蔚来-60 天内股价上涨 90% + ：涨势过猛、过快，我们的核心观点

August 25, 2025 10:35 AM GMT NIO Inc. | Asia Pacific 90%+ stock rally in 60 days – too much, too soon? Our key thoughts Key Takeaways 1. Robust ES8 pre-orders: Our checks suggest ES8 pre-orders (with Rmb5k refundable deposit) may have surpassed 30k at the weekend and kept rising. While real demand still hinges on order conversion, constructive feedback underpin the market's belief that ES8 could go viral as L90 did last month, underpinning a monthly run rate of 40-50k units for NIO Group from Oct. 2. Benign ...