Core Viewpoint - The distribution of cross-border capital has become uneven due to global geopolitical influences, with developed regions like Europe and the US withdrawing capital from China, while Middle Eastern investors are emerging as a significant source of funding for Chinese enterprises and funds [1][2]. Group 1: Investment Trends and Opportunities - Chinese enterprises and fund managers are increasingly engaging with Middle Eastern markets, with numerous official and private delegations visiting the region [1]. - There is a mix of successful collaborations, such as NIO's partnership with Middle Eastern investors, and failures, like the delayed $5.6 billion investment in HiPhi [1]. - The relationship between China and the Middle East is warming on both political and market levels, with clear plans for increased investment and cooperation [1][2]. Group 2: Characteristics of Middle Eastern Sovereign Wealth Funds - Middle Eastern sovereign wealth funds (SWFs) are primarily funded by oil revenues and are crucial for long-term growth, with many countries recognizing the need for economic diversification [3][5]. - The top sovereign wealth funds in 2023 include the Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), and Saudi Public Investment Fund (PIF), with a combined asset under management (AuM) exceeding $4.1 trillion [5][7]. - These funds are increasingly focused on non-oil sectors, with PIF investing nearly 70% of its capital in non-oil industries within Saudi Arabia [5]. Group 3: Investment Strategies and Preferences - In 2023, 42% of sovereign wealth funds investing in non-local assets are from the Middle East, with a significant portion allocated to listed equities and bonds [8]. - The allocation strategies vary, with some funds like ADIA focusing on overseas investments while others like PIF prioritize domestic investments [10]. - The investment preferences of Middle Eastern funds are shifting, with a notable decrease in technology sector investments and an increase in real estate, infrastructure, and energy sectors [16]. Group 4: Engagement with Chinese Markets - Middle Eastern sovereign funds are showing a growing interest in investing in Chinese markets, with several funds recently opening Qualified Foreign Institutional Investor (QFII) accounts to facilitate investments in A-shares [12][13]. - Despite the overall cautious approach towards Chinese equities due to macroeconomic factors, some funds are increasing their exposure to the Chinese market [15]. - Understanding the specific investment strategies and regional allocations of these sovereign funds is crucial for Chinese enterprises seeking capital [10][11].

Core Viewpoint - NIO's CEO Li Bin has highlighted the industry's battery lifespan issues, revealing that current battery cycle lifespans are significantly lower than the vehicle's potential mileage, which can reach 1 million kilometers, while battery lifespans typically only cover 240,000 kilometers [1][2] Group 1: Battery Lifespan and Industry Reality - The collaboration between NIO and CATL aims to develop long-lifespan batteries that can last nearly twice the national warranty period, targeting a lifespan of 15 years with a state of health (SOH) of no less than 85% [2][3] - Over the past eight years, more than 19 million electric vehicles have been sold with batteries that meet national warranty requirements, many of which will soon exceed their warranty periods [2][3] - The number of electric vehicles reaching warranty expiration is expected to rise sharply, with projections indicating that by 2032, the number of "out of warranty" electric vehicles could reach 7.2 million [3] Group 2: Economic Implications and Market Dynamics - NIO's long-lifespan battery initiative is crucial for adjusting the Battery as a Service (BaaS) model, allowing for reduced operational costs and more refined operations [4] - The market price for power batteries has significantly decreased, with costs dropping from 800-1000 yuan per watt-hour to 400-600 yuan per watt-hour by the end of 2023 [4] - The high cost of battery replacement is a major concern for consumers, with replacement costs for electric vehicles often exceeding 100,000 yuan, which can deter potential buyers [6][7] Group 3: Second-Hand Market and Consumer Sentiment - The longevity of batteries is critical for the second-hand electric vehicle market, as improved battery lifespan could enhance resale values and facilitate market circulation [5][6] - Current data shows that electric vehicles depreciate significantly faster than traditional fuel vehicles, with electric vehicles retaining only about 30% of their value after three years compared to 60-70% for fuel vehicles [6] - Consumer anxiety regarding battery replacement costs, insufficient range, and safety concerns are major barriers to the adoption of electric vehicles [6][8] Group 4: Recycling and Environmental Considerations - The industry faces challenges in battery recycling, with only about 25% of retired batteries being recycled properly, despite projections that by 2030, the volume of retired batteries could reach 3.5 million tons [8][9] - The design of integrated battery systems complicates the recycling process, making it difficult for recycling companies to dismantle battery packs [8][9]

证券研究报告·海外公司点评·汽车(HS) 蔚来-SW（09866.HK） 2023Q4 季报点评：Q4 业绩符合预期，静待 2024年 03月 10日 新品牌放量 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 黄细里 营业总收入（百万元） 49,269 55,618 88,578 117,519 136,945 执业证书：S0600520010001 同比 36.34% 12.89% 59.26% 32.67% 16.53% 021-60199793 归母净利润（百万元） -14,559 -21,147 -13,172 -2,113 1,731 huangxl@dwzq.com.cn 同比 -% -% -% -% -% 研究助理 孟璐 EPS-最新摊薄（元/股） -8.67 -12.59 -7.84 -1.26 1.03 执业证书：S0600122080033 P/E（现价&最新摊薄） - - - ...

Investment Rating - The report maintains an "OUTPERFORM" rating for NIO Inc. with a target price of HK$57.20, reflecting a valuation of 1.0x EV/Sales for 2024 [3][6][12]. Core Insights - NIO's Q4 2023 revenue exceeded expectations at Rmb17.103 billion, representing a 6.5% year-over-year increase, while automotive revenue was Rmb15.439 billion, up 4.6% year-over-year [4][12]. - The company is focusing on short-term investment returns to enhance profitability, with a new sub-brand, Alps, set to launch in Q2 2024, targeting the mainstream market [4][12]. - NIO's R&D and SG&A expenses increased significantly, leading to an adjusted operating loss of Rmb6.059 billion in Q4 2023, indicating ongoing pressure on short-term performance [4][12]. Financial Performance Summary - Q4 2023 revenue: Rmb17.103 billion, gross margin: 7.5% [4][12]. - Full-year 2023 revenue: Rmb55.618 billion, automotive revenue: Rmb49.257 billion, with a gross margin of 5.5% [4][12]. - Expected 2024 vehicle deliveries: 230,000 units, with revenue projections of Rmb76.96 billion for 2024 [6][12]. Product and Market Strategy - The first vehicle from the Alps brand will directly compete with Tesla's Model Y, expected to launch in Q3 2024 [4][12]. - NIO plans to leverage its existing battery swap network to enhance the competitive advantage of the Alps brand [4][12]. - The company aims to establish over 3,310 battery swap stations nationwide by the end of 2024, which is expected to support sales growth [4][12].

汽车/乘用车 公 司 研 蔚来-SW（09866.HK） NIO 主品牌有赖销售提效，期待 2024H2 阿尔卑斯 究 2024年03月06日 ——港股公司信息更新报告 投资评级：增持（维持） 吴柳燕（分析师） 李秉宸（联系人） wuliuyan@kysec.cn libingchen@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122090026 日期 2024/3/6  NIO主品牌销量有赖销售提效，期待2024H2阿尔卑斯，维持“增持”评级 港 当前股价(港元) 43.800 考虑到NIO品牌2024年预计无新车型发布，阿尔卑斯平价子品牌预计在2024Q4 股 一年最高最低(港元) 123.80/41.550 公 规模交付，我们将2024-2025年营收预测由852/1009亿元下调至622/782亿元， 司 总市值(亿港元) 918.84 并新增 2026 年营收预测 848 亿元，对应同比增速 12%/26%/8%。考虑到研发费 信 流通市值(亿港元) 905.10 息 用仍需持续投入、子品牌门店铺设导致营业费用增加，分别将 2024-2025 年 总股本(亿股 ...

交银国际研究 公司更新 汽车 收盘价 目标价 潜在涨幅 2024年3月6日 港元42.50 港元40.30↓ -5.2% 蔚来汽车 (9866 HK) 4 季度收入高于预期，但亏损较预期大，维持中性  经营费用支出环比扩大令亏损较预期大。2023 年4 季度，蔚来汽车营收 个股评级 171 亿元人民币（下同），环比下降 10.3%，较我们/市场预期高约 4%；汽 中性 车交付量 50,045 辆，环比下降 9.7%；毛利率为 7.5%，其中汽车毛利率为 11.9%，较我们预期好，环比改善0.9百分点，主要由于成本下降。销售/ 研发费用同时创下季度新高，环比增长30.7%/10.1%，人员和渠道扩张和 1年股价表现 新车研发投入令费用居高不下。4季度，公司净亏损 53.6 亿元，较 3季度 9866 HK 扩大17.8%，亏损高于我们/市场预期约 7%。蔚来2023年净亏损207亿元 80% MSCI中国指数 也较我们/市场预期高13%/11%。在阿布扎比投资机构投入现金22亿美元 60% 40% 后，蔚来持有现金及现金等价物上升至573 亿元。蔚来指引 2024年1季度 20% 车辆交付量为 3.1-3.3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 2023年第四季度及全年業績公告 我們謹此發佈我們截至2023年12月31日止三個月及全年的未經審計業績（「第四季 度及2023財年業績」）。第四季度及2023財年業績可於香港聯合交易所有限公司網 站 www.hkexnews.hk 及本公司網站 ir.nio.com 查閱。 承董事會命 蔚來集團 創始人、董事長兼首席 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 2023年第四季度及全年業績公告 我們謹此發佈我們截至2023年12月31日止三個月及全年的未經審計業績（「第四季 度及2023財年業績」）。第四季度及2023財年業績可於香港聯合交易所有限公司網 站 www.hkexnews.hk 及本公司網站 ir.nio.com 查閱。 承董事會命 蔚來集團 創始人、董事長兼首席 ...

IT之家 2 月 17 日消息，蔚来德国公司计划将蔚来 ET7 加入出租车业务，近期在汉堡的一次行业活动中，首款车型向公众展示。 目前，汉堡的道路上约有 3000 辆出租车，其中近 600 辆是电动汽车。未来，汉堡计划从 2025 年起只允许当地零排放车辆作为出租车。除汉堡外，蔚来 ET7 出租车已在柏林、法兰克福和慕尼黑上市。 蔚来德国总经理 Marius Hayler 称：“凭借其宽敞的内部空间和最先进的技术，蔚来 ET7 非常适合为乘客提供高质量的驾驶体验。得益于我们的电池更换系统，蔚来出租车也始终配备顶级电池，并且几乎可以全天候使用我们的换电系统，而无需长时间充电。” 汉堡交通和交通转型部运输业监察局局长 Dirk Ritter 表示：“我们正在推广零排放的交通，并在未来改造城市中的所有出租车。从 2025 年起，汉堡将只为当地零排放的出租车获得新许可。除其他事项外，快速提供合适的车辆非常重要，这就是为什么我们在出租车项目中对蔚来电动汽车非常感兴趣，尤其是出租车公司。” 据官方透露，当出租车公司购买配备长距离电池和全套设备的 ET7 车型以及电池租赁时，出租车公司将可以享受到 30% 的折扣。 其中， ...

早间重磅新闻速览 1、中美经济工作组举行第三次会议 2月5日至6日，中美经济工作组在京举行第三次会议。中美双方按照双方牵头人旧金山会晤达成的三点重要共识，就两国宏观经济形势及政策、二十国集团财金合作、发展中国家债务、产业政策等议题进行了深入、坦诚、务实、建设性的交流。中方就美对华加征关税、双向投资限制、制裁打压中方企业等表达了关切。 2、中国资产大涨！中概股指数狂飙近6%，蔚来、哔哩哔哩涨超12% A股市场迎久违大涨后，市场积极情绪传递至美股市场。隔夜美股纳斯达克中国金龙指数大涨近6%，远远跑赢美股三大股指同时，创出日涨幅阶段新高；富时中国A50指数期货凌晨夜盘收涨0.49%；离岸、在岸人民币汇率双双走强，美元指数走低。 3、头部公募集体发声 暂停新增转融通证券出借规模 2月6日，易方达、广发、南方、华夏、富国等8家公募发出公告称，严格落实证监会关于融券业务的相关要求，暂停新增转融通证券出借规模，审慎稳妥推进存量转融通证券出借规模逐步了结，确保相关业务平稳运行。 财经日历 今日沪深两市无新股申购，有一只新股上市：成都华微(国内特种集成电路企业) 中国1月外汇储备数据今日将公布 机会提前看 梳理市场关注的投资机 ...