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Analysts said the surge shows investors are optimistic about the company's potential, although Nio still faces many challenges in the cutthroat new energy vehicle market, especially after its IPO last month.

Andanar also told the residents directly affected by the eruption to cooperate with the local governments to avoid injuries or casualties.

Analysts said Ma is likely to retain a role in setting top-level strategy, and that his ethos and voice will remain with the corporate culture and management philosophy for years.

Analysts said the country's manufacturing sector is set to continue recovering in the coming months as the epidemic situation gradually stabilizes domestically, the supportive macro policy continues, and more overseas economies resume business activity.

Analysts said the decline could be even deeper in the whole year, considering a high comparative base last December due to the rush to take advantage of a purchase tax discount.