HK Stock Market Move | NIO-SW (09866) rises by over 7% again, LeDao L90 presale price far exceeds expectations, Morgan Stanley expects monthly sales volume to exceed 5000 vehicles.

NIO-SW (09866) rose by more than 7%, with a cumulative increase of over 25% for the month. As of the time of writing, it has increased by 5.23% to HK$34.2, with a trading volume of HK$97.23 million. On the news front, on July 10th, NIO's sub-brand Lixiang launched its second model, the Lixiang L90, for presale. BOCOM INTL pointed out that the presale price of the L90 far exceeded expectations and is highly competitive among similar models. The focus of the market in the future will be on marginal improvements and whether cost reduction can meet expectations. At present, NIO's 2025 market-sales ratio is 0.6 times, with limited downside, and marginal improvements in stock prices bringing short-term rebound opportunities. In addition, Morgan Stanley stated that the Lixiang L90 has superior interior space and configuration specifications, especially if the official selling price is lower than the presale price, making it highly competitive in the under 300,000 RMB car segment. The bank believes that it is not difficult for the L90 to achieve monthly sales of over 5,000 units. The market may need to continue monitoring store traffic and pre-purchase conditions in the coming weeks until formal delivery in August to have a more positive view on the company. Subsequently, improvements in L60 sales and more proactive promotions from NIO's main brand will be key to regaining sales momentum.