电子行业周报：英伟达Q3业绩与Q4指引超市场预期，谷歌发布Gemini3-20251124

Investment Rating - The report suggests a positive outlook for the electronics sector, particularly in AI computing, AIOT, semiconductor equipment, key components, and rising storage prices, indicating structural investment opportunities [4][5]. Core Insights - Nvidia's Q3 performance exceeded market expectations with a revenue increase of 62% year-on-year and 22% quarter-on-quarter, driven by a 66% increase in data center revenue [4][10]. - Google's release of Gemini 3 showcases advanced reasoning capabilities, significantly outperforming previous models in various AI benchmarks [4][10]. - The electronics industry is experiencing a recovery in demand, with effective supply clearance and rising storage chip prices, alongside unexpected advancements in domestic production capabilities [4][5]. Summary by Sections Industry News - Nvidia reported Q3 revenue of $57 billion, a 62% year-on-year increase, with data center revenue reaching $51.2 billion, up 66% year-on-year [10]. - Google launched Gemini 3, which achieved a top score in AI benchmarks, demonstrating significant advancements in multi-modal reasoning [10]. - Xiaomi's Q3 revenue was 113.12 billion yuan, a 22.3% increase year-on-year, with a notable growth in its electric vehicle segment [11]. - Lenovo's Q2 revenue reached $20.45 billion, a 15% increase year-on-year, with plans for a major technology conference [12]. Market Performance - The electronics sector underperformed the market, with the Shenzhen 300 index down 3.77% and the Shenwan electronics index down 5.89% [18][20]. - As of November 21, 2025, the semiconductor sub-sector saw a decline of 6.09%, while other electronic components also faced significant drops [20][21]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Hanguang Technology [5]. - It also highlights opportunities in AI-driven sectors, including computing chips and optical devices, suggesting companies like Cambrian and Huagong Information [5]. - Emphasis is placed on upstream supply chain replacements in semiconductor equipment and materials, with companies like North Huachuang and Zhongwei Technology being of interest [5].