Xinda Securities·2025-11-23 12:43Investment Rating - The investment rating for the electronic industry is "Positive" [2] Core Insights - The electronic sub-industry experienced a pullback this week, with the Shenwan electronic secondary index showing year-to-date changes: semiconductors (+32.19%), other electronics II (+33.80%), components (+75.60%), optical optoelectronics (+0.31%), consumer electronics (+34.36%), and electronic chemicals II (+32.97%). This week, the changes were: semiconductors (-6.09%), other electronics II (-11.95%), components (-5.36%), optical optoelectronics (-4.96%), consumer electronics (-5.62%), and electronic chemicals II (-3.71%) [3][10] - Nvidia's FY26Q3 revenue reached $57 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22%, exceeding market expectations of $54.9 billion. The company also provided guidance for FY26Q4 revenue of $65 billion (±2%), surpassing market expectations of $61.7 billion [3][24] - Google released its latest models, Gemini 3 and Nano Banana Pro, which further strengthen the Scaling Law, indicating significant advancements in AI capabilities [3][4] Summary by Sections Electronic Industry Overview - The electronic sub-industry has shown a significant pullback this week, with various segments experiencing declines in their year-to-date performance [3][10] Key Company Performance - Nvidia's FY26Q3 performance included a revenue of $57 billion, a gross margin of 73.6%, and a net income of $31.8 billion, reflecting strong growth in its data center business, which generated $51.2 billion in revenue, a 66% year-over-year increase [3][24][26] - The company indicated that its cloud GPUs are sold out, highlighting strong demand for its products [3] New Product Releases - Google introduced Gemini 3 and Nano Banana Pro, which are expected to enhance AI search capabilities and redefine front-end development by integrating agents with user interfaces [3][4] Investment Recommendations - Suggested companies to watch include: for overseas AI - Industrial Fulian, Huadian Co., Pengding Holdings, Shenghong Technology, and Shengyi Technology; for domestic AI - Cambricon, Chipone, Haiguang Information, SMIC, and Shenzhen South Circuit [4]