该行指出，12月份市场面临美联储降息与否、中央经济工作会议部署、北美AI叙事争论等诸多变量， 但考虑到市场增量资金主要以保险资管、银行理财、量化私募等绝对收益导向资金为主，A股/港股可能 更多地像美股一样出现"急跌慢涨"。从配置角度看，资源/传统制造业定价权的重估、企业出海仍是核 心增配方向；此外，临近年末高切低也是投资者选择之一，不少交易不拥挤品种有望迎来配置机会。 股票频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 12月10日，中信证券发布研报，更新2025年金股组合，将中国平安(601318.SH)列为高切低轮动精选个 股之一。该行指，中国平安在利率周期上判断比同业前瞻，长债持仓和高股息布局领先市场，银保扩展 和保单价值率提升领先市场，保险合同服务边际正在筑底向好，质变正在发生，阿尔法回报略慢但较为 确定；同时，公司及时大幅提升股票仓位，贝塔属性显著增强，牛市周期盛宴刚刚开始。该行期待进一 步推动逆周期监管，偿二代三期工程有望成为股价催化剂。 ...

MACD金叉信号形成，这些股涨势不错！ 该行指出，12月份市场面临美联储降息与否、中央经济工作会议部署、北美AI叙事争论等诸多变量， 但考虑到市场增量资金主要以保险资管、银行理财、量化私募等绝对收益导向资金为主，A股/港股可能 更多地像美股一样出现"急跌慢涨"。从配置角度看,资源/传统制造业定价权的重估、企业出海仍是核心 增配方向；此外，临近年末高切低也是投资者选择之一，不少交易不拥挤品种有望迎来配置机会。 格隆汇12月10日｜中信证券发布研报，更新2025年金股组合，将中国平安(601318.SH)列为高切低轮动 精选个股之一。该行指，中国平安在利率周期上判断比同业前瞻，长债持仓和高股息布局领先市场，银 保扩展和保单价值率提升领先市场，保险合同服务边际正在筑底向好，质变正在发生，阿尔法回报略慢 但较为确定；同时，公司及时大幅提升股票仓位，贝塔属性显著增强，牛市周期盛宴刚刚开始。该行期 待进一步推动逆周期监管，偿二代三期工程有望成为股价催化剂。 ...

Core Insights - The article emphasizes the rapid development and potential of AI Coding, driven by advancements in reinforcement learning, which significantly enhance model programming capabilities [1] Industry Overview - The current market size for AI Coding is estimated at $3 billion, with projections suggesting it could reach $23 billion by 2030, representing an eightfold increase over five years, which exceeds the market's four-year, threefold growth expectation [1] - The long-term potential market space is nearly $700 billion [1] Market Dynamics - The value of application layers increases with longer workflow scenarios; programming tools can shape user habits, leading to a concentrated market structure [1] - The current concentration ratio (CR3) is approximately 70%, and this bullish trend is expected to continue in the long term [1] - The market's perspective that "models will consume applications" is deemed incomplete [1] Profitability and Business Models - The industry has achieved a gross margin of 20%-30% through a pay-per-use model [1] - There is significant room for price reduction in model APIs, which will enhance the gross margin of Coding applications [1] - Concerns regarding high model costs under subscription models squeezing application margins are considered unfounded [1] Investment Recommendations - Companies that are expected to benefit from business growth include leading overseas AI programming firms and domestic small to medium-sized companies that may benefit from potential domestic substitution [1] - Attention is also drawn to internet giants that are leading in improving labor efficiency [1]

中信证券指出，随着强化学习大幅提升模型编程能力，AI Coding成为最快落地Agent场景。我们认为在 行业空间、壁垒、商业模式上市场认知不足：①我们测算，行业空间当前30亿美元，2030年有望达230 亿美元，5年8倍远超市场4年3倍预期。远期潜在空间则近7000亿美元。②场景工作流越长则应用层价值 越显著；编程工具可塑造用户习惯实现集中格局；我们测算当前CR3近70%，远期亦将维持多头格局； 市场"模型吞噬应用"观点并不全面。③行业通过按量付费模式已初步实现20%-30%毛利率；结合数据中 心UE测算，模型API降价空间充足，将增厚Coding应用毛利；市场对订阅制下高模型成本挤压应用毛利 的担心不成立。因此，我们建议重点关注受益于业务成长的海外AI编程龙头，受益于潜在国产替代的 国内中小公司，关注人效提升领先的互联网巨头。 ...

中信证券研报指出，随着强化学习大幅提升模型编程能力，AI编程成为最快落地Agent场景。研报认 为，AI编程行业空间当前约30亿美元，2030年有望达230亿美元，远期潜在空间近7000亿美元。当前 CR3已超过70%，市场"模型吞噬应用"观点并不全面。行业通过按量付费模式已初步实现20%-30%毛利 率，结合数据中心UE测算，模型API降价空间充足，将增厚Coding应用毛利。建议重点关注海外AI编程 龙头、国内中小公司及互联网巨头。（中信证券研究） ...

中信证券研报指出，美国今年假日季的消费需求尽显韧性，但伴随着"穷者愈发拮据、富者扩张消费"的 K型分化现象。我们发现美国居民部门的收支两端都存在加剧购买力分化的因素，低收入者近年来面临 的涨价压力更大，且其薪资增速在过去一年的放缓比高收入者更明显，人工智能浪潮催生的企业行为变 化和风险管理式降息周期内的资产价格上涨更是直接为美国富裕家庭贡献了可观的财富增量。面对美国 总量健康而结构分化的K型经济，特朗普或会侧重于放松监管、鼓励供给等结构性政策来回应选民对生 活成本和贫富差距议题的不满，民主党有在众议院中期选举翻盘的机会，美联储不太可能激进降息，美 股配置价值或好于美债。 ...

Core Insights - The report from CITIC Securities indicates that AI Coding is rapidly becoming a viable application scenario due to significant improvements in model programming capabilities through reinforcement learning [1] Industry Overview - The current market size for AI Coding is estimated at $3 billion, with projections suggesting it could reach $23 billion by 2030, representing an eightfold increase over five years, which significantly exceeds the market's expectation of a threefold increase over four years [1] - The long-term potential market space is nearly $700 billion [1] Market Dynamics - The value of application layers becomes more pronounced as the workflow lengthens; programming tools can shape user habits, leading to a concentrated market structure [1] - The current concentration ratio (CR3) is approximately 70%, and this is expected to maintain a bullish trend in the long term [1] - The prevailing market view that "models will consume applications" is considered incomplete [1] Profitability and Business Model - The industry has achieved an initial gross margin of 20%-30% through a pay-per-use model [1] - With ample room for price reductions in model APIs, the gross margin for Coding applications is expected to improve [1] - Concerns regarding high model costs under subscription models squeezing application margins are deemed unfounded [1] Investment Recommendations - Focus on overseas AI programming leaders benefiting from business growth, as well as domestic small and medium-sized companies that may benefit from potential domestic substitution [1] - Attention should also be given to internet giants that are leading in improving labor efficiency [1]

Core Viewpoint - Recent acceleration by Google in AI has highlighted the potential of its integrated hardware and software, reinforcing the applicability of its self-developed TPU chips in AI computing acceleration [1] Group 1: Google and TPU Chips - Google and Meta are reportedly in discussions to sell TPU externally, which could represent a breakthrough in the ASIC business model [1] - The potential of Google's TPU supply chain is expected to make it one of the most resilient segments in the AI hardware field by 2026 [1] Group 2: Market Dynamics - Nvidia's GPUs are anticipated to maintain their position as the mainstream AI computing chips [1] - There are opportunities to focus on computing infrastructure and application implementation within the evolving AI landscape [1]

（原标题：灵宝黄金(03330)股东将股票由浦银国际证券转入中信证券经纪香港 转仓市值9.37亿港元） 灵宝黄金12月3日发布公告称，董事会已审议及批准本公司若干股东持有的公司1835.98万股未上市内资 股建议实施全流通，约占于本公告日期公司股本总额1.43%。于2025年12月2日，公司已就H股全流通向 中国证监会提交备案。 于本公告日期，公司尚未就转换及上市向联交所提出申请，且公司H股全流通和转换及上市的实施计划 详情尚未落实。H股全流通仍待获得所有相关批准方可作实，包括中国证监会的备案通知、有关内资股 转换为公司H股及联交所批准有关H股在联交所主板上市买卖。 智通财经APP获悉，香港联交所最新资料显示，12月9日，灵宝黄金(03330)股东将股票由浦银国际证券 转入中信证券经纪香港，转仓市值9.37亿港元，占比5.01%。 ...

灵宝黄金12月3日发布公告称，董事会已审议及批准本公司若干股东持有的公司1835.98万股未上市内资 股建议实施全流通，约占于本公告日期公司股本总额1.43%。于2025年12月2日，公司已就H股全流通向 中国证监会提交备案。 于本公告日期，公司尚未就转换及上市向联交所提出申请，且公司H股全流通和转换及上市的实施计划 详情尚未落实。H股全流通仍待获得所有相关批准方可作实，包括中国证监会的备案通知、有关内资股 转换为公司H股及联交所批准有关H股在联交所主板上市买卖。 香港联交所最新资料显示，12月9日，灵宝黄金(03330)股东将股票由浦银国际证券转入中信证券经纪香 港，转仓市值9.37亿港元，占比5.01%。 ...