19岁成年后，迈恩选择"逃离"肯塔基州的农村老家。六年时间转瞬即逝，他一边在俄亥俄州的辛辛那提 兼职晚间安保，一边上着大学网络课程。为了让心里感到踏实一些，迈恩对花钱特别谨慎。"这样的生 活状态估计还要持续几十年。"他告诉智通财经（www.thepaper.cn）。 2001年出生的迈恩属于"Z世代"，即1990年代末和21世纪初出生的人，身边大多是共和党支持者。回顾 过去两次大选，他坦言曾做出令自己后悔的选择：2020年他将选票投给了候选人特朗普，但在2024年却 转向支持前副总统哈里斯。如今，迈恩已转变身份成为一名独立选民，并热切期待着新生代政治力量的 崛起。 来自密歇根州的埃尔娜则是坚定支持特朗普的乡村选民，一部分原因是喜欢特朗普的"活人感"和反 对"奥巴马医改"。而同样来自乡村的"蓝州（注：民主党支持率较高）"选民艾伦则告诉智通财经，特朗 普的"大而美"法案削减了医疗补助项目，让村民陷入了分裂。 这些年轻人为我们展现了美国广袤乡村里复杂的社会图景。尽管迈恩不支持特朗普可能只是个例，但依 然反映了一个令共和党警醒的趋势。美国全国公共广播电台、公共电视网和马里斯特学院去年12月联合 发布的民调显示，49% ...

Core Viewpoint - The U.S. House of Representatives passed a bill to extend subsidies related to the Affordable Care Act (ACA) for three years, but it faces significant challenges in the Senate [1][4]. Group 1: Legislative Process - The bill was approved with a vote of 230 in favor and 196 against, with support from 17 Republican members and all Democratic members [1][3]. - A similar proposal to extend the ACA tax credits was previously rejected by the Senate in December, and there is a high likelihood that this new proposal will face the same fate [4]. - A bipartisan group of senators is negotiating a compromise to extend the tax credits for two years instead of three, but several key disagreements remain [4][5]. Group 2: Key Issues - A major point of contention is the status of the Hyde Amendment, which prohibits federal funding for most abortion-related services. Many Republican senators want to strengthen this amendment, while some express a willingness to maintain its current provisions [5][6]. - Former President Trump has urged Republicans to be flexible regarding the Hyde Amendment, which has led to some dissent within the party [5]. Group 3: Political Dynamics - The push for the vote in the House was initiated by four moderate Republican members who joined Democrats in a petition to force the vote on the ACA subsidy extension [5][6]. - The petition process allows House members to bypass leadership obstacles if they gather enough support, demonstrating a strategic maneuver to advance the ACA subsidy extension [5].

Group 1 - Goldman Sachs reported that hedge funds sold more U.S. healthcare stocks than they bought last week, marking the first time in 14 weeks this has occurred due to impending subsidy expirations [1] - Approximately 24 million Americans purchased health insurance through the Affordable Care Act, with increased costs expected if Congress does not act before the subsidies expire on December 31 [1] - The ratio of short positions to long positions exceeded eight to one, indicating a bearish sentiment in the healthcare sector [1] Group 2 - The House Republicans passed a bill supported by Trump aimed at reducing premiums for some groups while cutting subsidies and increasing costs for others starting January 2027 [2] - Hims & Hers Health and Bruker were identified as the most favored short targets among mid-cap stocks in the U.S. according to Hazeltree data [2]

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]

Core Viewpoint - President Trump is pressuring major health insurance companies to lower costs for consumers facing premium increases after the expiration of Obamacare subsidies, aiming to gain support from middle and low-income voters ahead of the 2026 midterm elections [2][3]. Group 1: Industry Response - Major health insurance companies, including UnitedHealth Group, Cigna, and Humana, saw their stock prices decline after Trump's comments, despite a general rise in the stock market [3]. - The industry organization AHIP stated that premiums reflect the rising costs of medical care and that insurance companies are doing their best to protect Americans from these increasing costs [3]. Group 2: Legislative Context - Over 20 million Americans are projected to see their health insurance premiums double by 2026, which could significantly impact middle and low-income voters already struggling with living costs [4]. - Congress has limited time to address the premium issue before the open enrollment period ends on January 15, with Democrats focusing on the rising costs as a key voter concern [4]. Group 3: Cost Control Measures - Trump prefers a plan that provides direct subsidies for purchasing insurance but is exploring cost-reduction agreements with the industry to mitigate premium increases [3]. - The administration's public pressure on the insurance sector may create uncertainty regarding future profit margins and rate paths, negatively impacting short-term valuations for the sector [4]. Group 4: Pharmaceutical Agreements - Trump announced agreements with nine pharmaceutical companies to lower drug prices for low-income and disabled individuals, which includes selling discounted drugs directly to consumers and aligning U.S. drug prices with those in overseas markets [5][6]. - This initiative is touted as a significant victory in reducing patient costs in the healthcare industry, with expectations of rapid declines in drug prices [6].

Group 1 - President Trump plans to convene major health insurance companies to pressure them into lowering healthcare costs for Americans facing premium increases after the expiration of Obamacare subsidies [1][2] - The meeting is expected to take place in the coming weeks, with Trump emphasizing the need for insurance companies to reduce their profits significantly [2][3] - The health insurance industry, represented by AHIP, stated that premiums reflect healthcare costs and that insurance companies are doing their best to protect Americans from rising medical expenses [2] Group 2 - Over 20 million Americans are projected to see their healthcare premiums double by 2026, which could strain middle and low-income voters already concerned about living costs [3] - Congressional lawmakers left Washington without extending subsidies, leaving little time to address the critical premium issue before the open enrollment period ends on January 15 [3] - Trump's public pressure on insurance companies may create uncertainty regarding future profit margins and rates, negatively impacting the sector's short-term valuations [3] Group 3 - Trump announced agreements with nine pharmaceutical companies to lower drug prices for low-income and disabled individuals, claiming it as a significant victory for patients [4] - The pharmaceutical companies involved have committed to providing discounted drugs directly to consumers and launching new drugs at prices comparable to those in overseas markets [4] - Trump expressed optimism that drug prices in the U.S. will soon become the lowest among developed countries [4]

Group 1 - President Trump plans to convene major health insurance companies to pressure them into lowering healthcare costs for Americans facing premium increases after the expiration of ObamaCare subsidies [1][2] - The meeting is expected to take place in the coming weeks, with Trump emphasizing the need for insurance companies to reduce their profits significantly [2][3] - The health insurance industry, represented by AHIP, stated that premiums reflect healthcare costs and that insurance companies are doing their best to protect Americans from rising medical expenses [2][3] Group 2 - Over 20 million Americans are projected to see their healthcare premiums double by 2026, which could strain middle and low-income voters already concerned about living costs [3] - The Democratic Party is focusing on the rising premiums as a key issue for voters, especially in light of the upcoming midterm elections [3] - Trump's public pressure on insurance companies may create uncertainty regarding future profit margins and rates, negatively impacting the valuation of the health insurance sector in the short term [3] Group 3 - Trump announced agreements with nine pharmaceutical companies to lower drug prices for low-income and disabled individuals, claiming it as a significant victory for patients [4] - The agreements include commitments to sell discounted drugs directly to consumers and to launch new drugs in the U.S. at prices comparable to those in overseas markets [4] - Trump expressed optimism that these measures would lead to a rapid decrease in drug prices, potentially making them the lowest among developed countries [4]

Market Overview - The three major U.S. indices declined, with technology stocks leading the drop. The Dow Jones fell by 228.29 points (0.47%) to 47885.97, the Nasdaq dropped by 418.14 points (1.81%) to 22693.32, and the S&P 500 decreased by 78.83 points (1.16%) to 6721.43. Tesla (TSLA.US) fell over 4.6%, while Nvidia (NVDA.US) rose by 3.8% and Oracle dropped by 5.4% [1] European Market - In Europe, the DAX30 index fell by 120.01 points (0.50%) to 23967.32, while the FTSE 100 index increased by 85.72 points (0.89%) to 9770.51. The CAC40 index decreased by 20.11 points (0.25%) to 8086.05, and the Euro Stoxx 50 index dropped by 32.63 points (0.57%) to 5685.20 [1] Asia-Pacific Market - The Nikkei 225 index rose by 0.26%, and the KOSPI index increased by 1.43%. The Indonesian Composite index fell by 0.1% [2] Cryptocurrency - Bitcoin dropped over 2%, reaching a low of $85,314, while Ethereum fell over 4.6% to $2,825 [3] Precious Metals - Spot gold increased by 0.84% to $4,338.62, supported by expectations of further easing of U.S. monetary policy and strong investor demand. Market anticipation of a potential interest rate cut by the Federal Reserve in 2026 is also influencing gold prices [3] Oil Market - Light crude oil futures for January 2026 rose by $0.67 to $55.94 per barrel (1.21% increase), while February Brent crude oil futures increased by $0.76 to $59.68 per barrel (1.29% increase) [3] Macro News - Federal Reserve Governor Waller indicated that there is still room for interest rate cuts, suggesting a gap of 50 to 100 basis points from the neutral rate. He emphasized that there is no rush to cut rates given the current economic outlook [4] Employment Data - The U.S. unemployment rate rose to 4.6% from 4% since President Trump's term began. Historically, rising unemployment rates have correlated with losses in congressional seats for the incumbent party during midterm elections [5] Healthcare Legislation - Four moderate Republican representatives joined Democrats in a petition to push for a vote on extending subsidies for the Affordable Care Act, which are set to expire and could significantly increase insurance costs for approximately 22 million Americans [6][7] Company News - Micron Technology (MU.US) provided an optimistic revenue forecast for the current quarter, expecting between $18.3 billion and $19.1 billion, significantly above analysts' expectations of $14.4 billion. The stock rose approximately 6% in after-hours trading [9] - Google (GOOG.US) is working on a plan to enhance the compatibility of its AI chips with the popular AI software framework PyTorch, aiming to challenge Nvidia's dominance in the AI computing market [9] - Oracle (ORCL.US) saw its stock price drop nearly 50% from its September peak due to increased capital expenditure guidance and delays in data center deliveries, leading to concerns over debt risks [10] - Nvidia (NVDA.US) reached a settlement with Valeo over a lawsuit involving the alleged theft of autonomous driving technology trade secrets [11][12] Analyst Ratings - Jefferies raised the target price for Apple (AAPL.US) from $246.99 to $283.36 [13]

Core Viewpoint - The proposed healthcare bill by the Republican leadership in the U.S. House of Representatives does not address the significant increase in health insurance premiums, which will affect millions of Americans starting January 2024 [1][3]. Group 1: Impact on Healthcare Subsidies - The bill does not extend the enhanced subsidies from the Affordable Care Act (ACA), which are set to expire on December 31, potentially impacting around 24 million Americans with significant premium increases starting January [1][3]. - The bill includes a cost-sharing reduction provision aimed at lowering premiums for some individuals, but it will reduce the overall subsidy amount, leading to increased premiums for another group. This provision is set to take effect on January 1, 2027 [1][3]. Group 2: Legislative Process and Challenges - The House Rules Committee is scheduled to meet to decide whether to allow amendments that could extend subsidies and address the subsidy gap for 2026, with a potential debate in the full House next week [1][3]. - Even if the bill passes in the House, its prospects in the Senate are uncertain, as most bills require at least 60 votes from the 100 senators to advance, which this bill may struggle to achieve [1][3]. Group 3: Internal Party Divisions - There are divisions among Republican lawmakers regarding the extension of subsidies, with moderate Republicans advocating for a two-year extension of the enhanced tax credits and attempting to attach related votes as amendments to the comprehensive proposal [1][3][4]. Group 4: Additional Provisions in the Bill - The bill includes measures to expand the coverage of association health plans, allowing small businesses, freelancers, and self-employed individuals to pool resources to purchase group health insurance at lower costs [2][4]. - New transparency rules for pharmacy benefit managers are also part of the bill, along with an expansion of health reimbursement arrangements, enabling employers to provide tax-free reimbursements for employees' medical expenses and insurance premiums [2][5].

Core Viewpoint - The U.S. Senate rejected two opposing healthcare bills, which means that the subsidies under the Affordable Care Act (Obamacare) enjoyed by over 20 million Americans are set to expire at the end of the year [1][4]. Group 1: Senate Voting Outcomes - The Senate voted 51-48 to advance a Republican healthcare plan aimed at expanding health savings accounts to replace the soon-to-expire tax credits [4]. - The Democratic proposal to extend the subsidies for three years also failed with a 51-48 vote, both proposals lacking the 60 votes needed to overcome procedural hurdles [4][5]. Group 2: Political Dynamics - The voting largely followed party lines, with only one Republican, Rand Paul, opposing his party's proposal, while several Republicans supported the Democratic plan [5]. - The votes were seen more as political statements rather than efforts to reach a bipartisan compromise, as acknowledged by Senate leaders [2][5]. Group 3: Implications of Subsidy Expiration - If no agreement is reached, the expiration of subsidies could lead to significant premium increases for many families, potentially rising by $1,000 or more annually [6]. - The Senate's ability to reach an agreement was viewed as a critical opportunity to prevent the expiration of subsidies and avoid premium hikes for those purchasing insurance through the ACA exchanges [6]. Group 4: House of Representatives Situation - The House is also experiencing partisan divisions, with no plans for a vote on subsidy extensions before the upcoming recess [3][6]. - Democratic leaders in the House align with their Senate counterparts in seeking a three-year extension of the tax credits, while two bipartisan proposals to shorten the extension period are stalled [3][6]. Group 5: Future Negotiations - Senate leaders expressed skepticism about reaching a last-minute bipartisan agreement, with the Senate expected to recess until January [6]. - Ongoing negotiations face multiple political disputes, including contentious issues surrounding abortion restrictions [6][7].