CITIC Securities: High Earnings Growth in US Stocks No Longer Concentrated in Technology Companies

CITIC Securities released a research report indicating that as the performance of US stocks becomes less sensitive to interest rates, investors are shifting their focus to the upcoming Q3 earnings reports of US stocks. LSEG's consensus expectations show that the year-on-year revenue and earnings growth rates for the S&P 500 in Q3 2026 are 1.2% and 45.0%, respectively, with a quarter-on-quarter decline. In terms of industries, the year-on-year earnings growth rates for energy, information technology, materials, and healthcare all exceed 50%. The high earnings growth in US stocks is no longer concentrated solely in leading technology companies, with a significant increase in earnings contributions from non-technology sectors. Regarding Hong Kong stocks, although the overseas interest rate hike cycle and the restart of AI momentum trading have put pressure on liquidity, the fundamental expectations have bottomed out, and the earnings growth expectations for major broad-based indices have begun to be revised upwards. The adjustments in industry earnings expectations are significantly divergent, with some specific segments being revised upwards, while the earnings expectations for domestic demand-related industries still face downward pressure. The upcoming Q3 performance will be an important basis for assessing the progress of recovery. Investors are advised to remain patient with Hong Kong stocks, as short-term dividend strategies are expected to continue to outperform.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.