**[Analysis: High Growth in U.S. Stock Earnings May No Longer Be Limited to Leading Tech Companies]** Odaily Planet Daily News – A research report released by CITIC Securities points out that as U.S. stock performance during the domestic holiday period shows desensitization to interest rates, investors' focus will shift next week to the upcoming U.S. stock Q3 earnings season. According to LSEG consensus estimates, the year-on-year growth rates for S&P 500 Q3 2026 revenue and earnings are expected to reach 1.2% and 45.0%, respectively, though there has been a slight decline compared to the previous quarter. At the industry level, year-on-year earnings growth rates for energy, information technology, materials, and healthcare sectors all exceed 50%. The high growth in U.S. stock earnings may no longer be concentrated solely in leading tech companies, as non-tech sectors are showing significantly enhanced contributions to earnings growth. For Hong Kong stocks, despite the overseas interest rate hike cycle coupled with the restart of AI-driven momentum trading, liquidity remains under pressure. However, fundamental expectations have bottomed out, and earnings growth forecasts for major broad-based indices are beginning to be revised upward. Adjustments to industry earnings forecasts show significant divergence, with some niche sectors seeing upward revisions, while earnings expectations for domestic demand-related industries still face downward pressure. The upcoming Q3 results will be a key indicator for assessing the progress of recovery. We recommend investors remain patient with Hong Kong stocks, as short-term dividend strategies are expected to continue outperforming.