CITIC Securities reports that high earnings growth in US stocks is expanding beyond leading technology companies as the Q3 earnings season begins. LSEG consensus estimates project S&P 500 Q3 revenue and earnings growth of 1.2% and 45.0% year-over-year, respectively. Energy, information technology, materials, and healthcare sectors are expected to post earnings growth exceeding 50%, indicating strengthening contributions from non-tech segments. For Hong Kong stocks, fundamental expectations have bottomed out with earnings growth forecasts for major indices revised upward, despite liquidity pressures from overseas rate hikes and AI momentum trading. Sector adjustments remain divergent, with domestic-demand industries still facing downward revisions. CITIC Securities advises patience for Hong Kong equities, expecting dividend strategies to continue outperforming in the near term as upcoming Q3 results serve as a key recovery indicator.