Group 1 - The core viewpoint of the article is that CMB International has given NIO Inc. a "Buy" rating due to the competitive pricing of its new model L90, which is set at 190,900 CNY, exceeding expectations [1] - The launch of the L90 model indicates that future market focus may shift towards marginal improvements, particularly the sustainability of sales recovery [1] - Currently, NIO's price-to-sales ratio for 2025 is approximately 0.6 times, suggesting limited downside potential and an opportunity for a short-term rebound in stock price [1]