XPeng-W (09868.HK) Hong Kong Hot Stock Analysis

XPeng-W (09868.HK) has recently become a hot stock in Hong Kong, with three core driving factors: the release of November delivery data, positive institutional ratings, and progress in AI and autonomous driving technology. From the data, the company delivered 36,728 units in November 2025, up 19% year-on-year. The cumulative delivery in the first 11 months was 391,937 units, a year-on-year increase of 156% [[1]], and overseas deliveries also achieved a 95% year-on-year growth [[1]]. The stock price has risen by 71.93% year-to-date, significantly outperforming the Hang Seng Index [[4]].

BOCOM International included it in the December stock recommendation list and gave a “Buy” rating with a target price of HK$134.69 [[2]]; Goldman Sachs also gave a “Buy” rating to its US-listed stock (XPEV) [[5]]. Technologies such as XPENG VLA 2.0 and Robotaxi released at the AI Day on November 5 are expected to be mass-produced in 2026 [[3]], injecting impetus into long-term growth.

1. Change in Delivery Data Structure
   : Although November delivery volume decreased by 12.58% month-on-month, the 19% year-on-year growth and high-speed cumulative delivery in the first 11 months indicate that the company is still in a growth trajectory. The month-on-month fluctuation may be affected by seasonal factors [[1]].
2. Significant Gap Between Institutional Target Price and Current Price
   : The consensus 12-month target price of analysts is HK$115.17 [[4]], and BOCOM International’s target price is as high as HK$134.69 [[2]], showing institutions’ optimism about its long-term development potential.
3. Technology-Driven Differentiated Competition
   : Continuous investment and progress in AI and autonomous driving technology are XPeng Motors’ core competitiveness distinguishing it from traditional car companies, which will be the key to its future market share growth [[3]].

1. Short-term Delivery Fluctuations
   : The month-on-month decline in November delivery volume may arouse investors’ concerns about short-term growth [[1]].
2. Revenue Guidance Below Expectations
   : The company’s previously announced Q4 revenue guidance was below market expectations, which may affect short-term stock price performance [[6]].
3. Intense Market Competition
   : The Chinese electric vehicle market is highly competitive; price wars and new product launches may affect market share and profit margins [[6]].

1. Growth Potential from Technology Implementation
   : The mass production application of AI and autonomous driving technology is expected to enhance product competitiveness and premium capability [[3]].
2. Overseas Market Expansion
   : The high growth of overseas deliveries shows its potential in the international market [[1]].
3. Institutional Capital Support
   : The “Buy” ratings from multiple well-known institutions may attract more capital attention [[2]][[5]].

As a Hong Kong hot stock, XPeng-W (09868.HK) currently has a stock price of HK$80.500 [[4]], down 3.42% from the previous closing price. The support level is today’s lowest price of HK$80.40 [[4]], and the resistance level is today’s highest price of HK$82.20 [[4]]. Although it faces certain short-term risks, in the long run, technological progress and institutional optimism provide growth momentum for it.

Investors should pay attention to subsequent delivery data, revenue performance, and technology implementation, and make decisions based on their own risk tolerance.