中信证券：关注以多模态为代表的应用机会，同步关注模型发展带来的算力新需求

Core Insights - The report from CITIC Securities highlights significant improvements in Gemini3Pro's capabilities in multimodal understanding and logical reasoning [1] - There is a notable lead in multimodal performance, suggesting ongoing attention to the development of native multimodal technologies and the new application opportunities arising from multimodal reasoning [1] Multimodal Technology - The advancements in multimodal technology are expected to bring about industry changes and new application scenarios [1] - The report emphasizes the importance of monitoring the evolution of multimodal technologies [1] Agent Capabilities - Upgrades in agent-related capabilities are in line with expectations, showcasing strengths in long text retrieval and task flow planning [1] - The combination of model capabilities and platform upgrades is anticipated to better support the development and implementation of agents in specific scenarios [1] Coding Focus - The focus in coding is primarily on front-end development, with promising results expected [1] - The report suggests that attention should be given to application opportunities represented by multimodal technologies [1] Computational Demand - There is a need to pay attention to the new computational demands arising from model development, particularly in the areas of multimodal, agent, and the computational industry chain [1]