7月Medicare Advantage注册追踪报告：个人MA行业注册同比增长4.5%

Restricted - External U.S.Health Care Facilities&Managed CareNEUTRALU.S. Health Care Facilities & ManagedCareAndrewMok,CFA+12125265496andrew.mok@barclays.comBCI, USTiffany Yuan+1 2125265568tiffany.yuan@barclays.comBCI, USMingchuan Song+1212 526 9787mingchuan.song@barclays.comBCI, US Enrollment SnapshotHUMCVSELVCNC5,8224,1982,2561,0215,2512,8751,8801,017%0668%83%100%5711,323376410%32%17%0%5,2512,8751,8801,0174,1972,3491,13360880%82%60%60%1,03949274737420%17%40%37%153500%1%0%3%4,1972,3491,1336081,92275998442346%32%87%70%2,2411,59015018353%68%13%%01,03949274737472443572434570%%6897%92%31557232930%11%3%8% Market Share Changes by CountyFIGURE6.2025Individual Retail MedicareAdvantage CountyMarket Share ChangesUnitedHealthlevanceChange in County Market Share:More than -2% Loss0 to -2% Loss No Change0 to +2% GainMore than +2% GainSource: CMS,Barclays Research14July2025 Analyst(s) Certification(s):I, Andrew Mok, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.ImportantDisclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and its affiliates (collectively and each individually,"Barclays").Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and may differ from the release date provided in GMT.Availabilityof Disclosures:publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019orcall+1-212-526-1072.firm's investing clients in research with respect to the asset class covered by the analyst.or reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research may differ from those contained in other types ofBarclays Research, whether as a result of differing time horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please referto https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https:/publicresearch.barclays.com/S/CM.htm.Materially Mentioned Stocks (Ticker,Date, Price)Elevance Health, Inc. (ELV, 11-Jul-2025, USD 340.67), Overweight/Neutral, A/CD/CE/D/E/J/K/L/M/NUnitedHealth Group (UNH, 11-Jul-2025, USD 304.10), Overweight/Neutral, A/CD/CE/D/E/J/K/L/M/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A: Barclays Bank PLC and/or an affiliate has been lead manager or co-lead manager of a publicly disclosed offer of securities of the issuer in theprevious 12 months.CD: Barclays Bank PLC and/or an affiliate is a market-maker in debt securities issued by this issuer.CE: Barclays Bank PLC and/or an affiliate is a market-maker in equity securities issued by this issuer.CH: Barclays Bank PLC and/or its group companies makes, or will make, a market in the securities (as defined under paragraph 16.2 (k) of the HK SFCCode of Conduct) in respect of this issuer.D: Barclays Bank PLC and/or an affiliate has received compensation for investment banking services from this issuer in the past 12 monthsE: Barclays Bank PLC and/or an affiliate expects to receive or intends to seek compensation for investment banking services from this issuer within thenext3months.FA: Barclays Bank PLC and/or an affiliate beneficially owns 1% or more of a class of equity securities of this issuer, as calculated in accordance with USregulations.FB: Barclays Bank PLC and/or an affiliate beneficially owns a long position of more than 0.5% of a class of equity securities of this issuer, as calculatedinaccordancewithEUregulations.FC: Barclays Bank PLC and/or an affiliate beneficially owns a short position of more than 0.5% of a class of equity securities of this issuer, as calculatedinaccordance with EU regulationsFD: Barclays Bank PLC and/or an affiliate beneficially owns 1% or more of a class of equity securities of this issuer, as calculated in accordance withSouth Korean regulations.FE: Barclays Bank PLC and/or its group companies has financial interests in relation to this issuer and such interests aggregate to an amount equal toGD: One of the Research Analysts on the fundamental credit coverage team (and/or a