大摩：预计蔚来-SW销量实现稳定增长 ES8预售订单的转化率表现优异

Group 1 - Morgan Stanley's report indicates that NIO-SW (09866) has successfully launched the L90 and ES8 models, which may change market perception of its stock and support a 25%-30% sales growth by 2026 [1] - The new ES8 model was launched on September 20, priced at 406,800 RMB, which is 10,000 RMB lower than the pre-sale price and 18% cheaper than the 2024 model, aligning with market expectations [1] - Domestic investors are optimistic about the strong order flow for the ES8, believing the stock could outperform the market, with preliminary order estimates reaching 45,000 to 50,000 units as of September 21 [1]