Soochow Securities·2025-11-26 06:35Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The release of Google Gemini 3 has exceeded market expectations, showcasing superior scoring capabilities and multimodal understanding [1] - Gemini 3 achieved a significant lead in Benchmark testing, with a 37.5% score in HLE testing (no tools), surpassing Gemini 2.5 Pro's 21.6% and GPT-5.1's 26.5% [2] - The model's "generative UI" capability allows for dynamic generation of customized, interactive interfaces, marking a step towards AI Agents [2] - Google DeepMind emphasizes the effectiveness of Scaling Law, indicating that more data and computational power are key to enhancing model intelligence [3] - The demand for computational power is expected to continue growing, with a focus on hardware investment opportunities in Google's chain, NVIDIA's chain, and domestic computational power chains [3] - The importance of PCB and liquid cooling in servers is increasing, with PCB usage and layers expected to rise due to higher integration levels [4] - Liquid cooling is becoming essential for meeting the thermal management needs of high-power server cabinets [4] Summary by Sections Investment Recommendations - Recommended companies in the PCB equipment segment include Dazhu CNC and Chipone Microelectronics, with a focus on consumables like Zhongtung High-tech and Dingtai High-tech [5] - In the server liquid cooling segment, Hongsheng Co. is a key recommendation, with attention to Yingweike [5]