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VOOG

<p>CICC analyzes the current situation of the U.S. economy, pointing out that the slowdown in consumption mainly affects low-income groups, while insufficient demand for electric vehicles and real estate has a negative impact on related industries. Despite the slowdown in tech stock earnings, there is still growth. Overall, the second quarter performance of the S&P 500 in terms of earnings is good, with EPS increasing by 11% year-on-year. Revenue growth and improved cost control have enhanced net profit margins, with ROE rising to 24.3%. Overall corporate debt issuance has decreased, reflecting changes in corporate credit conditions</p>

- S&P 500 sees accelerated earnings while Nasdaq slows down in Q2. S&P 500's EPS grows by 11%, outpacing Q1's 6%, easing market concerns. Nasdaq's EPS drops from 28% to 13%, reflecting worries about high valuations. Companies meeting expectations remain stable, but optimism decreases slightly.
- Revenue growth and cost reduction boost net profit margin in Q2. Non-financial revenue rises from 4.4% to 5.8%, indicating decent economic growth. Cost control strategies lead to improved net profit margin from 11.2% to 11.6%.
- Non-financial ROE rises from 23.3% to 24.3%, driven by improved net profit margin and asset turnover. Q2's reduced corporate bond issuance affects leverage levels, dropping from 2.89 to 2.86. Technology slowdown persists but remains a key support for cash flow, capital expenditure, and buybacks.

CICC: Where is the US recession "at"