中泰证券：Gemini 3 Pro能力全方位跃升 开创Agent平台新格局

Core Insights - The release of Gemini 3 by Google demonstrates significant advancements in AI model capabilities, indicating that the progress in model intelligence has not yet reached its ceiling [1][2] - The report suggests focusing on companies with strong fundamentals in the foundational computing layer, model layer, and B-end vendors that deeply integrate services into business processes [1] Investment Events - Google officially launched the Gemini 3 series, including the Gemini 3 Pro model, on November 18, 2025, achieving state-of-the-art (SOTA) performance across multiple evaluation dimensions [1] Performance Metrics - Gemini 3 Pro scored 37.5% in the Humanity's Last Exam, surpassing GPT-5.1 (26.5%) and Claude Sonnet 4.5 (13.7%), showcasing doctoral-level reasoning capabilities [2] - In the MathArena Apex test, Gemini 3 Pro achieved a score of 23.4%, significantly outperforming GPT-5.1 (1.0%) and Claude Sonnet 4.5 (1.6%), indicating a leap in deep reasoning abilities [2] Multi-Modal Architecture and User Interface - Gemini 3 Pro continues the original multi-modal architecture and introduces a Generative User Interface (Generative UI) that allows for customized interactive responses based on user prompts [3] - Google launched the Antigravity platform for AI agent development, enabling developers to utilize models like Gemini 3 Pro and Claude Sonnet 4.5 for free, enhancing programming efficiency through autonomous task execution [3] Search Enhancements - Google has upgraded its search capabilities with Gemini 3, improving query fan-out technology to enhance search efficiency and user experience through interactive tools and dynamic visual presentations [4] Ecosystem Trends - The report highlights a trend of major foundational model companies building comprehensive ecosystems, with firms like OpenAI, Anthropic, and Google transitioning from model providers to platform developers [5] - In coding scenarios, tools like Antigravity and Anthropic's Claude Code are being integrated into foundational models, blurring the lines between standalone SaaS products and model modules [5]