金吾财讯 | 交银国际研报指，蔚来(09866)子品牌乐道旗下第二款车型——乐道L90正式开启预售。整车购买预售价为27.99万元起，采用电池租用服务（BaaS）后更是低至19.39万元起，结合首发2,000元订金抵扣5,000元车价的优惠，实际BaaS预售价仅为19.09万，定价超预期。乐道L90以卓越的空间设计重新定义了大型SUV的家庭出行体验。27.99万元起售价低于尺寸相近的问界M9纯电版，较小米YU7更具空间优势，以性能、配置、价格的多维竞争力冲击家庭SUV市场。该机构认为未来市场焦点或在于边际改善（特别是销量回升）的可持续性，同时降本效果能否达到市场的预期。目前蔚来2025年市销率约为0.6倍，下行空间有限，边际改善股价迎来短期反弹机会，维持买入评级。
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