Core Viewpoint - Vanke is facing significant financial distress, highlighted by a sharp decline in bond prices and stock value, alongside a major equity freeze affecting its core subsidiary [1][2][3] Group 1: Financial Performance - Vanke's revenue for the third quarter was reported at 161.39 billion yuan, a year-on-year decrease of 26.61% [3] - The company recorded a net loss attributable to equity holders of 28.02 billion yuan, with a gross profit margin in real estate development plummeting to -10.5% [3] - Vanke's remaining cash balance of 65.68 billion yuan is insufficient to cover its short-term debt of 151.39 billion yuan [3] Group 2: Market Reaction - On December 1, Vanke's bonds experienced a significant drop, with "21 Vanke 04" falling over 45% and "22 Vanke 02" dropping over 38% [2] - Following the announcement of a 5.7 billion yuan equity freeze, Vanke's stock price fell to 5.2 yuan per share, a decline of 3.35% [1] Group 3: Asset Management - Vanke has pledged all of its 660 million shares in Wanwu Cloud to secure loans totaling up to 22 billion yuan from Shenzhen Metro Group [2] - The company has engaged in asset disposals, signing 19 bulk transactions worth 6.86 billion yuan and optimizing cash flow from existing assets by 7.11 billion yuan [3] Group 4: Corporate Governance - The new chairman of Vanke, Huang Liping, has expressed commitment to support the company's recovery and manage risks effectively [4] - Recent changes in corporate governance include the replacement of the legal representative of Shenzhen Metro Group, indicating a shift in leadership dynamics [4]

Report Summary 1. Report's Investment Rating for the Industry The provided content does not mention the investment rating for the industry. 2. Core Viewpoints of the Report - The extension of Vanke's bonds has impacted market sentiment. In the short term, the bond prices of private real - estate developers and state - owned real - estate developers with weak credit may fluctuate, but it is difficult for the risk to spread to the urban investment bond sector. Although Vanke's case has not fundamentally shaken the "state - owned enterprise faith" and "urban investment faith" in the bond market, it still has a certain reference value for the evolution of credit crises [5][8]. - The credit risk diffusion is controllable. After 2027, the recognition of urban investment bonds is likely to diverge, but considering the rhythm of risk exposure and fermentation, the bottom - line risk of urban investment bonds within 3 years remains controllable [5][8]. 3. Summary According to the Directory 3.1 Credit Bond Weekly Viewpoint - Vanke's bond extension is an important factor in last week's credit bond market adjustment. Although the market sentiment release was not as intense as the unexpected default of Yongmei, the impact on market sentiment cannot be ignored. The bond - holding structure and the relatively strong anti - volatility ability of banks and wealth management products have kept the market volatility within a controllable range [5][8]. - The bond prices of private real - estate developers and state - owned real - estate developers with weak credit may be more volatile, but it is unlikely to spread to urban investment bonds in the short term [5][8]. 3.2 Credit Bond Weekly Review 3.2.1 Negative Information Monitoring - There were no cases of corporate main - body rating or outlook downgrades during the period from November 24 to November 30, 2025. - The bond ratings of "18泰华诚债", "PR泰华诚", "24鲁王晁", and "22滦州债" were downgraded [12]. - S&P downgraded the long - term issuer credit ratings of Vanke and its subsidiary Vanke Real Estate (Hong Kong) from "CCC" to "CCC -" [13]. - Multiple companies, including Guangxi Communications Investment Group Co., Ltd. and Guangzhou Tianjian Real Estate Development Co., Ltd., had negative events such as regulatory measures and debt defaults [14]. 3.2.2 Primary Market Issuance - From November 24 to November 30, the primary market issuance of credit bonds was 344.3 billion yuan, a 15% decrease from the previous period. The total repayment amount dropped to 223.6 billion yuan, and the net financing amount remained above 100 billion yuan at 120.7 billion yuan [15]. - The number of cancelled or postponed bond issuances increased, with 6 bonds and a total scale of 4.27 billion yuan. The issuance cost of AAA - rated bonds decreased significantly [16]. 3.2.3 Secondary Market Transactions - The valuations of credit bonds of all grades and maturities increased across the board last week, and credit spreads widened simultaneously, with a larger widening amplitude at the long - end. The yields of bonds with a maturity of over 3 years for all grades increased significantly, and the 3 - year AA+ grade yield increased by up to 7bp [19]. - The term spreads of 3Y - 1Y and 5Y - 1Y for medium - and high - grade bonds widened significantly, while those of low - grade bonds widened less. The AA - AAA grade spread fluctuated within ±1bp [21]. - The provincial credit spreads of urban investment bonds widened overall, with relatively small differences among provinces. The spreads in Ningxia and Gansu widened by up to 4bp. The spreads of most industries in industrial bonds widened by about 3bp, with the real - estate industry having the largest widening of 53bp [25][27]. - The weekly turnover rate decreased by 0.18 percentage points to 1.71% compared to the previous period. The issuers of the top - ten bonds in terms of turnover rate were mostly central and state - owned enterprises. The credit bonds with a discount of more than 10% in transactions were all Vanke bonds. Among individual entities, the urban investment entities with significant spread changes were scattered, and the top five industrial entities with widening spreads were mostly real - estate developers, including Vanke, Times Holdings, Country Garden, and Rongqiao [28][30][31].

Group 1 - The Shenzhen Stock Exchange announced a temporary suspension of the bond "21 Wanke 02" after its trading price fell by 20% or more compared to the previous closing price [1] - The temporary suspension took effect at 14:51:44 and the bond resumed trading at 15:21:45 [1]

Group 1: Beijing's 15th Five-Year Plan - Beijing's 15th Five-Year Plan emphasizes the improvement of the "market + guarantee" housing supply system and the establishment of a rental and purchase system, prioritizing land supply near transit stations [1] - The plan aims to enhance the supply of affordable housing, focusing on urban working groups and low-income families, while also increasing the effective supply of rental housing [1] - Initiatives include the development of high-quality housing, enhancing property services, and implementing a safety management system for the entire lifecycle of housing [1] Group 2: Changzhou's New Housing Policy - Changzhou's new policy mandates the definition of residential types for land sales, encourages improved architectural design, and promotes smart home features [2] - The policy increases the public housing loan limit by 500,000 yuan for high-quality residential purchases without a maximum cap, supporting citizens in upgrading their homes [2] Group 3: Beijing Land Auctions - China Overseas Land & Investment won a plot in Tongzhou District for 1.248 billion yuan, with a floor price of approximately 22,900 yuan per square meter and a premium rate of 0.97% [3] - Maoyuan Real Estate acquired a plot in Chaoyang District for 5.024 billion yuan, with a floor price of about 62,100 yuan per square meter and a premium rate of 18.21% [5] - Beijing Urban Construction secured a plot in Fangshan District for 1.471 billion yuan at the base price, with a floor price of approximately 18,100 yuan per square meter [5] Group 4: Other City Land Auctions - In Shanghai, nine plots were sold for a total of 17.333 billion yuan, with some plots sold at a premium [4] - Hangzhou sold five residential plots for approximately 6.794 billion yuan, with several plots sold at base prices [6] - Suzhou's two residential plots were sold at base prices for a total of 1.42 billion yuan [7] - Wuhan's twelve plots sold for about 3.97 billion yuan, with a significant portion being residential land [8] Group 5: Real Estate Market Trends - The top 100 real estate companies acquired land worth 847.8 billion yuan from January to November, marking a year-on-year increase of 14.1% [10] - China State Construction Engineering issued the first commercial real estate ABS in China, with a scale of 1.246 billion yuan [11] - Ocean Group's debt restructuring plan for seven domestic bonds totaling 13.05 billion yuan was approved [11] - Vanke plans to hold a meeting to discuss the extension of a 2 billion yuan medium-term note [11]

深铁集团是万科第一大股东。10月13日，万科(SZ000002)发布公告，公司召开董事会会议，会议选举黄力平为董事长，辛杰辞去董事长职务。 天眼风险信息显示，近日，万科新增一则股权冻结信息，股权所在企业为深圳市万科发展有限公司，冻结股权数额5.7亿元，冻结期限为3年，执行法院为 广东省东莞市中级人民法院。 | | 股权冻结2 历史股权冻结0 | | | | | | | | | 비 음出 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 执行通知书文号 | 被执行人 | 股权所在企业 | 股权数额 | 执行法院 | 类型 | 状态 | 冻结起止日期 | 公示日期: | 操作 | | | 广东省东莞市中级人民 法院 (2025) 粤19执保 | 万科企业股份有 限公司 | 深圳市万科发展有限 公司 | 57000.0万人民币 | 广东省东莞市中 级人民法院 | 股权冻结 | 冻结 | 2025-11-27 至 2028-11-26 | 2025-11-27 | 详情 | | | 93号 | | | | | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market's interest rate curve widened to 43.95BP last week due to the stable funding situation and volatile market sentiment. Short - term interest rates remained resilient, while long - term and ultra - long - term interest rates fluctuated significantly. The market may experience a repair trend around key events in December. Although short - term fluctuations are inevitable, the expectation of "loose money" is strong, which is expected to create a window for interest rate decline. It is recommended to adopt a left - hand layout strategy, prioritize 3 - 5 - year treasury bonds and policy financial bonds in early December, and gradually extend the duration as the policy signal becomes clear, with the overall duration of the portfolio controlled within 5 - 7 years [3][90][91]. 3. Summary by Relevant Catalogs 3.1 Important Matters - In November 2025, the net MLF injection was 100 billion yuan, and the outstanding scale reached 7.15 trillion yuan, approaching the historical peak [6]. - On the evening of November 26, Vanke announced that it would hold a creditor's meeting to discuss the extension of "22 Vanke MTN004", and the meeting will be held on December 10 [9]. - On November 28, the China Securities Regulatory Commission drafted the "Announcement on Launching the Pilot Program of Commercial Real Estate Investment Trust Funds (Draft for Comment)" and solicited public opinions. The announcement includes product definition, registration and operation management requirements, responsibilities of fund managers and professional institutions, and regulatory responsibilities [10]. 3.2 Money Market 3.2.1 Open Market Operations and Funding Rate Trends - The central bank conducted 7 - day reverse repurchase operations, with a total injection of 1.5118 trillion yuan and maturity of 1.676 trillion yuan, resulting in a net injection of - 164.2 billion yuan. The funding situation was generally loose at the beginning and middle of the week, but the funding stratification intensified on Friday. As of November 28, the R001, R007, DR001, and DR007 rates changed by 3.75BP, 2.70BP, - 1.76BP, and 2.60BP respectively compared to November 21 [11][13][15]. 3.2.2 Certificate of Deposit (CD) Rate Trends and Repurchase Transaction Volume - In the primary market, the CD issuance scale last week was 559.55 billion yuan, with a net financing of - 242.49 billion yuan. The issuance scale of urban commercial banks was the largest, with a net financing of - 827 million yuan. The issuance rates of state - owned banks, joint - stock banks, urban commercial banks, and rural commercial banks for 3 - month and 1 - year CDs changed to varying degrees compared to the previous week. In the secondary market, the yields of CDs with a term of less than 3 months declined, while those with a term of more than 3 months increased [20][23][31]. 3.3 Bond Market 3.3.1 Primary Market - The supply of interest - rate bonds increased last week, mainly due to the growth of local government bond supply. The actual issuance of interest - rate bonds was 716.069 billion yuan, with a net financing of 490.648 billion yuan. From January to November, the financing of local government bonds and treasury bonds was approaching the end. The cumulative net financing of various treasury bonds and local government bonds in 2025 was about 6.23 trillion yuan and 7.12 trillion yuan respectively, showing an obvious increase compared to the average from 2021 to 2024. As of last week, the issuance of special refinancing bonds had reached 2.24 trillion yuan, mainly in long - term and ultra - long - term maturities [34][38][40]. 3.3.2 Secondary Market - The funding situation was relatively stable at the end of the month. Short - term interest rates were stable, while medium - and long - term interest rates fluctuated significantly during the week and slightly recovered on Friday. The spreads between the active and sub - active bonds of 10 - year treasury bonds and national development bonds were relatively stable. The term spread of 10 - year and 1 - year treasury bonds widened to 43.95BP, and the variety spreads of 10 - year and 30 - year local government bonds over treasury bonds also widened [46][53][59]. 3.4 Institutional Behavior Tracking - The scale of leveraged trading was generally stable last week and declined on Friday due to approaching the end of the month. In terms of the cash bond market trading volume, state - owned banks significantly increased their net purchases of treasury bonds with a term of less than 5 years and also increased their purchases of 5 - 10 - year treasury bonds. Rural commercial banks sold treasury bonds with a term of less than 5 years throughout the week but increased their purchases of other term and variety interest - rate bonds, especially 5 - 10 - year policy financial bonds. Insurance companies' willingness to hold treasury bonds with a term of more than 10 years increased significantly. Securities firms and funds were the main sellers, with funds mainly selling treasury bonds with a term of more than 10 years and 5 - 10 - year policy financial bonds. The leverage ratio of all institutions in the inter - bank market in October was about 118.77% [65][74][77]. 3.5 High - Frequency Data Tracking - Last week, the settlement price of rebar futures decreased by 0.73% week - on - week, the settlement price of wire rod futures remained flat, the settlement price of cathode copper futures increased by 1.58%, the cement price index decreased by 0.69%, and the Nanhua Glass Index increased by 4.38%. The CCFI index decreased by 0.09%, and the BDI index increased by 12.53%. The wholesale price of pork decreased by 0.45%, and the wholesale price of vegetables increased by 1.40%. The settlement prices of Brent crude oil futures and WTI crude oil futures decreased by 100.00% and increased by 1.02% respectively. The central parity rate of the US dollar against the RMB was 7.08 [88]. 3.6 Market Outlook - The market may experience a repair trend around the Central Economic Work Conference and the Federal Reserve's interest - rate meeting in December. The "loose money" expectation is strong, which is expected to create a window for interest rate decline. It is recommended to adopt a left - hand layout strategy, prioritize 3 - 5 - year treasury bonds and policy financial bonds in early December, and gradually extend the duration as the policy signal becomes clear, with the overall duration of the portfolio controlled within 5 - 7 years [90][91][92].

责任编辑：李昂 据天眼查天眼显示，近日，万科A新增一则股权冻结信息，股权所在企业为深圳市万科发展有限公司， 冻结股权数额5.7亿人民币，冻结期限为3年，执行法院为广东省东莞市中级人民法院。 | | 股权冻结详情 | | | | --- | --- | --- | --- | | 冻结情况 | | | | | 执行法院 | 厂东省乐亮市中级人民法院 | 执行事项 | 公不派结股权、其他投资权益。 | | 执行裁定书文号 | (2025) 粤19民初325号 | 案号 | 广东省东莞市中级人民法院 | | | | | (2025) ■19执保93号 | | 被执行人 | 万科企业服务有限公司 | 股权被执行的企业 | 深圳市万科发展有限公司 | | 被执行人持有股权、其它投资权 益的财额 | 57000.0万人民币 | 被执行人证件种类 | 企业法人营业执照(公司) | | 被执行人证件号码 | 91440300192181490G | 冻结期限自 | 2025-11-27 | | 冻结期限至 | 2028-11-26 | 冻结剧眼 | 1095 | | 公示日期 | 2025-11-27 | | | 深圳市万科 ...

| 执行通知书文号 | 广东省东莞市中级人民法院 (2025) 粤19 | 冻结状态 | 冻结 | | --- | --- | --- | --- | | | 执保93号 | | | | 被执行人 | 万科企业股份有限公司 | 疑似申请执行人 1 | - | | 被冻结标的企业 | 深圳市万科发展有限公司 | 被冻结标的数额、其他投资 权益数额 | 57000万元人民币 | | 执行法院 | 广东省东莞市中级人民法院 | | | | 股权冻结信息 | | | | | 执行裁定书文号 | (2025) 粤19民初325号 | 公示日期 | 2025-11-27 | | 被执行人 | 万科企业股份有限公司 | 被冻结标的数额、其他投资 权益数额 | 57000万元人民币 | | 被执行人证照种类 | 企业法人营业执照(公司) | 被执行人证照号码 | - | | 冻结日期自 | 2025-11-27 | 冻结日期至 | 2028-11-26 | | 冻结期限 | 1095 | 执行事项 | 公示冻结股权、其他投资权益 | 公开消息显示，近日，万科企业股份有限公司新增一则股权冻结信息，股权所在企业为深圳市万科发 展 ...

Group 1: Domestic Market Insights - The manufacturing PMI for November increased to 49.2%, up by 0.2 percentage points from the previous month, indicating a slight improvement in the manufacturing sector [2] - The non-manufacturing business activity index decreased to 49.5%, down by 0.6 percentage points from the previous month [2] - The central bank reiterated its commitment to prohibiting virtual currencies and combating illegal financial activities related to them [2] Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft implementation measures for the supervision of the securities and futures market, aiming to enhance regulatory standardization [3] - The CSRC also released a draft announcement regarding the pilot program for commercial real estate investment trusts (REITs), outlining product definitions and regulatory responsibilities [4] Group 3: International Market Insights - Tokyo's core CPI for November rose by 2.8% year-on-year, slightly above market expectations, driven by increasing electricity prices [5] - Japan's industrial output increased by 1.4% month-on-month in October, exceeding market forecasts, primarily due to strong automobile production [5] Group 4: Bond Market Dynamics - On November 28, the bond market showed signs of recovery, with the yield on the 10-year government bond decreasing by 1.50 basis points to 1.8290% [10] - The secondary market for credit bonds saw significant price deviations, with some bonds experiencing price changes exceeding 10% [12] Group 5: Convertible Bonds - The convertible bond market saw major indices rise, with the China Securities Index for convertible bonds increasing by 0.68% on November 28 [22] - A total of 401 convertible bonds were traded, with 338 experiencing price increases [22]

深圳市万科发展有限公司成立于1994年6月，法定代表人为周嵘，注册资本6亿人民币，经营范围含在合 法取得土地使用权范围内的房地产开发经营业务、国内商业、物资供销业、酒店管理、会议服务、餐饮 服务、房地产经纪等。股东信息显示，该公司由万科企业股份有限公司及旗下深圳市万科财务顾问有限 公司共同持股。 天眼查天眼风险信息显示，近日，万科A新增一则股权冻结信息，股权所在企业为深圳市万科发展有限 公司，冻结股权数额5.7亿人民币，冻结期限为3年，执行法院为广东省东莞市中级人民法院。 ...