Core Insights - Google DeepMind has introduced a significant new capability called Agentic Vision for Gemini 3 Flash, transforming how large language models understand the world from passive guessing to active investigation [1][3][5]. Technology Overview - Agentic Vision allows models to actively manipulate images based on user requests by employing a "Think-Act-Observe" loop, enhancing the model's ability to analyze and interact with visual data [3][11]. - This capability has resulted in a performance improvement of 5% to 10% across various visual benchmark tests for Gemini 3 Flash [6]. Practical Applications - The technology enables developers to unlock new behaviors through code execution in the API, demonstrated in applications like PlanCheckSolver.com, which improved accuracy by 5% through iterative checks of high-resolution inputs [10]. - Agentic Vision facilitates image annotation, allowing the model to interact with the environment by drawing and labeling directly on images, ensuring pixel-level accuracy in its responses [13]. - The model can also perform visual mathematics and plotting, generating visual representations of data while avoiding common pitfalls of standard large language models [15][16]. Future Prospects - Google indicates that Agentic Vision is just the beginning, with plans to enhance implicit actions like image rotation and visual mathematics in future updates, as well as exploring additional tools for the Gemini model [20]. Competitive Landscape - The release of Agentic Vision coincides with DeepSeek's launch of DeepSeek-OCR2, suggesting a competitive response in the field of visual AI, where both companies are redefining machine vision capabilities [21][22]. - The competition centers around who can better define machine vision, with DeepSeek focusing on perception and Google emphasizing interactive capabilities through code execution [23].

Group 1 - The article highlights the rapid development of artificial intelligence (AI) technology, presenting significant opportunities in the market [3] - Cloudflare, a global internet infrastructure company, has seen its stock rise for two consecutive days due to the viral spread of the open-source AI agent Moltbot, indicating its role as a beneficiary of AI agent expansion [5] - Meituan's Vice President Wei Wei stated that the company is leveraging AI and smart management tools to enhance the online representation of fine dining, improving customer connections and brand strength [6] Group 2 - NextEra Energy Inc. is capitalizing on the demand from large tech companies for nuclear power to supply AI data centers, offering 1.7 gigawatts (GW) of power from its nuclear plants in Wisconsin and New Hampshire [8] - The European Union has mandated Google to remove technical barriers in its Android system that hinder competitors' AI search assistants, giving the company a six-month deadline to comply or face potential penalties [10]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes the transition to the "SuperNode" era in computing infrastructure, driven by the increasing computational demands of AI models, which are evolving from pre-training to multi-faceted scaling [14][17] - The SuperNode architecture relies on enhanced interconnectivity, integrating multiple computing chips into a logical "super GPU/ASIC" to overcome the limitations of traditional single-server setups [39] - The report identifies three main investment themes: "Network End + AIDC + Computing End" and four key sectors: "Optical + Liquid Cooling + Power Supply + Chips" [7] Summary by Sections 1. Transition to SuperNode Era - The evolution of AI models necessitates a shift in computational infrastructure, with demands for higher performance and efficiency [14] - The report highlights the rapid growth in model parameters and training data, indicating a need for advanced computational clusters [14] 2. SuperNode Architecture - SuperNode clusters are defined as large-scale GPU/ASIC systems that expand from thousands to millions of computational units, utilizing both Scale Up and Scale Out strategies [17] - The architecture includes components such as computing nodes, switch trays, and power supply units, which are essential for the operation of SuperNode systems [80] 3. Upgrades in Key Components - The report notes that the increasing penetration of SuperNode servers will drive demand for high-power supplies, liquid cooling systems, and optical communication technologies [5][80] - Specific companies are highlighted as beneficiaries in the sectors of optical modules, liquid cooling, server power supplies, and exchange chips [7] 4. Domestic SuperNode Development - The report discusses the progress of domestic SuperNode solutions, particularly Huawei's Atlas 900 A3 and Atlas 960, which are designed to enhance the performance of domestic AI clusters [6][112] - The performance of domestic chips is shown to improve significantly when deployed in SuperNode configurations, effectively compensating for individual chip limitations [112]

（编辑 王雪儿） 证券日报网讯 1月28日，晶晨股份在互动平台回答投资者提问时表示，公司与谷歌拥有十余年的深度合 作基础，是谷歌新一代端侧AI硬件（整合Gemini AI）相关产品的核心芯片供应商。双方在人工智能领 域协同聚焦于谷歌端侧大模型Gemini的硬件生态落地，相关合作成果已在2025年第三季度报告中披露。 公司推出了适配Gemini的智能音箱、智能可视化门铃、室内及室外智能摄像头等多款新产品，助力谷歌 的智能家居产品整体向内嵌端侧大模型能力的新一代产品升级，进一步激活存量市场需求。当前端侧智 能技术渗透率持续提升，正不断催生新的应用形态与场景，公司也将持续挖掘端侧智能的应用潜力。 ...

格隆汇1月28日｜英国竞争和市场管理局(CMA)提议在数字法下针对谷歌搜索设置监管"护栏"措施。管 理局正调查谷歌的出版商控制、公平排名以及数据可移植性选择界面。CMA就谷歌相关措施征求意 见，截止日期为2月25日。 ...

但斌最新美股持仓曝光，谷歌取代英伟达成第一重仓股。 近日，但斌旗下的海外子公司东方港湾基金公司ORIENTAL HARBOR INVESTMENT FUND向美国证券 交易委员会（SEC）最新提交的美股持仓数据显示，截至2025年年末，东方港湾持有的美股资产总市值 约为13.16亿美元（约合人民币91亿元），较2025年三季度末的12.92亿美元略有增长。 在1月21日举行的2026年投资者交流会上，但斌指出，放眼全球，人工智能仍是当前最具颠覆性的产业 机遇之一。他判断，未来5到10年，AI将持续推动技术革命与财富创造，并在医疗、寿命延长、自动驾 驶等多个领域实现深远落地。这不仅是技术的跃升，更是人类生存境遇的重塑。每一轮技术革命与经济 周期，都馈赠有准备者以机遇，也教育盲目与短视者。 最引人注目的变化是，谷歌（GOOG）取代英伟达（NVDA），成为东方港湾的第一大重仓股。市场分 析认为，这一变动主要源于两方面因素：一是东方港湾在2025年四季度大幅加仓谷歌约40.55%，二是 谷歌股价在当季上涨近29%。截至2025年末，其对谷歌的持股市值达4.06亿美元，占美股持仓总规模的 约31%，显著高于英伟达18% ...

Core Viewpoint - Britain's competition regulator has proposed measures aimed at enhancing Google search services, focusing on ensuring publishers receive fairer compensation for their content [1] Group 1: Regulatory Measures - The proposed measures include a package designed to improve the search services provided by Google in the UK [1] - The regulator emphasizes the need for a fairer deal for publishers regarding how their content is utilized by Google [1]

Core Viewpoint - The European Commission has initiated two formal proceedings to ensure Google complies with the Digital Markets Act, focusing on interoperability and data sharing practices related to its Android operating system and search data [1][2]. Group 1: Interoperability Obligations - The first proceeding addresses Google's obligations under Article 6(7) of the Digital Markets Act, requiring Google to provide third-party developers with free and effective interoperability with features controlled by its Android operating system [2]. - The focus is on features utilized by Google's proprietary AI services, such as Gemini, to ensure third-party AI service providers have equivalent access, promoting innovation and competition in the AI landscape on mobile devices [3]. Group 2: Data Sharing Obligations - The second proceeding pertains to Google's obligations under Article 6(11) of the Digital Markets Act, mandating access for third-party online search engine providers to anonymized data from Google Search, including ranking, query, click, and view data [4]. - The proceedings will evaluate the extent of data sharing, anonymization methods, conditions for data access, and eligibility of AI chatbot providers to utilize this data, aiming to enhance competition against Google Search [5]. Group 3: Regulatory Process and Timeline - The European Commission aims to clarify compliance measures for Google regarding interoperability and data sharing obligations, with proceedings expected to conclude within six months and preliminary findings communicated within three months [7].

三和第四大持仓，持仓比重分别达到9.6%和8.1%。尤其值得注意的是，东方港湾对二倍做多谷歌的ETF （GGLL）的增持幅度高达117.61%，这一举动进一步放大了其在谷歌上的风险暴露。 英伟达的地位虽然有所下降，但依然稳居东方港湾的第二大重仓股。谷歌和英伟达之外，东方港湾的美 股持仓还涵盖了微软、苹果、Meta、特斯拉及亚马逊等一众科技巨头。 排排网集团旗下融智投资FOF基金经理李春瑜分析表示，东方港湾持续看好人工智能的长期发展趋势， 在此背景下，其持仓重心从以英伟达为代表的算力硬件层，逐步向具备AI生态与商业化落地能力的平 台型公司如谷歌倾斜。谷歌在AI技术积累与应用场景方面的优势被视为更具确定性的增长动力。 除了传统的科技股投资，东方港湾还通过加仓杠杆型ETF产品来进一步增强其投资组合的弹性。数据显 示，三倍做多纳斯达克100ETF（TQQQ）和三倍做多FANG+指数ETN（FNGU）分别位列东方港湾的第 新华财经上海1月28日电最新数据显示，知名私募机构东方港湾2025年四季度的美股投资组合经历激进 调整，谷歌取代英伟达，成为最大重仓股。与此同时，大幅加仓杠杆型ETF，其中二倍做多谷歌的 ETF （G ...

Group 1 - The core viewpoint of the news is that Oriental Harbor Investment Fund, managed by Dan Bin, has made significant adjustments to its U.S. stock holdings, focusing on technology giants like Google while divesting from several other companies [1] - As of the end of Q4 2025, Oriental Harbor held a total of 10 U.S. stocks with a combined market value of approximately $1.316 billion, an increase from about $1.292 billion at the end of Q3 2025 [1] - The fund has completely sold off positions in Coinbase, Netflix, Astera Labs, BitMine Immersion Technologies, Broadcom, and TSMC, with Google becoming the largest holding, replacing Nvidia [1] Group 2 - In Q4 2025, Oriental Harbor increased its stake in Google by approximately 40.55%, coinciding with a nearly 29% rise in Google's stock price during the same quarter [1] - By the end of 2025, the market value of Oriental Harbor's holdings in Google was about $406 million, representing around 31% of its total U.S. stock portfolio [1] - Google Cloud announced a price increase for global data transfer services starting May 2026, with North American rates expected to double from current levels [2]