Core Viewpoint - Morgan Stanley's latest report indicates that NIO's stock price has reached the target price of HKD 50.7 (USD 6.5), driven by four main factors: strong growth in ES8 model bookings, positive capital inflow, significantly improved market sentiment, and a self-reinforcing effect of the stock price [1] Group 1: ES8 Model Performance - The pre-order performance of the ES8 model has exceeded expectations, with pre-orders potentially surpassing 30,000 units as of last weekend, which supports NIO's goal of achieving monthly sales of 40,000 to 50,000 units starting in October [2] Group 2: Capital Inflow - In the past two days, NIO's stock trading volume exceeded USD 2.5 billion, equivalent to the cumulative trading volume of the previous two weeks, indicating a significant increase in attention from institutional and individual investors [3] Group 3: Market Sentiment - Market sentiment has notably improved, with NIO's stock price increasing over 90% in the past 60 days, significantly outperforming the Hang Seng Index's 9% increase [5] Group 4: Change in Investor Focus - Morgan Stanley observed a significant shift in investor inquiries, with a dramatic decrease in questions regarding NIO's fundamental demand and execution risks, replaced by interest in the upcoming L60 and L80 models set to launch early next year [6] Group 5: Self-Reinforcing Stock Price Mechanism - The report highlights a positive feedback loop where rising stock prices enhance market confidence, improving NIO's financing capabilities, which is crucial for the company's operational value framework and its ability to navigate the rapidly changing automotive industry [7]