利率神话终结,谁在撕裂美股医药?

星财富
Dec 15, 2025

今日话题NEWS”多年以来,利率下行一般被视为医药板块的普惠性利好,因为医药股的核心定价锚点来自两个维度:宏观利率——折现率下降、融资成本降低,现金流久期长的医药资产受益;行业防御性——需求稳定、波动率低,是典型“利率敏感 + 防御资产”。但随着2025年步入尾声,美股医药板块的“剧烈撕裂”已成定局:礼来(LLY)全年大涨,而诺和诺德(NVO)深跌;医疗服务巨头 HCA 创出新高,而保险巨头...

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