Xpeng Inc.-W (09868.HK): Sales Growth and AI Layout Drive Hong Kong Stock Market Heat

This analysis is based on the Hong Kong Stock Popularity List of East Money App [1]. Xpeng Inc.-W (09868.HK) has recently become a hot topic in Hong Kong stocks, with core driving factors including: 313,000 units sold in the first three quarters of 2025, a YoY increase of 217.8% [3]; the ‘BEV + Super Extended Range’ dual technology route [2]; AI/autonomous driving R&D [3][9]; global coverage in 52 countries [3]; and upgraded ratings from multiple analysts [5][7].

1. Sales and Financial Performance
   : October 2025 deliveries hit a record 42,013 units [8]; Q1-Q3 total revenue reached 54.47 billion yuan, a YoY increase of 120% [3]; the Mona series accounted for over 40% of monthly sales [8]; Q2 gross margin rose to 17.3% [3].
2. Technology Strategy
   : Launched the X9 Super Extended Range model [2], the second-generation VLA fusion system and 2026 robotaxi plan [3][9].
3. Global Expansion
   : Overseas deliveries reached 34,700 units, a YoY increase of over 100% [3]; Mona M03 was exported to the Middle East [3]; plans to enter Europe in 2026 [3].
4. Analyst Ratings
   : Morgan Stanley raised the target price by 6.9% to HK$108 [5]; BofA Securities to HK$105 [7]; CMB International Securities maintained HK$115 [6].

• Effectiveness of Dual Route
  : ‘BEV + Extended Range’ covers different consumer groups; the Mona series’ mass-market strategy is successful [8][2].
• Long-term Value of AI
  : The second-generation VLA system and robotaxi layout strengthen the positioning of ‘Physical AI Mobility Explorer’ [3][9].
• Industry Synergy
  : The penetration rate of new energy vehicles is expected to exceed 60% by 2026 [4], providing growth dividends.

• Dividends from industry penetration growth [4];
• Differentiation advantages in AI/autonomous driving [9];
• Expansion potential in the European market [3].

• Intensified industry competition [0];
• Regulatory uncertainty in autonomous driving [9];
• Supply chain volatility risks [0].

The popularity of Xpeng Inc.-W (09868.HK) is based on improved fundamentals, clear technology strategy, and analyst recognition. Investors should pay attention to the 2026 robotaxi progress, entry into the European market, and competitive dynamics.