海外策略|基本面支撑美股韧性,短期扰动难逆上行趋势:美股2025年三季报展望

中信证券研究
Nov 08, 2025

文|徐广鸿 何林桓 卿施典2025年三季报预计美股业绩将持续呈现增长态势,信息技术板块盈利增速再度领跑。尽管科技与非科技板块盈利表现分化,但多数行业仍维持较高盈利增速。全年来看,美股盈利预期呈结构性上修,科技巨头仍是核心驱动力。当前市场对科技企业循环投资的可持续性存疑,并引发对美股AI领域泡沫化的担忧。然而,由于短期内难以证伪其可持续性,且科技行业未普遍通过举债进行资本开支,AI泡沫破裂的极端...

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