Healthcare Sector Performance & Outlook - Healthcare sector experienced its worst three-year performance in over a decade, with a 25% increase compared to the S&P 500's 57% gain [1] - The healthcare sector's outlook hinges on clarity regarding drug pricing policies, particularly concerning the Most Favored Nation (MFN) [3][9] Drug Pricing & Policy Uncertainty - Uncertainty surrounding the scope of MFN drug pricing policy (Part B vs Part D, commercial spillover) is causing hesitation among generalist investors [2][5][6] - The industry anticipates MFN policy to be limited to Part B (injectable drugs) with potential for improved price points and US-only launches for new drugs, maintaining price integrity [5][8] Innovation & Investment - There is strong innovation within the biotech space, encouraging investment, with broad consensus supporting continued innovation [7] Company Earnings - Managed care companies like Sigma and Humana, along with large-cap pharma including Bristol Myers and Merck, are reporting earnings this week [1]

证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 20 日 [Table_Title] 2025Q1Sigma 锂精矿产销量分别同比增长 26%/17%至 6.83 万吨/6.16 万吨，二期项目计划于 2025Q4 末调试 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q1 生产经营情况 2025Q1，公司锂精矿生产量为 68,308 吨，同比增长 26%，环比减少 11%。 2025Q1，公司锂精矿销售量为 61,584 吨（发货精矿 Li2O 品位为 5%），同比增长 17%，环比减少 17%。主要是由于会 计截止日期的安排，导致部分发货推迟到季度末之后。 2025Q1，公司单吨平均售价为 774 美元/吨，同比增长 10%，环比增长 21%。 2025Q1，公司 COGS 为 556 美元/吨，同比下降 12%，环 比上涨 28%。 2025Q1，公司单位现金成本（矿场）为 349 美元/吨，同 比下降 12%，环比上涨 10%。 2025Q1，公司单位现金成本（CIF 中国）为 458 美元/吨， 同比下降 17 ...