Alphabet(US:GOOG) Minsheng Securities·2025-11-20 00:55Investment Rating - The report maintains a "Recommended" rating for key companies in the AI industry, particularly Google and its Gemini 3 Pro model, which is expected to lead the next wave of AI innovation [5][6]. Core Insights - Google has launched the Gemini 3 Pro model, which shows significant improvements in reasoning, multi-modal capabilities, and cost efficiency due to its proprietary TPU training [1][4]. - The Gemini 3 Pro model sets a new benchmark for multi-modal video understanding, outperforming competitors in various tasks, including long video reasoning and complex code comprehension [2][3]. - The model's performance in logical reasoning and long text processing has seen substantial upgrades, with accuracy rates significantly higher than previous models and competitors [3][4]. - Google's financial performance in Q3 2025 was strong, with revenues of $102.35 billion, a year-on-year increase of 16%, and net profits of $34.98 billion, up 33% [4]. Summary by Sections Investment Recommendations - The report suggests focusing on Google and the OCS industry chain, highlighting companies such as Industrial Fulian, Shenghong Technology, Tengjing Technology, and Changxin Bochuang as potential investment opportunities [5]. Key Company Earnings Forecasts and Valuation - Industrial Fulian: 2024A EPS of 1.17, PE of 56, rated "Recommended" - Shenghong Technology: 2024A EPS of 1.34, PE of 207, no rating provided - Tengjing Technology: 2024A EPS of 0.54, PE of 273, rated "Recommended" - Changxin Bochuang: 2024A EPS of 0.25, PE of 419, rated "Recommended" [6].