14 million shares, indicating heightened investor activity amid the stock's sharp decline [4] Group 2: Market Outlook - Piper Sandler set a price target of $396 for UNH, suggesting a potential price increase of approximately 40.56% from its current trading price of $281.73 [2] - Despite the downturn, UNH's market capitalization remains robust at approximately $255.05 billion, highlighting its significant presence in the healthcare industry [5] - Over the past year, UNH has seen a high of $606.36 and a low of $234.60, showcasing its price fluctuations in the market [4]

Group 1 - The U.S. stock market showed mixed performance with the Dow Jones down 0.83% at 49,003.41 points, while the S&P 500 rose 0.41% to 6,978.6 points, and the Nasdaq increased by 0.91% to 23,817.1 points, indicating a divergence in market sentiment [1] - The technology sector, particularly large tech and semiconductor stocks, saw a capital inflow driven by positive news related to AI, while healthcare insurance stocks faced significant selling pressure due to policy and earnings forecast concerns [1][2] - UnitedHealth Group's stock plummeted nearly 20% after it provided a revenue outlook for 2026 that fell short of market expectations, contributing to the decline of the Dow Jones index [2] Group 2 - Micron's stock surged over 5% following the announcement of a $24 billion investment in Singapore over the next decade to meet rapidly growing demand, which is expected to stimulate the related supply chain [2] - SanDisk and Western Digital saw their stock prices rise by over 2% and nearly 5%, respectively, reflecting market optimism regarding the recovery of the storage chip sector and increased demand driven by AI applications [2] - The latest consumer confidence index in the U.S. dropped to its lowest level since 2014, even below pandemic levels, indicating public unease regarding fluctuating tariff policies and trade directions, which adds uncertainty to the market outlook [2]

Key Takeaways Markets Diverged Today, with UNH Sagging the Dow -400 pointsCase-Shiller Home Prices Were Fairly In-Line, Chicago & NYC LedConsumer Confidence Posted a Large Decline in JanuaryTXN Misses, F5 and STX Beat Quarterly EstimatesTuesday, January 27th, 2026Markets kept flattish along their separate trajectories today, with the Nasdaq and S&P 500 opening the session in the green, the small-cap Russell 2000 riding the zero-balance for most of the day, and the blue-chip Dow, led downward by a -19% loss ...