Huafu Securities·2025-12-31 02:43Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [14]. Core Insights - The report highlights a shift in focus from training AI models to optimizing the reasoning process, emphasizing the importance of real-time inference capabilities [5][6]. - Google's recent advancements in AI, particularly with the Gemini 3 Deep Think mode, showcase a new paradigm where reasoning and memory play crucial roles in problem-solving [3][4]. - The introduction of new algorithms, such as the "Titans" neural memory module, enhances the model's ability to learn and remember historical context, improving its reasoning capabilities [4][5]. Summary by Sections Industry Dynamics - On December 4, 2025, Google introduced the Gemini 3 Deep Think mode to Google AI Ultra subscribers, leveraging parallel thinking techniques to enhance cognitive abilities [3]. - The previous model, Gemini 2.5 Deep Think, encouraged the exploration of extended reasoning paths, allowing AI to generate creative solutions to complex problems over time [3]. Algorithmic Advances - A new architecture supporting learning and memory during inference has been proposed, which combines short-term and long-term memory capabilities [4]. - The "Nested Learning" paradigm mimics human cognitive processes, allowing for continuous learning without forgetting previous knowledge, thus significantly improving computational efficiency [5]. Investment Recommendations - The report suggests focusing on algorithm optimization for AI reasoning processes and providing sufficient computational power for inference, anticipating a surge in demand for reasoning capabilities [6].