NIO: Don't Fear The Weakness In China's Economy - Buy This Pullback
@cheerzy：
ThesisWe follow up on ourprevious updateon NIO Inc. (NYSE:NIO) in June, as we urged investors to be wary of buying into the rapid surge from its May long-term bottom.We posited a pullback wasimminent and suggested investors wait patiently for a deeper retracement first. Therefore, we aren't surprised that NIO pulled back close to 24% from its June highs to its July lows as the market digested its buying upside. Furthermore, July's delivery reports from NIO and its peers suggest that the recovery momentum from June has moderated markedly, given the rollover sales from May's lockdowns.However, we believe NIO has likely staged its near-term bottom in July, as buying sentiments have returned to support its stock. Therefore, while we had anticipated a deeper pullback previously, we no longer ho
