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

XPeng Inc.-W (09868.HK) entered the East Money App Hong Kong Stock Hot List on December 3, 2025, which is the result of the combined effect of multiple factors:

1. Sales Performance and Market Expectations
   : On December 1, the company released November sales data, delivering 36,728 electric vehicles with an annual growth of 19% [0]. Although the growth rate slowed compared to earlier periods, it still maintained positive growth, reflecting its continuous operational capabilities in the highly competitive Chinese electric vehicle market.
2. Industry Competition Pressure
   : Recent reports on BYD’s export growth have raised market concerns about the industry competition pattern. Investors worry that BYD’s strong performance will squeeze XPeng’s market share and profit margins, further casting doubts on its ability to meet quarterly sales targets [0].
3. Price Fluctuations and Volume Amplification
   : On December 2, XPeng’s American Depositary Shares (XPEV) closed at $19.66, a 3.63% drop from the previous trading day, with a trading volume of 16.74M, 1.5 times the average volume (11.04M) [0]; as of 03:32 ET on December 3, the after-hours trading price further dropped by 7.92% [0]. The price drop accompanied by a significant increase in volume attracted the attention of short-term investors, pushing the stock onto the hot list.

1. Contradiction Between Sales Growth and Competitive Pressure
   : The positive sales growth in November shows XPeng still has market vitality, but the slowing growth rate contrasts with the strong performance of competitors like BYD, reflecting that competition in China’s electric vehicle industry has entered a fierce stage, and the growth space of individual manufacturers is being squeezed [0].
2. Link Between Volume Amplification and Market Sentiment
   : The doubling of volume on December 2 is both a result of stop-loss and bottom-fishing trades triggered by price drops, and also reflects investors’ divergence over XPeng’s quarterly sales targets—some investors are cautiously optimistic due to sales growth, while others choose to exit due to intensified industry competition [0].
3. Short-term Impact of Hot List Effect
   : After entering the Hong Kong stock popularity list, short-term trading sentiment may further amplify stock price volatility, while the long-term trend still depends on changes in the company’s sales data, profitability, and industry competition pattern [0].

1. Valuation and Profit Risk
   : XPeng currently has a price-to-earnings ratio of -33.32, in a loss state, with a high valuation level [0]. If profitability does not improve, it may face valuation correction pressure.
2. Industry Competition Risk
   : Strong performance from leading manufacturers like BYD will continue to squeeze market share. XPeng needs to form differentiated advantages in products, technology, or marketing strategies to cope with competition [0].
3. Sales Target Risk
   : Investors are worried that the company may not achieve strong sales in December. If it fails to meet the quarterly target, it may trigger a further drop in stock price [0].

China’s electric vehicle industry is still in a long-term growth stage. If XPeng can optimize product structure, improve profit margins, and consolidate market position, it is expected to benefit from industry development dividends, but current analyst reports do not clearly mention specific opportunity points [0].

XPeng Inc.-W (09868.HK) became a Hong Kong hot stock due to the combined effect of multiple factors such as sales volume, competition, and price fluctuations. From a technical perspective, the lowest price of $19.48 on December 2 may become a short-term support level, and the 20-day moving average ($22.84) and 50-day moving average ($22.62) are short-term resistance levels [0]. Investors need to focus on December sales data, while being alert to the impact of risks like overvaluation and industry competition on the stock price.