Research Note

CITIC Securities expects energy replenishment to remain primarily charging, supplemented by battery swap, over the next five years, but the latter's adoption will accelerate significantly.

Xpeng is expected to be included in the Hong Kong-Mainland Stock Connect around February 11, while Li Auto is expected to see this happen around March 14, CITIC Securities said.

HSBC's price target increase is not due to a change in their expectations for Nio's sales or valuation, but rather due to changes in exchange rates.

CITIC Securities is bullish on ET5 becoming a top seller and Nio's potential to expand in overseas markets.

After a relatively uneventful 2021, Nio will see a product-rich year, and Edison Yu's team laid out what they see as the catalyst path for Nio stock in 2022.

Edison Yu's team has updated their list of Chinese EV startups they are bullish on, dropping WM Motor and adding Zeekr and Hozon Auto.

Guosen Securities has an HKD 206-223 price target on Xpeng's shares traded in Hong Kong, implying upside of 17 percent to 26 percent.

Edison Yu's team expects Nio ET5 deliveries to likely be just 9,000 units next year, with that number expected to rise to 65,000 units in 2023 as capacity ramps up.

Nio will host Nio Day 2021 this Saturday in Suzhou, a neighboring city to Shanghai.

Edison Yu's team updated their sales forecast for Li Auto in 2022, expecting the company to deliver an average of 10,000 Li ONEs per month and 15,000 units of the new SUV next year.