According to the research report released by CITIC Securities, the performance of U.S. stocks in the third-quarter earnings reports for 2025 is anticipated to sustain its growth momentum, with the information technology sector spearheading earnings growth. Although there is a certain degree of disparity in earnings performance between the tech and non-tech sectors, the majority of industries still exhibit comparatively robust earnings growth rates. Over the course of the year, there has been a structural upward adjustment in earnings expectations for U.S. stocks, with tech behemoths continuing to serve as the primary growth engines.

At present, the market is casting doubts on the long-term viability of cyclic investments made by tech companies and voicing concerns over a potential bubble in the AI sector of the U.S. stock market. Nevertheless, given the challenges in substantiating the unsustainability of these investments in the short run and the fact that the tech industry has not resorted to extensive borrowing to fund its capital expenditures, the dire scenario of an AI bubble burst is not projected to materialize in the foreseeable future. Rather, cyclic investments are likely to further propel AI development.

Furthermore, the market is apprehensive about the potential contagion of risks in U.S. private credit, yet this currently stands as an isolated risk incident. Despite the substantial exposure of large U.S. banks, they boast robust risk-absorption capacities. Hence, as long as private credit does not escalate into a systemic risk, its overall influence on the U.S. stock market is expected to remain manageable.

In conclusion, despite concerns regarding the sustainability of tech investments and credit risks, the upward trend of U.S. stocks, underpinned by solid short-term earnings, is not anticipated to reverse.