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道子啊

道子啊

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10-26 17:44

这是利好吗

财报前瞻 | 巴菲特爱股联合健康，Q3倚重PBM与Optum业务修复利润结构

10-24

$英特尔(INTC)$ 相信董王，年底50

10-24

幸亏没听你的

09-29

利好吗？

英特尔高端 Granite Rapids-WS 规格曝光：最高 86 核心 172 线程

09-25

利空吗？

市场消息：英特尔计划Q4针对 "Raptor Lake" 处理器提价超10%

08-22

出什么事了

市场消息：英伟达要求暂停H20芯片生产

08-20

$英特尔(INTC)$ 就解决了

08-13

$英特尔(INTC)$ 机会来了

08-08

$诺和诺德(NVO)$ 没啥意思

07-10

$特斯拉(TSLA)$ 哦好好

去老虎APP查看更多动态

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13:52","market":"us","language":"zh","title":"财报前瞻 | 巴菲特爱股联合健康，Q3倚重PBM与Optum业务修复利润结构","url":"https://stock-news.laohu8.com/highlight/detail?id=1113545078","media":"财报Agent","summary":"$联合健康$ 将于10月28日美东时间盘前公布2025财年第三季度财报。机构研究报告指出，药房端的精准定价与风控模型改进，叠加健康管理端对高成本人群的前置干预，有助于压降高额理赔的波动区间。若Optum Rx维持两位数增长并延续价差修复，同时价值型护理提升成本曲线的可控性，联合健康的利润质量和现金流表现将更为平滑。","content":"<html><head></head><body><p>美国最大健康保险公司<a href=\"https://laohu8.com/S/UNH\">联合健康</a> 将于<strong><span class=\"color-mark\" style=\"color: rgb(230, 126, 35);\">10月28日美东时间盘前</span></strong>公布2025财年第三季度财报。市场普遍关注医疗损失率的季节性变化与Optum板块利润结构的修复进度，药房福利管理业务的扩张被视为本季度盈利韧性的核心支点。</p><p>根据Tiger Trade APP 数据来源预测，公司第三季度的营收预计为1131亿美元，同比增长12.15%；调整后每股收益预计为2.83美元，同比下降60.42%。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2b81e4b077d37eb0833cbb20a1511f87\" title=\"\" tg-width=\"1170\" tg-height=\"518\"/></p><h2 id=\"id_1432722813\">上季度回顾</h2><p style=\"text-align: start;\">二季度财务显示：营收约1,115亿美元，同比增约12%；调整后每股收益约4.48美元，同比降约34%；医疗损失率同比上行，反映Medicare与整体就医利用率的抬升。</p><p style=\"text-align: start;\">管理层在二季度撤回全年EPS指引，原因在于医疗成本趋势与报销动态的不确定性上升，但明确将于下半年提供审慎的2025展望与初步的2026视角。</p><p style=\"text-align: start;\">分业务看，Optum收入维持两位数增速，但受成本与报销节奏影响利润率阶段性承压；Optum Rx的规模效应与药房福利价差改善，对整体经营利润率形成边际支撑。</p><h2 id=\"id_1018066855\">本季度展望</h2><ul style=\"\"><li><p style=\"text-align: start;\"><strong>药房福利价差修复与用药管理的持续落地</strong></p></li></ul><p style=\"text-align: start;\">处方药福利价差与精准用药管理在二季度已显现对冲医疗成本压力的作用，预计三季度将延续并在报表端进一步体现。</p><p style=\"text-align: start;\">机构预览提到，药房福利端的价差改善与规模扩张提升了单位业务的利润质量，这与市场观察到的Optum Rx的动能一致。结合季节性就医需求，PBM（Pharmacy Benefit Manager）业务通过更合理的处方替代与依从性管理，减少不必要的昂贵用药与紧急就医，进而平滑费用率；在议价与合规层面，集中采购与合规审查可以将成本控制收益在季内兑现，从而对调整后每股收益形成稳定支撑。若PBM维持两位数收入增速，同时价差稳定在较优水平，三季度的经营利润率有望受到正向推动，这一逻辑在多家机构的前瞻与评级更新中被反复强调。</p><ul style=\"\"><li><p style=\"text-align: start;\"><strong>Optum板块协同带来的运营效率与现金流优势</strong></p></li></ul><p style=\"text-align: start;\">从二季度到三季度，Optum Health、Optum Rx与Optum Insight的协同深化，重点体现在数据驱动的风控与核保理赔效率提升上。机构研究报告指出，药房端的精准定价与风控模型改进，叠加健康管理端对高成本人群的前置干预，有助于压降高额理赔的波动区间。</p><p style=\"text-align: start;\">现金流层面，PBM的应收回款与结算周期优化，对公司整体现金流出节奏形成改善，降低在高利用率阶段的资金压力。若三季度在协同作用下实现收入与利润的双重增量，或将为公司在四季度提供更大的成本与报销管理主动权。</p><ul style=\"\"><li><p style=\"text-align: start;\"><strong>季节性医疗损失率的管理与审慎的全年执行</strong></p></li></ul><p style=\"text-align: start;\">分析师一致认为三季度医疗损失率可能较二季度小幅走高，主要由季节性就医需求与开支周期平移所致，但这一变化并不必然导致利润显著弱化。关键是将PBM端的结构性优化与价值型护理的成本曲线管理相匹配，提升费用率的可预见性与可控性。若三季度营收落点在约1,105亿美元附近、调整后每股收益在约4.60美元附近，将与市场对于全年审慎重设的节奏相呼应，并为四季度的经营收官提供更稳固的基础。</p><p style=\"text-align: start;\">管理层在二季度电话会明确提出将重建外部信任与执行一致性，三季度的兑现路径在于：更透明的成本沟通、更稳健的报销与核保策略，以及对合规与风控的持续投入，这些均会在季度末的费用率与现金流表现中得到体现。</p><h2 id=\"id_3833501877\">分析师观点</h2><p style=\"text-align: start;\">从公开机构观点汇总来看，三季度前瞻整体偏中性至略偏正面。</p><p style=\"text-align: start;\">多家卖方与评级机构指出，Optum板块的两位数收入增长与PBM价差改善构成三季度业绩的核心支撑；同时提醒关注Optum Health报销节奏与Medicare就医利用率对MLR的影响。</p><p style=\"text-align: start;\">多家机构近期上调了目标价，主因在于对25年下半年的成本趋势与Optum利润结构修复的可见度提升；也有机构维持审慎态度，认为在全年指引撤回的背景下，需要观察三季度报表对现金流与利润率的实质性改善。</p><p style=\"text-align: start;\">整体观点集中在两点：一是PBM的规模与价差能否持续改善并转化为利润质量；二是价值型护理是否能够在高利用率环境下兼顾增长与成本管理，从而为四季度与来年展望提供可信的基础。</p><h2 id=\"id_3856965916\">总结</h2><p style=\"text-align: start;\">三季度的核心主线是通过药房福利管理与价值型护理的结构性优化，去对冲医疗损失率的季节性上行。若Optum Rx维持两位数增长并延续价差修复，同时价值型护理提升成本曲线的可控性，联合健康的利润质量和现金流表现将更为平滑。</p><p style=\"text-align: start;\">机构观点在近期出现边际改善，原因在于对成本趋势与Optum利润结构修复的可见度提升，但对报销与合规的不确定性仍保持关注。整体而言，三季度的执行力与透明度将成为外界评估公司中短期盈利韧性的关键坐标。</p><p><em>此内容基于tiger AI及彭博数据生成，内容仅供参考。</em></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>财报前瞻 | 巴菲特爱股联合健康，Q3倚重PBM与Optum业务修复利润结构</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n财报前瞻 | 巴菲特爱股联合健康，Q3倚重PBM与Optum业务修复利润结构\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2025-10-22 13:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>美国最大健康保险公司<a href=\"https://laohu8.com/S/UNH\">联合健康</a> 将于<strong><span class=\"color-mark\" style=\"color: rgb(230, 126, 35);\">10月28日美东时间盘前</span></strong>公布2025财年第三季度财报。市场普遍关注医疗损失率的季节性变化与Optum板块利润结构的修复进度，药房福利管理业务的扩张被视为本季度盈利韧性的核心支点。</p><p>根据Tiger Trade APP 数据来源预测，公司第三季度的营收预计为1131亿美元，同比增长12.15%；调整后每股收益预计为2.83美元，同比下降60.42%。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2b81e4b077d37eb0833cbb20a1511f87\" title=\"\" tg-width=\"1170\" tg-height=\"518\"/></p><h2 id=\"id_1432722813\">上季度回顾</h2><p style=\"text-align: start;\">二季度财务显示：营收约1,115亿美元，同比增约12%；调整后每股收益约4.48美元，同比降约34%；医疗损失率同比上行，反映Medicare与整体就医利用率的抬升。</p><p style=\"text-align: start;\">管理层在二季度撤回全年EPS指引，原因在于医疗成本趋势与报销动态的不确定性上升，但明确将于下半年提供审慎的2025展望与初步的2026视角。</p><p style=\"text-align: start;\">分业务看，Optum收入维持两位数增速，但受成本与报销节奏影响利润率阶段性承压；Optum Rx的规模效应与药房福利价差改善，对整体经营利润率形成边际支撑。</p><h2 id=\"id_1018066855\">本季度展望</h2><ul style=\"\"><li><p style=\"text-align: start;\"><strong>药房福利价差修复与用药管理的持续落地</strong></p></li></ul><p style=\"text-align: start;\">处方药福利价差与精准用药管理在二季度已显现对冲医疗成本压力的作用，预计三季度将延续并在报表端进一步体现。</p><p style=\"text-align: start;\">机构预览提到，药房福利端的价差改善与规模扩张提升了单位业务的利润质量，这与市场观察到的Optum Rx的动能一致。结合季节性就医需求，PBM（Pharmacy Benefit Manager）业务通过更合理的处方替代与依从性管理，减少不必要的昂贵用药与紧急就医，进而平滑费用率；在议价与合规层面，集中采购与合规审查可以将成本控制收益在季内兑现，从而对调整后每股收益形成稳定支撑。若PBM维持两位数收入增速，同时价差稳定在较优水平，三季度的经营利润率有望受到正向推动，这一逻辑在多家机构的前瞻与评级更新中被反复强调。</p><ul style=\"\"><li><p style=\"text-align: start;\"><strong>Optum板块协同带来的运营效率与现金流优势</strong></p></li></ul><p style=\"text-align: start;\">从二季度到三季度，Optum Health、Optum Rx与Optum Insight的协同深化，重点体现在数据驱动的风控与核保理赔效率提升上。机构研究报告指出，药房端的精准定价与风控模型改进，叠加健康管理端对高成本人群的前置干预，有助于压降高额理赔的波动区间。</p><p style=\"text-align: start;\">现金流层面，PBM的应收回款与结算周期优化，对公司整体现金流出节奏形成改善，降低在高利用率阶段的资金压力。若三季度在协同作用下实现收入与利润的双重增量，或将为公司在四季度提供更大的成本与报销管理主动权。</p><ul style=\"\"><li><p style=\"text-align: start;\"><strong>季节性医疗损失率的管理与审慎的全年执行</strong></p></li></ul><p style=\"text-align: start;\">分析师一致认为三季度医疗损失率可能较二季度小幅走高，主要由季节性就医需求与开支周期平移所致，但这一变化并不必然导致利润显著弱化。关键是将PBM端的结构性优化与价值型护理的成本曲线管理相匹配，提升费用率的可预见性与可控性。若三季度营收落点在约1,105亿美元附近、调整后每股收益在约4.60美元附近，将与市场对于全年审慎重设的节奏相呼应，并为四季度的经营收官提供更稳固的基础。</p><p style=\"text-align: start;\">管理层在二季度电话会明确提出将重建外部信任与执行一致性，三季度的兑现路径在于：更透明的成本沟通、更稳健的报销与核保策略，以及对合规与风控的持续投入，这些均会在季度末的费用率与现金流表现中得到体现。</p><h2 id=\"id_3833501877\">分析师观点</h2><p style=\"text-align: start;\">从公开机构观点汇总来看，三季度前瞻整体偏中性至略偏正面。</p><p style=\"text-align: start;\">多家卖方与评级机构指出，Optum板块的两位数收入增长与PBM价差改善构成三季度业绩的核心支撑；同时提醒关注Optum Health报销节奏与Medicare就医利用率对MLR的影响。</p><p style=\"text-align: start;\">多家机构近期上调了目标价，主因在于对25年下半年的成本趋势与Optum利润结构修复的可见度提升；也有机构维持审慎态度，认为在全年指引撤回的背景下，需要观察三季度报表对现金流与利润率的实质性改善。</p><p style=\"text-align: start;\">整体观点集中在两点：一是PBM的规模与价差能否持续改善并转化为利润质量；二是价值型护理是否能够在高利用率环境下兼顾增长与成本管理，从而为四季度与来年展望提供可信的基础。</p><h2 id=\"id_3856965916\">总结</h2><p style=\"text-align: start;\">三季度的核心主线是通过药房福利管理与价值型护理的结构性优化，去对冲医疗损失率的季节性上行。若Optum Rx维持两位数增长并延续价差修复，同时价值型护理提升成本曲线的可控性，联合健康的利润质量和现金流表现将更为平滑。</p><p style=\"text-align: start;\">机构观点在近期出现边际改善，原因在于对成本趋势与Optum利润结构修复的可见度提升，但对报销与合规的不确定性仍保持关注。整体而言，三季度的执行力与透明度将成为外界评估公司中短期盈利韧性的关键坐标。</p><p><em>此内容基于tiger AI及彭博数据生成，内容仅供参考。</em></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f4306ba2af9db7dd84e92ed0ee5b4b57","relate_stocks":{"UNH":"联合健康"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113545078","content_text":"美国最大健康保险公司联合健康 将于10月28日美东时间盘前公布2025财年第三季度财报。市场普遍关注医疗损失率的季节性变化与Optum板块利润结构的修复进度，药房福利管理业务的扩张被视为本季度盈利韧性的核心支点。根据Tiger Trade APP 数据来源预测，公司第三季度的营收预计为1131亿美元，同比增长12.15%；调整后每股收益预计为2.83美元，同比下降60.42%。上季度回顾二季度财务显示：营收约1,115亿美元，同比增约12%；调整后每股收益约4.48美元，同比降约34%；医疗损失率同比上行，反映Medicare与整体就医利用率的抬升。管理层在二季度撤回全年EPS指引，原因在于医疗成本趋势与报销动态的不确定性上升，但明确将于下半年提供审慎的2025展望与初步的2026视角。分业务看，Optum收入维持两位数增速，但受成本与报销节奏影响利润率阶段性承压；Optum Rx的规模效应与药房福利价差改善，对整体经营利润率形成边际支撑。本季度展望药房福利价差修复与用药管理的持续落地处方药福利价差与精准用药管理在二季度已显现对冲医疗成本压力的作用，预计三季度将延续并在报表端进一步体现。机构预览提到，药房福利端的价差改善与规模扩张提升了单位业务的利润质量，这与市场观察到的Optum Rx的动能一致。结合季节性就医需求，PBM（Pharmacy Benefit Manager）业务通过更合理的处方替代与依从性管理，减少不必要的昂贵用药与紧急就医，进而平滑费用率；在议价与合规层面，集中采购与合规审查可以将成本控制收益在季内兑现，从而对调整后每股收益形成稳定支撑。若PBM维持两位数收入增速，同时价差稳定在较优水平，三季度的经营利润率有望受到正向推动，这一逻辑在多家机构的前瞻与评级更新中被反复强调。Optum板块协同带来的运营效率与现金流优势从二季度到三季度，Optum Health、Optum Rx与Optum Insight的协同深化，重点体现在数据驱动的风控与核保理赔效率提升上。机构研究报告指出，药房端的精准定价与风控模型改进，叠加健康管理端对高成本人群的前置干预，有助于压降高额理赔的波动区间。现金流层面，PBM的应收回款与结算周期优化，对公司整体现金流出节奏形成改善，降低在高利用率阶段的资金压力。若三季度在协同作用下实现收入与利润的双重增量，或将为公司在四季度提供更大的成本与报销管理主动权。季节性医疗损失率的管理与审慎的全年执行分析师一致认为三季度医疗损失率可能较二季度小幅走高，主要由季节性就医需求与开支周期平移所致，但这一变化并不必然导致利润显著弱化。关键是将PBM端的结构性优化与价值型护理的成本曲线管理相匹配，提升费用率的可预见性与可控性。若三季度营收落点在约1,105亿美元附近、调整后每股收益在约4.60美元附近，将与市场对于全年审慎重设的节奏相呼应，并为四季度的经营收官提供更稳固的基础。管理层在二季度电话会明确提出将重建外部信任与执行一致性，三季度的兑现路径在于：更透明的成本沟通、更稳健的报销与核保策略，以及对合规与风控的持续投入，这些均会在季度末的费用率与现金流表现中得到体现。分析师观点从公开机构观点汇总来看，三季度前瞻整体偏中性至略偏正面。多家卖方与评级机构指出，Optum板块的两位数收入增长与PBM价差改善构成三季度业绩的核心支撑；同时提醒关注Optum Health报销节奏与Medicare就医利用率对MLR的影响。多家机构近期上调了目标价，主因在于对25年下半年的成本趋势与Optum利润结构修复的可见度提升；也有机构维持审慎态度，认为在全年指引撤回的背景下，需要观察三季度报表对现金流与利润率的实质性改善。整体观点集中在两点：一是PBM的规模与价差能否持续改善并转化为利润质量；二是价值型护理是否能够在高利用率环境下兼顾增长与成本管理，从而为四季度与来年展望提供可信的基础。总结三季度的核心主线是通过药房福利管理与价值型护理的结构性优化，去对冲医疗损失率的季节性上行。若Optum Rx维持两位数增长并延续价差修复，同时价值型护理提升成本曲线的可控性，联合健康的利润质量和现金流表现将更为平滑。机构观点在近期出现边际改善，原因在于对成本趋势与Optum利润结构修复的可见度提升，但对报销与合规的不确定性仍保持关注。整体而言，三季度的执行力与透明度将成为外界评估公司中短期盈利韧性的关键坐标。此内容基于tiger AI及彭博数据生成，内容仅供参考。","news_type":1,"symbols_score_info":{"UNH":1.1}},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":492716735836200,"gmtCreate":1761312928281,"gmtModify":1761312930516,"author":{"id":"3546856120754634","authorId":"3546856120754634","name":"道子啊","avatar":"https://static.tigerbbs.com/a3660e215a00d0c915df8713dff7f953","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546856120754634","authorIdStr":"3546856120754634"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v> 相信董王，年底50","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v> 相信董王，年底50","text":"$英特尔(INTC)$ 相信董王，年底50","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/492716735836200","isVote":1,"tweetType":1,"viewCount":118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":492527750967728,"gmtCreate":1761266898517,"gmtModify":1761266901044,"author":{"id":"3546856120754634","authorId":"3546856120754634","name":"道子啊","avatar":"https://static.tigerbbs.com/a3660e215a00d0c915df8713dff7f953","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546856120754634","authorIdStr":"3546856120754634"},"themes":[],"htmlText":"幸亏没听你的","listText":"幸亏没听你的","text":"幸亏没听你的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/492527750967728","isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":483637269746488,"gmtCreate":1759104249870,"gmtModify":1759104252338,"author":{"id":"3546856120754634","authorId":"3546856120754634","name":"道子啊","avatar":"https://static.tigerbbs.com/a3660e215a00d0c915df8713dff7f953","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546856120754634","authorIdStr":"3546856120754634"},"themes":[],"htmlText":"利好吗？","listText":"利好吗？","text":"利好吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/483637269746488","repostId":"2570471208","repostType":2,"repost":{"id":"2570471208","kind":"news","pubTimestamp":1759067407,"share":"https://www.laohu8.com/m/news/2570471208?lang=&edition=full","pubTime":"2025-09-28 21:50","market":"us","language":"zh","title":"英特尔高端 Granite Rapids-WS 规格曝光：最高 86 核心 172 线程","url":"https://stock-news.laohu8.com/highlight/detail?id=2570471208","media":"IT之家","summary":"IT之家 9 月 28 日消息，英特尔去年 9 月推出了“Granite Rapids”至强 6 性能核处理器，接下来还会推出“Granite Rapids-WS”至强 W 处理器以满足工作站和 HEDT 平台的需求。英特尔 Granite Rapids-WS 系列面向高端桌面、工作站及内容创作者市场，主打大规模核心数与高性能 I/O，将会与 AMD 的 Threadripper 9000 系列竞争。从架构上看，Granite Rapids-WS 与当前的至强 6700P 系列相近，后者最高同样提供 86 核心。","content":"<html><body><article><p>IT之家 9 月 28 日消息，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>去年 9 月推出了“Granite Rapids”至强 6 性能核处理器，接下来还会推出“Granite Rapids-WS”至强 W 处理器以满足工作站和 HEDT 平台的需求。</p><p>@momomo_us 发现，英特尔 Granite Rapids-WS 至强工作站处理器部分样品已送达合作伙伴进行评估，其中一款标注为“Intel 0000”的工程样品出现在 OpenBenchmarking 数据库中，配备 86 核心、172 线程，基础频率为 2.1 GHz，并基于新的 W890 平台。</p><img src=\"https://inews.gtimg.com/om_bt/Oyb3I0NG3pFBlt2rM-PC_yuhfgMBG68g85SlPS0SIjMFUAA/0\"/><p>英特尔 Granite Rapids-WS 系列面向高端桌面（HEDT）、工作站及内容创作者市场，主打大规模核心数与高性能 I/O，将会与 <a href=\"https://laohu8.com/S/AMD\">AMD</a> 的 Threadripper 9000 系列竞争。</p><p>该芯片在英特尔“GNR-WS”参考评估平台上进行了测试，配备 512GB DDR5 内存、与 Arrow Lake-S 平台类似的网络功能、一块 NVIDIA RTX 3090 GPU 以及 1TB 存储。</p><p>从架构上看，Granite Rapids-WS 与当前的至强 6700P 系列相近，后者最高同样提供 86 核心。6700P 系列的高端型号 Xeon 6787P 和 6788P 均具备 86 核心、172 线程，基础频率 2.0–2.1GHz，最大功耗 350W，缓存最高 336MB，并支持多达 88 条 PCIe Gen5 通道以及 DDR5-8000 内存。</p><p>不过，AMD 的 Threadripper 9000 系列依然在核心数量上占优，最高提供 96 核心，比英特尔更多，并具备更高效的 Zen 5 架构。此外，AMD 的平台支持 80–128 条 PCIe Gen5 通道、最高 384MB 缓存，功耗同样可达 350W。因此，双方在高端工作站市场的竞争仍将十分激烈。</p><p>英特尔 W890 平台将采用新的 LGA 4710 插槽。这意味着，与 AMD 用户可以直接从 Threadripper 7000 升级至 9000 系列不同，现有 Xeon 工作站用户若要更换至 Granite Rapids-WS，则需要连同整个平台一并升级。IT之家后续将保持关注。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>英特尔高端 Granite Rapids-WS 规格曝光：最高 86 核心 172 线程</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; 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0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n英特尔高端 Granite Rapids-WS 规格曝光：最高 86 核心 172 线程\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-28 21:50 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928215257a44a3edb&s=b><strong>IT之家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>IT之家 9 月 28 日消息，英特尔去年 9 月推出了“Granite Rapids”至强 6 性能核处理器，接下来还会推出“Granite Rapids-WS”至强 W 处理器以满足工作站和 HEDT 平台的需求。@momomo_us 发现，英特尔 Granite Rapids-WS 至强工作站处理器部分样品已送达合作伙伴进行评估，其中一款标注为“Intel 0000”的工程样品出现在 ...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928215257a44a3edb&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4579":"人工智能","BK4588":"碎股","BK4550":"红杉资本持仓","BK4605":"半导体精选","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","BK4554":"元宇宙及AR概念","BK4543":"AI","BK4512":"苹果概念","BK4527":"明星科技股","INTC":"英特尔","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","BK4141":"半导体产品","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4529":"IDC概念","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","BK4602":"量子计算概念","BK4575":"芯片概念","BK4006":"钢铁","WS":"WORTHINGTON STEEL 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Gen5 通道以及 DDR5-8000 内存。不过，AMD 的 Threadripper 9000 系列依然在核心数量上占优，最高提供 96 核心，比英特尔更多，并具备更高效的 Zen 5 架构。此外，AMD 的平台支持 80–128 条 PCIe Gen5 通道、最高 384MB 缓存，功耗同样可达 350W。因此，双方在高端工作站市场的竞争仍将十分激烈。英特尔 W890 平台将采用新的 LGA 4710 插槽。这意味着，与 AMD 用户可以直接从 Threadripper 7000 升级至 9000 系列不同，现有 Xeon 工作站用户若要更换至 Granite Rapids-WS，则需要连同整个平台一并升级。IT之家后续将保持关注。","news_type":1,"symbols_score_info":{"INTC":1.5,"WS":1.5}},"isVote":1,"tweetType":1,"viewCount":104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":482325404324160,"gmtCreate":1758783690952,"gmtModify":1758783693163,"author":{"id":"3546856120754634","authorId":"3546856120754634","name":"道子啊","avatar":"https://static.tigerbbs.com/a3660e215a00d0c915df8713dff7f953","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546856120754634","authorIdStr":"3546856120754634"},"themes":[],"htmlText":"利空吗？","listText":"利空吗？","text":"利空吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/482325404324160","repostId":"1170193107","repostType":2,"repost":{"id":"1170193107","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1758783322,"share":"https://www.laohu8.com/m/news/1170193107?lang=&edition=full","pubTime":"2025-09-25 14:55","market":"us","language":"zh","title":"市场消息：英特尔计划Q4针对 \"Raptor Lake\" 处理器提价超10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1170193107","media":"老虎资讯综合","summary":"9月25日，$英特尔(INTC)$酝酿今年四季度针对 \"Raptor Lake\" 处理器调整定价，在现行的150～160美元基础上提升20美元，涨幅超过10%。Raptor Lake处理器从年中开始传缺货，迄今供货仍然吃紧。（台湾电子时报）","content":"<html><head></head><body><p>9月25日，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>酝酿今年四季度针对 &#34;Raptor Lake&#34; 处理器调整定价，在现行的150～160美元基础上提升20美元，涨幅超过10%。Raptor Lake处理器从年中开始传缺货，迄今供货仍然吃紧。（台湾电子时报）</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e540867d590b656219b51910dc84041c\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>市场消息：英特尔计划Q4针对 \"Raptor Lake\" 处理器提价超10%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ 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class=\"h-time\">2025-09-25 14:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>9月25日，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>酝酿今年四季度针对 &#34;Raptor Lake&#34; 处理器调整定价，在现行的150～160美元基础上提升20美元，涨幅超过10%。Raptor Lake处理器从年中开始传缺货，迄今供货仍然吃紧。（台湾电子时报）</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e540867d590b656219b51910dc84041c\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"BK4527":"明星科技股","BK4543":"AI","BK4512":"苹果概念","BK4585":"ETF&股票定投概念","BK4141":"半导体产品","BK4534":"瑞士信贷持仓","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4602":"量子计算概念","BK4529":"IDC概念","BK4575":"芯片概念","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) 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13:52","market":"us","language":"zh","title":"财报前瞻 | 巴菲特爱股联合健康，Q3倚重PBM与Optum业务修复利润结构","url":"https://stock-news.laohu8.com/highlight/detail?id=1113545078","media":"财报Agent","summary":"$联合健康$ 将于10月28日美东时间盘前公布2025财年第三季度财报。机构研究报告指出，药房端的精准定价与风控模型改进，叠加健康管理端对高成本人群的前置干预，有助于压降高额理赔的波动区间。若Optum Rx维持两位数增长并延续价差修复，同时价值型护理提升成本曲线的可控性，联合健康的利润质量和现金流表现将更为平滑。","content":"<html><head></head><body><p>美国最大健康保险公司<a href=\"https://laohu8.com/S/UNH\">联合健康</a> 将于<strong><span class=\"color-mark\" style=\"color: rgb(230, 126, 35);\">10月28日美东时间盘前</span></strong>公布2025财年第三季度财报。市场普遍关注医疗损失率的季节性变化与Optum板块利润结构的修复进度，药房福利管理业务的扩张被视为本季度盈利韧性的核心支点。</p><p>根据Tiger Trade APP 数据来源预测，公司第三季度的营收预计为1131亿美元，同比增长12.15%；调整后每股收益预计为2.83美元，同比下降60.42%。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2b81e4b077d37eb0833cbb20a1511f87\" title=\"\" tg-width=\"1170\" tg-height=\"518\"/></p><h2 id=\"id_1432722813\">上季度回顾</h2><p style=\"text-align: start;\">二季度财务显示：营收约1,115亿美元，同比增约12%；调整后每股收益约4.48美元，同比降约34%；医疗损失率同比上行，反映Medicare与整体就医利用率的抬升。</p><p style=\"text-align: start;\">管理层在二季度撤回全年EPS指引，原因在于医疗成本趋势与报销动态的不确定性上升，但明确将于下半年提供审慎的2025展望与初步的2026视角。</p><p style=\"text-align: start;\">分业务看，Optum收入维持两位数增速，但受成本与报销节奏影响利润率阶段性承压；Optum Rx的规模效应与药房福利价差改善，对整体经营利润率形成边际支撑。</p><h2 id=\"id_1018066855\">本季度展望</h2><ul style=\"\"><li><p style=\"text-align: start;\"><strong>药房福利价差修复与用药管理的持续落地</strong></p></li></ul><p style=\"text-align: start;\">处方药福利价差与精准用药管理在二季度已显现对冲医疗成本压力的作用，预计三季度将延续并在报表端进一步体现。</p><p style=\"text-align: start;\">机构预览提到，药房福利端的价差改善与规模扩张提升了单位业务的利润质量，这与市场观察到的Optum Rx的动能一致。结合季节性就医需求，PBM（Pharmacy Benefit Manager）业务通过更合理的处方替代与依从性管理，减少不必要的昂贵用药与紧急就医，进而平滑费用率；在议价与合规层面，集中采购与合规审查可以将成本控制收益在季内兑现，从而对调整后每股收益形成稳定支撑。若PBM维持两位数收入增速，同时价差稳定在较优水平，三季度的经营利润率有望受到正向推动，这一逻辑在多家机构的前瞻与评级更新中被反复强调。</p><ul style=\"\"><li><p style=\"text-align: start;\"><strong>Optum板块协同带来的运营效率与现金流优势</strong></p></li></ul><p style=\"text-align: start;\">从二季度到三季度，Optum Health、Optum Rx与Optum Insight的协同深化，重点体现在数据驱动的风控与核保理赔效率提升上。机构研究报告指出，药房端的精准定价与风控模型改进，叠加健康管理端对高成本人群的前置干预，有助于压降高额理赔的波动区间。</p><p style=\"text-align: start;\">现金流层面，PBM的应收回款与结算周期优化，对公司整体现金流出节奏形成改善，降低在高利用率阶段的资金压力。若三季度在协同作用下实现收入与利润的双重增量，或将为公司在四季度提供更大的成本与报销管理主动权。</p><ul style=\"\"><li><p style=\"text-align: start;\"><strong>季节性医疗损失率的管理与审慎的全年执行</strong></p></li></ul><p style=\"text-align: start;\">分析师一致认为三季度医疗损失率可能较二季度小幅走高，主要由季节性就医需求与开支周期平移所致，但这一变化并不必然导致利润显著弱化。关键是将PBM端的结构性优化与价值型护理的成本曲线管理相匹配，提升费用率的可预见性与可控性。若三季度营收落点在约1,105亿美元附近、调整后每股收益在约4.60美元附近，将与市场对于全年审慎重设的节奏相呼应，并为四季度的经营收官提供更稳固的基础。</p><p style=\"text-align: start;\">管理层在二季度电话会明确提出将重建外部信任与执行一致性，三季度的兑现路径在于：更透明的成本沟通、更稳健的报销与核保策略，以及对合规与风控的持续投入，这些均会在季度末的费用率与现金流表现中得到体现。</p><h2 id=\"id_3833501877\">分析师观点</h2><p style=\"text-align: start;\">从公开机构观点汇总来看，三季度前瞻整体偏中性至略偏正面。</p><p style=\"text-align: start;\">多家卖方与评级机构指出，Optum板块的两位数收入增长与PBM价差改善构成三季度业绩的核心支撑；同时提醒关注Optum Health报销节奏与Medicare就医利用率对MLR的影响。</p><p style=\"text-align: start;\">多家机构近期上调了目标价，主因在于对25年下半年的成本趋势与Optum利润结构修复的可见度提升；也有机构维持审慎态度，认为在全年指引撤回的背景下，需要观察三季度报表对现金流与利润率的实质性改善。</p><p style=\"text-align: start;\">整体观点集中在两点：一是PBM的规模与价差能否持续改善并转化为利润质量；二是价值型护理是否能够在高利用率环境下兼顾增长与成本管理，从而为四季度与来年展望提供可信的基础。</p><h2 id=\"id_3856965916\">总结</h2><p style=\"text-align: start;\">三季度的核心主线是通过药房福利管理与价值型护理的结构性优化，去对冲医疗损失率的季节性上行。若Optum Rx维持两位数增长并延续价差修复，同时价值型护理提升成本曲线的可控性，联合健康的利润质量和现金流表现将更为平滑。</p><p style=\"text-align: start;\">机构观点在近期出现边际改善，原因在于对成本趋势与Optum利润结构修复的可见度提升，但对报销与合规的不确定性仍保持关注。整体而言，三季度的执行力与透明度将成为外界评估公司中短期盈利韧性的关键坐标。</p><p><em>此内容基于tiger AI及彭博数据生成，内容仅供参考。</em></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>财报前瞻 | 巴菲特爱股联合健康，Q3倚重PBM与Optum业务修复利润结构</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n财报前瞻 | 巴菲特爱股联合健康，Q3倚重PBM与Optum业务修复利润结构\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2025-10-22 13:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>美国最大健康保险公司<a href=\"https://laohu8.com/S/UNH\">联合健康</a> 将于<strong><span class=\"color-mark\" style=\"color: rgb(230, 126, 35);\">10月28日美东时间盘前</span></strong>公布2025财年第三季度财报。市场普遍关注医疗损失率的季节性变化与Optum板块利润结构的修复进度，药房福利管理业务的扩张被视为本季度盈利韧性的核心支点。</p><p>根据Tiger Trade APP 数据来源预测，公司第三季度的营收预计为1131亿美元，同比增长12.15%；调整后每股收益预计为2.83美元，同比下降60.42%。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2b81e4b077d37eb0833cbb20a1511f87\" title=\"\" tg-width=\"1170\" tg-height=\"518\"/></p><h2 id=\"id_1432722813\">上季度回顾</h2><p style=\"text-align: start;\">二季度财务显示：营收约1,115亿美元，同比增约12%；调整后每股收益约4.48美元，同比降约34%；医疗损失率同比上行，反映Medicare与整体就医利用率的抬升。</p><p style=\"text-align: start;\">管理层在二季度撤回全年EPS指引，原因在于医疗成本趋势与报销动态的不确定性上升，但明确将于下半年提供审慎的2025展望与初步的2026视角。</p><p style=\"text-align: start;\">分业务看，Optum收入维持两位数增速，但受成本与报销节奏影响利润率阶段性承压；Optum Rx的规模效应与药房福利价差改善，对整体经营利润率形成边际支撑。</p><h2 id=\"id_1018066855\">本季度展望</h2><ul style=\"\"><li><p style=\"text-align: start;\"><strong>药房福利价差修复与用药管理的持续落地</strong></p></li></ul><p style=\"text-align: start;\">处方药福利价差与精准用药管理在二季度已显现对冲医疗成本压力的作用，预计三季度将延续并在报表端进一步体现。</p><p style=\"text-align: start;\">机构预览提到，药房福利端的价差改善与规模扩张提升了单位业务的利润质量，这与市场观察到的Optum Rx的动能一致。结合季节性就医需求，PBM（Pharmacy Benefit Manager）业务通过更合理的处方替代与依从性管理，减少不必要的昂贵用药与紧急就医，进而平滑费用率；在议价与合规层面，集中采购与合规审查可以将成本控制收益在季内兑现，从而对调整后每股收益形成稳定支撑。若PBM维持两位数收入增速，同时价差稳定在较优水平，三季度的经营利润率有望受到正向推动，这一逻辑在多家机构的前瞻与评级更新中被反复强调。</p><ul style=\"\"><li><p style=\"text-align: start;\"><strong>Optum板块协同带来的运营效率与现金流优势</strong></p></li></ul><p style=\"text-align: start;\">从二季度到三季度，Optum Health、Optum Rx与Optum Insight的协同深化，重点体现在数据驱动的风控与核保理赔效率提升上。机构研究报告指出，药房端的精准定价与风控模型改进，叠加健康管理端对高成本人群的前置干预，有助于压降高额理赔的波动区间。</p><p style=\"text-align: start;\">现金流层面，PBM的应收回款与结算周期优化，对公司整体现金流出节奏形成改善，降低在高利用率阶段的资金压力。若三季度在协同作用下实现收入与利润的双重增量，或将为公司在四季度提供更大的成本与报销管理主动权。</p><ul style=\"\"><li><p style=\"text-align: start;\"><strong>季节性医疗损失率的管理与审慎的全年执行</strong></p></li></ul><p style=\"text-align: start;\">分析师一致认为三季度医疗损失率可能较二季度小幅走高，主要由季节性就医需求与开支周期平移所致，但这一变化并不必然导致利润显著弱化。关键是将PBM端的结构性优化与价值型护理的成本曲线管理相匹配，提升费用率的可预见性与可控性。若三季度营收落点在约1,105亿美元附近、调整后每股收益在约4.60美元附近，将与市场对于全年审慎重设的节奏相呼应，并为四季度的经营收官提供更稳固的基础。</p><p style=\"text-align: start;\">管理层在二季度电话会明确提出将重建外部信任与执行一致性，三季度的兑现路径在于：更透明的成本沟通、更稳健的报销与核保策略，以及对合规与风控的持续投入，这些均会在季度末的费用率与现金流表现中得到体现。</p><h2 id=\"id_3833501877\">分析师观点</h2><p style=\"text-align: start;\">从公开机构观点汇总来看，三季度前瞻整体偏中性至略偏正面。</p><p style=\"text-align: start;\">多家卖方与评级机构指出，Optum板块的两位数收入增长与PBM价差改善构成三季度业绩的核心支撑；同时提醒关注Optum Health报销节奏与Medicare就医利用率对MLR的影响。</p><p style=\"text-align: start;\">多家机构近期上调了目标价，主因在于对25年下半年的成本趋势与Optum利润结构修复的可见度提升；也有机构维持审慎态度，认为在全年指引撤回的背景下，需要观察三季度报表对现金流与利润率的实质性改善。</p><p style=\"text-align: start;\">整体观点集中在两点：一是PBM的规模与价差能否持续改善并转化为利润质量；二是价值型护理是否能够在高利用率环境下兼顾增长与成本管理，从而为四季度与来年展望提供可信的基础。</p><h2 id=\"id_3856965916\">总结</h2><p style=\"text-align: start;\">三季度的核心主线是通过药房福利管理与价值型护理的结构性优化，去对冲医疗损失率的季节性上行。若Optum Rx维持两位数增长并延续价差修复，同时价值型护理提升成本曲线的可控性，联合健康的利润质量和现金流表现将更为平滑。</p><p style=\"text-align: start;\">机构观点在近期出现边际改善，原因在于对成本趋势与Optum利润结构修复的可见度提升，但对报销与合规的不确定性仍保持关注。整体而言，三季度的执行力与透明度将成为外界评估公司中短期盈利韧性的关键坐标。</p><p><em>此内容基于tiger AI及彭博数据生成，内容仅供参考。</em></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f4306ba2af9db7dd84e92ed0ee5b4b57","relate_stocks":{"UNH":"联合健康"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113545078","content_text":"美国最大健康保险公司联合健康 将于10月28日美东时间盘前公布2025财年第三季度财报。市场普遍关注医疗损失率的季节性变化与Optum板块利润结构的修复进度，药房福利管理业务的扩张被视为本季度盈利韧性的核心支点。根据Tiger Trade APP 数据来源预测，公司第三季度的营收预计为1131亿美元，同比增长12.15%；调整后每股收益预计为2.83美元，同比下降60.42%。上季度回顾二季度财务显示：营收约1,115亿美元，同比增约12%；调整后每股收益约4.48美元，同比降约34%；医疗损失率同比上行，反映Medicare与整体就医利用率的抬升。管理层在二季度撤回全年EPS指引，原因在于医疗成本趋势与报销动态的不确定性上升，但明确将于下半年提供审慎的2025展望与初步的2026视角。分业务看，Optum收入维持两位数增速，但受成本与报销节奏影响利润率阶段性承压；Optum Rx的规模效应与药房福利价差改善，对整体经营利润率形成边际支撑。本季度展望药房福利价差修复与用药管理的持续落地处方药福利价差与精准用药管理在二季度已显现对冲医疗成本压力的作用，预计三季度将延续并在报表端进一步体现。机构预览提到，药房福利端的价差改善与规模扩张提升了单位业务的利润质量，这与市场观察到的Optum Rx的动能一致。结合季节性就医需求，PBM（Pharmacy Benefit Manager）业务通过更合理的处方替代与依从性管理，减少不必要的昂贵用药与紧急就医，进而平滑费用率；在议价与合规层面，集中采购与合规审查可以将成本控制收益在季内兑现，从而对调整后每股收益形成稳定支撑。若PBM维持两位数收入增速，同时价差稳定在较优水平，三季度的经营利润率有望受到正向推动，这一逻辑在多家机构的前瞻与评级更新中被反复强调。Optum板块协同带来的运营效率与现金流优势从二季度到三季度，Optum Health、Optum Rx与Optum Insight的协同深化，重点体现在数据驱动的风控与核保理赔效率提升上。机构研究报告指出，药房端的精准定价与风控模型改进，叠加健康管理端对高成本人群的前置干预，有助于压降高额理赔的波动区间。现金流层面，PBM的应收回款与结算周期优化，对公司整体现金流出节奏形成改善，降低在高利用率阶段的资金压力。若三季度在协同作用下实现收入与利润的双重增量，或将为公司在四季度提供更大的成本与报销管理主动权。季节性医疗损失率的管理与审慎的全年执行分析师一致认为三季度医疗损失率可能较二季度小幅走高，主要由季节性就医需求与开支周期平移所致，但这一变化并不必然导致利润显著弱化。关键是将PBM端的结构性优化与价值型护理的成本曲线管理相匹配，提升费用率的可预见性与可控性。若三季度营收落点在约1,105亿美元附近、调整后每股收益在约4.60美元附近，将与市场对于全年审慎重设的节奏相呼应，并为四季度的经营收官提供更稳固的基础。管理层在二季度电话会明确提出将重建外部信任与执行一致性，三季度的兑现路径在于：更透明的成本沟通、更稳健的报销与核保策略，以及对合规与风控的持续投入，这些均会在季度末的费用率与现金流表现中得到体现。分析师观点从公开机构观点汇总来看，三季度前瞻整体偏中性至略偏正面。多家卖方与评级机构指出，Optum板块的两位数收入增长与PBM价差改善构成三季度业绩的核心支撑；同时提醒关注Optum Health报销节奏与Medicare就医利用率对MLR的影响。多家机构近期上调了目标价，主因在于对25年下半年的成本趋势与Optum利润结构修复的可见度提升；也有机构维持审慎态度，认为在全年指引撤回的背景下，需要观察三季度报表对现金流与利润率的实质性改善。整体观点集中在两点：一是PBM的规模与价差能否持续改善并转化为利润质量；二是价值型护理是否能够在高利用率环境下兼顾增长与成本管理，从而为四季度与来年展望提供可信的基础。总结三季度的核心主线是通过药房福利管理与价值型护理的结构性优化，去对冲医疗损失率的季节性上行。若Optum Rx维持两位数增长并延续价差修复，同时价值型护理提升成本曲线的可控性，联合健康的利润质量和现金流表现将更为平滑。机构观点在近期出现边际改善，原因在于对成本趋势与Optum利润结构修复的可见度提升，但对报销与合规的不确定性仍保持关注。整体而言，三季度的执行力与透明度将成为外界评估公司中短期盈利韧性的关键坐标。此内容基于tiger AI及彭博数据生成，内容仅供参考。","news_type":1,"symbols_score_info":{"UNH":1.1}},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":492716735836200,"gmtCreate":1761312928281,"gmtModify":1761312930516,"author":{"id":"3546856120754634","authorId":"3546856120754634","name":"道子啊","avatar":"https://static.tigerbbs.com/a3660e215a00d0c915df8713dff7f953","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546856120754634","authorIdStr":"3546856120754634"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v> 相信董王，年底50","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v> 相信董王，年底50","text":"$英特尔(INTC)$ 相信董王，年底50","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/492716735836200","isVote":1,"tweetType":1,"viewCount":118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":492527750967728,"gmtCreate":1761266898517,"gmtModify":1761266901044,"author":{"id":"3546856120754634","authorId":"3546856120754634","name":"道子啊","avatar":"https://static.tigerbbs.com/a3660e215a00d0c915df8713dff7f953","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546856120754634","authorIdStr":"3546856120754634"},"themes":[],"htmlText":"幸亏没听你的","listText":"幸亏没听你的","text":"幸亏没听你的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/492527750967728","isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":483637269746488,"gmtCreate":1759104249870,"gmtModify":1759104252338,"author":{"id":"3546856120754634","authorId":"3546856120754634","name":"道子啊","avatar":"https://static.tigerbbs.com/a3660e215a00d0c915df8713dff7f953","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546856120754634","authorIdStr":"3546856120754634"},"themes":[],"htmlText":"利好吗？","listText":"利好吗？","text":"利好吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/483637269746488","repostId":"2570471208","repostType":2,"isVote":1,"tweetType":1,"viewCount":104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":482325404324160,"gmtCreate":1758783690952,"gmtModify":1758783693163,"author":{"id":"3546856120754634","authorId":"3546856120754634","name":"道子啊","avatar":"https://static.tigerbbs.com/a3660e215a00d0c915df8713dff7f953","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546856120754634","authorIdStr":"3546856120754634"},"themes":[],"htmlText":"利空吗？","listText":"利空吗？","text":"利空吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/482325404324160","repostId":"1170193107","repostType":2,"repost":{"id":"1170193107","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1758783322,"share":"https://www.laohu8.com/m/news/1170193107?lang=&edition=full","pubTime":"2025-09-25 14:55","market":"us","language":"zh","title":"市场消息：英特尔计划Q4针对 \"Raptor Lake\" 处理器提价超10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1170193107","media":"老虎资讯综合","summary":"9月25日，$英特尔(INTC)$酝酿今年四季度针对 \"Raptor Lake\" 处理器调整定价，在现行的150～160美元基础上提升20美元，涨幅超过10%。Raptor Lake处理器从年中开始传缺货，迄今供货仍然吃紧。（台湾电子时报）","content":"<html><head></head><body><p>9月25日，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>酝酿今年四季度针对 &#34;Raptor Lake&#34; 处理器调整定价，在现行的150～160美元基础上提升20美元，涨幅超过10%。Raptor Lake处理器从年中开始传缺货，迄今供货仍然吃紧。（台湾电子时报）</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e540867d590b656219b51910dc84041c\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>市场消息：英特尔计划Q4针对 \"Raptor Lake\" 处理器提价超10%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ 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