摩根大通最新研报指出，美国四大医院运营商HCA医疗、泰尼特保健、Ardent健康及UHS医疗集团第二季度业绩有望超越市场预期。尽管行业可能面临政策调整，但以下因素仍将形成支撑：平价医疗法案交易所与医疗补助计划报销率提升推动业务量增长，叠加供应链及劳动力成本趋于稳定。
报告同时警示，在"一项美丽大法案"实施后，医疗补助计划资金压力可能冲击企业盈利，但具体影响规模与时间表尚不明朗。值得关注的是，到2034年，四大运营商主要业务覆盖的26个州医疗补助参保人数预计减少约590万。
年内股价表现呈现分化格局：截至最近收盘，Ardent健康股价下挫约15%；而HCA医疗累计上涨27%，泰尼特保健飙升41%，UHS医疗则微涨2.3%。
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