Summary of MDB Capital Holdings Conference Call Company Overview - **Company**: MDB Capital Holdings (NasdaqCM:MDBH) - **Focus**: Transitioning microcap companies into public ventures, emphasizing a curated approach to launching meaningful companies [1][2] Industry Insights - **Microcap Market**: The microcap sector has seen a significant decline, with the number of public companies dropping from 7,300 to 4,300 over the past 30 years [1] - **Investor Sentiment**: There is a growing disillusionment with traditional private equity and venture capital, leading to increased interest in public ventures [2] - **Market Dynamics**: MDB Capital Holdings aims to capitalize on the scarcity of profitable companies under $300 million market cap, with only 34 identified that meet specific growth criteria [2] Core Strategies and Initiatives - **Scaling Operations**: MDB Capital Holdings plans to increase its IPO launches from one every 18 months to three or four per year [1][16] - **Focus on Leadership**: The company emphasizes the importance of leadership in new technology categories, aiming to take companies public that are leaders in their respective fields [15] - **Unique Offerings**: MDB Capital Holdings has developed a self-clearing broker-dealer platform to facilitate easier access for investors, particularly targeting younger demographics [5][7] Financial Performance and Projections - **IPO Success Rate**: MDB Capital Holdings has a 100% success rate in taking companies public, with 30% achieving billion-dollar market valuations and 60% reaching $500 million or more [9] - **Current Market Cap**: The company's current market cap is $35 million, with a focus on long-term investor relationships for future IPOs [10][11] Future Opportunities - **Metabolic Health Focus**: The company is exploring opportunities in the metabolic health sector, which is identified as a significant market challenge, potentially leading to billion-dollar companies [17] - **Public Venture Revolution**: MDB Capital Holdings invites submissions for innovative ideas, aiming to build relationships and foster new leadership in technology [17] Additional Insights - **Tax Advantages**: All companies under MDB Capital Holdings qualify for QSBS 1201, providing tax benefits for investors [20] - **Market Conditions**: The capital markets for small-cap IPOs have faced challenges, but there is optimism for recovery as new companies emerge [21] - **Portfolio Management**: MDB Capital Holdings acts as a launchpad for companies, aiming to transition them to independence once they reach maturity [23] Conclusion MDB Capital Holdings is strategically positioned to leverage the current market dynamics in the microcap sector, focusing on leadership, innovative public ventures, and a unique investor community to drive future growth and success.

要搭建纳斯达克IPO红筹架构，境内企业需通过境外控股平台实现间接上市，核心逻辑是将境内运营实体的权益转移至境外架 构，同时满足中国监管（如外汇、外资准入）与美国上市（如财务、合规）的要求。以下是具体流程及核心要点的详细拆解： 一、红筹架构的基本概念与类型 红筹架构是指境内企业通过在境外（通常为开曼群岛、英属维尔京群岛（BVI））设立控股公司，再以该境外公司为上市主体 在境外交易所挂牌的模式。根据境内权益的控制方式，分为两类： 二、纳斯达克IPO红筹架构搭建流程 1. 前期准备：明确目标与尽职调查 2. 搭建境外控股架构 3. 重组境内资产：注入境外架构 根据架构类型，境内资产的注入方式不同： 6. 准备纳斯达克上市申请 7. 上市交易与后续安排 三、红筹架构搭建的核心要点 （1）纯红筹架构：股权收购 WFOE通过现金收购或股权置换方式，收购境内运营实体的全部/大部分股权（需符合外资准入要求）。例如，若境内运营 实体是制造业公司，外资可100%控股，则WFOE直接收购其股权，将利润转移至境外架构。 （2）VIE架构：协议控制 若境内运营实体属于限制外资进入的行业（如互联网信息服务，需ICP证且外资比例不超过50 ...

外部风险继续上行但幅度可控 ——海外札记 20251020 宏观经济 | 专题报告 研究结论 风险提示 报告发布日期 2025 年 10 月 21 日 | 王仲尧 | 执业证书编号：S0860518050001 | | --- | --- | | | 香港证监会牌照：BQJ932 | | | wangzhongyao1@orientsec.com.cn | | | 021-63326320 | | 吴泽青 | 执业证书编号：S0860524100001 | | | wuzeqing@orientsec.com.cn | | | 021-63326320 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 美国：科技驱动下的"无就业增长"经济 | 2025-10-20 | | --- | --- | | 初探 | | | TACO2.0 交易展望： — — 海外札记 | 2025-10-13 | | 20251013 | | | 美国政府关门：数据真空延长，宏观交易 | 2025-10-0 ...

文 |《瞭望》新闻周刊记者 张翊飞 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。 中国国际金融股份有限公司（以下简称"中金公司"）自诞生之日起，便肩负着探索中国资本市场发展路 径、服务国家改革开放的重要使命。 三十年来，中金公司既是中国改革开放的见证者与推动者，也是这一伟大进程的受益者。公司始终秉 持"以国为怀"的初心，将服务国家战略、促进资本市场健康发展作为根本任务，在融入国家改革发展大 局中不断成长壮大 三十年来，中金公司既是中国改革开放的见证者与推动者，也是这一伟大进程的受益者。公司始终秉 持"以国为怀"的初心，将服务国家战略、促进资本市场健康发展作为根本任务，在融入国家改革发展大 局中不断成长壮大。 三十而立，新程已启。立足新的历史节点，中金公司正以更加坚定的步伐，迈向更高质量的发展新阶 段，为金融强国建设注入强劲动能。 资本市场的"国家队" 中金公司的成立具有鲜明的时代烙印。20世纪90年代，中国正处于建立现代企业制度、深化国有企业改 革的关键时期。设立中金公司填补了我国专业投资银行的空白，其以投行业务为主导的发展模式，与当 时以经纪业务为主的券商形成鲜明对比，凸显其服务国家战略的独特定位 ...

Core Viewpoint - The article emphasizes the integration of biodiversity protection into corporate strategies, highlighting the shift from viewing environmental protection as a burden to recognizing it as an asset that can enhance long-term resilience and attract capital [3][4][5]. Group 1: Corporate Initiatives in Biodiversity - China Three Gorges International Corporation has established a fish breeding center at the Brazil's Salto Hydropower Station, demonstrating a commitment to ecological protection through practical initiatives [3]. - The company collaborates with São Paulo University to control the invasive species golden mussel using genetic technology, showcasing a proactive approach to biodiversity management [3]. Group 2: Financial Models and Sustainable Investment - Professor Qiu Ciguang from Shanghai Jiao Tong University proposes a "three-dimensional model" for financial investment that incorporates ESG impact as a critical dimension alongside risk and return [4]. - The article discusses the importance of developing business models that balance production and ecological protection, advocating for government or philanthropic intervention in extreme cases [4]. Group 3: Financial Tools for Sustainable Development - Investment tools such as green bonds and green loans are highlighted as essential for achieving sustainable finance, allowing companies to integrate international ESG principles into their operations [4]. - Suzano, a Brazilian forestry giant, links 46% of its financial investment portfolio to ESG goals and issued its first green panda bond in China for sustainable land management [5]. Group 4: Future Directions in Capital and Ecology - The article suggests that ecological protection is becoming a core component of corporate strategy rather than merely an added cost, indicating a shift in how businesses approach sustainability [5]. - The emerging mechanism of "protectors earning money and destroyers paying" is seen as a promising direction for aligning capital with ecological protection efforts [5].

大摩研究发现，当标普500、美债收益率与美元指数出现极端共振（波动超1.25个标准差）时，可预测美元未来6个月走势。两大做空美元信号："金发姑 娘"情景（股市涨、美元和美债跌）成功率83%，平均跌3.3%，英镑表现最佳；"全面上涨"情景（三者齐涨）成功率73%，平均跌2.7%，澳元领涨。 2025年已出现多次此类信号，显示市场波动处历史高位。 摩根士丹利最新研究指出，当标普500、美债收益率与美元指数三者出现极端"共振"时，往往预示美元强势周期即将反转。 10月20日，摩根士丹利在最新研报中称，当标普500指数、美元指数和10年期美债收益率出现极端"共振"时，美元在未来6个月内往往呈现可预测的走 势模式。 该行策略师Molly Nickolin等指出，通过分析过去25年中，标普500指数、10年期美债收益率和美元指数三者同时发生极端波动（超过1.25个标准差）的 交易日，发现两个明确指向美元在未来六个月内走弱的强力信号。 该行称，历史数据表明，在"金发姑娘"情景(股市大涨超过1.25个标准差、美元和美债收益率同时下跌超过1.25个标准差)，以及"全面上涨"情景（标普 500指数、美元指数和10年期美债收益率三 ...

对于当前关税战的情况，美国高盛集团警告所有美国人，到2025年年底，美国消费者可能将承担55%的关税成本。 意料之内的是，特朗普对高盛集团的报告十分愤怒。其已经在社交媒体上发文，称高盛经济师"应该换人"。但事实上，高盛集团的预估，仍旧太过乐观。 玉渊潭天指出，自今年7月起，来自美国的粮食运输船在该码头靠岸艘次已降为0。如果中国在11月中旬之前仍未重返美国市场，美国损失的对华大豆订单可 能高达1600万吨。 要知道，对于美国豆农而言，失去中国，就等于失去半个市场。 数据显示，2024年美国出口大豆金额达245.8亿美元，位居美国农产品出口首位，其中中国购买量超一半，价值126.4亿美元。 然而，随着中美贸易摩擦升级，中国已大幅减少从美国进口大豆，转而从巴西和阿根廷采购。 5月以来，同一码头每月平均有40多艘来自阿根廷、巴西、乌拉圭等南美国家的粮食运输船靠岸，这些船只90%运输的都是大豆。 而这一切的根源，都可以追溯到特朗普发动的关税战。 对于这一现实情况，特朗普已经恼羞成怒。10月14日，特朗普在社交媒体上的一番发言再次引爆了中美贸易这个火药桶。 特朗普直言中国"故意不购买美国的大豆，使美国豆农面临困难"，并将 ...

【环球网财经综合报道】近期，AI领域的巨额资本开支引发市场关注，但其可持续性也招致疑虑。针对这一担忧，高盛在最新研报中明确指出：当 前AI投资规模远未过热，这一投资水平具备坚实的可持续基础，意味着AI基础设施建设的宏观故事依然稳健。 报告指出，尽管AI基础设施投资在名义金额上屡创新高，但与历史上的重大技术周期相比仍显"克制"。自2023年中以来，AI投资持续加速，仅2025 年，公开美国企业在AI相关基础设施上的收入增量就达到约3000亿美元。 然而，高盛强调，历史上铁路、电气化、IT等技术周期的投资高峰占GDP比重高达2-5%，而当前美国AI投资占GDP的比例尚不足1%，远低于历史峰 值。这表明，当前的投入规模远未达到"过热"状态。 最为关键的论据在于经济效益。高盛测算，生成式AI带来的生产力提升将为美国经济创造20万亿美元的现值，其中高达8万亿美元将作为资本收益流 向美国企业。 这一预期收益，将远超当前和未来可预见的AI投资总额。报告指出，即使在悲观或乐观的不同假设下，这一收益区间也在5-19万亿美元，显著高于 投资成本。更重要的是，这一测算尚未计入海外利润、新兴利润池或通用人工智能（AGI）可能带来的巨 ...

摩根士丹利最新研究指出，当标普500、美债收益率与美元指数三者出现极端"共振"时，往往预示美元强势周期即将反转。 10月20日，据追风交易台消息，摩根士丹利在最新研报中称，当标普500指数、美元指数和10年期美债收益率出现极端"共振"时，美元在未来6个 月内往往呈现可预测的走势模式。 该行策略师Molly Nickolin等指出，通过分析过去25年中，标普500指数、10年期美债收益率和美元指数三者同时发生极端波动（超过1.25个标准 差）的交易日，发现两个明确指向美元在未来六个月内走弱的强力信号。 该行称，历史数据表明，在"金发姑娘"情景(股市大涨超过1.25个标准差、美元和美债收益率同时下跌超过1.25个标准差)，以及"全面上涨"情景 （标普500指数、美元指数和10年期美债收益率三者同时上涨超过1.25个标准差）出现后，做空美元回报率明显。 大摩强调，在"金发姑娘"场景下，英镑表现最佳可能反映软着陆预期；而"全面上涨"情景后澳元领涨，则可能暗示美国例外论消退、全球经济追 赶的过程。 值得注意的是，2025年已出现多次符合这些信号的交易日，占历史总数的约7%，显示当前市场波动性处于历史高位。 "金发姑娘" ...

Core Viewpoint - The article emphasizes that 2024 is a significant year for gold, with prices rising dramatically, and suggests that gold is increasingly viewed as a crucial asset in investment portfolios [2][3]. Group 1: Gold Price Trends - Gold prices have surged over 61% as of October 17, 2025, marking one of the largest annual increases since 2000 [3]. - The price of gold is projected to potentially reach $5,000 to $10,000, indicating a strong bullish sentiment among market leaders [5]. Group 2: Investment Perspectives - Ray Dalio argues that gold should be viewed as a form of currency rather than just a metal, highlighting its historical role as a stable monetary asset [10][11]. - Dalio believes that gold serves as a hedge against debt and currency devaluation, making it a fundamental investment choice [13][14]. Group 3: Comparison with Other Assets - Gold is preferred over other metals like silver and platinum due to its unique position as a widely accepted form of "non-debt" currency, which carries no credit risk [16][17]. - Unlike bonds, which are subject to government credit risk, gold is seen as a true "risk-free asset" in many institutional portfolios [36][37]. Group 4: Strategic Asset Allocation - Dalio suggests that a strategic allocation of 10% to 15% of an investment portfolio should be in gold to optimize risk and return [30][31]. - The article discusses the importance of maintaining a diversified portfolio, especially in light of potential economic downturns [24][28]. Group 5: Market Dynamics - The rise of gold ETFs has increased market liquidity and accessibility, but they are not the primary driver of gold price increases [35]. - Institutional investors are increasingly reallocating assets from U.S. Treasuries to gold, reflecting a shift in perception of risk and value [36][38].