另外，上市委要求公司说明关联关系与关联交易披露的真实准确完整性，防范利益冲突或利益输送风险 的具体措施及有效性。 在上市委会议现场，上市委要求海昌智能结合行业协会等机构发布的公开市场数据，说明国内汽车销售 量及新能源汽车渗透率增速放缓对公司经营业绩的影响；结合2025年境外业务实际开展及国际市场竞争 情况，说明开拓境外市场的规划及实施情况，进一步论证业绩增长可持续性。 北京商报讯（记者 王蔓蕾）1月30日晚间，北交所官网显示，鹤壁海昌智能科技股份有限公司（以下简 称"海昌智能"）IPO于当日上会获得通过。 据了解，海昌智能是一家主要从事高性能线束装备研发、生产和销售的高新技术企业，致力于为下游的 线束制造业提供智能化解决方案及相关配套服务，产品可服务于大量使用线束的相关行业，如汽车工 业、信息通讯、光伏储能等领域。公司IPO于2025年6月24日获得受理。本次冲击上市，公司拟募集资 金约4.52亿元。 ...

Core Viewpoint - Investment banks are regaining prominence as deal-making and IPO activities increase, with Morgan Stanley and Jefferies Financial Group presenting different investment opportunities [2][3]. Morgan Stanley - Morgan Stanley's investment banking (IB) fees increased by 23% in 2025 and 35% in 2024, following a decline in 2023 and 2022, indicating a strong recovery in the IB sector [3][9]. - The company has a robust trading business that has performed well due to market volatility and client activity, which is expected to continue growing [4]. - A partnership with Mitsubishi UFJ Financial Group has strengthened Morgan Stanley's position in Japan, with Asia region revenues rising 23% year-over-year to $9.42 billion in 2025 [5]. - Morgan Stanley has diversified its revenue streams, with wealth and asset management contributing nearly 54% to total net revenues in 2025, up from 26% in 2010 [6]. - The company is projected to see revenue growth of 6% and 4.9% in 2026 and 2027, respectively, with earnings expected to grow by 8.4% and 7.1% in the same years [18]. Jefferies Financial Group - Jefferies' total IB fees rose by 10% in fiscal 2025 and 52% in fiscal 2024, indicating a recovery after previous declines [7]. - The company is benefiting from strategic partnerships, including a significant stake from Sumitomo Mitsui Financial Group, which is expected to increase to 20% [9][10]. - Jefferies' revenue growth estimates for fiscal 2026 and 2027 are 16.5% and 16.3%, respectively, with earnings expected to jump by 50.3% and 38.1% [20]. Comparative Analysis - Morgan Stanley shares have increased by 31.8% over the past year, while Jefferies shares have decreased by 20.4%, indicating stronger investor sentiment towards Morgan Stanley [11][14]. - In terms of valuation, Jefferies is trading at a forward P/E of 13.03X, while Morgan Stanley's forward P/E is 16.46X, suggesting Jefferies is less expensive [14][16]. - Morgan Stanley's return on equity (ROE) stands at 16.92%, significantly higher than Jefferies' 7.27%, reflecting more efficient use of shareholder funds [16]. - Morgan Stanley's diversified revenue model and strong trading franchise position it as a more resilient investment compared to Jefferies, which is primarily focused on investment banking [22][23].

硬·AI 作者 | 赵 颖 编辑 | 硬 AI 此外，OpenAI还将面对联合创始人马斯克提起的诉讼，后者索赔金额高达1340亿美元。首席执行官Sam Altman去年12月在Big Technology播客中坦言："我 对成为上市公司CEO兴奋吗？0%。我对OpenAI成为上市公司兴奋吗？某些方面是的，某些方面我觉得会很烦人。"他预计将把部分职责委托给前Instacart首席 执行官Fidji Simo，后者目前领导OpenAI的产品和业务团队，担任应用业务CEO。 OpenAI已任命新的首席会计官Ajmere Dale和负责投资者关系的企业财务官Cynthia Gaylor，这些人事调整显示该公司正为上市进行实质性准备。OpenAI内部对Anthropic可能率 先上市表示担忧，率先上市的公司将获得显著先发优势，吸引大量渴望投资生成式AI浪潮的公共市场投资者和散户。 不过，对于OpenAI而言，在年底前成功完成上市可能面临重重困难。OpenAI仍在应对快速成长型初创公司的典型挑战，包括近期的高层人事变动，以及来自 谷歌对其核心消费业务的激烈竞争。这促使该公司启动为期数周的"红色警报"行动，以提升ChatG ...

Group 1 - The core viewpoint of the news is that Beijing Construction Resources Recycling Co., Ltd. (referred to as "Construction Resources") has responded to the first round of inquiry letters from the Beijing Stock Exchange, addressing issues related to innovation, market space, compliance, cyclical fluctuations in downstream industries, and the necessity and rationality of fundraising projects [2] Group 2 - Construction Resources was established in 2014 and primarily engages in the investment, construction, and operation of construction waste recycling projects, customized equipment integration services for construction waste disposal, production and sales of recycled products, and remediation of informal landfills and engineering sludge disposal [4] - The company plans to raise 277 million yuan through its IPO, which will be used for projects including the addition of temporary disposal facilities, the construction of an environmental new materials R&D center, a construction waste recycling disposal center, comprehensive upgrades of enterprise information systems, and to supplement working capital [4] Group 3 - From 2023 to the first three quarters of 2025, Construction Resources reported revenues of 588 million yuan, 643 million yuan, and 401 million yuan, with year-on-year changes of -4.88%, 9.44%, and -5.57% respectively; net profits were 67.06 million yuan, 56.67 million yuan, and 22.23 million yuan, with year-on-year changes of 112.40%, -15.43%, and -1.17% respectively [4] - The company's performance shows significant volatility and insufficient growth, with declining profitability indicators such as gross margin and net profit margin [4] Group 4 - Unlike typical IPO companies whose performance guarantees come from external investors, Construction Resources' performance guarantees come from minority shareholders of its subsidiary [5] - The inquiry letter indicates that Construction Resources has established a joint venture with Wuxi Urban Investment to participate in the Wuxi Hudai project, with shareholding ratios of 51% and 49% respectively; Wuxi Environmental acquired the 49% stake held by Wuxi Urban Investment in 2023 [5] - According to the performance guarantee agreement, Construction Resources must ensure that the joint venture achieves specific profit targets, including a net profit of no less than 2.5 million yuan in 2024 and a total net profit of no less than 6.5 million yuan over 2024-2025 [5]

Group 1 - Elon Musk has indicated that the development of an AI-first smartphone is a possibility, suggesting it would differ significantly from current devices and focus on optimizing performance for neural networks [2][3] - Musk's comments reflect his belief that traditional smartphones are approaching obsolescence, hinting at a future where such devices may no longer be relevant [3] - Despite the interest in creating a phone, Musk expressed reluctance, stating that the idea of making a phone is daunting and undesirable, describing it as a massive undertaking [4] Group 2 - SpaceX is reportedly considering a merger with xAI and Tesla, as it prepares for a potential IPO, which could be one of the largest in history, targeting a valuation of approximately $1.5 trillion [5]

Core Viewpoint - Elon Musk is driving speculation about a potential merger involving SpaceX, xAI, and Tesla as SpaceX prepares for a significant IPO, potentially valued at $1.5 trillion [1][2]. Group 1: Merger Speculation - SpaceX is reportedly in discussions about a merger that could involve both Tesla and xAI, with an IPO targeted for June [2]. - Gene Munster estimates a 45% chance that Tesla will acquire xAI, a 35% chance that SpaceX will buy xAI, and a 20% chance that xAI will remain independent [3]. Group 2: Investment and Strategic Implications - Both SpaceX and Tesla have invested $2 billion each into xAI, indicating strong financial backing for the potential merger [4]. - Musk's strategy includes leveraging xAI for various applications, such as powering SpaceX's datacenters and enhancing Tesla's Full Self-Driving software and humanoid robot program [5]. Group 3: Market Reactions and Predictions - Prediction market Kalshi shows confidence that SpaceX will announce an IPO before mid-2026, reflecting investor optimism [7]. - Tesla shares experienced a decline of 3.23% to $416.57 but rebounded by 2.86% in overnight trading to $428.50, indicating volatility in market sentiment [7].

Core Insights - Ethos Technologies (LIFE) shares experienced a significant decline of 15% on their first trading day, indicating a weak market response despite challenging market conditions [1]. Group 1: Company Performance - The initial trading performance of Ethos Technologies was notably poor, with shares dropping 15% [1]. Group 2: Market Context - The decline in Ethos Technologies' share price occurred in a tough market environment, suggesting external factors may be influencing investor sentiment [1].

1月28日，江西铜博科技股份有限公司（简称"铜博科技"）向港交所递交上市申请书。财务数据显示，2024年及2025年前三季度，公司在经营活动中产生 净现金流出，分别为7.15亿元、3.49亿元，而2023年为产生净现金流入1.06亿元。 国内第九大电解铜箔生产商 招股书显示，铜博科技是一家电解铜箔解决方案提供商，专注于高性能电解铜箔的设计、研发、生产和销售。根据弗若斯特沙利文的资料，按2024年销量 计，公司是中国第九大电解铜箔生产商，市场份额约为4%。 来源：招股书 曾撤回IPO辅导备案 过去几年，铜博科技的资本动作频频。 据披露，铜博科技的产品组合包括两大核心类别：一是标准及高性能锂电池铜箔，作为锂离子电池中不可或缺的负极集流体；二是电子电路铜箔，用于生 产印刷电路板（PCB）和覆铜板（CCL）。 铜博科技的收入主要来自销售各类铜箔产品，即锂电池铜箔及电子电路铜箔。2023年、2024年以及2025年前三季度，公司销售铜箔的收入分别占总收入的 99.3%、99.7%及99.6%，销售锂电铜箔的收入分别占公司同期总收入的89.1%、88.8%及86.8%。 财务数据显示，铜博科技毛利率水平存在一定的波动。据 ...

OpenAI正加速推进今年第四季度上市计划，这家估值5000亿美元的人工智能巨头正与华尔街投行进行 非正式洽谈，并扩充财务团队为IPO做准备。 巨额融资需求推动上市 IPO可能帮助这家AI初创公司增强市场对其财务状况的信心。投资者一直质疑OpenAI如何支付未来几年 总额达数千亿美元的AI基础设施和芯片交易费用。 OpenAI目前正进行一场可能持续全年的融资活动，这可能成为上市前的最后一轮融资。该公司寻求筹 集超过1000亿美元资金，估值将达到8300亿美元。据华尔街见闻文章，英伟达正与OpenAI商谈投资最 高300亿美元，微软计划投资不到100亿美元，而亚马逊作为新投资者可能投入超过100亿美元、甚至超 过200亿美元。 据华尔街日报道，知情人士透露称，OpenAI已任命新的首席会计官Ajmere Dale和负责投资者关系的企 业财务官Cynthia Gaylor，这些人事调整显示该公司正为上市进行实质性准备。 OpenAI内部对Anthropic可能率先上市表示担忧，Anthropic已向金融合作伙伴表示，愿意在今年年底前 上市。Anthropic凭借其编程工具Claude Code的火爆人气实现销售额 ...

IT之家 1 月 30 日消息，据路透社、彭博社等美媒今日报道，部分投资者正在推动 SpaceX 与特斯拉之 间的潜在合并。与此同时，SpaceX 也在探索与 xAI 合并的可能性，以作为 IPO 之前的另一种选择。 这一动向被视为马斯克考虑整合其企业版图的重要信号。知情人士表示，目前相关讨论仍处于早期阶 段，尚未作出最终决定，相关细节仍可能发生变化，三家公司也可能最终选择维持各自独立运营。 知情人士指出，若交易推进，可能会吸引基础设施基金及中东主权财富基金的浓厚兴趣，并且相关交易 可能需要配套的大规模融资方案。马斯克本人以及 SpaceX、特斯拉和 xAI 的代表均未就此事回应媒体 置评请求。 合并设想与马斯克长期战略相关 SpaceX IPO 计划仍在推进中 多位知情人士表示，SpaceX 正考虑在 6 月左右进行上市，时间点接近马斯克的生日，融资规模或高达 500 亿美元（现汇率约合 3478.04 亿元人民币），有望成为史上规模最大的 IPO；美银、高盛、摩根大 通和摩根士丹利预计将担任重要承销角色。 SpaceX 首席财务官 Johnsen 曾在去年 12 月对员工表示，潜在的 IPO 将为 Sta ...