Alphabet(US:GOOG) Changjiang Securities·2025-11-28 00:41Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - Google has launched the next-generation large language model Gemini 3, which is integrated into key products such as Google Search AI mode, Gemini applications, API interfaces, and VertexAI. Additionally, the image generation model Nano Banana Pro (Gemini 3 Pro Image) has been introduced, marking a leap towards professional-grade production scenarios [4][11] - The report highlights promising segments within the AI industry, including interactive tools and toys, internet giants with advantages in traffic, models, and data, vertical sectors like advertising, e-commerce, and education that have successfully established business models overseas and are expected to replicate in China, as well as AI+ gaming companies [11] Summary by Sections Event Description - Google has released the Gemini 3 large language model and the Nano Banana Pro image generation model, enhancing its core products [4] Event Commentary - Gemini 3 Pro showcases comprehensive upgrades in model capability, user experience, and search integration. It supports a context window of 1 million tokens and has achieved significant performance benchmarks, including a score of 37.5% in the "Human Last Exam" (HLE), outperforming the second-ranked GPT.5.1 by approximately 10%. The model also leads in reasoning ability and multi-modal capabilities [11] - The Nano Banana Pro model enhances control and text rendering capabilities, supporting high-resolution image generation and maintaining consistency across multiple characters. It integrates with Google's ecosystem, leveraging real-time web information for image generation [11] - The report suggests focusing on specific AI segments, including companies with strong IP reserves benefiting from AI advancements, large firms with advantages in traffic and data, and vertical sectors that have proven business models abroad [11]