HK Stock Market Move | XPENG-W(09868) rose by over 5% again, with a 4% increase in May deliveries. Institutions are optimistic about the new car cycle driving income recovery.

XPENG-W (09868) rises by more than 5%, as of the deadline, it has risen by 5.01%, reaching HK$71.25, with a turnover of HK$13.3 billion. On the news front, Xiaopeng Group recently announced that in May 2026, Xiaopeng Group delivered a total of 32,158 new cars, an increase of 4% from the previous month. On May 20th, the new technology flagship Xiaopeng GX was officially launched and deliveries began. In the first 12 hours of its launch, 24,863 units were pre-ordered, with the Ultra flagship version accounting for over 80% of orders. Foot traffic in stores and test drives reached a record high for new car launches in the same period in history. Currently, Xiaopeng Group is actively advancing the mass production and global expansion of the second-generation VLA model, Turing AI chip, Robotaxi, and humanoid Siasun Robot & Automation. Huatai believes that looking ahead, the company further clarifies its strategic direction of upgrading from an intelligent electric vehicle company to a physical AI company. The automotive business will continue to serve as the core cash flow and profit foundation, supporting investments in Robotaxi, humanoid Siasun Robot & Automation, VLA large models, and Turing AI chips. In terms of new cars, starting from the GX, there will be 4 new SUVs launched and delivered in the next 6 months. Considering a significant recovery in deliveries and revenue in Q2 2026 compared to Q1, the company believes that the new car cycle will be the main driver of short-term revenue recovery; Robotaxi and humanoid Siasun Robot & Automation are expected to usher in a second growth curve in the commercialization of physical AI by the end of 2026.