Weekly Insights from Guotou Securities: Highlights of Google Gemini 3 and Nano Banana Pro

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Google has released Gemini 3, a new generation of large model capabilities; Google has also released Nano Banana Pro, further enhancing generative capabilities.

Main Points

Google has released Gemini 3, a new generation of large model capabilities.

On November 18, Google launched the new generation intelligent large model Gemini 3, achieving state-of-the-art (SOTA) results on multiple domain test sets, integrating Google’s multi-modal, search, programming, and other multidimensional capabilities to create a new generation intelligent large model. We believe the main highlights of Gemini 3 are as follows:

1) Powerful reasoning capabilities, achieving doctoral-level reasoning in some areas.Gemini 3 scored 37.5% (without tools) in Humanity’s Last Exam (HLE), while GPT-5.1 only scored 26.5%. When including search and programming tools, this score further increased to 45.8%. HLE contains 2500 multidisciplinary questions covering over 100 professional fields, with about 14% of the questions featuring multi-modal characteristics. HLE is currently one of the most challenging and rigorous closed capability tests for large language models (LLMs). Additionally, Gemini 3 achieved a score of 23.4% on MathArena Apex, while GPT-5.1 only scored 1.0%. The MathArena team regularly evaluates large models using questions from the American Mathematics Olympiad, which is a typical representative of mathematical ability.

2) Multi-modal input and output, meeting various user needs from learning, creation to planning.Gemini 3 aims to seamlessly integrate multi-modal information, including text, images, videos, audio, and code, combining advanced reasoning, visual, and spatial understanding capabilities, leading multi-language performance, and a million-token context window, further expanding the boundaries of multi-modal reasoning. In the ScreenSpot-Pro test for screen understanding, it achieved a score of 72.7%, while GPT-5.1 only scored 3.5%. In the Terminal-Bench 2.0 test, it scored 54.2%, which assesses the model’s ability to use tools to operate a computer through the terminal.

3) Integrated programming environment Antigravity with agent and large model capabilities.Google also released Google Antigravity, an AI IDE (Integrated Development Environment), where the intelligent agent has been granted direct access to the editor, terminal, and browser, allowing it to autonomously plan and execute complex end-to-end software tasks while validating their code.

Google has released Nano Banana Pro, further enhancing generative capabilities.

On November 20, Google launched Nano Banana Pro (Gemini 3 Pro Image), significantly enhancing generative capabilities, with the following highlights:

1) Integration of Gemini 3’s reasoning capabilities, world model, and real-time information from external searches, generating more accurate and rich visual effects.Nano Banana Pro can connect to Google’s vast knowledge base, providing more specialized subject knowledge, allowing generated images to transition from entertainment to professionalism, equipped with professional-level knowledge and layout design capabilities.

2) Strong multi-language text generation capabilities, achieving professional-level poster production.Nano Banana Pro can accurately output multi-language text, including English, Chinese, and various other languages, along with rich textures, fonts, and calligraphy styles, setting it apart from other models.

3) Element consistency and studio-level creative control fine-tuning.Nano Banana Pro can use up to 14 images, maintaining consistency and similarity among up to 5 individuals. Through improved local editing, it allows selection, refinement, and transformation of any part of the image, supporting 2K and 4K pixels.

Risk Warning:

1) Technology iteration may not meet expectations; 2) Market style may not meet expectations, etc.;

Body

1. Industry Insights This Week

Google has released Gemini 3, a new generation of large model capabilities.

On November 18, Google launched the new generation intelligent large model Gemini 3, achieving SOTA results on multiple domain test sets, integrating Google’s multi-modal, search, programming, and other multidimensional capabilities to create a new generation intelligent large model. We believe the main highlights of Gemini 3 are as follows:

1) Powerful reasoning capabilities, achieving doctoral-level reasoning in some areas.Gemini 3 scored 37.5% (without tools) in Humanity’s Last Exam (HLE), while GPT-5.1 only scored 26.5%. When including search and programming tools, this score further increased to 45.8%. HLE contains 2500 multidisciplinary questions covering over 100 professional fields, with about 14% of the questions featuring multi-modal characteristics. HLE is currently one of the most challenging and rigorous closed capability tests for large language models (LLMs). Additionally, Gemini 3 achieved a score of 23.4% on MathArena Apex, while GPT-5.1 only scored 1.0%. The MathArena team regularly evaluates large models using questions from the American Mathematics Olympiad, which is a typical representative of mathematical ability.

2) Multi-modal input and output, meeting various user needs from learning, creation to planning.Gemini 3 aims to seamlessly integrate multi-modal information, including text, images, videos, audio, and code, combining advanced reasoning, visual, and spatial understanding capabilities, leading multi-language performance, and a million-token context window, further expanding the boundaries of multi-modal reasoning. In the ScreenSpot-Pro test for screen understanding, it achieved a score of 72.7%, while GPT-5.1 only scored 3.5%. In the Terminal-Bench 2.0 test, it scored 54.2%, which assesses the model’s ability to use tools to operate a computer through the terminal.

3) Integrated programming environment Antigravity with agent and large model capabilities.Google also released Google Antigravity, an AI IDE (Integrated Development Environment), where the intelligent agent has been granted direct access to the editor, terminal, and browser, allowing it to autonomously plan and execute complex end-to-end software tasks while validating their code.

Google has released Nano Banana Pro, further enhancing generative capabilities.

On November 20, Google launched Nano Banana Pro (Gemini 3 Pro Image), significantly enhancing generative capabilities, with the following highlights:1) Integration of Gemini 3’s reasoning capabilities, world model, and real-time information from external searches, generating more accurate and rich visual effects.Nano Banana Pro can connect to Google’s vast knowledge base, providing more specialized subject knowledge, allowing generated images to transition from entertainment to professionalism, equipped with professional-level knowledge and layout design capabilities.2) Strong multi-language text generation capabilities, achieving professional-level poster production.Nano Banana Pro can accurately output multi-language text, including English, Chinese, and various other languages, along with rich textures, fonts, and calligraphy styles, setting it apart from other models.3) Element consistency and studio-level creative control fine-tuning.Nano Banana Pro can use up to 14 images, maintaining consistency and similarity among up to 5 individuals. Through improved local editing, it allows selection, refinement, and transformation of any part of the image, supporting 2K and 4K pixels.

2. Market Review

2.1. This Week’s Sector Index Performance

This week, the Shanghai Composite Index fell by 3.90%, the Shenzhen Component Index fell by 5.13%, the ChiNext Index fell by 6.15%, and the CSI 300 Index fell by 3.77%. This week, the computer sector outperformed the Shanghai Composite Index by 1.09%, but the sector’s performance was relatively weak.

Horizontally, this week the computer industry index ranked 6th among the 30 industry indices of CITIC, and ranked 2nd among the four major TMT industries (Electronics, Communication, Computer, Media).

2.2. This Week’s Computer Stock Performance

In terms of performance, the computer sector was overall relatively weak this week.

3. Important Industry News

Google Gemini 3 released, multi-modal capabilities fully upgraded.

On November 19, 2025, Google officially launched the new generation large model Gemini 3, achieving significant breakthroughs in reasoning and multi-modal understanding capabilities, defined by the official as “an important step towards AGI.” This model comprehensively surpasses major competitors like GPT-5.1 in multiple mainstream benchmark tests, demonstrating top-notch text, logic, and doctoral-level scientific reasoning capabilities. Its multi-modal functionality is particularly prominent, capable of deeply analyzing complex charts and dynamic video content. This update also introduces the innovative “Deep Think” mode for handling more complex tasks; and the “Google Antigravity” intelligent agent development platform, positioning AI as an active partner for developers, supporting long-term task planning and autonomous code execution. Starting now, the model is open to developers through channels like AI Studio, marking Google’s comprehensive counterattack in the large model field. (Source: Mechanical Heart)

Google’s strongest image model Nano Banana Pro evaluation.

On November 20, Google launched the professional-grade image generation and editing model Nano Banana Pro, significantly enhancing text rendering, detail control, and multi-character consistency capabilities, supporting 4K resolution and multi-reference image synthesis. This model can achieve print-level text layout, precise lighting and composition editing, and integrates a real-time knowledge base to effectively avoid content distortion. It has been opened through official channels like the Gemini App and Google AI Studio, allowing free users to generate about 50 images per day; third-party platforms like Freepik and Higgsfield have also quickly integrated, providing high quotas or unlimited generation services. The community evaluates its comprehensive capabilities as surpassing mainstream tools like Midjourney and DALL·E 3, especially suitable for professional workflows in advertising, film, and design, marking the formal entry of AI image generation into the “studio-level” application stage. (Source: Today’s New Language)

Peng Chengzhi and other quantum scientists elected as academicians of the Chinese Academy of Sciences.

On November 19, 2025, the results of the election of academicians of the Chinese Academy of Sciences were announced, with Peng Chengzhi from the University of Science and Technology of China, Zhang Jing from Shanxi University, and Yao Yuguo from Beijing Institute of Technology elected as academicians of the Mathematics and Physics Division. Their research directions cover key areas such as quantum communication, quantum computing, ultra-cold atoms, and quantum functional materials, further strengthening the high-level talent pool in China’s quantum technology field. This election reflects the country’s high regard for fundamental research and cutting-edge applications in quantum technology. Combined with the previously elected academicians such as Du Jiangfeng, Pan Jianwei, and Guo Guangcan, China has formed a top-notch research force covering theoretical exploration, technological breakthroughs, and engineering practice in the field of quantum information science, continuously providing core intellectual support for the development of quantum information science and national strategic layout. (Source: Quantum Overview)

Yisiwei’s Sci-Tech Innovation Board IPO approved, leading domestic replacement in automotive machine vision.

Yisiwei (Hangzhou) Technology Co., Ltd.’s Sci-Tech Innovation Board IPO was successfully approved on November 21. As one of the earliest companies to scale automotive manufacturing machine vision in China, the company focuses on the machine vision field and is a leading enterprise in domestic replacement in this segment. The company’s products cover the entire industry chain from upstream core components to downstream system integration, fully serving the six major automotive manufacturing processes: stamping, welding, painting, assembly, battery, and die-casting, forming a product system of visual inspection, visual guidance, and visual measurement. With technological breakthroughs, the company has successfully broken the long-standing monopoly of foreign manufacturers, achieving the number one market share in the domestic automotive manufacturing machine vision market in 2024 with significant advantages, becoming the only Chinese enterprise with annual revenue exceeding 100 million yuan in this field. The company’s customer base covers mainstream joint ventures, independent brands, and new car-making forces, with products entering the supply chain systems of well-known domestic and foreign car companies such as BYD and Volvo, and achieving exports to overseas markets. At the same time, the company is actively expanding into new application areas such as rail transit, cultivating new business growth momentum. With deep technical accumulation and a complete industrial layout, the company has become a supplier for the vast majority of vehicle and component enterprises in China. (Source: Latest IPO)

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Note:All content in this article is sourced from the publicly released securities research reports of the computer team at Guotou Securities Research Institute.

For detailed content, please refer to the original report of the securities research report titled “Highlights of Google Gemini 3 and Nano Banana Pro”.

Report Release Date:November 23, 2025

Report Source:Guotou Securities Co., Ltd. (approved by the China Securities Regulatory Commission for securities investment consulting business qualifications)

Report Analysts:

Zhao Yang SAC Practicing Certificate No.: S1450522040001 (Email: [email protected])

Xia Yingtang SAC Practicing Certificate No.: S1450521120006 (Email: [email protected])

Yang Nan SAC Practicing Certificate No.: S1450522060001 (Email: [email protected])

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2024-12-16 Palantir: From Big Data to AI, How Domestic Enterprises Are Layouting?

2024-12-08 OpenAI’s New Products Released in Succession, AI Applications Continue to Catalyze

2024-12-02 With Capacity Release and Accelerated Applications, Satellite Internet Welcomes Intensive Catalysts

2024-11-25 US Stocks AI Applications Gradually Land, AI Agent May Become a New Industry Trend

2024-11-17 Why Did US Quantum Technology Companies Surge?

2024-11-11 US-China Technology Competition Intensifies, Continuing to Focus on Various Directions of General Self-Control

2024-11-04 AI Accelerates Landing, Capital Expenditure Still in Upward Cycle

2024-10-28 24Q3 Computer Sector Fund Holdings Review

2024-10-21 Hard Technology Takes the Lead, Three Major Directions Layout Investment Opportunities in Computers

2024-10-14 Public Data Top-Level Design Opens a New Round of Policy Catalysis for Data Elements

2024-10-07 How to Layout the Computer Sector After the Festival

2024-09-23 Huawei Promotes Industry Intelligence and Domestic Replacement (Xinchang) to Win-Win

2024-09-18 OpenAI o1 Model Released, Scaling Law Expected to Continue

2024-09-09 Summary of the Computer Industry Mid-Year Report 2024

2024-09-02 Huawei Chain Catalysts Frequent, Intertwined with Self-Control

2024-08-26 Digital Green Policy Released, Data Center Liquid Cooling is the Future Trend

2024-08-19 NIST Releases the World’s First Quantum-Resistant Cryptographic Algorithm Standard

2024-08-12 Grasping Industry Development Trends, Focusing on Three Major Directions of Self-Control

2024-08-05 Overseas Tech Giants Enter Earnings Disclosure Period, AI Remains a Consistent Direction

2024-07-29 Satellite Internet and Commercial Space Welcome a New Round of Investment Opportunities

2024-07-22 24Q2 Holdings Review and Interpretation of the Third Plenary Session’s “Decisions”

2024-07-15 Robotaxi Commercialization Closed Loop Initially Achieved, Focus on Autonomous Driving Industry Chain

2024-07-08 A New Round of Fiscal and Tax System Reform Cannot Be Separated from Comprehensive Support of Digital Finance

2024-07-01 Technological Independence and Strength, Focusing on General Self-Control and Frontier Exploration

2024-06-23 Huawei HDC 2024 Opens, Pure Blood Harmony + Pangu Large Model Jointly Debuts

2024-06-17 Copilot PC and AI Phone Dual Sword Strike, Edge AI Penetration Rate Turning Point Approaches

2024-06-10 Vehicle-Road Collaboration Welcomes Intensive Catalysts, Focus on Roadside, Commercial Vehicles, and Autonomous Driving Three Main Lines

2024-06-03 AIPC Progress Accelerates, WoA Future is Promising

2024-05-27 Policy Expectations and Other Catalysts Favor the Digital Energy Industry Chain

2024-05-20 Insights from Tech Giants on Algorithm Applications and Edge AI Layout

2024-05-13 Quantum Technology Expected to Become an Important Field of New Productive Forces

2024-05-06 Overseas Tech Giants Increase AI Investment, Continuing to Favor Computing Power Industry Chain Value

2024-04-29 24Q1 Computer Sector Fund Holdings Review

2024-04-22 Llama3 Released, Open Source Large Model Capabilities Further Enhanced

2024-04-15 The Spear and Shield of the Quantum Era: Focus on Progress in Quantum-Resistant Cryptography Industry

2024-04-08 Large Model Device Updates Involve the Transportation Field, Vehicle Networking Infrastructure Expected to Accelerate

2024-04-01 Low Altitude Economy Top-Level Policy Issued, Industry Release Expected to Accelerate

2024-03-25 Quantum Technology: Future Industries in the Microscopic World

2024-03-18 NVIDIA GTC 2024 Conference Approaches, AI and Robotics May Welcome Catalysts

2024-03-11 Interpretation of the Two Sessions and New Productive Forces from the Perspective of Computer Investment

2024-03-04 Domestic and Overseas Resonance, AI Computing Power Leading High Prosperity in Technology Investment

2024-02-26 Satellite Internet Industrialization Actively Promoted, Progress Made in Launch and Satellite Ends

2024-02-19 Text-to-Video Model Sora Expected to Lead New Prosperity in AI

2024-02-05 Insights from US Tech Stock Earnings on AI Industry Progress

2024-01-29 23Q4 Computer Sector Fund Holdings Review

2024-01-21 Low Altitude Economy Welcomes Multiple Catalysts, Key Focus on Two Types of Directions

2024-01-15 GPT Store Launched, Focus on AI Application Industry Development

2024-01-08 CES 2024 Approaches, AI Becomes the Biggest Focus

2024-01-01 Xinchang Welcomes Marginal Changes, Huawei Chain and Computing Power Will Be Major Increments

2023-12-25 Huawei Implements Basic Software Open Source Strategy, Harmony & Euler Gradually Entering the Right Track

2023-12-18 “Data Element ×” Three-Year Action Plan Soliciting Opinions, Policies Expected to Continue to Land

2023-12-11 Google Gemini Large Model Released, Native Multi-Modal Capabilities Upgraded