Haitong Securities International·2025-11-20 06:34Investment Rating - Investment advice indicates that the release of Google's Gemini 3 marks a new leap in foundation models, excelling in reasoning, multimodal understanding, and code generation [4][6][7] Core Insights - Google's Gemini 3 achieves significant advances in core reasoning, scoring 37.5% in Humanity's Last Exam, up from 21.6%, and surpassing GPT-5.1 in ARC-AGI-2 with 31.1%, showcasing near-human abstract reasoning capabilities [5][6] - The model sets records in multimodal understanding, excelling in complex chart and video tests, and enhances mathematical reasoning for advanced applications, providing a reliable technical foundation for engineering and financial analysis [5][6] - Gemini 3 revolutionizes code generation and design, leading in LiveCodeBench and Design Arena, generating functional code and modern UI, thus introducing a new generative UI paradigm [6][7] - The model's architecture supports million-token contexts, balancing performance and cost for enterprise use, which is crucial for large-scale applications [6][7] - Gemini 3 advances agent capabilities, integrating general agent abilities in consumer products, improving tool use by 30%, and excelling in complex tasks, supported by the Antigravity platform [7] Summary by Sections - The report highlights that Gemini 3's breakthroughs validate the Scaling Law's effectiveness, accelerating the maturity of the AI application ecosystem and fundamentally transforming AI application development paradigms [4][6][7] - The introduction of generative UI and the Antigravity platform signifies a shift in AI from a mere tool to an active partner in development [6][7]