在纳斯达克IPO中，"保荐人"这一角色通常由主承销商（Lead Underwriter）承担（美国市场未明确使用"保荐人"术语，更强调 承销商的法律责任）。主承销商是IPO的核心中介机构，负责协调各方、确保发行合规，并对投资者和市场承担重要责任。以下 从职责范围和核心要点两方面展开说明： 一、纳斯达克IPO主承销商（保荐人）的主要职责 主承销商是连接发行人、投资者、交易所及其他中介机构的关键枢纽，核心职责贯穿IPO全流程： 1. 前期筛选与立项评估 3. 估值定价与发行方案设计 4. 文件编制与监管申报 5. 路演推广与投资者配售 主承销商的责任贯穿始终，以下为核心关注领域： 1. 合规性与法律责任 来 2. 信息披露的真实性与完整性 3. 投资者利益保护 4. 市场风险控制 发行人适配性分析：评估企业是否符合纳斯达克上市标准（如全球精选市场的财务指标、流动性要求、公司治理等），判 断业务模式的可持续性、市场竞争力及潜在风险。 战略匹配度：结合自身客户资源、行业经验，决定是否参与承销，并与企业协商承销方式（包销/代销）、发行规模、费 用结构等核心条款。 2. 尽职调查（Due Diligence） 法律与合规 ...

若9月26日出现单边市，按照《上海黄金交易所风险控制管理办法》的相关规定调整的保证金和涨跌停 板的水平高于上述标准时，则按较高的标准执行。 9月23日，上海黄金交易所发布关于做好2025年国庆节期间市场风险控制工作的通知，根据国庆节假期 安排，上金所10月1日（星期三）至10月8日（星期三）休市，10月9日（星期四）起照常开市，9月30日 （星期二）晚上不进行夜市交易。 为防范节日期间国际市场黄金、白银价格波动，上金所对黄金白银 延期合约交易保证金水平和涨跌停板比例进行调整： 自2025年9月26日（星期五）收盘清算时起，Au（T+D）、mAu（T+D）、Au（T+N1）、Au （T+N2）、NYAuTN06、NYAuTN12等合约的保证金比例从14%调整为16%，下一交易日起涨跌幅度限 制从13%调整为15%；Ag（T+D）合约的保证金比例从17%调整为19%，下一交易日起涨跌幅度限制从 16%调整为18%。 ...

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to margin levels and price fluctuation limits for gold and silver contracts in preparation for the National Day holiday in 2025 [1] Group 1: Market Operations - The Shanghai Gold Exchange will be closed from October 1 to October 8, 2025, and will resume normal operations on October 9, 2025 [1] - There will be no night trading on September 30, 2025 [1] Group 2: Margin and Price Limits Adjustments - Starting from the close on September 26, 2025, the margin ratio for various gold contracts, including Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, and NYAuTN12, will increase from 14% to 16% [1] - The price fluctuation limit for these gold contracts will change from 13% to 15% starting the next trading day [1] - The margin ratio for the Ag(T+D) contract will rise from 17% to 19%, with the price fluctuation limit increasing from 16% to 18% on the following trading day [1]

Core Viewpoint - The Shanghai Gold Exchange issued a notification on August 8 to enhance market risk control due to various factors causing instability, urging members to improve risk awareness and maintain market stability [1] Group 1: Market Reactions - On August 8, during the Asian trading session, COMEX gold prices surged to a historical high of $3534.1 per ounce before experiencing a decline after news regarding U.S. tariffs on gold bars [1] - Following a White House official's statement on August 8, which indicated plans to clarify misinformation regarding tariffs on gold bars, COMEX gold prices fell, closing at $3458.2 per ounce, up 0.13% [1] Group 2: Tariff Implications - Reports indicated that the U.S. government imposed tariffs on 1-kilogram gold bars, a common trading form in the global gold futures market, which surprised market participants who expected exemptions [1] - Morgan Stanley's former precious metals trader noted that the imposition of tariffs on gold was unexpected, as gold typically circulates among central banks and reserves without such impacts [1] Group 3: Federal Reserve Developments - The recent nomination of Stephen Moore to the Federal Reserve Board by President Trump is seen as a significant development, potentially influencing trade policy during Trump's second term [1] - Morgan Stanley's research predicted a 25 basis point rate cut by the Federal Reserve in September, followed by three additional cuts, citing signs of weakness in the U.S. labor market and uncertainties surrounding the Fed's leadership [1] - The Federal Reserve maintained its target range for the federal funds rate at 4.25% to 4.50% during its last monetary policy meeting on July 30, with Christopher Waller being a leading candidate for the Fed chair position [1]

Core Viewpoint - The Shanghai Gold Exchange has issued a notice emphasizing the need for market risk control due to various factors affecting market stability, urging members to enhance risk awareness and maintain smooth market operations [1]. Group 1: Market Conditions - Recent international gold prices have shown strong performance, with COMEX gold futures reaching $3501.1 per ounce, up 1.37% on the day, and a peak of $3534.1 per ounce [4]. - The spot gold price (London gold) reported at $3395.739 per ounce, experiencing a slight decline of 0.03% during the day [4]. Group 2: Market Analysis - Market analyst Wang Xiang from Bosera Gold ETF noted that the gold market continued to fluctuate in the previous week, influenced by changes in Federal Reserve personnel and non-farm employment data, which boosted expectations for future monetary easing [4]. - Research from Lianhe Securities indicates that with the September interest rate cut approaching, adjustments in Federal Reserve monetary policy will become the main trading logic in the gold market, taking over from tariff issues [4].

Core Viewpoint - The Shanghai Gold Exchange has issued a notice to strengthen market risk control due to increased volatility in precious metal prices and complex international situations [1][2]. Group 1 - The notice emphasizes the need for members to enhance risk awareness and improve emergency response plans to maintain market stability [2]. - Investors are advised to manage their positions carefully and engage in rational investment practices to mitigate risks [2].