3Q24海外中资股财报总结：盈利预期初现下修

Earnings Performance - Non-financial overseas Chinese stocks' operating profit growth in Q3 2024 was approximately -1.1%, below the expected 0.6% and lower than the 2Q24 growth of 3.2%[1] - Internet sector's operating profit growth in Q3 2024 was 13%, down from 17% in 2Q24, but operating margins improved[3] - High-dividend sector's operating profit growth in Q3 2024 was 4.1%, up from -0.3% in 2Q24, driven by strong insurance performance[4] - Healthcare sector's operating profit growth in Q3 2024 was -12%, lower than 2Q24, with operating margins significantly declining[5] Earnings Expectations - Overseas Chinese stocks' earnings expectations for 2024E and 2025E showed signs of decline in November, reversing the upward trend from August to October[1] - Internet and consumer sectors' earnings expectations were revised downward due to factors such as policy effects and potential tariff impacts[3] - High-dividend sector's earnings expectations were also revised downward, except for insurance and telecom, which remained stable[4] - Healthcare sector's earnings expectations for 2025E reached a new low, influenced by tightening global liquidity conditions[5] Market Trends - MSCI China Index's overall earnings expectations for 2024E and 2025E showed a downward revision in November[21] - CSI 300 Index's earnings expectations also experienced a downward revision recently[31]