1.请发行人代表结合全人源抗体小鼠平台的技术先进性，抗体开发业务的市场空间，研发投入产出 情况，从项目测试到转让/授权/合作开发的首付款、里程碑款、药物上市销售分成的商业模式及目前收 入实现情况等，说明抗体开发业务的商业模式稳定性和未来盈利能力。请保荐代表人发表明确意见。 2.请发行人代表说明若发行人本次A股发行上市、实控人减持H股股份，是否影响公司控制权的稳 定性。请保荐代表人发表明确意见。 需进一步落实事项 截至招股说明书签署日，沈月雷、倪健合计直接或间接控制公司27.0291%表决权，为百奥赛图共 同控股股东、实际控制人。沈月雷，中国公民，拥有美国永久居留权（正在办理延期）；倪健，中国公 民，拥有美国永久居留权。 百奥赛图拟在上交所科创板发行股份不超过99,849,605股（行使超额配售选择权之前），公开发行 股票的比例不低于本次发行后公司总股本的10%。公司拟募集资金118,504万元，用于药物早期研发服 务平台建设项目、抗体药物研发及评价项目、临床前研发项目、补充流动资金。 上市委会议现场问询的主要问题 中国经济网北京9月25日讯 上海证券交易所上市审核委员会2025年第38次审议会议于昨日召开，审 ...

Group 1 - The number of registered securities analysts in China has reached a new high, surpassing 6,100, with 5,972 registered as of September 24, 2023 [1] - The growth in analyst numbers is attributed to the recent recruitment of new researchers by brokerage firms, as analysts must have at least two years of experience in the securities business to register [2] - Major brokerage firms like CICC, Guotai Junan, and CITIC Securities lead in analyst numbers, with 345, 302, and 302 analysts respectively, while several others have over 150 analysts [1] Group 2 - Despite the increase in analyst numbers, the brokerage research environment is changing due to the impact of public fund fee reforms, leading to a significant decline in net income from trading seat rentals [2] - The brokerage industry is shifting towards business transformation, focusing on specialization, digitalization, and internationalization, with an emphasis on attracting high-quality talent [3] - The future of the brokerage industry is expected to exhibit characteristics of significant polarization and premiumization, with research departments playing a crucial role in enhancing the competitiveness of various business lines [3]

快查APP显示，中金公司、国泰海通证券相关公司无锡华光环保能源集团股份有限公司于2025年9月24 日发布一则招标信息，项目名称为华光环能"十五五"发展战略咨询项目公开招标公告，预算金额为 200.00万元。 快查股权穿透数据显示，该公司由中金公司、国泰海通证券持股，出资比例为0.26%、0.33%。 来源：市场资讯 （来源：快查一企业中标了） ...

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing a positive outlook with projected significant profit growth for the first quarter of 2025, driven by its core business segments and market positioning [2]. Group 1: Company Overview - CICC is a state-owned enterprise controlled by Central Huijin Investment Ltd, with a registered capital of RMB 350 million for its wholly-owned subsidiary, CICC Futures Co., Ltd [2]. - The company operates in various segments including investment banking, equity sales and trading, fixed income, wealth management, and asset management, with wealth management contributing 32.73% to its revenue [6]. - As of June 30, 2023, CICC reported a net profit of RMB 4.33 billion, marking a year-on-year increase of 94.35% [7]. Group 2: Financial Performance - CICC expects a net profit for the period from January 1, 2025, to March 31, 2025, to be between RMB 1.858 billion and RMB 2.106 billion, representing a growth of 50% to 70% compared to the previous year [2]. - The company has distributed a total of RMB 4.924 billion in dividends since its A-share listing, with RMB 2.607 billion distributed over the last three years [8]. Group 3: Market Activity - On September 24, 2023, CICC's stock price increased by 0.70%, with a trading volume of RMB 688 million and a market capitalization of RMB 173.009 billion [1]. - The stock has seen a net outflow of RMB 4.024 million from major investors today, indicating a lack of strong buying interest [3][4].

Core Insights - In 2025, the issuance of convertible bonds by Chinese companies overseas is expected to reach a new high, following a record year in 2024 [1] - As of now, Chinese companies have issued $16.26 billion in convertible bonds overseas this year, nearing last year's record of $16.73 billion [1] Group 1: International Investor Participation - Major international banks such as Morgan Stanley, Goldman Sachs, JPMorgan, and UBS are leading in managing the convertible bond issuance for Chinese companies [2] - The top four book managers for Chinese companies' overseas convertible bonds in 2024 are JPMorgan, Goldman Sachs, UBS, and CITIC Securities [2] Group 2: Investor Types and Preferences - Investors in convertible bonds can be categorized into three types: equity-like investors, bond-like investors, and trading-oriented investors [3] - Equity-like investors seek moderate returns and can tolerate some risk, while bond-like investors have a lower risk appetite [3] - Trading-oriented investors view convertible bonds as trading tools, relying on stock price volatility for profits [3] Group 3: Factors Influencing International Investors - International investors prioritize the quality of the issuing company, focusing on credit quality and fundamental performance, favoring leading firms in high-growth sectors like technology and renewable energy [4] - Key terms of the issuance, such as conversion premium, coupon rate, and bond duration, significantly impact potential returns for investors [4] - Macroeconomic factors like interest rates and exchange rate risks are also critical considerations for international investors [4] Group 4: Advantages of Issuing Convertible Bonds - Issuing zero-coupon convertible bonds allows companies to avoid cash interest payments, significantly reducing financing costs [6] - Convertible bonds provide "delayed dilution" of equity, allowing existing shareholders to maintain control until conversion occurs [6] - The issuance process for convertible bonds is quicker and simpler compared to IPOs, enabling companies to seize favorable market conditions [6] - Convertible bonds attract a broader range of investors, including those preferring fixed income and growth-oriented investors [6] Group 5: Market Signals and Trends - Successful issuance of convertible bonds, especially with high conversion premiums, signals management's confidence in the company's future prospects [7] - The coupon rates for convertible bonds are often close to zero, particularly for investment-grade companies, due to low credit spreads [7] - In 2023, convertible bond financing accounted for 30% of total overseas financing for Chinese companies, significantly higher than the historical average of 15% [7] Group 6: Conditions for Favorable Issuance - Companies with low credit risk, high stock price volatility, and favorable macroeconomic conditions are likely to issue convertible bonds under advantageous terms [8] - Leading firms in high-growth sectors with clear strategies and governance are positioned to secure favorable issuance conditions [8]

Core Viewpoint - The article emphasizes the importance of digital transformation in the securities industry, highlighting it as a critical factor for survival and development, driven by the need to enhance service efficiency, risk management, and business innovation [2]. Group 1: Digital Transformation Insights - The central theme of the "2025 China Securities Industry Digital Practice Summit" is "Intelligent Wealth Together, Win the Future," showcasing the industry's focus on digital finance [2]. - The Central Financial Work Conference has recognized "digital finance" as a key component in building a strong financial nation, indicating the strategic importance of digital transformation in the securities sector [2]. - AI is viewed as a transformative force, not just for efficiency but for creating new possibilities, necessitating a comprehensive shift in organizational structure and operational models [2][3]. Group 2: Awards and Recognitions - The "2025 China Securities Industry Digital Practice Jun Ding Award" was announced, recognizing outstanding institutions in digital transformation [4]. - The winners of the "2025 China Securities Industry Digital Practice All-round Jun Ding Award" include major firms such as Huatai Securities, Guotai Junan Securities, and CITIC Securities, among others [6]. - The "2025 China Securities Industry Digital Practice Newcomer Jun Ding Award" recognized firms like Zhongyou Securities and Huafu Securities, highlighting emerging players in the digital landscape [7]. Group 3: Case Studies and Innovations - The article mentions various innovative digital practices and platforms developed by securities firms, such as AI-driven investment models and intelligent advisory products [11][12]. - Specific case studies include the "AI Wenchang Star" investment banking model application platform and a low-latency options market-making platform, showcasing the technological advancements in the industry [10][11].

Company Overview - Full name: Guangdong Oulai High-tech Materials Co., Ltd [1] - Abbreviation: Oulai New Materials [1] - Stock code: 688530.SH [1] - IPO application date: December 29, 2022 [1] - Listing date: May 9, 2024 [1] - Listing board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Manufacturing of computers, communications, and other electronic devices [1] - IPO sponsor: China International Capital Corporation (CICC) [1] - IPO legal advisor: Beijing Deheng Law Offices [1] - IPO auditing firm: Rongcheng Accounting Firm (Special General Partnership) [1] Performance Evaluation - Disclosure situation: Required to accurately describe the downstream application fields of main products and improve related disclosures [1] - Regulatory penalties: No deductions [2] - Public opinion supervision: No deductions [2] - Listing cycle: Oulai New Materials' listing cycle is 497 days, shorter than the average of 629.45 days for 2024 A-share companies [2] - Multiple applications: Not applicable, no deductions [2] Financial Metrics - Underwriting and sponsorship fees: 33.2564 million yuan, with a commission rate of 8.66%, higher than the average of 7.71% [3] - First-day performance: Stock price increased by 169.48% compared to the issue price [3] - Three-month performance: Stock price increased by 84.58% compared to the issue price [4] - Issuance price-earnings ratio: 41.44 times, significantly higher than the industry average of 28.20 times, representing 146.95% of the industry average [5] - Actual fundraising ratio: Expected fundraising of 638 million yuan, actual fundraising of 384 million yuan, a decrease of 39.83% [6] Short-term Performance - Revenue for 2024: Decreased by 8.29% year-on-year [7] - Net profit attributable to shareholders: Decreased by 42.91% year-on-year [7] - Non-recurring net profit: Decreased by 49.83% year-on-year [7] - Abandonment rate: 0.14% [8] Overall Score - Total score for Oulai New Materials' IPO project: 79.5 points, classified as Grade C [8] - Negative factors affecting the score: Disclosure quality needs improvement, high issuance cost ratio, high issuance price-earnings ratio, significant reduction in actual fundraising amount, decline in revenue and net profit in the first accounting year, abandonment rate of 0.14% [8]

Core Insights - The forum highlighted the transformative potential of large models in reshaping the competitive paradigm and value creation in the securities industry [1] Group 1: Digital Transformation in Securities Industry - The financial sector is characterized as knowledge-intensive and highly specialized, relying on traditional IT systems that primarily extract value from structured data [1] - Traditional systems struggle to utilize a vast amount of unstructured data from both internal and external sources, which limits their effectiveness [1] - Large models are presented as revolutionary technologies that can convert professional know-how into a usable format, thereby activating the full potential of a company's digital assets [1]

Core Viewpoint - The report from CICC indicates that the AI power supply architecture is upgrading to 800V HVDC, and SST is expected to become the optimal technical route in the long term [1] Group 1: Industry Trends - Major cloud companies have raised their capital expenditure expectations, accelerating AIDC construction [1] - The performance advantages of SST solutions are becoming more prominent, with significant cost reduction potential remaining in technology development [1] Group 2: Company Positioning - Domestic and international companies are actively deploying SST technology, with domestic entrants primarily coming from traditional power equipment, AI power supply, and solar storage charging sectors [1] - Some companies have already applied SST products in projects involving AC/DC hybrid microgrids [1] Group 3: Key Players - The report expresses optimism towards leading companies that have a deep understanding of power electronics, high-frequency transformers, and medium-voltage processing, as well as substantial experience in data center projects [1]

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aiming to provide efficient, professional, and accurate research services by integrating insights from over 30 specialized teams and covering more than 1800 stocks globally [1]. Research Insights - Daily updates on research focus and timely article selections are provided through CICC Morning Report [4]. - Senior analysts offer real-time interpretations of market hotspots via public live broadcasts [4]. Research Reports - The platform offers over 30,000 complete research reports covering macroeconomics, industry research, and commodities [9]. - It features more than 160 industry research frameworks and over 40 premium databases, enhancing the depth of analysis available [10]. Data and Research Framework - The platform includes a sophisticated AI search function, allowing users to filter key points and engage in intelligent Q&A [10].