11月25日，华泰证券公告称，公司间接全资子公司华泰国际财务有限公司根据计划发行了4笔合计2.3亿 美元的中期票据，并由全资子公司华泰国际提供担保。 据惠誉评级亚太区非银行金融机构评级董事张榕容介绍，当前中资券商海外补充资本的常见路径包括直 接股东增资、发行永续债/次级债工具、资本性贷款与股东支持安排等。 证券时报记者梳理的上市券商公告信息显示，今年，东兴证券、山西证券、中银证券、东吴证券、华安 证券、广发证券已对或拟对其香港子公司进行增资，增资金额最高达21.37亿港元，最少也有3亿港元。 与此同时，年内还有10余家券商为其海外子公司发行债券或银行贷款提供担保。其中，中信证券、华泰 证券、国泰海通、中信建投等头部券商多次对其海外子公司发行中期票据提供担保；广发证券、东方证 券、中泰证券、申万宏源为其海外子公司发行可交换债券/美元债提供担保；招商证券、东方证券、国 金证券等券商则为其海外子公司的银行贷款/回购协议提供增信担保。 "这些举措旨在增强子公司的资本实力、扩充其业务容量并提升风险承受能力，表明券商对境外业务的 重视程度在提升。"张榕容强调，香港监管部门并未对券商设置资本适足率约束，现阶段中资券商海外 ...

Core Viewpoint - The Hong Kong office market, particularly in the Central business district, is showing signs of recovery driven by a resurgence in the capital market and IPO activities, despite challenges such as high vacancy rates and new supply [1][2][3]. Group 1: Market Trends - The Hong Kong Exchange's acquisition of a commercial building for HKD 6.3 billion signifies a major transaction in the office market, reflecting confidence in the sector [1]. - Reports indicate that while the office market faces pressure from new supply and high vacancy rates, there are emerging signs of recovery, especially in Central [2][3]. - As of June 2025, Grade A office rents in Central are expected to have dropped nearly 45% from their peak in 2019, making it an attractive option for financial institutions [2]. Group 2: Demand Drivers - The demand for premium office space in Central is primarily driven by financial institutions, particularly as more mainland companies list in Hong Kong, which is expected to boost leasing activity [2][4]. - The first half of the year saw a notable demand from mainland financial, insurance, real estate, and professional services firms for quality office spaces in core business districts [3]. - Smaller tech companies and startups are also entering the market, seeking affordable office spaces ranging from 200 to 500 square feet [3]. Group 3: Future Outlook - The recovery of the Hong Kong capital market is attracting more Western financial institutions to the office market, with several large leasing contracts signed recently [4]. - The IPO market's activity is anticipated to positively influence the demand for office spaces, particularly in Central, with expectations of rental stabilization in the second half of the year [4]. - A differentiated market trend is expected, with core areas stabilizing while non-core areas may continue to face pressure, dependent on global economic conditions and the absorption of new supply [4].