Macro and Strategy - The Federal Open Market Committee (FOMC) is facing a personnel change that will influence future policy direction and independence boundaries, with a key focus on the upcoming 2026 board member replacements [7][8] - The current structure of the FOMC, with a mix of "core dependent" and "institutional defense" members, will determine the continuation of its independence, with potential shifts in policy power dynamics anticipated [8] - The report predicts that the Federal Reserve is likely to enter a phase of "political rate cuts," with increased uncertainty in decision-making frameworks [9] Industry and Company Agriculture, Forestry, Animal Husbandry, and Fishery - The investment strategy for December 2025 highlights an expected reversal in the livestock cycle, recommending key stocks in the dairy farming sector such as Yuran Agriculture and Modern Farming [13] - The report emphasizes the potential for a rebound in meat and milk prices, driven by a synchronized recovery in the livestock sector, with leading companies expected to experience significant earnings recovery [13][14] - Recommendations include leading companies in various segments: livestock (Yuran Agriculture, Modern Farming), pork (Hua Tong, De Kang), and pet food (Guaibao Pet) [15][17] Food and Beverage - The food and beverage sector has seen a decline of 1.80% recently, with A-share food and beverage indices underperforming the broader market [18][19] - The report identifies a divergence in performance across categories, with alcoholic beverages facing supply-demand imbalances, while dairy products are expected to see gradual recovery [19][20] - Investment recommendations focus on high-potential companies in the beverage sector, such as Nongfu Spring and East Peak Beverage, as well as premium liquor brands like Luzhou Laojiao and Moutai [19][20] Real Estate - The real estate market is experiencing significant pressure, with a 9.6% year-on-year decline in sales volume and a 6.8% drop in sales area from January to October 2025 [25][26] - The report notes that while non-popular cities are seeing population outflows, local residents still have improvement-driven housing demands, which could stabilize the market [26][28] - Recommendations include focusing on companies that are well-positioned in non-popular cities, such as China Overseas Land & Investment, which can leverage local demand for housing improvements [28] Internet and AI - The report highlights advancements in AI technology, with significant product launches from companies like OpenAI and Tencent, indicating a growing trend in AI applications across various sectors [29][30] - Investment strategies suggest focusing on internet giants that are leveraging AI for growth, with recommendations for Alibaba and Tencent as key players benefiting from AI integration [30] - The report also notes the potential for AI to enhance advertising and cloud service revenues for these companies, suggesting a positive outlook for their financial performance [30]

Core Insights - Gemini 3's Deep Think mode has officially launched, enhancing reasoning capabilities to tackle complex, multi-step, and innovative problems, including difficult scientific and mathematical questions [2] Group 1: Performance Metrics - In the ARC-AGI benchmark, which tests core capabilities of general intelligence, Gemini 3 Deep Think ranked first with an accuracy of 87.5%, outperforming models like GPT-5 and Claude Opus 4.5 [4] - In the ARC-AGI-2 test, which involves higher-order reasoning tasks, Gemini 3 Deep Think achieved a 45.1% accuracy, 14% higher than the non-Deep Think version of Gemini 3 Pro, which scored 31.1% [6] - Gemini 3 Deep Think also excelled in the HLE and GPQA Diamond tests, indicating significant improvements in abstract reasoning and scientific knowledge inference [8] Group 2: User Feedback and Reception - Users have praised the Deep Think mode for its performance, noting that it successfully solved complex issues that other models struggled with, such as a stack underflow bug [14] - The mode's creative scene reasoning capabilities have been highlighted as unprecedented, receiving high praise from users [16] - However, some users expressed concerns about the practical effectiveness of Gemini 3 and called for optimization of AGI-related features [17] Group 3: Team and Development - Google DeepMind announced the establishment of a new Gemini research team in Singapore, led by Yi Tay, focusing on advanced reasoning and improvements to Gemini models [21] - The team aims to recruit top global talent and collaborate with notable figures in the AI field, enhancing the capabilities of Gemini and its Deep Think mode [27] - The Gemini team was formed during Google's AI restructuring, merging Google Brain and DeepMind to create a comprehensive team for developing competitive foundational models [30] Group 4: New Product Launch - Google recently launched Google Workspace Studio, integrating AI capabilities to automate various office tasks, enhancing productivity for users [31][32] - This new product leverages the advanced reasoning and multi-modal understanding of Gemini 3, allowing users to create AI agents for complex tasks without coding [32]