2025年第47周计算机行业周报：Gemini-3发布，关注多模态与应用商业化落地-20251124

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The computer sector experienced a continued decline, with an overall drop of 2.33%, ranking 7th among major industries in the Yangtze River region. The total trading volume accounted for 7.73% of the market, with Huawei-related stocks being particularly active [2][4]. - The report highlights the launch of Gemini-3 by Google, emphasizing its advanced capabilities and the importance of multi-modal applications and commercialization [6][41]. - The report suggests focusing on the developments in AI products, particularly those that exceed expectations, and continues to favor domestic AI chains, computing power chains, and the international expansion of AI [6][55]. Summary by Sections Market Performance - The overall market saw a significant decline, with the Shanghai Composite Index falling below 3900 points, closing at 3834.89, representing a 3.90% drop. The computer sector's decline of 2.33% places it 7th among major industries [4][14]. Key Events - The 2025 Quantum Technology and Industry Conference was held in Hefei, focusing on advancements in quantum communication, computing, and precision measurement [20][23]. - The launch of the satellite IoT business trial was announced at the 2025 China 5G + Industrial Internet Conference, which is expected to enhance the satellite communication market [31][40]. Recommendations - The report recommends focusing on Gemini-3, which features a sparse MoE architecture capable of processing up to 1 million tokens, with pricing structures detailed for input and output [6][41]. - Continued emphasis is placed on the potential of domestic AI chains and key players with significant market positioning [6][55]. Industry Developments - The quantum technology sector is experiencing rapid growth, with significant advancements showcased at the recent conference, indicating a shift towards commercialization [28]. - The satellite IoT trial is expected to stimulate investment opportunities in the satellite internet sector, supported by recent policy initiatives [31][40].