Alphabet(US:GOOG) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-21 02:41Core Viewpoint - The market experienced fluctuations with the ChiNext Index dropping over 1% and the CSI Computer Theme Index declining by 1.32% [1] Group 1: ETF Performance - The Computer ETF (159998) recorded a trading volume of 70.92 million yuan yesterday, leading among its peers, and saw a net subscription of 3.6 million shares [2] - As of November 19, the Computer ETF has experienced net inflows for two consecutive days, with a total of four out of the last five trading days showing net inflows, accumulating over 54 million yuan [2] - The Tianhong Sci-Tech Innovation Index ETF (589860) had a trading volume exceeding 18 million yuan yesterday, with a closing premium rate of 0.15% [3] Group 2: Fund Flows and Index Performance - The Tianhong Sci-Tech Innovation Index ETF (589860) also saw net inflows on November 19 [4] - The Computer ETF (159998) tracks the CSI Computer Theme Index, which encompasses both software and hardware sectors, reflecting the overall performance of the computer industry. Key AI application areas include hardware for edge AI, software for consumer markets, enterprise services, and private deployment of large models [4] - The Sci-Tech Innovation Index has shown a cumulative increase of 27% since the second half of the year, as of November 20 [4] Group 3: AI Developments - Google launched its latest AI model, Gemini 3, on November 18, which will be integrated into various Google products and is designed to enhance learning and planning capabilities [5] - The capabilities of Gemini 3 have exceeded expectations, indicating that advancements in model intelligence are ongoing and have not yet reached a ceiling [5] - The evolution of foundational models, such as GPT 5.1, Qwen 3, Kimi 2, and now Gemini 3, is expected to increase application penetration while reshaping the value chain and impacting application layer companies [5]