本文约 2 5 0 0 字，推荐阅读时长 1 5 分钟，欢迎关注新财富公众号。 1 引言 4月14日，美国商务部宣布启动对进口药品的国家安全调查。这一调查覆盖了所有进口药品，包括成 品仿制药、原研药以及用于生产这些药品的关键药用成分。此举属于特朗普政府根据1962年《贸易扩 展法》第232条对多个行业进行的关税调查的一部分。虽然调查尚未结束，预计结果将在270天内公 布，但业内普遍认为，这将赋予特朗普政府对进口药品和原料药征收关税的权力。特别是对中国等主 要药品出口国的影响，可能会带来严重的供应链中断及成本上升。 事实上，美国每年从中国进口药品总额约60亿美元，其中大量为抗生素、抗病毒及心血管药物等基础 药物。一旦关税进一步扩大实施，这些进口药品的成本预计将明显上升，对美国本土药品生产商带来 直接冲击。为应对这种风险，特朗普政府提出多项措施推动产业本土化。 分析师预计，如果对来自中国的API征收10%的关税，仿制药企业的利润将下跌2%-3%，创新药利润 下跌可能更严重。 2 美国关税筑墙， 中概股 跌宕 自2025年特朗普重新执政以来，美国政府出台了一系列针对生物医药产业的重要政策，核心目标是强 化美国医药产 ...

Core Viewpoint - The overall performance of the S&P 500 in Q4 2024 showed revenue growth of 5.1% and earnings growth of 14.8%, exceeding expectations but with a slowdown in momentum [1][2][23]. Group 1: Overall Performance - As of March 24, 2025, 498 companies in the S&P 500 have reported Q4 2024 results, with revenue growth of 5.1%, a decrease of 0.3 percentage points from the previous quarter, and earnings growth of 14.8%, an increase of 5.5 percentage points from the previous quarter [2][10]. - Excluding the seven largest companies, the earnings growth rate for the S&P 500 was 9.9%, a significant improvement from 4.1% in the previous quarter, driven mainly by leading constituents [2][10]. - The proportion of companies reporting revenue below expectations increased by 1 percentage point to 12%, indicating a weakening momentum in exceeding expectations [2][10]. Group 2: Sector Performance - Over half of the sectors reported earnings growth above expectations, particularly in communication services, consumer discretionary, and financials, with earnings growth rates of 30.4%, 28.0%, and 28.0% respectively [10][18]. - Revenue growth was led by information technology, healthcare, and communication services, with growth rates of 12.0%, 9.1%, and 7.5% respectively, while industrials, materials, and energy sectors faced revenue declines [10][18]. - The financial sector performed best, with real estate development and management companies seeing accelerated earnings growth due to rising property sales [18][32]. Group 3: Future Outlook - For 2025, the consensus forecast for S&P 500 earnings growth is 9.9%, down from 11.2% in 2024, primarily due to downward revisions in the performance expectations of major companies [23][32]. - The earnings outlook for 2025 has been downgraded, with expectations for a recovery in the second half of the year rather than the first half, driven mainly by the largest companies [32][23]. - The financial sector is the only one with a positive outlook due to expectations of regulatory easing, while other sectors are experiencing varying degrees of downward revisions in their performance expectations [32][23].