XPeng Unveils Humanoid Robot After E(V)xcelent October Sales
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Key News
Asian equities were mixed overnight on light volumes despite progress toward ending the US government shutdown.
Hong Kong and Mainland China were mixed, even though today marks the official end of the US government’s 301 China tariffs. The US Commerce Department also announced that it will not implement export controls on semiconductor equipment that is sent to Hong Kong.
Hong Kong’s volumes were light despite another influx of cash from Mainland China into Hong Kong-listed stocks and ETFs via Southbound Stock Connect.
The big news today was that XPeng gained +17.93% after unveiling its Iron humanoid robot at the 2025 XPeng AI Day, and full production is expected by 2026. I must admit that it is somewhat intimidating to look at! The company’s partnership with Volkswagen is progressing as the ID Unyx 08 will begin manufacturing next year.
XPeng had strong October sales, totaling 16,424 of the Mona M03 which represents an increase of +60.97% year-over-year (YoY) and +12.91% month-over-month (MoM), according to CN EV Post. Total XPeng vehicles sold were 42,013 units, which represents an increase of +34.98% from September. The Chinese Association of Automobile Manufacturers announced that October’s auto sales represented the first time that new electric vehicles (NEVs), which includes both hybrids and fully electric vehicles, exceeded 50% of total auto sales. Elon Musk’s statement that Tesla and Chinese companies will dominate humanoid robots garnered local attention. Tesla’s October sales fell -35.76% YoY and -63.34% to MoM to 26,006, for comparison, as the company’s sales ranking fell to 27th in China, according to CN EV Post.
Internet names were largely higher, led by Tencent, which gained +0.08%, NetEase, which gained +0.18%, and Trip.com, which gained +1.07%, though E-Commerce was weak. Alibaba fell -1.84%, JD.com fell -1.12%, and Meituan fell -1.26% on continued restaurant delivery and instant commerce subsidies and broadly lackluster overall domestic consumption growth in China.
A Mainland news outlet reported that Alibaba’s Qwen AI glasses have received orders exceeding 100,000 from both Xiaomi and Oppo, while the company’s travel unit Fliggy announced a partnership with Marriott around AI applications.
Baidu gained +2.31% as the Xiao Du AI Glasses Pro go on sale for RMB 2,199 and the company’s Robo Taxi service “Apollo GO” goes live in Abu Dhabi.
The US Commerce Department announcement on semiconductor equipment appears to have weighed on Hong Kong and Mainland China-listed semiconductor stocks. Meanwhile, weak iPhone Air sales might have been the culprit behind weak Mainland technology hardware performance, as growth underperformed value in China.
The People’s Bank of China (PBOC) release its third quarter 2025 China Monetary Policy Implementation Report, which reiterates the supportive monetary policy and the 15th Five Year Plan’s emphasis on science and technology.
- “First, we will maintain reasonable growth in money and credit.” “…Support key domestic demand areas such as boosting consumption and scientific and technological innovation…”
- “We will make good use of CNY 500 billion in service consumption and pension refinancing and the newly increased loan quota for scientific and technological innovation and technical transformation.” (The interesting point is that, as China’s interest rates fall, refinancing should release household and corporate balance sheets.)
Tencent, JD.com, and Bilibili will report third quarter earnings on Thursday after the close in Hong Kong. We will also have October economic data released later this week, including retail sales, industrial production, and home sales. Early to bed for me on Wednesday! Alibaba has not released the date for its financial results yet, though we assume next week.
Singapore-based E-Commerce company Sea Limited reported great third quarter financial results, though adjusted net income and adjusted earnings per share (EPS) both missed analyst expectations.
Image of XPeng CEO He Xiaopeng with the Iron humanoid robot at XPeng’s 2025 AI Day from CNEVPost.com
Happy Veteran’s Day!
Last Night's Performance
| Country / Index | Ticker | 1-Day Change |
|---|---|---|
| China (Hong Kong) | HSI Index | 0.2% |
| Hang Seng Tech | HSTECH Index | 0.1% |
| Hong Kong Turnover | HKTurn Index | -2.1% |
| Hong Kong Short Sale Turnover | HKSST Index | -2.9% |
| Short Turnover as a % of Hong Kong Turnover | N/A | 14.4% |
| Southbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | 570.49 |
| China (Shanghai) | SHCOMP Index | -0.4% |
| China (Shenzhen) | SZCOMP Index | -0.5% |
| China (STAR Board) | Star50 Index | -1.4% |
| Mainland Turnover | .chturn Index | -8.4% |
| Northbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | Not Available |
| Jing Daily China Global Luxury Index | CHINALUX Index | 0.3% |
| Japan | NKY Index | -0.1% |
| India | SENSEX Index | 0.4% |
| Indonesia | JCI Index | -0.3% |
| Malaysia | FBMKLCI Index | 0.5% |
| Pakistan | KSE100 Index | -2.4% |
| Philippines | PCOMP Index | -1.3% |
| South Korea | KOSPI Index | 0.8% |
| Taiwan | TWSE Index | -0.3% |
| Thailand | SET Index | -0.4% |
| Singapore | STI Index | 1.2% |
| Australia | AS51 Index | -0.2% |
| Vietnam | VNINDEX Index | 0.8% |
| Indicator | Hong Kong | Mainland China |
|---|---|---|
| Today's Volume as % of 1-Year Average | 87 | 118 |
| Advancing Stocks | 286 | 2627 |
| Declining Stocks | 189 | 2359 |
| Outperforming Factors | Value, Low Volatility, Growth | |
| Underperforming Factors | Liquidity, Buyback, EPS Revision | Momentum, Liquidity, EPS Revision |
| Top Sectors | Real Estate, Tech, Financials | Real Estate |
| Bottom Sectors | Discretionary, Energy, Healthcare | Tech, Energy, Materials |
| Top Subsectors | Steel, Real Estate, Banks | Forest, Gas, Real Estate |
| Bottom Subsectors | Semis, National Defense, Coal | Electronic Components, Communication Equipment, Software |
| Southbound Connect Buys | Xiaomi (Large), HK Tracker ETF (Moderate), China Mobile (Small) | N/A |
| Southbound Connect Sells | Alibaba, XPeng (Large), SMIC, Tencent (Moderate), Hua Hong Semi (Small) | N/A |
| MSCI China All Shares Index | # of Stocks | Average 1-Day Change (%) |
|---|---|---|
| Hong Kong Listed | 151 | -0.02 |
| Communication Services | 9 | 0.17 |
| Consumer Discretionary | 28 | -0.58 |
| Consumer Staples | 13 | -0.14 |
| Energy | 7 | -0.39 |
| Financials | 23 | 0.3 |
| Health Care | 13 | -0.24 |
| Industrials | 20 | 0.21 |
| Information Technology | 10 | 0.56 |
| Materials | 10 | -0.04 |
| Real Estate | 6 | 2.09 |
| Utilities | 12 | 0.07 |
| Mainland China Listed | 404 | -0.93 |
| Communication Services | 6 | -0.54 |
| Consumer Discretionary | 31 | -0.53 |
| Consumer Staples | 24 | -0.2 |
| Energy | 13 | -1.39 |
| Financials | 64 | -0.38 |
| Health Care | 31 | -0.43 |
| Industrials | 64 | -0.49 |
| Information Technology | 91 | -2.47 |
| Materials | 58 | -1.06 |
| Real Estate | 6 | 0.13 |
| Utilities | 16 | -0.04 |
| US & Hong Kong Dually Listed | Ticker | 1-Day Change (%) |
|---|---|---|
| Tencent HK | 700 HK Equity | 0.1 |
| Alibaba HK | 9988 HK Equity | -1.8 |
| JD.com HK | 9618 HK Equity | -1.1 |
| NetEase HK | 9999 HK Equity | 0.2 |
| Yum China HK | 9987 HK Equity | 2.3 |
| Baozun HK | 9991 HK Equity | -3.2 |
| Baidu HK | 9888 HK Equity | 2.3 |
| Autohome HK | 2518 HK Equity | -2.4 |
| Bilibili HK | 9626 HK Equity | -1.4 |
| Trip.com HK | 9961 HK Equity | 1.1 |
| EDU HK | 9901 HK Equity | 0.4 |
| Xpeng HK | 9868 HK Equity | 17.9 |
| Weibo HK | 9898 HK Equity | 1.4 |
| Li Auto HK | 2015 HK Equity | 0.4 |
| Nio Auto HK | 9866 HK Equity | 1.1 |
| Zhihu HK | 2390 HK Equity | -0.9 |
| KE HK | 2423 HK Equity | 3 |
| Tencent Music Entertainment HK | 1698 HK Equity | -1.6 |
| Meituan HK | 3690 HK Equity | -1.3 |
| Hong Kong's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| ALIBABA GROUP HOLDING LTD | -1.8 |
| XPENG INC - CLASS A SHARES | 17.9 |
| TENCENT HOLDINGS LTD | 0.1 |
| XIAOMI CORP-CLASS B | 1.5 |
| SEMICONDUCTOR MANUFACTURI-H | -2.7 |
| MEITUAN-CLASS B | -1.3 |
| HUA HONG SEMICONDUCTOR LTD-H | -3.6 |
| POP MART INTERNATIONAL GROUP | 0.8 |
| AIA GROUP LTD | 1.3 |
| CHINA MOBILE LTD-H | 0.8 |
| Shanghai and Shenzhen's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| SUNGROW POWER SUPPLY CO LT-A | -0.5 |
| ZHONGJI INNOLIGHT CO LTD-A | -4.5 |
| EOPTOLINK TECHNOLOGY INC L-A | -3 |
| TBEA CO LTD-A | -4.1 |
| CHINA TOURISM GROUP DUTY F-A | 4.2 |
| CAMBRICON TECHNOLOGIES-A | -4.4 |
| SHANNON SEMICONDUCTOR TECH-A | -9.8 |
| VICTORY GIANT TECHNOLOGY -A | -4.2 |
| FOXCONN INDUSTRIAL INTERNE-A | -4.9 |
| ZHEJIANG SANHUA INTELLIGEN-A | -3.5 |
Last Night’s Exchange Rates, Prices, & Yields
- CNY per USD 7.12 versus 7.12 yesterday
- CNY per EUR 8.26 versus 8.23 yesterday
- Yield on 10-Year Government Bond 1.81% versus 1.81% yesterday
- Yield on 10-Year China Development Bank Bond 1.88% versus 1.88% yesterday
- Copper Price 0.43%
- Steel Price -0.03%
