丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] AI 系列跟踪（84）：可灵 AI"全能灵感周"连续 上新，Gemini 3 Deep Think 推理能力再进阶 报告要点 [Table_Summary] 12 月 1 日-5 日，可灵 AI 连续 5 天上新，发布视频 O1 模型、图片 O1 模型、音画同出模型可 灵 2.6、可灵数字人 2.0，以及可灵 O1"主体库"、"对比模版"功能。12 月 5 日，Gemini 3 Deep Think 正式上线。在 AI 细分赛道中，我们看好：1）优质 IP 或受益于 AI 技术演进带来的 创作效率和变现价值提升，看好受益于多模态加速的 AI 漫剧赛道；2）具备流量&模型&数据优 势的互联网大厂；3）海外已跑通商业模式，国内有望复制（广告、电商、教育等）的垂直赛道； 4）AI+游戏厂商。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 12 月 1 日-5 日，可灵 AI ...

Group 1 - New Oriental employees expressed dissatisfaction over excessive overtime and unclear job expectations, leading to internal backlash and account suspensions [4] - Doubao phone sold out quickly, with only 30,000 units produced, and no plans for additional production, indicating a fixed short-term market supply [5][6] - LeEco clarified that its plan to invest 1.8 billion yuan in stocks is primarily for low-risk investments, with 1.5 billion yuan allocated for government bonds and new stock purchases [6][7] Group 2 - ByteDance denied rumors of a management overhaul for its 3-1 employee level, stating that the claims about increased thresholds and personnel evaluations are false [7] - Chen Zhen, a popular influencer, faced bans across multiple platforms due to controversial comments, highlighting the risks of public statements in the digital age [9] - Eight major platforms, including JD and Meituan, signed a commitment to regulate AI technology use in e-commerce, aiming to protect consumer rights [9] Group 3 - The global billionaire count reached a record high of approximately 2,900, with a total wealth of 15.8 trillion USD, driven by rising tech valuations [24] - In November, the U.S. saw a 23.5% year-on-year increase in announced layoffs, totaling 71,321, indicating ongoing labor market challenges [24] - Global smartphone production increased by 9% quarter-on-quarter to 328 million units in Q3 2025, with expectations for continued demand despite supply chain constraints [25]