补贴政策争论加剧，对冲基金做空医疗服务提供商

Core Insights - Goldman Sachs reported that hedge funds experienced net selling of U.S. healthcare stocks for the first time in 14 weeks due to the impending expiration of subsidy policies and lawmakers' urgency to control related costs [1][4] - Approximately 24 million Americans purchase health insurance through the Affordable Care Act, with increased subsidies during the COVID-19 pandemic set to expire on December 31, leading to potential significant premium increases unless Congress enacts an extension [1][4] - President Donald Trump announced plans to meet with health insurance companies in the coming weeks to discuss feasible ways to lower premiums [1][4] Hedge Fund Activity - The report indicated that hedge funds were net sellers of stocks in healthcare service providers, pharmaceuticals, and biotech companies, with only the life sciences and medical technology sectors recording net buying [1][4] - Goldman Sachs noted that short positions in the healthcare sector were more than eight times larger than long positions, indicating a bearish outlook among investors [1][4] Market Conditions - Current holdings in healthcare stocks remain relatively high compared to the averages of the past year and five years [2][5] - Rising healthcare costs, combined with increasing prices of other consumer goods, have led to public dissatisfaction, which may become a focal issue in the 2026 midterm elections [2][5] Legislative Developments - The U.S. House of Representatives passed a bill supported by Trump that will lower insurance premiums for certain groups starting January 2027, while simultaneously reducing subsidies for others, potentially increasing costs for some [6] - The timing of this bill's implementation is noteworthy as it is only two months before the election [6] Short Selling Trends - According to data from HazelTree, a financial data service tracking 700 asset management firms and 15,000 stocks, the telehealth company Him & Hers and scientific instrument manufacturer Bruker were the top two shorted mid-cap stocks in the U.S. in November [6]