NIO(US:NIO)2025-07-15 01:58分组1 - Investment Rating: Overweight [4] - Industry View: In-Line [4] - Price Target: US$5.90 [4] 分组2 - The share price of NIO-H (9866.HK) increased by 11% due to strong pre-order intake for the Onvo L90, which reached 30-35k units [1][2] - The Onvo L90 is expected to be competitive in the sub-Rmb300k segment, particularly if its official price is lower than the pre-sale price [1] - Monthly sales of over 5k units for the L90 are considered achievable based on estimates [1] 分组3 - The recent share price rally is attributed to short-covering trades, indicating a cautious market sentiment [2] - Investors are advised to monitor store traffic and pre-sale order intake leading up to the official delivery in August [2] - The bullish outlook hinges on improved sales for the L60 model and more aggressive promotions for NIO brands [2]