0628 GMT – Deutsche Bank pegs NIO as a new top pick in China’s auto sector, analyst Bin Wang writes in a note, and raises the target price to HK$65.50 from HK$64.00 while maintaining a buy rating. NIO’s economies of scale will further support its gross margin and the cost savings along its supply chain will also help, Wang says. Deutsche raises its 2024 operating margin forecast by 0.7 percentage point thanks to higher-than-expected sales volume and margin guidance.