3 富体中文 『子站链接 English Q 深圳证券交易所 清给入半键字 汇聚创新资本 激发成长动力 SHENZHEI 党的建设 发行上市 法律规则 信息披露 市场数据 市场服务 关于本所 首页 本所公告 关于"22万科02" 盘中临时停牌的公告 时间：2025-12-01 字体： 大 中 小 "22万科02"（149815）盘中成交价较前收盘价首次下跌达到或超过30%,根据《深圳证券交易所债券交易规则》和《关 于对债券匹配,成交实施盘中临时停牌有关事项的通知》等有关规定，本所自今日09时31分39秒起对该债券实施临时停牌，于15 时27分00秒复牌。 本所郑重提示广大投资者注意投资风险,理性投资。 特此公告 深圳证券交易所 2025年12月01日 3 富体中文 3 Enalish Q 深圳证券交易所 STOCK EXCHANGE 首页 党的建设 发行上市 信息披露 市场数据 法律规则 市场服务 十十大所 本所公告 关于"21万科04"盘中临时停牌的公告 时间：2025-12-01 字体: 大 中 小 "21万科04"（149478）盘中成交价较前收盘价首次下跌达到或超过30%,根据《深圳证券交易所债券交易 ...

天眼查天眼风险信息显示，近日，万科A（000002）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。 ...

Group 1 - The Shenzhen Stock Exchange announced that the bond "22 Vanke 02" experienced a price drop of 30% or more compared to the previous closing price, leading to a temporary suspension of trading from 09:31:39 until 15:27:00 [1] - Similarly, the bond "21 Vanke 04" also saw a price drop of 30% or more, resulting in a temporary suspension of trading from 09:37:52 until 15:27:00 [2]

Asia Pacific Equity Research 27 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Property & Banks Vanke's bond extension - what are the implications? Jocelyn Gao (852) 2800-8529 jocelyn.gao@jpmorgan.com J.P. Morgan Securities (Asia Pacific ...

Core Insights - The data reveals significant changes in the shareholding ratios of various companies under the Hong Kong Stock Connect program, with notable increases for certain companies and decreases for others [1][2][3]. Group 1: Shareholding Increases - Lion Group (02562) saw the largest increase in shareholding ratio, up by 5.43% to 24.71% [2] - Vanke Enterprises (02202) increased by 2.24%, reaching a holding ratio of 58.54% [2] - Southern Hengsheng Technology (03033) rose by 1.62%, with a current holding ratio of 62.20% [2] - Other notable increases include Changfei Optical Fiber (06869) at +1.34% and Tianyue Advanced (02631) at +1.32% [2] Group 2: Shareholding Decreases - Heng Seng China Enterprises (02828) experienced the largest decrease, down by 2.73% to a holding ratio of 0.77% [3] - The Yingfu Fund (02800) decreased by 1.48%, now at 1.85% [3] - Giant Star Legend (06683) saw a reduction of 1.06%, with a current holding ratio of 17.26% [3] - Other companies with notable decreases include Rongchang Bio (09995) at -0.75% and Zhaoyan New Drug (06127) at -0.63% [3][4] Group 3: Five-Day Shareholding Changes - Over the last five trading days, Lion Group (02562) again led with a 5.41% increase, maintaining a holding ratio of 24.71% [4] - Longpan Technology (02465) increased by 5.32%, reaching 45.96% [4] - Guanghe Tong (00638) rose by 3.20%, now at 4.97% [4] - Vanke Enterprises (02202) also saw a 3.02% increase, with a holding ratio of 58.54% [4] Group 4: Twenty-Day Shareholding Changes - In the last twenty days, Haotian International Investment (01341) had the highest increase at +16.78%, with a holding ratio of 68.56% [5] - Qingdao Bank (03866) increased by 11.18%, now at 18.96% [5] - Lion Group (02562) also saw an 8.21% increase, reaching 24.71% [5] - Vanke Enterprises (02202) had a 6.48% increase, with a current holding ratio of 58.54% [5]

Core Viewpoint - Vanke's request for a bond extension has exposed severe cash flow issues, leading to a significant decline in its market position and raising concerns about the sustainability of the high-debt model in the real estate industry [1][2]. Group 1: Cash Flow Crisis - Vanke's cash flow has deteriorated, with only 300 billion available for use out of a reported 656 billion, as 60% of the cash is tied up in regulatory accounts [4]. - The company faces a debt repayment of 1,347 billion within a year, resulting in a cash shortfall exceeding 800 billion, necessitating a daily cash burn of 2.2 billion to maintain operations [4]. - Sales have plummeted by 44.6% year-on-year, with operating cash flow negative for three consecutive quarters, indicating a collapse of its previously successful business model [4]. Group 2: Survival Strategies - Vanke is selling assets to generate cash, having raised 68.6 billion from project sales in the first three quarters of 2025, including discounted sales of previously acquired prime properties [5]. - The company is negotiating with creditors for debt restructuring, potentially involving debt extensions and debt-to-equity swaps, with an upcoming bondholder meeting seen as critical [5]. - Vanke has shifted its focus from expansion to core urban residential projects, but the lack of quality buyers may lead to further losses from asset sales [5]. Group 3: Industry Implications - Vanke's situation reflects the end of the high-debt, high-turnover model in the real estate sector, as many companies struggle with similar issues [6]. - In 2025, 17 other real estate firms have already defaulted on debts, with a higher risk of bankruptcy due to their lack of substantial assets and government support [7]. - The government is unlikely to allow Vanke to fail due to its impact on housing delivery and supplier livelihoods, but it will not provide direct financial assistance [6]. Group 4: Human Impact - Ordinary individuals, such as homeowners and suppliers, are significantly affected, with concerns over delayed property deliveries and unpaid debts leading to financial distress [8]. - Vanke employees are also facing job cuts, with reports of a 30% reduction in some regional offices, highlighting the broader impact of the company's financial struggles [8].

【 摘要 】摩根资产管理李德辉认为，短期回调或不改长期投资机遇，A股整体仍处于一个健康的 上行通道中。摩根士丹利基金吴慧文指出，债券市场已从单边行情进入低利率、低波动、低利差 的震荡周期，进入"交易为王时代"。 图片 一、焦点锐评 图片 1．前10月工业企业利润同比增长1.9%，增速回落 11月27日，国家统计局公布的数据显示，1-10月份，规模以上工业企业利润同比增长1.9%，前 值增长3.2%。从三大门类看，1-10月份，采矿业下降27.8%，降幅较1-9月份收窄1.5个百分 点；制造业增长7.7%；电力、热力、燃气及水生产和供应业增长9.5%。10月份，受上年同期基 数有所抬高、财务费用增长较快等因素影响，规模以上工业企业利润同比下降5.5%。 【解读】中金公司张文朗团队认为，工业企业利润增速显著回落，利润下滑主要由营收收缩 （-3.3%）、费用率上升（+0.38个百分点）及投资收益骤降（10月其他损益降至201亿元，较9 月回落近60%）共同驱动。结构分化，采矿业利润降幅收窄，有色开采保持29.7%高增长，煤炭 与油气仍处下行；制造业全链条利润承压，上游与中游受投资收益与费用拖累显著，下游消费品 降幅 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation of 301.3 billion yuan at a fixed rate of 1.40% on November 28, with a total bid amount of 301.3 billion yuan and a successful bid amount of 301.3 billion yuan. On the same day, 375 billion yuan of reverse repos matured, resulting in a net withdrawal of 73.7 billion yuan. The net withdrawal for the week reached 164.2 billion yuan [1][2]. Group 2: Liquidity Conditions - The interbank market liquidity remains ample, with the weighted average rate of DR001 dropping nearly 1 basis point to a low of 1.3%. Overnight quotes in the anonymous click (X-repo) system are maintained at 1.28%, with a supply scale close to 200 billion yuan. Prices for overnight funds secured by credit bonds have increased, currently reported around 1.55%-1.58%. Overall liquidity is stable despite some upward pressure on non-bank overnight funding rates due to month-end effects [3][4]. Group 3: Interbank Rates and Bonds - The latest one-year interbank certificates of deposit transactions are at 1.65%, unchanged from the previous day. Major interbank interest rate bonds have seen yields decline [8][10]. The main contracts for government bonds show mixed performance, with the 30-year contract up by 0.05%, the 10-year contract up by 0.03%, while the 5-year and 2-year contracts have decreased by 0.03% and 0.02%, respectively [12]. Group 4: Corporate and Regulatory Developments - The Central Committee of the Communist Party held a meeting on November 28 to review a comprehensive report on the situation of the 20th Central Inspection in provinces and municipalities. From January to October, state-owned enterprises reported total operating income of 6.8353 trillion yuan, a year-on-year increase of 0.9%, while total profits decreased by 3.0% to 342.144 billion yuan. The asset-liability ratio for state-owned enterprises rose by 0.4 percentage points to 65.2% by the end of October [13][14]. Group 5: Global Economic Insights - Japan's Ministry of Finance announced a revision to its bond issuance plan, increasing the issuance of 2-year and 5-year bonds by 300 billion yen each for the fiscal year 2025, raising the total bond issuance scale by 6.3 trillion yen [16]. In South Korea, government tax revenue from January to October reached 330.7 trillion won, a year-on-year increase of 12.6%, primarily driven by a rise in corporate tax revenue [17].

重仓万科，一步一步加仓到60%，感觉要爆雷了。连个20亿都拿不出来了。 flushz "我就不信XXXX政府会不管XXXX" "我就不相信深圳国资委会不管万科" 过去很多年，尤其是下跌的初期和中期，这种桥段是不是时常会看到？当然，今年被套的股 民少一些，网络上应该少见一点。 每当我听到或者看到股民发出这样的声音，都会有很强烈的不适感。我找不到合适的词来形 容，只能用不适感这个笼统的表达。觉得有点可怜？可悲？可笑？不一而足。 小飞鹰 举个例子，你只有5000元本金，一直加杠杆炒股，20年赚了5000万。然后继续上杠杆，最 后投资错误一把归零。还欠券商2000万。房地产公司其实也是一个模式。 红缨枪 房地产持续火了20多年，攒了20多年的家当，最后一算总账，原来这么大的家当，还不够用 来还债的。这还不光是万科，一个个的都这么个德性，开发商们统统都欠了很多很多钱。 我知道因为之前的房产调控政策，最后一波房子肯定是砸开发商手里了，东西卖不掉肯定会 让开发商亏钱，但之前这么多年卖掉的房子难道不是远远大于现在砸手上的房子吗？既然这 波房子卖不掉，就亏这么多钱，那之前卖掉那么多的房子，难道不是挣了更多钱才对？ 亏的是公司的 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report In the fourth week of November, the expectation of the Fed's interest rate cut increased, the risk appetite of the equity market recovered. The resonance of disturbances such as the stock - bond seesaw effect, concerns about the implementation of the fund fee rate new regulations, and the Vanke bond extension event led to an upward trend in most medium - and long - term yields, while the short - term yields remained stable due to loose funds. The yield curve showed a bearish steepening under the negative impacts such as the new fund regulations [8]. Summary by Directory I. Interest Rate Bond Market Review: The Yield Curve Shows a Bearish Steepening under the Negative Impacts such as the New Fund Regulations - **Overall situation**: In the fourth week of November, multiple factors such as the Fed's interest rate cut expectation, equity market risk preference, new fund regulations, and the Vanke event affected the bond market. The 1 - year Treasury bond active bond yield remained flat at 1.4%, the 10 - year Treasury bond active bond yield rose 1.65BP to 1.8290%, and the 30 - year Treasury bond rose 2.45BP to 2.1830%. The central bank net回笼 1642 billion yuan this week, the fund sentiment index was basically below 50, the funds were stable and loose, the issuance price of 1 - year national and state - owned bank certificates of deposit rose to 1.6525%, and the weighted price of DR007 rose to 1.4668% [5][8]. - **Daily performance**: - **Monday (November 24)**: The expectation of the Fed's interest rate cut drove the recovery of overseas risky assets, the equity market rebounded after hitting the bottom. The bond yields first declined and then rose, with a daily fluctuation of less than 0.5BP. The 7 - year Treasury bond performed well. The central bank's excess renewal of MLF led to a net injection of 100 billion yuan at the end of the day [2][8][11]. - **Tuesday (November 25)**: After the overnight China - US presidential call, the geopolitical influence eased, the risk preference of the equity market recovered, suppressing the bond market sentiment. Coupled with the new regulations on public fund sales, the bond yields generally rose. The short - term remained stable due to looser funds, while the medium - and long - term performed weakly [2][8][12]. - **Wednesday (November 26)**: The risk preference of the equity market remained high, suppressing the bond market performance. The new regulations on public fund sales, the Vanke event, and the expectation of the central bank's small - scale bond purchase impacted the bond market sentiment. The bond yields generally rose, with the short - term stable due to loose funds and the medium - and long - term weak [2][8][13]. - **Thursday (November 27)**: The funds were stable and loose. Boosted by consumer policies, the equity market opened high and moved high. Affected by the stock - bond seesaw, the Vanke extension, and the redemption of some products, the bond market sentiment was weak, and the long - term performance was significantly weaker than the short - term [2][8][14]. - **Friday (November 28)**: The funds tightened first and then loosened. Xinhua News Agency reported that the six major banks stopped selling five - year large - denomination certificates of deposit and lowered the interest rate of three - year products. Coupled with the weak fundamental expectation, it supported the bullish sentiment in the bond market. Most bond yields declined, and the medium - and long - term performed better than the short - term [2][8][16]. (1) Funding Situation: The Central Bank Conducted OMO with Net Withdrawal, and the Funds Were Stable and Loose The central bank's OMO had a net withdrawal this week, and the fund sentiment index was basically below or around 50, indicating that the funds were in a stable and loose state [5][8][19]. (2) Primary Issuance: The Net Financing of Local Bonds and Inter - Bank Certificates of Deposit Increased, while that of Treasury Bonds and Policy - Financial Bonds Decreased The net financing of local bonds and inter - bank certificates of deposit increased significantly, while the net financing of treasury bonds decreased slightly, and that of policy - financial bonds decreased marginally [25][28][29]. (3) Benchmark Changes: The Term Spreads of Treasury Bonds and China Development Bank Bonds Both Widened The short - term yields of treasury bonds rose 0.09BP, and those of China Development Bank bonds rose 0.55BP. The long - term yields of treasury bonds rose 2.46BP, and those of China Development Bank bonds rose 3.25BP. The 10Y - 1Y spread of treasury bonds widened 2.37BP to 43.95BP, and that of China Development Bank bonds widened 2.70BP to 34.94BP [18][30][38].