安联Allianz：2025年Q3收益，欧盟主权利差收窄的秘密，以及从关税收益到最高法院审查的转变报告（英文版）

Q3 earnings: Resilient profits powered by AI. Despite rising tariffs and softening European demand, companies demonstrated remarkable resilience in the Q3 earnings season. US firms stood out as clear leaders – thanks to frontloading and foreign firms cutting their prices – with 82% beating estimates (revenues: +8.1% y/y and EPS: +16.8% y/y). Tech earnings soared +28.5% y/y and hyperscaler profits jumped +41.5% y/y, while capital expenditures surged to USD100bn, fueled by the AI boom, which ha