一周时尚快讯 "笑脸包"回归 近期的巴黎时装周上，多位新任创意总监的首秀成为焦点。 其中，思琳（Celine）新任创意总监迈克尔·赖德（Michael Rider）的2026春夏大秀引发广泛关注，这也是品牌时 隔数季重回实体秀场。赖德曾是思琳的老将，在2008年至2018年间担任明星创意总监菲比（Phoebe Philo）的助 手。此次他上任后的首个系列，延续了解构主义风格与极简主义剪裁，呈现出更年轻且兼具结构美感的设计语 言。尤其是品牌经典的"笑脸包"以新配色、新尺寸回归，再次掀起话题。 与此同时，马吉拉（Maison Margiela）的新任创意总监格伦·马尔滕斯（Glenn Martens）也完成了高定首秀。他以 其标志性的末日美学风格，将经典面具、夸张廓形与创新材质融入新一季作品系列。值得注意的是，马尔滕斯的 前任加利亚诺（John Galliano）在马吉拉的谢幕大秀被高度肯定，这位创意总监在10年任期中将品牌营收从1亿欧 元扩大到5亿欧元左右，成为母公司OTB集团业绩增长的重要驱动力。作为近年少有的商业思维的新生代设计师， 42岁的马尔滕斯的接班压力不言而喻。 两位新任创意总监的首秀虽在视觉风格上 ...

Core Viewpoint - New World Development is reportedly selling part of its K11 office property in Shanghai, but the company denies these claims, stating that the office space is only for lease and not for sale [1][2]. Company Situation - The K11 office space, once a valuable asset, is now perceived as a liability due to declining rental rates and increasing vacancy rates in the Shanghai Grade A office market [2][3]. - New World Development's financial situation is under pressure, with a cash-to-short-term debt ratio of 0.67, indicating potential liquidity issues [3][4]. Market Conditions - The Shanghai Grade A office market is facing challenges, with a net absorption of only 85,300 square meters in Q2 2025, a decline of 18.4% quarter-on-quarter and 67.6% year-on-year, alongside a vacancy rate of 23.6% [2][3]. - Average rental rates for Grade A offices have decreased to 6.99 CNY per square meter per day, reflecting a 1.9% decline [2]. Debt and Financing - New World Development is seeking to refinance approximately 87.5 billion HKD (about 11.2 billion USD) in loans by June 2025, as existing loan covenants are expiring [4]. - The company has significant debt obligations, with total interest-bearing liabilities amounting to 151.4 billion HKD, including 32.6 billion HKD due within a year [3][4]. Impact of Perpetual Bonds - The company has four perpetual bonds that require interest payments, which have been delayed, signaling severe liquidity constraints [5][7]. - The delay in interest payments on perpetual bonds is viewed as a strong indicator of the company's financial distress, leading to a significant drop in stock price by 6.47% [7]. Strategic Implications - The rumors of selling the K11 office space highlight the company's need to address its financial challenges and may provide a temporary relief if the sale occurs [7]. - If the sale does not materialize, the company will need to explore other strategies for cost reduction and asset optimization to navigate its financial difficulties [7].

Core Viewpoint - Recent reports indicate that New World Development, a Hong Kong real estate giant, is allegedly selling the office portion of its K11 property located on Huaihai Middle Road in Shanghai, but the company has denied these claims, stating that the office space is only available for lease and not for sale [1] Company Response - A representative from Shanghai New World Huaihai Property Development Co., Ltd. confirmed that the office portion of the K11 property is not for sale and described the reports as false information generated by intermediary agencies [1] - The company has received numerous inquiries regarding the supposed sale but has not issued any official announcement regarding this matter [1] Industry Implications - The incident highlights the potential for misinformation in the real estate market, particularly concerning high-profile properties in major cities like Shanghai [1] - The response from the company suggests a proactive approach to managing public perception and clarifying the status of their assets [1]

Group 1: Market Overview - The Hang Seng Index closed at 23892.32, down 1.06%, while the Hang Seng Tech Index fell by 1.76% to 5231.99 [3][4] - The trading volume for the day was 2338.78 million [4] Group 2: Economic Data - In June, China's Consumer Price Index (CPI) rose by 0.1% year-on-year, ending four consecutive months of deflation [7][8] - The Producer Price Index (PPI) fell by 3.6% year-on-year, with the decline widening by 0.3 percentage points compared to the previous month [7][8] Group 3: Company News - New World Development is reportedly seeking to sell its real estate assets in mainland China, including landmark buildings in cities like Hangzhou, Shenzhen, and Shanghai, following a refinancing agreement [12] - China General Nuclear Power Corporation's renewable energy output in June decreased by 1.3% year-on-year, with a total output of 1403.5 GWh [11] - Cornerstone Pharmaceuticals announced a placement of 100 million new shares at a price of 4.72 HKD per share, raising 4.72 million HKD, with 90% of the proceeds allocated for further development of specific assets [13] Group 4: Sector Insights - Morgan Stanley indicated that Hong Kong real estate stocks have outperformed the Hang Seng Index by 8% since mid-June, suggesting potential profit-taking in the short term [9] - The report highlights that the issuance of convertible bonds by major developers could lead to a decrease in average financing costs, with Henderson Land's recent issuance being a key example [9]

Core Viewpoint - New World Development is selling its K11 office property in Shanghai, with a total area of approximately 80,500 square meters, at a price exceeding 3.1 billion yuan, contrary to earlier rumors of 2.85 billion yuan [1][6]. Group 1: Market Trends - The market for large asset transactions is seeing an increase in listings, but both transaction volume and prices are declining [3][7]. - The remaining usage years of commercial properties significantly impact negotiation dynamics, with shorter remaining terms leading to a more passive position for sellers [3][6]. - The overall transaction volume in Shanghai's large asset market has dropped to its lowest level in five years, with a total transaction amount of 230 billion yuan in the first half of the year, down 30% year-on-year [7][11]. Group 2: Buyer Behavior - The buyer structure has shifted, with non-institutional buyers becoming the main force, accounting for 75% of transactions under 500 million yuan [10][11]. - Buyers are increasingly cautious, leading to prolonged transaction cycles, even for properties with longer remaining usage years [7][11]. - The capitalization rates for commercial properties have risen, reflecting increased risk premiums demanded by investors [11][12]. Group 3: Specific Transactions - The sale of K11 is part of a broader trend where properties with shorter remaining usage years are being sold, as seen in other recent transactions like the sale of Xianlesi Plaza [3][6][12]. - The ongoing negotiations for the sale of Xianlesi Plaza highlight the challenges faced in reaching an agreement due to differing valuations among buyers, owners, and financial institutions [3][12]. - New World Development's attempt to liquidate its K11 office space quickly is indicative of the complexities involved in selling properties with limited remaining usage [13].

Core Viewpoint - New World Development is attempting to sell part of its K11 property in Shanghai, with a total area of approximately 80,500 square meters, at a price exceeding 3.1 billion yuan, contrary to earlier rumors of 2.85 billion yuan [1][9] Group 1: Market Dynamics - The sale of commercial properties with shorter remaining usage periods is becoming more common, but transaction volumes and prices are declining [1][4] - The remaining usage period of the K11 property is 19 years, which is considered short in the current market context [1][4] - Recent transactions, such as the sale of Xianlesi Plaza, have faced challenges due to disagreements among buyers, owners, and financial institutions [1][4][6] Group 2: Transaction Challenges - Shorter remaining usage periods put sellers in a passive position during negotiations, leading to prolonged transaction cycles [2][6] - The K11 property sale reflects a broader trend where buyers are increasingly focused on value for money, often resulting in price reductions during negotiations [4][6] - The overall market sentiment is cautious, with high-value transactions decreasing and total transaction volumes hitting a five-year low [4][5] Group 3: Investment Trends - The first half of 2023 saw a significant decline in Shanghai's bulk transaction market, with total transaction amounts dropping by 30% year-on-year [5][7] - Despite the challenges, some buyers are looking to acquire properties at lower prices, particularly in the context of short-term commercial properties [7][8] - The capitalized rates for commercial properties have increased, indicating a shift in buyer expectations regarding risk premiums [8]

回报周期长且流动性弱是主要问题，优质资产兜底预计影响有限。 ◎ 文 / 易天宇 对于永续债属于金融负债还是权益工具，根据现有会计准则，要根据合同具体条款来判断，包括到期日、清偿 顺序及利率跳升等间接义务相关条款等。从本质上，是看发行方是否能够 无条件避免交付现金或金融资产的 义务， 如果能够避免，则属于权益工具。 而新世界发展在年报中对其永续债做出如下解释"此等证券并无到期日，且分派可由发行人酌情递延，而 可递 延分派次数并无限制。 "由此来看，该描述是符合会计准则中对权益工具的定义。此外，年报中未有披露永续 债拥有潜在利率跳升机制，但披露了股利制动机制，"倘本公司选择向其普通股东宣派股息，新世界发行人则 须按认购协议界定之分派率向永续资本证券持有人作出分派。"但该等条款并不影响永续债被作为权益工具的 2025年5月30日，新世界发展发布了一则公告引发市场关注，宣布4笔美元永续债将延迟派息，与此同时市场消 息还传出新世界发展正为其875亿港元的银行借款进行再融资努力，被外界质疑流动性紧张。然而6月30日，新 世界发展就发布了利好消息，宣布已达成新银行融资及经统一银行融资协议，协议合共涵盖约882亿港元现有 境 ...

Core Viewpoint - Morgan Stanley reports that Henderson Land Development (00012) plans to issue HKD 8 billion convertible bonds (CB), which is somewhat unexpected given the recent strong performance of its stock, as issuing CBs is not common for Hong Kong real estate companies [1] Group 1: Company Actions - The issuance of CBs is seen as a low-cost financing option with a coupon rate of 0.5%, potentially encouraging other developers to explore similar financing methods to lower their average cost of capital [1] - New World Development (00017) is identified as the company with the highest likelihood of a rights issue within the research scope [1] Group 2: Market Performance - Since mid-June, Hong Kong real estate stocks have outperformed the Hang Seng Index by 8% [1] - The recent CB issuance, along with rising Hong Kong Interbank Offered Rate (HIBOR), may trigger short-term profit-taking, particularly in Henderson Land [1] Group 3: Investment Recommendations - Morgan Stanley suggests buying stocks with clear catalysts, such as Swire Properties (01972) due to share buybacks and improvements in the Chinese retail sector, and Link REIT (00823) due to its inclusion in the Stock Connect and capital recycling [1] - For Henderson Land, after the market digests potentially weak performance in the first half of 2025 (with a projected 46% year-on-year decline in net profit due to a one-off project in the first half of 2024), the recommendation is to "buy" [1] - From a tactical perspective, Morgan Stanley sees upside potential in Wharf Real Estate Investment Company (01997), which has been upgraded to "overweight" due to a strengthening trend in retail sales [1]

· 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 44240.76 | -0.37 | | 标普 500 指数 | 6225.52 | -0.07 | | 纳斯达克综合指数 | 20418.46 | 0.03 | | 英国富时 100 指数 | 8854.18 | 0.54 | | 德国 DAX 指数 | 24206.91 | 0.55 | | 日经 225 指数 | 39688.81 | 0.26 | | 台湾加权指数 | 22362.27 | -0.30 | | 内地股市 | | | | 上证指数 | 3497.48 | 0.70 | | 深证成指 | 10588.39 | 1.46 | | 香港股市 | | | | 恒生指数 | 24148.07 | 1.09 | | 国企指数 | 8708.66 | 1.16 | | 红筹指数 | 4116.27 | -0.03 | | 恒生科技指数 | 5325.95 | 1.84 | | AH 股溢价指数 | 130.01 | -0.51 | | 恒生期货 (07 月) | 2410 ...

Group 1 - New World Development is selling part of the K11 property office building located on Huaihai Road in Shanghai, specifically floors 11 to 58, with a total area of approximately 81,000 square meters and a selling price of 2.85 billion yuan [1][3] - The K11 shopping art center occupies floors 1 to 10, and the total building area of the Shanghai Hong Kong New World Tower is 116,000 square meters, with over 100,000 square meters designated for commercial and office use [1][3] - The property was originally completed in 2002 and has been transformed into the first K11 art shopping center in mainland China in 2013, which has maintained a good reputation among peers despite the challenges posed by e-commerce [3] Group 2 - New World Development's debt pressure has increased, with a net debt of approximately 124.63 billion HKD as of December 31, 2024, an increase of nearly 1 billion HKD from the previous fiscal year, and a net debt ratio rising to 57.5% [3] - The company reported a loss of approximately 19.683 billion HKD for the fiscal year 2024, with revenue down 34% year-on-year [3] - To alleviate financial pressure, New World Development announced a refinancing agreement with bank creditors on June 30, covering approximately 88.2 billion HKD of unsecured offshore financial debt [3]