盈利周期：美股稳健，欧股承压

Group 1: US Stock Market Overview - In Q3 2024, the S&P 500 revenue growth was 5.5%, slightly up from 5.3% in Q2 2024, indicating a stable upward trend since H2 2023 [3][18]. - The EPS growth for the S&P 500 in Q3 2024 was 5.9%, down from 11.4% in Q2 2024, but still above the 10-year median of 4.4% [3][25]. - The ROE (TTM) for the S&P 500 in Q3 2024 was 18.7%, unchanged from Q2 2024, reflecting a solid profitability level [3][37]. Group 2: Sector Performance in US Market - The TMT (Technology, Media, and Telecommunications) and healthcare sectors led the revenue growth in Q3 2024, with information technology at 12.9% and healthcare at 10.3% [3][21]. - EPS growth in Q3 2024 was highest in the communications services sector at 23.2%, followed by healthcare at 13.6% [3][30]. - The energy sector faced significant challenges, with a revenue decline of -5.4%, attributed to pressure on energy prices [3][21]. Group 3: European Stock Market Overview - In Q3 2024, the Stoxx Europe 600 revenue growth was -1.4%, a decline from 0.2% in Q2 2024, indicating weak revenue performance [4][11]. - The EPS growth for European stocks improved to 4.2% in Q3 2024, a significant recovery from -9.9% in Q2 2024 [4][12]. - The ROE (TTM) for European stocks in Q3 2024 was 13.3%, down from 13.7% in the previous quarter, showing a lag compared to US stocks [4][15]. Group 4: 2025 Outlook for US and European Markets - The outlook for the US stock market remains positive for 2025, driven by strong economic resilience, although caution is advised regarding potential tariff impacts [5][6]. - European stocks are expected to see earnings improvement in 2025, but are unlikely to surpass US stock performance due to ongoing tariff threats and lower valuation levels [6][26]. - The valuation of European stocks is currently at a historical low, presenting potential value for conservative investors [6][27].