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]

Market Performance - The Nasdaq and S&P 500 opened positively, with the S&P 500 reaching a new all-time closing high of 6978, up by +0.41% [1] - The Dow Jones Industrial Average fell by -408.99 points, or -0.83%, primarily due to a -19% loss in UnitedHealth (UNH) following mixed Q4 results [1] Economic Reports - The Case-Shiller Home Prices for November showed a slight improvement, with a +1.4% increase, and house prices rose +0.6% month over month and +1.9% year over year, although these figures lag behind the +2.7% inflation rate [2] - Consumer Confidence for January dropped significantly to 84.5, down nearly 10 points from a revised December figure of 94.2, indicating levels typically associated with an impending recession [4][5] Company Earnings - Texas Instruments (TXN) reported Q4 earnings of $1.27 per share, missing estimates by 3 cents, with revenues of $4.42 billion also falling short of expectations [6] - F5 (FFIV) exceeded earnings expectations with $4.45 per share on revenues of $822 million, leading to a +13% increase in after-hours trading [7] - Seagate Technologies (STX) reported fiscal Q2 earnings of $3.19 per share on revenues of $2.83 billion, surpassing estimates, although shares fell -1.3% after a significant year-to-date increase of nearly +35% [9]

| | 联合健康[UNH] 2026-01-28 05:00 | | | 5PMA = | 10PMA = 20PMA = 30PMA = | | --- | --- | --- | --- | --- | --- | | 369.576 | | | | | | | 357.331 | | | | | | | 345.086 | | | | | | | 332.842 | | | | | | | 320.597 | | | | | | | 308.352 | | | | | | | 296.107 | | | | | | | 283.862 | | | | | | | 271.618 | | | | | | | 7075万 | 成交单:65699871 | | | | | | 5307万 | | | | | | | 3538万 | | | | | | | 1769万 | | | ��� | | | | | 11-04 11-14 | 11-26 | 12-09 | 12-19 | 01-02 01-14 01-27 | *医疗保险股大跌，道指承压 *科技股领涨，财报季持续推进 *聚焦美联储会议，黄金再创新高 ...

Group 1: Impact on Health Insurers - The largest health insurers, including UnitedHealth and Humana, saw shares drop over 20%, while CVS Health (owner of Aetna) fell 14% due to proposed flat reimbursement rates for Medicare Advantage plans in 2027, significantly below Wall Street's expected increase of 4% to 6% [2] Group 2: Winners from Trump's Policies - General Motors reported better-than-expected profits, with shares rising 8.75%, benefiting from a more lenient stance on environmental regulations that allows for increased sales of gas-powered vehicles without needing to purchase electric vehicle credits [4] - Nucor, a North Carolina-based steel producer, experienced a 2.3% drop in shares following earnings but is up 42% over the past year, benefiting from the expansion of Section 232 tariffs that reduced U.S. finished steel imports [6]

Core Insights - UnitedHealth Group's stock decline significantly impacted the Dow Jones Industrial Average, contributing to a 422-point drop, which accounted for the entire 409-point decline of the index on that day [1][1][1] Company Performance - UnitedHealth's shares fell nearly 20%, losing $69 each, after disappointing earnings were reported [1][1] - The company faced a dual setback as Medicare administrators announced minimal increases in payments to private Medicare Advantage plans, and UnitedHealth forecasted a decline in total revenue for the year due to operational cutbacks [1][1] Market Impact - The Dow Jones Industrial Average fell by 0.8%, while the S&P 500 and Nasdaq saw gains of 0.4% and 0.9%, respectively, indicating a divergence in performance among major indexes [1][1] - UnitedHealth Group, being one of the most expensive stocks in the Dow, had a significant influence on the index's performance due to its price-weighted methodology [1][1][1] Related Stocks - Other influential stocks in the Dow, such as Goldman Sachs, Home Depot, and American Express, also experienced declines, but UnitedHealth's drop was the primary driver of the index's negative performance [1][1]