Bank of China Securities·2025-11-24 02:04Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [34]. Core Insights - The release of Google's Gemini 3 marks the transition of generative AI into the "task agent" era, shifting the investment focus from underlying computing power to high-frequency application deployment [10][12]. - NVIDIA's strong Q3 performance highlights the explosive growth driven by AI applications, providing long-term support for AI investments [13][15]. - Wintech firmly opposes the notion that "pausing solves the problem," insisting on the complete restoration of its legal control over Nexperia Semiconductor and emphasizing its commitment to legal action [10][16]. Summary by Sections Investment Recommendations - Attention is recommended for AI application-related companies, including Wanjun Technology, Hehe Information, Kingsoft Office, iFlytek, Torus, and Hongsoft Technology [3]. Industry Developments - Google's Gemini 3, released on November 18, is the most powerful AI model to date, achieving a score of 1501 on the LMArena global leaderboard, marking a significant advancement in AI capabilities [10][11]. - NVIDIA reported Q3 revenue of $57.01 billion, exceeding market expectations, with a net profit of $31.91 billion, a 65% year-on-year increase [13][14]. - Wintech's ongoing struggle for control over Nexperia Semiconductor reflects the complexities of international corporate governance and the sensitivity surrounding foreign investments in key technology firms [16][17]. Company Dynamics - Notable company activities include the issuance of a 1 billion RMB technology innovation bond by Inspur Information and a significant share transfer agreement involving Chuangye Huikang [23][24].