美股二季报成绩单来了！

Group 1 - The core viewpoint of the article highlights that the earnings and revenue of S&P 500 companies in Q2 exceeded expectations, with profits growing by 12% year-over-year, significantly higher than the 5% growth forecasted by analysts in July [2][3] - The number of earnings calls mentioning "recession" has decreased by 84%, indicating a more optimistic outlook from corporate executives regarding the U.S. economic prospects compared to the previous quarter [3][4] - Despite the overall positive earnings growth, two sectors—communication services and information technology—account for more than two-thirds of this growth, driven by strong performances from companies like Meta Platforms and Microsoft [4][5] Group 2 - Recent economic data in the U.S. has shown mixed signals, with inflation reports presenting contradictory information and non-farm payrolls for July falling short of expectations, indicating a potential slowdown in job growth [4][6] - The performance of various industries is highly polarized, with companies not benefiting from AI investments facing challenging conditions, as seen in the real estate sector where demand has weakened [5][6] - The current price-to-earnings ratio for S&P 500 companies stands at 22.5 times expected earnings for the next 12 months, above the 10-year average of 18.8 times, raising concerns about the sustainability of the market rally [6]