Group 1 - The Hong Kong stock market indices collectively rose, with notable performances in electric equipment, building materials, and steel sectors, while technology stocks showed mixed results [1] - NIO's sub-brand, Ladao, launched its second model, Ladao L90, which is positioned as a family-oriented pure electric large SUV, expected to be a game-changer in the market due to its competitive pricing and features [1] - The Ladao L90 has received positive consumer interest, with NIO planning to enhance visibility through display vehicles in major shopping malls and test drive opportunities across the country [1] Group 2 - As of July 18, the Hang Seng Technology Index ETF (513180) is valued at a price-to-earnings ratio (PETTM) of 20.84, indicating it is in a historically low valuation range, below 85% of the time since its inception [2] - The current low valuation of the index suggests potential upward momentum due to its high elasticity and growth characteristics, making it an attractive option for investors without a Hong Kong stock connect account [2]

Core Insights - NIO's sub-brand, Ladao, has officially launched the pre-sale of its second model, Ladao L90, which is positioned as a family-oriented pure electric large three-row SUV with high cost-performance, excellent space, strong power performance, and rich intelligent configurations [1][2] Pricing and Market Positioning - The starting price for the Ladao L90 is set at 279,900 RMB, which is competitive in its class. With the battery-as-a-service (BaaS) option, the price can drop to as low as 193,900 RMB, making it even more attractive [1] - The actual BaaS pre-sale price, after a 2,000 RMB deposit discount of 5,000 RMB, is only 190,900 RMB, significantly enhancing its competitiveness against similar models [1] Design and Specifications - The Ladao L90 features a length of 5,145 mm and a wheelbase of 3,110 mm, providing exceptional space design with over 1 meter of legroom in each row and a cargo capacity of 430 liters in the trunk, along with an additional 340 liters in the front trunk [2] - The vehicle's weight is optimized, with the single-motor version weighing only 2.25 tons and the dual-motor version at 2.36 tons, which is nearly 200 kg lighter than comparable fuel vehicles [2] - The Ladao L90 utilizes a 900V NT3 platform and has a drag coefficient of 0.25, allowing the 85 kWh battery model to achieve a range of up to 605 km, addressing the energy consumption challenges of large electric SUVs [2] Intelligent and Safety Features - The Ladao L90 is equipped with the Coconut 2 intelligent system, integrating 30 sensors and 4D millimeter-wave radar with a detection range of 370 meters, along with an end-to-end AEB system for enhanced safety [3] - The vehicle's body features a steel-aluminum hybrid structure with a torsional rigidity of 38,150 Nm/Deg and includes nine airbags, reinforcing its safety profile [3] Competitive Strategy - The Ladao L90 adopts a differentiated competitive strategy by offering a lower starting price than similar models like the Aito M9 and providing superior space compared to the smaller YU7, targeting the family SUV market with a focus on "large space + high cost-performance" [3] - The launch of the Ladao L90 is expected to disrupt the pure electric large SUV market, balancing technology, space, and price to provide new solutions for family travel [3] Market Outlook - The company maintains a buy rating, anticipating that market focus will shift towards the sustainability of marginal improvements, particularly in sales recovery, and whether cost reduction effects can meet market expectations [3]

Investment Rating - The report maintains a "Buy" rating for NIO Inc. (9866 HK) with a target price of 48.96, indicating a potential upside of 77.4% from the closing price of 27.60 as of March 24, 2025 [4][5]. Core Insights - The launch of the NIO sub-brand's second model, the L90, has exceeded expectations with a starting price of 279,900 RMB, which can be as low as 190,900 RMB with battery-as-a-service (BaaS) options, making it highly competitive in the large electric SUV market [1][2]. - The L90 features exceptional space design with a length of 5,145 mm and a wheelbase of 3,110 mm, offering spacious seating configurations and significant storage capacity, addressing consumer demand for "large space + high cost performance" [2][3]. - The vehicle is equipped with advanced technology and safety features, including a 17.2-inch central control screen, a 17.3-inch rear entertainment screen, and a robust safety structure, positioning it as a strong competitor in the family SUV segment [2][3]. Summary by Sections Product Launch - The L90 is positioned as a family-oriented large electric SUV with a competitive pricing strategy, aiming to disrupt the market by offering superior space and features compared to similar models [1][2]. Technical Specifications - The L90 boasts a lightweight design, with the single-motor version weighing only 2.25 tons, and a dual-motor version at 2.36 tons, which is nearly 200 kg lighter than comparable gasoline vehicles, enhancing efficiency and range [2][3]. Market Strategy - NIO's strategy includes a focus on intelligent and safety features, utilizing a unique competitive approach that emphasizes technology and pricing to capture market share in the family SUV sector [2][3].