Understanding the Market | NIO-SW rises over 8%, reaching a nearly one-year high; the all-new ES8 will officially launch this Saturday

NIO-SW rose over 8%, reaching a high of HKD 55.45, a new high since October last year. As of the time of publication, it rose 8.13%, reported at HKD 55.2, with a trading volume of HKD 215 million. On the news front, on September 20, NIO Day 2025 will be officially held, during which the all-new ES8 will be launched. Everbright Securities believes that the company's multi-brand strategy has entered a harvest period: the three major brand layouts cover price ranges of RMB 150,000 to RMB 800,000, and the all-new ES8 and Ladao L90 have opened up the pure electric large three-row SUV market with their high cost-performance ratio (Ladao L90 broke 10,000 orders on its first day of launch, and orders for the all-new ES8 have exceeded those of Ladao L90 during the same period, with order performance exceeding expectations). The firm is optimistic about the prospects for NIO's three major brands to kick off a new product cycle in 2025E, the advantages of intelligence/battery swapping, and the realization of cost reduction and efficiency improvement