Northeast Securities Co., Ltd. released a research report stating that in November 2025, Google (GOOGL.US) launched its new large-scale model Gemini 3 Pro and image processing model Nano Banana, while Alibaba-W (09988) introduced the Qwen App and Lingguang AI. Based on the overall Q3 performance of the computer sector, the firm believes fundamental changes have occurred, with cloud infrastructure, AI, and domestic innovation sectors standing out. With the commercialization of AI in the computer sector expected in 2026, coupled with fundamental recovery and rapid breakthroughs in domestic large-scale models, the industry is poised for revaluation.

Key highlights from Northeast Securities include:

**Google Gemini 3 Pro**: With top-tier reasoning capabilities and multimodal functions, it significantly outperforms Gemini 2.5 Pro in major AI benchmarks. It achieved a groundbreaking score of 1501 Elo, topping the LMArena leaderboard. It also scored high in "Humanity’s Last Exam" (37.5%) and "GPQA Diamond" (91.9%), demonstrating doctoral-level reasoning. Beyond text, Gemini 3 Pro achieved 81% on MMMU-Pro and 87.6% on Video-MMMU, redefining multimodal reasoning. This indicates its excellence in solving complex problems across scientific and mathematical fields with high reliability.

**Nano Banana Pro**: This model can visualize any idea and design anything (including charts and diagrams). Leveraging Gemini 3’s advanced reasoning, it not only creates visually appealing images but also more practical content. Additionally, it connects to Google Search’s vast knowledge base, enabling quick creation of recipe snapshots or real-time visualizations of weather or sports data.

**Alibaba Qwen App**: A consumer-facing AI application based on Alibaba’s Tongyi large model (Qwen), positioned as an "intelligent personal assistant" focusing on multi-scenario interaction and productivity tools. The public beta launch marks Alibaba’s expansion of large-model technology from enterprise (e.g., DingTalk, Alibaba Cloud) to consumer users. As of November 24, 2025, the Qwen App has surpassed 10 million downloads.

**Lingguang AI**: Its key features include Lingguang Dialogue, Flash Apps, and Lingguang Insight. - **Lingguang Dialogue**: Supports voice reading, 3D digital models, generative illustrations, charts and data, and interactive maps, making complex information instantly understandable. - **Flash Apps**: Generated in 30 seconds to 1 minute, these are not just static pages but leverage backend large-model capabilities for real-time interaction. - **Lingguang Insight**: Parses and understands the physical world through real-time video streams, supporting bidirectional voice Q&A, text-to-image/video, and image-to-image/video functionalities.

The firm views this leap in model capabilities as a milestone for AI applications and AI agent development.

**Risk Warning**: Policy progress may fall short of expectations; downstream demand may underperform.