Tesla(US:TSLA) QYResearch·2026-02-12 02:40Core Viewpoint - Elon Musk's business empire is not limited to a single company but encompasses a vast industrial network covering space, earth, human-machine interaction, and energy, aiming for "sustainable prosperity" and "multi-planet civilization" [3] Group 1: Six Major Industrial Chains - Musk's empire is built on three main pillars: Tesla (energy + transportation), SpaceX (space exploration), and xAI (artificial intelligence), along with three extensions: Neuralink (brain-machine interface), The Boring Company (underground tunnels), and Optimus (humanoid robots), forming a self-reinforcing collaborative loop [4] Group 2: Key Data Summary for 2026 - SpaceX aims for $18.2 billion in revenue by 2025, with a 45% year-on-year increase, and plans to launch over 200 rockets, achieving a market share of 86% in U.S. space launches [5] - Tesla targets $94.827 billion in total revenue by 2025, with a projected delivery of 1.636 million vehicles and a 120% increase in FSD subscription users [5] - xAI has raised $20 billion in funding, with plans to build a data center and enhance its Grok model [5] - Neuralink has implanted devices in 12 individuals, aiming for large-scale production and expanded clinical cases [5] Group 3: Collaborative Logic of the Industrial Chain - The synergy among the six industrial chains creates a "1+1>2" effect, where energy systems from Tesla support SpaceX and xAI, while data from various sources feeds into xAI's Grok model, enhancing overall efficiency [6][7] Group 4: Global Industry Benefits - The commercialization of Musk's industrial chains is expected to drive growth in multiple related industries, including aerospace materials, lithium batteries, AI computing power, precision manufacturing, and underground engineering, with significant market growth projections for 2026 [8] Group 5: China's Related Industry Development - China's commercial space sector is rapidly developing, with over 300 companies and a market size exceeding 200 billion RMB by 2026, benefiting from global aerospace trends [9] - In the new energy and electric vehicle sector, China leads globally, with a projected production of 9.5 million electric vehicles by 2025, capturing over 60% of the global market [11] - The AI sector in China is expected to reach a scale of 500 billion RMB by 2026, with significant advancements in large models and computing infrastructure [13] - The humanoid robot and precision manufacturing sectors are also advancing, with Chinese companies focusing on key components and achieving a 35% localization rate by 2025 [14] Group 6: Insights from Musk's Industrial Logic - Musk's approach emphasizes ecological layout, long-termism, differentiated competition, and the importance of hard technology and complete industrial chains, providing valuable lessons for global and Chinese industries [15][16][17][18]