Core Viewpoint - Goldman Sachs reports that NIO plans to issue $1 billion in shares to fund automotive technology research, expand battery swapping and charging networks, and strengthen its balance sheet [1] Group 1: Funding and Investment - The funds raised from the share issuance will support NIO in executing its product strategy [1] - Goldman Sachs estimates that NIO's R&D investment will reach 11 billion yuan from 2025 to 2026 [1] Group 2: Product Competitiveness - Recent models launched by NIO, such as the ET7 and ES8, have shown improved competitiveness [1] - Expected delivery volumes for the third and fourth quarters are projected to increase to 89,000 and 131,000 units, respectively, significantly higher than the previous quarters' deliveries of 42,000 and 72,000 units [1] Group 3: Ratings and Price Targets - Based on the analysis, Goldman Sachs assigns a "Neutral" rating to NIO [1] - The target price for NIO's H-shares is set at 31.8 HKD, while the target price for its US shares is set at 4.1 USD [1]