辉瑞公司正试图利用其与特朗普政府建立的直接沟通渠道，来应对潜在的高额关税和药品定价压力。该公司首席执行官Albert Bourla透露，正在进行的 谈判或为行业带来一定的缓冲空间。 周二，Bourla在电话会上透露，正与特朗普政府就药品关税和"最惠国"定价政策进行"富有成效"的对话。在随后接受媒体采访中，Bourla透露了与特朗 普就药品关税进行的讨论细节。他表示，根据最新沟通， 最初征收的关税"将非常小"，且总统已"为设立宽限期打开了窗口"。 特朗普在周二接受采访 威胁要对进口药品征收高达250%的关税。 除了关税问题，Bourla还证实辉瑞公司已收到白宫的信函，要求其根据"最惠国"（Most Favored Nations）原则，为联邦医保（Medicare）和医疗补助 （Medicaid）计划大幅降低药价。他表示， 公司正在为执行降价做准备，同时也努力寻求减轻负面影响的方案，并强调相关细节仍在与总统商议中。 然而，Bourla也多次强调，无论是关税还是定价新政， "魔鬼都在细节之中"， 最终的政策落地形式将决定其对行业的真实影响。 辉瑞CEO表示，正与特朗普政府就药品关税及"最惠国"定价政策进行"富有成 ...

Core Viewpoint - The article discusses the challenges faced by investment firms in managing liquidity and funding new projects when capital is tied up in existing investments, and explores potential solutions such as acquiring invested companies and utilizing new financial instruments like science and technology bonds to alleviate funding difficulties [1][10]. Group 1: Liquidity Challenges - Investment firms are experiencing a liquidity crunch as funds are locked in existing projects, making it difficult to invest in new opportunities [1][7]. - The low interest rates on bank loans present a potential solution, but banks prefer tangible assets over equity stakes in invested companies [1][2]. Group 2: Proposed Solutions - One suggested approach is for investment firms to acquire their invested companies, allowing these companies to take loans and return funds to the investment firm [2][3]. - Another strategy involves leveraging state-owned limited partners (LPs) to acquire invested companies, enhancing their creditworthiness and enabling them to issue bonds for funding [3][10]. Group 3: Risk Management - The article highlights the importance of negotiating "contingent agreements" or "drawer agreements" to protect the investment firm's interests, ensuring that if other shareholders have similar agreements, the firm can benefit from the same terms [4][5]. - Continuous monitoring of invested companies' performance is crucial to identify potential triggers for these agreements and act accordingly [3][4]. Group 4: Regulatory Changes - The introduction of science and technology bonds allows investment firms to issue bonds directly, simplifying the fundraising process and reducing reliance on complex and potentially unethical maneuvers [10][11][12]. - This regulatory change is seen as a positive development, instilling greater confidence in the industry and motivating firms to pursue legitimate funding avenues [12].

Core Viewpoint - The article discusses the implications of recent trade agreements between the U.S. and various countries, highlighting a shift from rule-based trade to power-based trade, with the EU accepting what is termed an "unequal agreement" [1][2]. Group 1: Trade Agreements and Tariff Changes - The EU has agreed to eliminate tariffs on U.S. industrial products, including a 10% tariff on automobiles, marking a significant shift in trade policy [2]. - In addition to the EU, countries like Indonesia, the Philippines, and Vietnam have also agreed to reduce or eliminate tariffs on U.S. products, with Indonesia planning to remove tariffs on 99% of U.S. goods [2]. - The U.S. plans to impose reciprocal tariffs of 15% on EU products and 19% on Indonesian products, indicating that the agreements are favorable to the U.S. [2][3]. Group 2: Risks to Global Trade - The collapse of the transparent World Trade Organization (WTO) system is a significant risk, as the EU's actions violate the Most-Favored-Nation (MFN) principle, which has been a cornerstone of international trade since 1948 [2][3]. - The potential damage to emerging and developing countries' international trade is highlighted, as unequal rules could hinder their market access despite improvements in competitiveness [3]. - The fragmentation of global trade is another risk, as countries like India and Brazil resist entering unequal agreements with the U.S., while China takes countermeasures against U.S. policies [3][4]. Group 3: The Shift in Global Economic Order - The article notes a division in the global economy into blocs led by the U.S. and its allies, and a separate group centered around China, which could lead to increased geopolitical tensions [4]. - The abandonment of the MFN principle in U.S.-EU agreements is seen as a significant loophole that undermines the establishment of future international rules, particularly in areas like climate change [4]. - The commentary from former IMF chief economist Olivier Blanchard emphasizes the dangers of a return to a "jungle law" scenario, where the strong dominate the weak, threatening global peace and stability [4].

Core Viewpoint - The reintroduction of the Most Favored Nation (MFN) pricing by former President Trump poses a threat to pharmaceutical companies like Pfizer and AstraZeneca, potentially leading to lower drug prices as part of the Inflation Reduction Act negotiations [3][4]. Group 1: Impact of MFN Pricing - The Biden administration has set the prices for the first ten Medicare Part D drugs to be 38%-79% lower than the list price and 13%-57% lower than the net price, indicating significant price reductions [4]. - The MFN pricing initiative may face legal challenges, complicating the implementation of price controls on domestic drug pricing [6]. - The White House's announcement of the highest fair prices in November could be a pivotal moment in the negotiations, as the Inflation Reduction Act sets price ceilings without establishing minimums [4][6]. Group 2: Regulatory Environment - The Center for Medicare and Medicaid Innovation (CMMI) model proposed by Trump aims to link reimbursement for the top 50 highest spending Medicare drugs to foreign payment prices, although its implementation has faced procedural hurdles [6]. - The guidance released by Medicare regarding combination products may negatively impact companies like Merck, which are attempting to protect monopoly pricing through the development of subcutaneous versions of older therapies [9]. Group 3: Market Dynamics - The MFN executive order may compel pharmaceutical companies to lower the list prices of certain drugs or bypass drug benefit managers to align with the administration's objectives [9]. - Monitoring of protected category drugs, such as AstraZeneca's Calquence and Pfizer's Ibrance, is crucial as Medicare Part D coverage requirements could lead to reduced rebates [4].

我们理解，良好的开端展示了双方沟通的诚意，关税从 145%的非 理性水平降至目前相对理性水平，这应是双方正常经贸合作的基本， 或是中美经贸谈判的开始，后续谈判或将进入实质性环节。考虑美国 特朗普政府过往的一贯行事风格，后续谈判或存在反复的可能。从美 国特朗普竞选主张，以及美国特朗普政府相关官员的发言，美国特朗 普政府对我国的贸易政策并非基于对等关税政策，而是典型的贸易保 护主义，美国特朗普政府一再扬言，要取消中国最惠国待遇。年初特 朗普团队提名国务卿公布的法案，宣称取消中国最惠国待遇。仅从本 次中美经贸会谈结果来看，在 90 天的豁免期内，美国对我国加征关 税税率已经达到 51%，高于最惠国待遇的平均关税税率；若 90 天的豁 免期结束后，美国继续加征 24%的关税，那么美国对我国商品加征的 平均关税税率则高达 75%。整体来看，目前中美双方或进入实质性谈 判阶段，后续或仍存在谈判空间，最惠国待遇的平均关税税率或是双 方谈判的关键分水岭。考虑美国特朗普政府过往的一贯行事风格，后 续谈判或存在反复的可能，值得关注。 证券研究报告：宏观报告 研究所 分析师:袁野 SAC 登记编号:S1340523010002 E ...

Group 1 - The UK officials have reached an agreement to set quotas for steel and provide prices based on the most-favored-nation treatment [1]