Core Viewpoint - Morgan Stanley identifies four main drivers behind NIO's recent stock surge: strong pre-orders for the ES8 model, positive capital inflow, improved market sentiment, and a self-reinforcing effect of rising stock prices [1][3][4]. Group 1: ES8 Pre-orders - The pre-orders for the ES8 model have exceeded expectations, surpassing 30,000 units as of last weekend, with numbers continuing to grow [4]. - This strong demand supports NIO's goal of achieving monthly sales of 40,000 to 50,000 units starting in October [4]. Group 2: Capital Inflow - Over the past two days, NIO's stock trading volume exceeded $2.5 billion, equivalent to the total trading volume of the previous two weeks, indicating a significant increase in investor interest [6]. - This influx of capital provides a solid liquidity foundation for the continued rise in stock prices [6]. Group 3: Market Sentiment - There has been a notable shift in market sentiment, with a significant decrease in inquiries regarding NIO's fundamental demand and execution risks, replaced by interest in the upcoming L60 and L80 models [7]. - This change reflects a transition from skepticism to optimism among investors, focusing more on growth opportunities [7]. Group 4: Self-reinforcing Effect of Stock Price - The rise in NIO's stock price is believed to enhance confidence in the capital market, thereby improving the company's financing capabilities [7]. - This positive feedback loop is expected to further drive stock price increases, which is crucial for NIO's operational value framework and its ability to navigate the rapidly changing automotive industry [7].