Daily Investment Strategy
Daily focus ： Real-Time Quote
XPeng Motors(9868): reported total revenue of RMB 22.25 billion for the fourth quarter of 2025, a 38.2% year-on-year increase, exceeding market expectations of RMB 21.635 billion. Vehicle deliveries reached 116,249 units, a 27.0% year-on-year increase. The company achieved its first quarterly profit, with net profit of RMB 380 million; non-GAAP net profit reached RMB 510 million, far exceeding the expected loss of RMB 70.22 million, demonstrating strong performance. However, the outlook for the first quarter of 2026 is exceptionally weak. The company expects first-quarter deliveries to be only 61,000 to 66,000 vehicles, a sharp year-on-year decrease of 29.79% to 35.11%; total revenue is expected to be RMB 12.2 billion to RMB 13.28 billion, a year-on-year decrease of 16.01% to 22.84%, far below the market consensus of RMB 15.72 billion. In summary, although a significant profit milestone was achieved in the fourth quarter, the sharp drop in first-quarter guidance reflects the severe pressure the company is facing on short-term sales momentum.
US Indexes marking the fourth consecutive week of declines
The conflict in the Middle East continues to escalate, with the US military deploying additional Marines to the region. US President Trump issued a 48-hour ultimatum to Iran, demanding the opening of the Strait of Hormuz, or threatening to destroy its power plants. Iran, in response, presented six conditions for a ceasefire and declared its ground forces at peak readiness, warning of potential retaliatory strikes against three types of facilities. Affected by geopolitical conflicts and heightened inflation concerns, US stocks fell across the board on Friday. The S&P 500 closed down 1.51% at 6506.48 points, and the Nasdaq plunged 2.01%, marking the fourth consecutive week of declines for all three major indexes, their longest losing streak in a year.
On Friday, net outflows through the Hong Kong Stock Connect totaled HK$21 billion. Xiaomi Group-W (01810) saw the largest inflow at HK$2.459 billion, followed by Alibaba-W (09988). The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$13.382 billion, followed by the Hang Seng China Enterprises Fund (02828).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.
