CICC sees NIO, BYD out of its valuation system, but near-term trend remains strong

As the shares of Chinese new energy vehicle companies such as NIO and BYD have been rising, their valuations have come to very high levels, raising doubts among many investors. But in the view of Chinese investment bank CICC, although their valuations have gone into no man's land, the short-term trend is still strong driven by positive data.