(文/解红娟 编辑/张广凯） 近日，据证券时报报道，新世界发展正对外出售位于上海淮海中路的K11物业写字楼部分，出让建筑面 积约8.05万平方米。 不过，据《每日经济新闻》报道，新世界发展否认了这一点："上海香港新世界大厦（即K11）的写字 楼部分仅对外出租，并不出售。近期有关写字楼出售，均为中介机构制造的假消息。公司已接到很多人 前来询问，只是暂时还没有发公告而已。" "一般企业卖项目，只要没有完全敲定都不会认。"业内人士向观察者网表示，新世界发展回应出售K11 物业写字楼部分是假消息，大概率是k11在放风找卖家，如果公开承认资产可能会卖不上价。 戴德梁行华东区资本市场部联席主管、执行董事卢强也表示，目前上海大宗交易市场还是以价换量阶 段，一个物业尤其是市中心或相对市中心好位置的物业，只要有合适的价格，基本都能交易完成。当 然，谈判周期与交易周期都会有。 回溯过往，2013年新世界发展斥巨资将上海香港新世界大厦商业部分精心改造成内地首座K11艺术购物 中心，凭借着创造性地将艺术、人文、自然三大核心元素深度融入商业空间，上海K11迅速成为网红打 卡点。 得益于独特的商业模式和优质的消费体验，上海K11吸引了众 ...

Group 1 - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, including 16 comprehensive support policies [1][2] - The measures include accelerating innovative drug research and development, improving the payment system, and establishing a commercial health insurance catalog for innovative drugs [1][2] - Domestic pharmaceutical companies have made breakthroughs in internationalization, with Dize Pharmaceutical's Shuwotini receiving FDA approval, marking it as the first domestic innovative drug approved in the U.S. for EGFR exon 20 insertion non-small cell lung cancer [1] Group 2 - The innovative drug sector is experiencing a hot market, driven by policy support and overseas trading catalysts, with a notable increase in the chemical pharmaceutical sub-sector, which saw a weekly increase of 5.03% [2] - The introduction of a commercial health insurance catalog for innovative drugs is a significant development, focusing on clinically valuable innovative drugs and improving the adjustment mechanism for the medical insurance catalog [2] - The CXO and life sciences upstream industry chain demand is recovering due to active overseas authorization transactions for innovative drugs [2]

近日，据多家媒体报道，上海有负责出售商业和办公楼的机构放出消息，港资房企巨头新世界发展正在 对外出售位于上海淮海中路的K11物业的写字楼部分。7月10日，记者致电上海新世界淮海物业发展有 限公司，工作人员表示："上海香港新世界大厦(即K11)的写字楼部分仅对外出租，并不出售。近期有关 写字楼出售，均为中介机构制造的假消息。公司已接到很多人前来询问，只是暂时还没有发公告而 已。"每经记者就此事来到上海香港新世界大厦求证，11层招商部一位人士亦回应称，不存在写字楼出 售的情况，"我们已经在拟公函(投诉)了"。(每日经济新闻) ...

PD-(L)1/VEGF 临床管线加速推进，多数处于临床偏早期阶段，药物结构各有不同。 截至 2025 年 6 月，国内共约 20 个 PD-(L)1/VEGF 双抗 / 三抗药物。康方生物 AK112 研发进度靠前， 1L NSCLC 及 2/3L nsqNSCLC 已在国内获批上市，另有多个适应症处于三期临床阶段；此外，普米斯、三生制 药、神州细胞进入 3 期及 2/3 期临床阶段；宜明昂科、华奥泰、天士力、荣昌生物、君实生物正处于 2 期临床阶段，临床试验正在快速推进。分析已公布药物结构信息的进度靠前的 9 款药物， 3 款以贝伐珠 单抗为骨架，区别在于链接的 PD-(L)1 结构，康方为 PD1 scFV 、礼新为 PD-1 VHH 、普米斯为 PD- L1 VHH ； 6 款以 PD-(L)1 为骨架，三生为抗 PD-1 和抗 VEGF 共享一条轻链；宜明昂科、华奥泰的 VEGFR1D2 结构域连接于 Fab 端；君实生物为 VEGF 插入 PD-1 铰链区；荣昌生物为 VEGF 连接于 C 端末尾，结构各有不同，期待更多数据读出。 A/H 股创新药月涨跌幅复盘及最新动态。 2025/06/01-2 ...

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]

近日，玉柴成功斩获越南市场500台客车动力大单，标志着玉柴凭借自身产品优势和技术实力 越来越受到越南高端客车市场的认可，同时也为越南客运市场的转型升级增添了新动能。 据悉，此批客车全部搭载玉柴新一代YCK11系列柴油发动机，由越南某知名大型汽车公司采 购，将用于服务越南核心城市干线及城际客运网络。YCK11柴油机凭借动力强劲、油耗经 济、保养便捷、高效可靠等核心优势，备受越南公路客车用户的青睐和认可，成为打造新一代 环保客车的"黄金内核"，大大提升了越南客运装备水平与绿色出行体验。 后续，玉柴将继续秉持"只有助力客户成功，玉柴才能生存"的理念，围绕不同国家和地区的政 策需求与使用场景，密切与整车企业的协同合作，提供定制化动力解决方案，助力全球客运市 场提质增效，为全球客户打造更高效、更优质的出行体验。 ● 远程/福田/江淮/宇通/比亚迪等大电量轻卡新品，谁更胜一筹？| 头条 ● 紧跟市场趋势推出14款新品 中通客车深入布局细分领域！ ● 玉柴与这一巨头达成重要战略合作！ ● 4678万元招标62辆公交车！ ● 长安/长城争冠 福特/江铃晋级 6月皮卡影响力排名出炉 | 头条 -商用车网传播矩阵邀您 扫码关注 ...

2025 年 07 月 09 日 从修复到繁荣——2025 年 7 月可转债市场展 望 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3497 | 0.7 | 3.31 | 1.15 | | 深证综指 | 2102 | 1.34 | 4.72 | 1.13 | 今日重点推荐 （1）6 月权益市场涨势较好，转债整体表现强势。权益市场和转债市场情 绪整体较佳，转债等权和加权指数均创 2025 年以来新高，2025 年以来收 益率分别达 10%、7%；6 月上旬转债加权指数表现较强，下旬等权指数表 现较强，全月看两者大致持平。 ◼ （2）银行股估值重估叠加银行转债强势转股，银行转债稀缺性上升，后续 银行转债强势有望延续。 ◼ （3）产业趋势叠加流动性宽裕，小盘转债强势上涨。 ◼ （4）组合仓位方面，银行重估尚未完成，小盘成长有流动性和产业趋势支 撑下行情可以继续期待，采取类银行转债+小盘成长转债+低价低波转债的 哑铃策略依旧有效。 ◼ （5）结合策略判断与个券基本面，我们 ...

机构：东吴证券 研究员：朱国广 以双抗为基石，引领肿瘤免疫2.0 时代：康方生物是一家致力创新抗体新药的公司。其开发的ACE 平台 和Tetrabody 技术助力开展了20 多条管线。2022 年公司的AK104，全球首个PD-1/CTLA-4 双抗获批上 市。 后续的AK112（PD-1/VEGF）同样是极具竞争力的产品，已与Summit达成海外。公司多款核心产品接 近商业化阶段，产品销售收入保持稳定增长，2024 年达到20.02 亿元，毛利率86.4%。公司广义现金充 足，2024年为73 亿元，足以支撑后续管线进入商业化放量。管理层行业经验丰富，公司整体研发能力 强劲。 24 年9 月1L 胃癌适应症也已获批，后续AK104 预计将进入快速放量的阶段。5 项注册临床涉及肝癌、 胃癌和肺癌，此前前的II 期临床中也有数据支撑，预计均能顺利完成，于2028-2030 年分别获批上市。 我们预测AK104 风险调整后销售峰值为2033 年的48.3 亿元。 盈利预测与投资评级：公司正处于商业化快速放量的初期，未来 AK104和AK112 两款核心产品可支撑 1600 亿港元市值，两款产品国内收入给予3 倍P ...

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]