1023 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

1. Last night, the National Press and Publication Administration announced the approval information for domestic online games in October 2025, issuing a total of 166 licenses, including 159 domestic online games and 7 imported online games. The number of approved licenses in October remains at a high level.

🐬 Individual Stocks

1.$JD.com(JD.US)

According to the JD.com app, JD.com, in collaboration with CATL and GAC Group, has officially announced the name of the "National Good Car" model. The new car is named "Aion UT super,"positioned as a pure electric small car, equipped with CATL's 99-second battery swap technology and GAC Huawei cloud vehicle system, with a range of 500km.The No. 001 "National Good Car" was officially auctioned on JD.com's auction platform, eventually selling for a sky-high price of 78.1934 million yuan.The successful high-price auction has amplified the attention on the new car, and JD.com's traffic and scenario advantages, along with CATL's technical support, will help the new car open up the market. However, attention needs to be paid to quality control and battery swap network coverage after mass production and delivery.

2.$Alibaba(BABA.US)

Alibaba's Quark AI glasses are scheduled to start pre-sale on e-commerce platforms from midnight Thursday,deeply integrated with Alibaba's ecosystem, supporting functions such as navigation, payment, and meeting minutes. Previously, it has been warmed up through fashion shows and sports events. The current domestic smart glasses market is growing rapidly, with giants like Xiaomi and Huawei already entering the fray, making competition fierce. Its market performance after pre-sale will provide crucial validation for Alibaba's smart hardware layout.

3.$Alphabet(GOOGL.US)

Google announced a major breakthrough with its quantum chip "Willow," with core algorithms that can be repeatedly verified, potentially solving the reliability issues of quantum computing. This achievement opens a realistic pathway for quantum technology to be implemented within the next five years. If implemented as scheduled, it could trigger an efficiency revolution in fields such as drug development and materials science. For the tech industry, Google's progress will force global competitors to accelerate research and development, promoting the maturity of the quantum computing industry chain.

4. Key focus on earnings reports and conference call minutes

Tesla: "Tesla: Relying on the Stars and Sea, It's Time to Pay for Faith Again", "Tesla (3Q25 Minutes): Optimus 3 Release and Mass Production Delayed to 2026"

🐬 Leading Sectors

Shanghai and Shenzhen: Integrated oil and gas companies, aluminum, sports and leisure facilities;

Hong Kong stocks: Specialty chemicals, highway freight, aluminum;

U.S. stocks: Precious metals and minerals, pharmaceutical retailers, oil and gas refining and sales

🐬 Focus for Tomorrow

1.The Bureau of Labor Statistics is about to release the delayed September CPI data;

2. Intel and Dongpeng Special Drink will release their earnings reports.

Risk disclosure and statement of this article: Dolphin Research Disclaimer and General Disclosure