花旗：企业盈利强劲将支撑美股整体估值高企 2026年维持“增持”美股

Group 1 - Citigroup's analysts expect strong corporate earnings to support high valuations in the US stock market, with earnings growth forecasts for most sectors exceeding market consensus [1] - The forecast for earnings growth in value stocks, cyclical stocks, and small-cap stocks has been notably increased, indicating a positive outlook for these segments [1] - The S&P 500 index's earnings per share is projected to rise by 16.3% this year, up from 13% last year, reflecting a broad recovery in corporate profitability [1] Group 2 - The acceleration of artificial intelligence (AI) applications is seen as the best indicator of demand health, with the revenue growth of the four major cloud giants reflecting market demand for AI [2] - Cloud revenue reached $74 billion in the third quarter, with a year-on-year growth rate increase of 2 percentage points to 30%, indicating strong market performance [2] - Analysts believe the current AI environment is a "prosperous situation" rather than a "bubble," with clear trends in corporate capital expenditure supporting market earnings forecasts [2]