XI2CSOPTSLA-U

Commercial Space

SpaceX

Rocket Lab

Deep Research

BLUE

AMZN

ASTS

TSLA

DXYZ

AMZU

TSDD

TSLL

TSLQ

09366

07766

07366

TSLR

RKLB

In the prior report, we used the prospect of a SpaceX IPO as a starting point. We mapped the main contours of the current commercial-space opportunity.In this report, we focus on reusable rocket launches and satellite operations, profiling the major market participants. We also break down the value chain to analyze potential investment opportunities through the lenses of the competitive landscape and each link in the chain.

Bluebird Bio

Amazon

AST SpaceMobile

Tesla

Destiny Tech100

Direxion Daily AMZN Bull 2X Shares

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XL2CSOPTSLA

XI2CSOPTSLA

GraniteShares 2x Long TSLA Daily ETF

SpaceX Challengers: Can Bezos and China Inc. Catch Up?

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Financial Analysis

Conference Minutes

FUTU

03588

BMNR

SBET

KONG

BRK.B

BRK.A

07777

The following are the Minutes of the 3Q25 earnings call for $Futu(FUTU.US) compiled by Dolphin Research. Detailed business data for the quarter can be viewed in the Longbridge APP under Stocks - Panorama - Performance Composition. I. Review of Core Financial Information 1. $FUTU-W(03588.HK) The company's total revenue for the quarter reached HKD 6.4 billion, a significant year-on-year increase of 86%, mainly driven by comprehensive growth in brokerage, interest, and other service income. 2. Brokerage commission and fee income increased to HKD 2.9 billion, up 91% year-on-year and 13% quarter-on-quarter...

Futu

Camden National

FUTU-W

BitMine Immersion Tech

Sharplink

Formidable Fortress ETF

Pro Ultra 7-10Yrs

AT & T

Reliance

Berkshire Hathaway B

Berkshire Hathaway

XL2CSOPBRKB

AT&T INC 5.000% DEP SHS REP 1/1000 PERP PFD SER A

AT&T INC DEP SHS EACH REP 1/1000TH PERP PFD SER C

Futu (3Q25 Minutes): Crypto Trading Surges, Hong Kong Remains the Main Source of New Customers

Xpeng

09868

VWAGY

VWAPY

XPEV

09863

02015

09866

01810

01211

300024

81810

HXXD

XIACY

81211

HYDD

002594

BYDDF

BYDDY

Achieving annual sales of one million humanoid robots by 2030 is our long-term goal.

XPENG-W

Volkswagen

XPeng

Volkswagen AG

LEAPMOTOR

LI AUTO-W

NIO-SW

XIAOMI-W

ZEEKR Intelligent Tech

BYD COMPANY

SIASUN

Li Auto

NIO Inc. USD OV

NIO Inc

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

XPeng (3Q25 Minutes): Launching seven 'dual-energy' models by 2026

禾赛科技

02525

HSAI

00175

GELYY

80175

GELHY

Why do stock prices and performance show opposite trends?

HESAI-W

Hesai

Eaton Vance Municipal Income Term Trust

GEELY AUTO

Geely Auto

GEELY AUTO-R

EMX Royalty

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

Hesai's Plunge: What Went Wrong?

688363

MOMO

PONY

02026

00388

02618

09618

80388

HKXCY

89618

HJDD

The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

Bloomage Biotech

Renaissance Ipo

Hello

Pony AI

PONY-W

HKEX

JD LOGISTICS

JD-SW

HKEX-R

Hong Kong Exchanges and Clearing (HKEX)

JD.com

JD-SWR

JD HK SDR 10to1

Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

Today’s Key News Recap

QCOM

01880

SSNGY

SPOT

HOOD

UBER

DUOL

601888

1105 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. China has made adjustments to its tariff policy on the United States, announcing the suspension of the previously imposed 24% tariff rate on certain imported goods originating from the United States, while retaining the 10% additional tariff rate. The policy adjustment focuses on balancing trade costs and domestic demand, specifically covering a range of goods including machinery and electronic components. In the short term, the policy will alleviate market concerns about the 'escalation of the tariff war,' while in the long term, further adjustments to tariffs will need to be assessed based on the progress of Sino-US economic and trade negotiations...

AppLovin

Unity Software

Qualcomm

CTG DUTY-FREE

Taiwan Semiconductor

Samsung Electronics 

Spotify

Robinhood

Uber Tech

Duolingo

Elon Musk reveals new information about Tesla AI5; CDF plans its first interim dividend | Today's Important News Recap

Rivian

RIVN

FLEE

It is expected that the R2 model will achieve positive gross profit by the end of 2026.

Rivian Automotive

Franklin FTSE Europe

Rivian (3Q25 Minutes): Still Confident in Achieving the Goal of Halving R2 Costs

Google

GOOG

GOOGL

OpenAI

DPSK

DOCS

GGLS

GGLL

FATE

GEMI

OpenAI has been incredibly busy lately, dabbling in e-commerce, social media, and now launching a browser. Emmmm... it seems they've made enemies with half of the 'Seven Sisters.' Dolphin Research can hardly keep up with the trending topics every three days. Before the earnings report of $Alphabet(GOOGL.US), let's catch up on OpenAI's release of Atlas last week, an AI browser that claims to kick Chrome's butt. In fact, OpenAI's plan to launch an AI browser was leaked by Reuters back in July: OpenAI plans to launch an AI browser in the future...

Alphabet - C

Alphabet

DeepSeek

Doximity

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Fate Therap

Park Hotels & Resort

Gemini Space Station

Google: My Fate is Determined by Myself, Not by OpenAI

$Tesla(TSLA.US) released its Q3 2025 earnings report after the U.S. stock market closed on October 23rd, Beijing time. In summary, the third-quarter performance was decent, but Tesla is inherently a stock priced for the future, especially at the current relatively high price of $439. However, Tesla's guidance on several key business expectations is not optimistic. Here are the core details: 1. Total revenue performed well: This quarter's total revenue was $28.1 billion, exceeding the market expectation of $27.2 billion. Revenue from energy storage and service businesses both increased quarter-on-quarter, while the most critical car sales revenue...

Paymentus

ING Groep

Tesla: Relying on the Stars and the Sea, It's Time to Pay for Faith Again

INTR

EXPE

REGCO

REGCP

Tesla Quick Interpretation: Overall, regarding Tesla's third-quarter performance, the results are fairly decent. Both total revenue and total gross profit exceeded market expectations. However, net profit slightly fell short of expectations due to increased expenses.From the perspective of the automotive business, which is the market's primary concern, Tesla's third-quarter vehicle sales revenue surpassed expectations. The core reason is that the market anticipated a quarter-on-quarter decline in Tesla's vehicle sales revenue, but the actual performance showed that the average selling price remained stable compared to the previous quarter.Dolphin Research believes this is mainly due to Tesla raising the prices of Model S/X in the United States and launching the higher-priced Model L version in China, offsetting the discounts on inventory Model 3/Y vehicles and loan discount offers in various regions.Regarding the most critical vehicle gross margin (excluding carbon credits), this quarter's vehicle gross margin improved quarter-on-quarter, aligning with market expectations. The quarter-on-quarter improvement in vehicle gross margin (excluding carbon credits) is attributed to the quarter-on-quarter increase in delivery volume, which released scale effects and reduced fixed per-unit amortized costs. However, Tesla was still affected by over $400 million in tariffs this quarter, increasing the variable cost per vehicle. Ultimately, the automotive business gross margin was generally in line with expectations.Since the second-quarter report, Tesla's stock price has reached a high of 439, which already reflects relatively full expectations for AI business and the upcoming mass production of Optimus. Therefore, compared to the third-quarter performance, the market is more concerned about the progress of Tesla's anticipated business.In this earnings call, it was confirmed that the reduced configuration version of Model 3/Y has replaced the plan for the low-cost Model 2.5. Instead, Tesla is more focused on the mass production of the autonomous Cybercab (expected to start mass production in Q2 next year). Due to the U.S. IRA subsidies phasing out in the fourth quarter, U.S. demand will face significant pressure. Without the support of Model 2.5, the fundamentals of vehicle sales in the fourth quarter are expected to continue deteriorating.Additionally, the release and mass production plan for the Optimus 3.0 prototype has been further delayed (Optimus P3 prototype release in Q1 2026, with mass production planning starting at the end of 2026), undoubtedly pouring cold water on the anticipated business. $Tesla(TSLA.US)

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