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%。 ...

Core Viewpoint - The Hong Kong stock market is entering a phase of valuation repair and structural reshaping, characterized by undervaluation, capital misalignment, and performance differentiation, with significant net inflows from southbound funds and a shift in foreign capital [1][2]. Valuation and Market Trends - The Hang Seng Index has experienced a cumulative decline of over 50% from early 2021 to January 2024, leading to a significant valuation gap [2]. - As of December 9, 2023, the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index have recorded cumulative gains of 49.20%, 22.59%, and 24.32%, respectively [2]. - By the end of 2025, the expected EPS growth for the Hang Seng Index in 2026 is projected to be 8%, with a dynamic P/E ratio of only 12 times, indicating a notable valuation gap compared to major global markets [2]. Capital Flow Dynamics - Southbound funds have seen a record net inflow of nearly 1.4 trillion HKD by the end of November 2023, marking a new high since the launch of the mutual market access mechanism [3]. - The inflow of ETFs surged to 51.3% from June to October, with August reaching 88%, indicating strong enthusiasm among domestic individual investors [3]. - Institutional investors favor sectors like non-bank themes and precious metals, while individual investors focus on growth sectors such as automotive, pharmaceuticals, and consumer goods [3]. Sector Performance and Investment Opportunities - The technology sector is expected to see significant profit growth in 2025, contrasting with traditional sectors like finance and real estate [4]. - The AI industry chain in Hong Kong is strengthening, with a positive correlation between the Hang Seng Technology Index and the USD/JPY exchange rate [4]. - For 2026, investment opportunities should focus on sectors with performance certainty and valuation elasticity, particularly technology, pharmaceuticals, resource products, and essential consumer goods [8]. Long-term Market Outlook - The market is anticipated to experience a second round of valuation repair driven by internal and external factors, including the implementation of the "14th Five-Year Plan" and easing monetary policies globally [6][5]. - The potential for external capital inflow is expected to increase as the risk premium decreases due to improved Sino-U.S. relations [6]. Specific Sector Insights - The technology sector, especially the AI industry, is expected to benefit from a virtuous cycle of investment and revenue growth, with a focus on leading companies and quality players in the computing power supply chain [8]. - The pharmaceutical sector is entering a growth phase supported by policy and industry developments, with a focus on innovative companies and those benefiting from domestic market reforms [8]. - The resource sector is supported by supply-demand mismatches and liquidity drivers, with companies in precious metals and rare earths likely to benefit from rising commodity prices [9]. - The essential consumer goods sector is poised for valuation recovery as domestic policies stimulate consumption and improve income expectations [9].

Core Viewpoint - The Hong Kong stock market is entering a phase of valuation repair and structural reshaping, characterized by undervaluation, capital misalignment, and performance differentiation, with a significant influx of southbound capital and a shift in foreign investment reshaping the funding landscape [1][2]. Valuation and Market Dynamics - The Hang Seng Index has experienced a cumulative decline of over 50% from the post-Lunar New Year of 2021 to January 2024, leading to a significant valuation gap [2]. - As of December 9, 2023, the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index have recorded cumulative gains of 49.20%, 22.59%, and 24.32%, respectively [2]. - By the end of 2025, the expected EPS growth rate for the Hang Seng Index in 2026 is projected to be 8%, with a dynamic P/E ratio of only 12 times, indicating a notable valuation gap compared to major global markets [2]. Capital Flow and Investment Preferences - Southbound capital has seen a record net inflow of nearly 1.4 trillion HKD by the end of November, marking a new high since the launch of the mutual market access mechanism [3]. - The capital structure shows a clear differentiation, with institutional investors favoring themes like non-bank ETFs and personal investors focusing on growth sectors such as automotive, pharmaceuticals, and consumer goods [3]. - Foreign capital, while still experiencing outflows, has shown signs of recovery since August, with long-term foreign capital seeing its first phase of inflow since September 2022, particularly favoring the information technology sector [3]. Sector Performance and Outlook - The technology sector is expected to see significant profit growth in 2025, contrasting sharply with traditional sectors like finance and real estate [4]. - The Hang Seng Technology Index has shown volatility but continues to strengthen its core competitiveness, with the sector benefiting from advancements in AI and related technologies [4]. - The long-term trend of recovery in the Hong Kong stock market is expected to continue, driven by policy dividends and external risk dynamics [5][6]. Investment Directions - Key investment opportunities for 2026 are identified in four main sectors: technology, pharmaceuticals, resource products, and essential consumer goods, focusing on "earnings certainty + valuation elasticity" [8][9]. - The technology sector, particularly the AI industry chain, is anticipated to benefit from a virtuous cycle of investment and revenue growth, with a focus on leading companies and quality players in the computing power supply chain [8]. - The pharmaceuticals sector is entering a phase of certain growth, supported by policy and industry developments, with a focus on innovative companies and those benefiting from domestic market reforms [8]. - The resource products sector is supported by supply-demand mismatches and liquidity drivers, with expectations of rising commodity prices benefiting related stocks [9]. - The essential consumer goods sector is poised for valuation recovery, supported by domestic policies aimed at boosting consumption and improving income expectations [9].

转自：智通财经 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【中信证券维持赛富时买入评级 目标价350美元】智通财经12月9日电，中信证券维持赛富时 （CRM.N）买入评级，目标价350美元，FY2026Q3收入102.6亿美元（+9% YoY），Non-GAAP净利润 36.4亿美元（+16% YoY）超预期。数据云与AI产品经常性年化收入达14亿美元，同比增长114%， Agentforce订单进展强劲，推动平台价值提升。公司盈利预测上调，受益于AI驱动增长与生态协同效 应，目标价维持350美元。 ...

截至发稿，聚赛龙市值为22亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 每经AI快讯，聚赛龙（SZ 301131，收盘价：46.91元）发布公告称，2025年12月9日下午13:00~14:30， 聚赛龙接受中信证券等投资者调研，公司董事会秘书吴若思，证券事务代表熊艳参与接待，并回答了投 资者提出的问题。 2025年1至6月份，聚赛龙的营业收入构成为：改性塑料行业占比100.0%。 （记者 曾健辉） ...

Group 1 - The core viewpoint of the news is that Weili Transmission (SZ 300904) announced it will be participating in a research meeting with CITIC Securities on December 9, 2025, where the company's Vice President and Board Secretary, Mr. Zhou Jianlin, will address investor questions [1] - For the first half of 2025, Weili Transmission's revenue composition shows that wind power gearboxes accounted for 98.23% of total revenue, while other products made up 1.77% [1] - As of the time of reporting, Weili Transmission has a market capitalization of 4.8 billion yuan [2]