瑞银：美国股票策略-2025 年第一季度盈利简报

Investment Rating - The report indicates a positive outlook for the S&P 500, with an expected EPS growth of 10.3% for 1Q25, slightly above the current consensus estimate of 10.2% [12][29]. Core Insights - The earnings season has shown that 90.1% of the S&P 500's market cap has reported, with revenues expected to grow by 4.7% and EPS by 10.2%. Earnings are beating estimates by an aggregate of 7.9%, with 72% of companies exceeding projections [1][14]. - The TECH+ sector is projected to significantly outpace the overall market, with expected EPS growth of 27.6% compared to the S&P 500's 10.2% [7][22]. - Non-Cyclicals are expected to see sales growth of 5.6%, primarily driven by Healthcare and Utilities, despite a slight contraction in margins [2][14]. Summary by Relevant Sections Earnings Performance - The S&P 500 is expected to report a revenue growth of 4.7% and an earnings growth of 10.2% for 1Q25, with TECH+ contributing significantly to this growth [1][14]. - The Big 6 TECH+ companies are anticipated to achieve an EPS growth of 31.8%, outperforming the broader market [3][22]. Sector Analysis - Non-Cyclicals are projected to grow sales by 5.6%, with Healthcare and Utilities leading the way [2][14]. - Cyclicals ex-Energy are expected to see a marginal EPS growth of 1.2%, while Energy is forecasted to decline by 16.7% [7][22]. Upcoming Reports - Over the next five trading days, 16 companies representing 7.5% of the S&P 500's market cap are scheduled to report earnings, including notable firms like NVIDIA and Salesforce [4][49].