联合健康（UNH）今日盘中股价大幅下挫，跌幅一度接近18%，引发了市场广泛关注。
消息面上，此次股价大跌主要受到两大因素冲击。首先，美国政府周一晚间提议，2027年向私营保险公司支付的联邦医疗保险优势计划（Medicare Advantage）费率平均仅上调0.09%，这一增幅远低于华尔街预期的4%至6%，令市场对保险商未来利润增长前景感到极度失望。其次，公司公布的第四季度营收为1132.2亿美元，略低于市场预期，同时给出的2026年收入指引显示，其总收入预计将超过4390亿美元，较2025年下降2%，这将是公司自1989年以来首次出现年度收入萎缩。
此外，公司高管指出，导致收入预期下滑的因素还包括资产剥离计划以及美国会员总数预计将出现“相当大的”下降，超过300万人。同时，公司面临的医疗成本持续上升，2025年调整后的医疗赔付率已升至88.9%。多重利空因素叠加，导致投资者信心受挫，股价承压大幅下跌。
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