成本急剧上升，联邦补贴退潮，美国“僵尸企业”数量激增

Core Insights - The number of "zombie companies" in the U.S. has reached a new high since early 2022, with nearly 100 new cases reported in October alone due to high interest rates and inability to repay debts [1][2] - Zombie companies are defined as those whose operating income is insufficient to cover interest expenses, indicated by an interest coverage ratio of less than 1 [1] - The surge in zombie companies is primarily concentrated in the healthcare and biotech sectors, facing immense pressure from rising costs and the withdrawal of federal subsidies [1] Group 1 - The increase in zombie companies is attributed to the high debt levels incurred during the low-interest rate environment of the pandemic, which are now unsustainable due to rising financing costs and economic impacts from U.S. tariff policies [1][2] - A notable case involves a large telecommunications company whose bonds have fallen below 80 cents, with yields approaching 20%, indicating severe debt repayment challenges [2] - The difficulty in obtaining new financing for these companies is expected to persist, as S&P Global Ratings has downgraded profit forecasts for speculative-grade issuers across various sectors, including residential builders and oil and gas producers [2] Group 2 - Recent trade agreements and signals from the Federal Reserve regarding potential pauses in interest rate cuts are likely to exacerbate the pressures faced by zombie companies [2] - Analysts warn that many zombie companies may still be hidden from view, suggesting that the severity of the underlying issues could be much greater than commonly perceived in the market [2]