中信证券发布研报称，Gemini 3 Pro多模态理解和逻辑推理两大关键能力显著提升，其中多模态性能有 显著领先，应持续关注原生多模态技术发展带来的产业变化，以及多模态推理带来的全新应用场景机 会。Agent相关能力升级符合预期，在长文本检索、任务流程规划等方面形成亮点，结合模型能力和开 发平台升级，更好支持细分场景的Agent开发落地。Coding方面以前端开发为主要方向，相关效果值得 期待。建议关注以多模态为代表的应用机会，同步关注模型发展带来的算力新需求。 中信证券主要观点如下： 事项： 美国时间11月18日，Google发布最新基座模型Gemini 3 Pro，模型强调多模态理解和深度推理两大基础 性能，围绕agent开发、代码生成、用户交互等关键能力持续升级，在主流测试集上达到领先水平。目 前，新模型已经全面向Search、Gemini app、AI Studio、Vertex AI、Google Antigravity等渠道开放。 多模态：性能表现达到领先水平，持续关注原生多模态架构创新。 Google官网将Gemini 3 Pro定位为"世界最好的多模态理解模型"，并强调模型综合利用多种模态信息 ...

Core Insights - The report discusses the challenges and solutions in the development of Agents, highlighting the contrast between ideal expectations and real-world difficulties [1][2]. Pre-Launch Phase - Common pitfalls include unclear goals, neglecting data tools, lack of valuable business scenarios, and insufficient ROI evaluation [9][10]. - Solutions involve focusing on small, pain-point-driven topics, ensuring data accessibility and quality, clarifying customer needs, and setting quantifiable ROI metrics [9][10][11]. Development Phase - Issues faced during development include model selection difficulties, improper usage, cost overruns, vague prompts, chaotic knowledge management, and weak security measures [2][20]. - Strategies to address these include utilizing platforms like Baidu's Qianfan for model selection, designing clear prompts akin to PRD writing, optimizing knowledge management, and establishing a robust security framework [2][20][26]. Post-Launch Phase - Common problems after launch include lack of monitoring alerts, inadequate scaling and disaster recovery mechanisms, and insufficient user feedback systems [2][20]. - Recommendations include identifying resource dependencies, configuring redundant capacities, establishing comprehensive logging and monitoring systems, and enhancing user feedback mechanisms for continuous optimization [2][20]. Overall Development Approach - The development of Agents should adhere to a multi-faceted principle, balancing key elements to ensure high availability and continuous improvement, ultimately creating intelligent agents that meet user needs [1][2].

Core Insights - MiniMax, one of the "Six Little Tigers" of domestic large models, has officially launched its Agent full-stack development feature, allowing users to build complete applications with a single click, extending beyond just front-end display [2][4] Group 1: Features and Capabilities - The developed systems support various technical features such as Supabase backend hosting, Stripe payment integration, cron job scheduling, and long link maintenance, enabling API calls, real-time data processing, payment functions, LLM integration, scheduled task execution, and user authentication [2] - Users can create a concert seat selection system in 30 minutes without coding, allowing for real-time seat locking, registration, email verification, login, and payment processing through Stripe [2] - Investors can customize real-time dashboards to track the latest prices and industry news of 50 global tech stocks, with updates scheduled at 07:00, 12:00, and 17:00 [2] - Personal entrepreneurs can create independent overseas sites, such as an e-commerce website for crystal bracelets, allowing real transactions and product management [2][4] Group 2: Modular Architecture and Development - MiniMax employs a modular Agent architecture consisting of three core sub-Agents: 1. Research Agent: Analyzes application requirements and generates complete technical plans, including API call specifications [4] 2. Full-Stack Development Agent: Generates robust code based on industry best practices for complete front-end and back-end functionality [4] 3. Testing Agent: Conducts interface-level testing and debugging for modular applications [4] Group 3: Recent Innovations and Market Impact - MiniMax has introduced the MCP builder feature, allowing users to develop any desired MCP with a single sentence, which can be reused within the MiniMax Agent or downloaded for flexible use [5] - The platform has released 12 feature updates in just over a month, emphasizing its commitment to innovation and the potential to lower the barriers for complex application development [5] - The Agent full-stack development feature demonstrates MiniMax's capability to quickly implement simple applications and meet personalized development needs [5]