Core Viewpoint - Nomura Securities believes that NIO has successfully reversed its sales decline due to strong sales of new models, but its financial situation remains fragile [1][3][4]. Sales Performance - NIO has turned around its sales slump with strong orders for new models, particularly the Lido L90 and the new ES8, which have solid demand [3][5]. - The Lido L90 model maintains an order volume of 2,000 to 3,000 units per week, while confirmed orders for the new ES8 have approached 50,000 units, exceeding the production capacity for the remainder of 2025 [5][6]. Financial Situation - Despite the temporary alleviation of sales challenges, NIO's financial condition is still considered weak compared to its competitors [4][7]. - A key detail is that the company's shareholder equity has only recently turned positive after a recent equity offering, indicating an unstable financial foundation [7]. Profitability Forecast - Nomura has adjusted its financial forecasts for NIO, indicating short-term pressure but long-term improvement [8]. - The delivery forecast for fiscal year 2025 has been reduced by 9.5% to 352,000 units, and revenue for the same year has been cut by 11.7% due to transitional impacts [8]. - However, thanks to strong momentum from new models, delivery forecasts for fiscal years 2026 and 2027 have been increased by 0.9% and 12.7%, respectively [8]. - The report predicts a compound annual growth rate of 32% for NIO's revenue from fiscal years 2024 to 2027 [8]. Rating and Target Price - Nomura maintains a "neutral" rating on NIO and has raised the target price from $5.00 to $8.40, indicating a potential upside of 22% from the current closing price of $6.91 [9].

新车订单强劲，销售颓势得以扭转 蔚来今年早些时候在销量增长方面一度面临困境，但最新两款车型的市场表现使其成功走出了低谷。野村的报告指出，蔚来新推出的乐道L90和新款ES8 正享有稳固的需求。 据野村的市场调查，乐道L90车型保持了每周2000至3000台的订单量。与此同时，新款ES8的确定订单已接近5万台，这一数字已经超过了该车型在2025年 剩余时间内的产能上限。强劲的订单为蔚来在2025年下半年的交付量增长提供了坚实保障。 对于关注蔚来的投资者而言，野村证券这份最新的研报传递了一个复杂但清晰的信号：蔚来的"自我救赎"已经开启，但远未完成。 据追风交易台消息，野村在22日的研报中表示，蔚来凭借其成功的定价策略和新产品（乐道 L90和新款ES8）的强劲订单，已经扭转了销售颓势，解决了 当下的需求挑战。基于这一判断，野村将蔚来的目标价从5.00美元大幅上调至8.40美元，但依然维持"中性"评级，较目前股价约有22%的上行空间。 但分析师同时指出，尽管销量挑战暂时得到缓解，蔚来的财务状况，特别是与其同行相比，仍显得有些脆弱。分析师认为，投资者需要保持耐心，因为公 司要实现财务状况的"有意义的改善"尚需时日。 对于 ...

Core Viewpoint - The A-share market is experiencing a bullish trend, with expectations for the Shanghai Composite Index to reach 4000 points in the second half of the year, driven by various funding sources and favorable policies [2][3]. Group 1: Market Trends - The Shanghai Composite Index surpassed 3800 points, marking a ten-year high, with total market turnover exceeding 2 trillion yuan for eight consecutive days [2]. - Analysts suggest that the current market rally is supported by five main funding sources: bond market, real estate, foreign capital inflow, household savings relocation, and funds from overcapacity industries [2][3]. Group 2: Corporate Developments - Alibaba has restructured its business framework, consolidating its operations into four main segments: Alibaba China E-commerce Group, Alibaba International Digital Commerce Group, Cloud Intelligence Group, and all other businesses [8]. - Didi and other ride-hailing platforms have announced a reduction in commission rates, with Didi lowering its maximum commission from 29% to 27% by the end of the year [4]. Group 3: Financial Performance - Li Ning reported a revenue of 14.82 billion yuan for the first half of 2025, reflecting a year-on-year increase of 3.3%, while net profit was 1.74 billion yuan, with a net profit margin of 11.7% [16]. - Shede Spirits reported a revenue of 2.701 billion yuan for the first half of 2025, a year-on-year decrease of 17.41%, with a net profit of 443 million yuan, down 24.98% [17]. Group 4: Product Launches and Innovations - Tesla's Model Y L will integrate AI models from ByteDance's Volcano Engine for enhanced interactive experiences [4]. - The game "Love and Deep Space" developed by Paper Games won the Best Mobile Game award at the 2025 Cologne Game Show, with global player numbers exceeding 70 million [5].

Macro Economy - The People's Bank of China announced a 600 billion yuan medium-term lending facility (MLF) operation to maintain liquidity in the banking system, with a one-year term [2] - From January to July 2025, 36,133 new foreign-invested enterprises were established in China, a year-on-year increase of 14.1%, while the actual use of foreign capital decreased by 13.4% to 467.34 billion yuan [2] - The Ministry of Industry and Information Technology released interim measures for the total quantity control of rare earth mining and separation, indicating state control over these activities [2] - The China Photovoltaic Industry Association called for a halt to malicious competition below cost and emphasized a shift towards high-quality competition driven by innovation [2] - The National Development and Reform Commission announced plans to stabilize the live pig market by conducting central frozen pork reserve purchases [2] - The National Financial Regulatory Administration issued measures to support the construction of a cross-strait integration development demonstration zone in Fujian, allowing Taiwanese residents to apply for housing loans under the same conditions as local residents [2] Investment News - The China Securities Regulatory Commission released interim regulations for internet marketing management by futures companies, effective from October 9, 2025 [4] - The Shanghai Composite Index surpassed 3,800 points, reaching a 10-year high, with trading volume exceeding 2.57 trillion yuan on August 22, marking a record-breaking streak of eight consecutive trading days above 2 trillion yuan [4] - Over 1,100 actively managed equity funds reached historical net asset value highs in the past three trading days, with 98% of these funds yielding positive returns averaging 20.14% year-to-date [4] - The first batch of 10 science and technology innovation bond ETFs has seen its total scale exceed 110 billion yuan, growing approximately 307% from its initial size [4] - The Hang Seng Index will adjust its constituent stocks, increasing the number from 85 to 88, effective September 8, 2025 [5] Company Movements - NIO's CEO stated that maintaining high prices would hinder market competitiveness, noting that the cost of the new ES8 is significantly lower than the previous model while still maintaining a profit margin [7] - Alibaba restructured its business segments on its official website, categorizing them into four main groups without changing the internal reporting structure [7] - Tesla partnered with Volcano Engine to provide large model services for its new Model Y L, integrating two models through Volcano Engine [7] - Jiangsu Guotai plans to use up to 12 billion yuan of idle funds for entrusted wealth management, focusing on low-risk financial products [7] - Dongfeng Motor Group announced that its subsidiary, Lantu Motors, will go public in Hong Kong through an introduction, while Dongfeng Group will simultaneously complete its privatization [8]

Core Viewpoint - NIO's CEO Li Bin emphasized that maintaining high prices would hinder the company's competitiveness in the market, stating that the most important aspect is for NIO to survive [1] Group 1: Pricing Strategy - Li Bin indicated that the cost of the new ES8 is significantly lower than that of the previous model, yet it still maintains a profit margin at the current price [1] - The company is facing pressure to adjust its pricing strategy to remain competitive in the electric vehicle market [1] Group 2: Company Survival - Li Bin reiterated that the priority for NIO is to ensure its survival in the competitive landscape of the automotive industry [1]

格隆汇8月22日丨蔚来汽车CEO李斌今日上午在新款ES8发布媒体沟通会上称，如果蔚来继续保持高 价，很难参与市场竞争。新款ES8现在的成本比那时候(老款ES8)低很多，现在这个价格仍然有毛 利，"蔚来活下去是最重要的"。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Viewpoint - NIO's CEO Li Bin emphasized the importance of competitive pricing for the new ES8 model, stating that maintaining high prices would hinder market participation and survival is the top priority for the company [1] Group 1: Pricing Strategy - The new ES8 is priced lower than its predecessor, with significantly reduced costs, while still maintaining a profit margin [1] - Li Bin indicated that the current pricing strategy is essential for NIO to remain competitive in the market [1] Group 2: Company Survival - The CEO highlighted that the most critical factor for NIO is to ensure the company's survival in a competitive landscape [1]

Core Viewpoint - NIO's CEO Li Bin emphasized the importance of competitive pricing for the new ES8 model, stating that maintaining high prices would hinder market participation. The new ES8 has significantly lower costs compared to the previous model, and it still generates a profit margin at the current price, highlighting the priority of the company's survival [3]. Group 1 - NIO's new ES8 model is priced competitively to enhance market participation [3]. - The production cost of the new ES8 is much lower than that of the old model [3]. - The current pricing of the new ES8 still allows for a profit margin [3].

Group 1 - The CEO of NIO, Li Bin, stated that maintaining high prices would make it difficult for the company to compete in the market [1] - The new ES8 has a significantly lower cost compared to the previous model, and it still generates a profit at the current price [1] - The CEO emphasized that the most important factor for NIO is to ensure the company's survival [1]