格隆汇12月11日｜深交所公告，"21万科06"(149568)盘中成交价较前收盘价首次下跌达到或超过20%， 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10时38分19秒起对该债券实施临时停牌，于11时08分20秒复牌。 ...

FICC日报 | 2025-12-11 美联储如期降息25基点，启动"技术性扩表" 市场分析 国内政策预期升温。11月14日国务院常务会议，研究深入实施"两重"建设有关工作，部署增强消费品供需适配性进 一步促进消费政策措施。11月24日，国家发展改革委价格司组织召开价格无序竞争成本认定工作座谈会。11月28 日，工信部组织召开动力和储能电池行业制造业企业座谈会，强调认真落实党中央关于综合整治"内卷式"竞争的 决策部署，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争。数据方面，中国10月出口 （以美元计价）同比下降1.1%，前值增8.3%，进出口数据受工作日天数减少以及节前抢出口影响，前期的"抢出口" 和"抢进口"有待消化，同时10月投资、消费和工业的增速也出现不同程度放缓，国内经济基础有待夯实。中国11 月官方制造业PMI环比回升至49.2，高技术制造业PMI连续10个月位于临界点50以上，受高基数影响非制造业PMI 小幅回落。中国11月外贸增速大幅回升，以美元计价出口同比转增5.9%，进口同比增1.9%；稀土出口环比增长26.5%， 大豆进口环比降14.5%。中共中央政治局会议明确指出，明 ...

1. Report's Industry Investment Rating - No relevant information provided. 2. Core Views of the Report - China's economy shows resilience, with the IMF predicting growth rates of 5.0% in 2025 and 4.5% in 2026, up 0.2 and 0.3 percentage points from the October forecast [2][16] - The Fed cut interest rates by 25 basis points for the third time this year, lowering the target range for the federal funds rate to 3.50%–3.75%, and will start a monthly short - term Treasury purchase plan of about $40 billion from December 12 [3][14] - The Asian Development Bank raised the regional economic growth forecast for 2025 to 5.1% and slightly increased the 2026 forecast to 4.6% [17] 3. Summary by Directory Macro Data Overview - GDP growth in Q3 2025 was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In November 2025, the manufacturing PMI was 49.2%, up from 49.0% in the previous month but down from 50.3% in the same period last year; the non - manufacturing PMI for business activities was 49.5%, down from 50.1% in the previous month and 50.0% in the same period last year [1] - In October 2025, social financing scale increment was 816.1 billion yuan, down from 3529.9 billion yuan in the previous month but up from 1412 billion yuan in the same period last year [1] - In November 2025, CPI rose 0.7% year - on - year, up from 0.2% in the previous month; PPI fell 2.2% year - on - year, down from a 2.1% decline in the previous month [1][2] Commodity Investment Reference Comprehensive - China's November CPI was in line with expectations, and the increase was mainly driven by the change of food prices from decline to rise. PPI was slightly lower than expected, with a 0.1% month - on - month increase [2] - The Fed cut interest rates and will start a short - term Treasury purchase plan. The Shanghai Futures Exchange adjusted the margin and price limit for silver futures contracts [2][3] - The container shipping index (European route) futures on the Shanghai International Energy Exchange mostly rose, with the February contract leading the gain [3] Metals - International precious metal futures generally rose due to the Fed's interest rate cut. Indonesia may impose export tariffs on gold. Copper production at some Chilean mines changed in October [5] - As of December 10, the holdings of the world's largest gold ETF decreased. The inventory of some metals on the London Metal Exchange changed significantly on December 9 [5][6] Coal, Coke, Steel and Minerals - Argentina approved a copper mining project, and the copper production of Escondida Mine in Chile increased in October [8] Energy and Chemicals - The seizure of a Venezuelan oil tanker by the US increased short - term supply risks, and the Fed's interest rate cut pushed up oil prices, but global oversupply limited the increase [9] - EIA adjusted its forecast for US crude oil production in 2025 and 2026. US natural gas inventory decreased last week [9] - Saudi companies will develop oil and gas fields in Syria, and an Iraqi oil field resumed production [10] Agricultural Products - The Ministry of Agriculture and Rural Affairs will launch a consumption promotion activity for agricultural products. US soybean crushing volume in October and Malaysia's palm oil situation were reported [11][12] Financial News Compilation Open Market - On December 10, the central bank conducted 189.8 billion yuan of 7 - day reverse repurchase operations, with a net injection of 110.5 billion yuan [13] Key News - The Fed cut interest rates, started a short - term Treasury purchase plan, and the dot - plot predicted further rate cuts in 2026 and 2027 [14][15] - China's November CPI rose and PPI fell. The IMF and ADB raised their economic growth forecasts for China and Asia respectively [16][17] - The Ministry of Finance will renew 750 billion yuan of special Treasury bonds and issued 7 billion yuan of RMB Treasury bonds in Hong Kong [17][18] - Some banks' business operations and market - related events such as the launch of green foreign debt business in Shenzhen and the release of a new CDS index were reported [19][20] Bond Market Review - China's bond market continued to be warm, with most interest - rate bond yields falling and Treasury bond futures rising. Money market rates mostly declined [23][24][25] - European bond yields rose, while US bond yields fell [27][28] Foreign Exchange Market Express - The on - shore RMB appreciated against the US dollar, and the US dollar index fell [29] Research Report Highlights - CITIC Securities believes that the RMB's recent appreciation is due to internal economic fundamentals and external factors, which will have an impact on exports and imports [30] - Huatai Securities believes that the global central bank's policy stance may diverge in the next two weeks, and the global manufacturing cycle is expected to recover [30] Today's Reminder - On December 11, a large number of bonds will be listed, issued, have payments made, and have principal and interest repaid [31][32] Stock Market Key News - A - shares recovered after hitting the bottom. The Shanghai Composite Index fell slightly, while the Shenzhen Component Index rose. Real estate stocks rose in the afternoon [33] - The Hong Kong Hang Seng Index rose, with property stocks performing strongly. Southbound funds had a net outflow [33]

12月10日建材ETF（159745）涨幅居前。 | 建材ETF(159745.SZ) | | | | | | --- | --- | --- | --- | --- | | 闭市 12-10 15:00:06 | | | | | | 0.646 0.656 | 昨日 | 流通常 | | 12.74亿 | | 0.646 +0.010 +1.55% | 开盘 | 流通值 | | 8.4亿 | | 最高 0.657 57.8 万 | 成交量 | 换手率 | | 4.54% | | 最低 0.644 3763万 | 成交题 | 均价 | | 0.651 | | IOPV 0.6551 0.14% | 澄折率 | 贴水率 | | 1.36% | | 净值走势 国泰中证全指建筑材料ETF(159745.OF) 0.6472 -1.78% | | | | | | से स्थ 間K 五日 | 日K | 目K | 电子 | (0) | | 鹽加:IOPV | | 均价:0.657 | 盘口 | 成交 | | 0.657 | | WIT TAL | | 卖5 0.6601.40万 | | | | | 524 | 0.659 ...

1、 今日凌晨，美联储货币政策委员会（ FOMC ）会后公布，降息25个基点，将联邦基金利率目标区间下调至3.50%–3.75%。这是美联储继9月17日、10 月29日降息后年内的第三次降息，幅度均为25个基点。 会议投票为9票赞成、3票反对，部分委员主张维持利率不变或更大降幅。会议声明指出经济温和 扩张，就业增长放缓、失业率小幅上升，通胀仍处高位，委员会关注双重使命的双向风险。为维持银行体系流动性充足，自12月12日起启动每月约400亿 美元的短期国债购买计划。美联储点阵图预测显示在2026年和2027年各有一次25个基点的降息。 2、 美联储主席鲍威尔在新闻发布会上表示，货币政策无预设路径，将逐次会议依据数据决策。 通胀仍偏高，但非关税驱动的核心通胀已显著改善，若无 新关税，商品通胀预计2026年第一季度见顶。利率已处于中性区间上端，政策正从限制性向中性过渡。为缓解市场压力，短期国债购买规模将在未来数月 维持高位，预计2026年4月15日前完成。经济前景稳健，政府停摆结束支撑2026年增长预期。 美国总统特朗普重申对美联储主席鲍威尔的批评。特朗普表 示，降息幅度太小，本可以更大一些；美联储降息幅度本可以加 ...

A股方面，房地产板块也在昨日午后直线拉升，世联行（002285）、财信发展、华夏幸福等多股涨停， 特发服务（300917）、金地集团、保利发展等涨幅居前。 值得注意的是，昨日还有多只万科债盘中大涨，比如"22万科06""22万科04""22万科02"等盘中涨幅均超 过30%，因上述债券盘中成交价较前收盘价首次上涨达到或超过30%，深交所昨日对上述债券实施盘中 临时停牌。 有分析认为，万科股价异动的核心触发点，可能是12月10日召开的"22万科MTN004"债券持有人会议。 据报道，11月26日，该笔债券存续期管理机构上海浦东发展银行股份有限公司在上海清算所发布公告， 拟于12月10日召开万科2022年度第四期中期票据(以下简称"22万科MTN004")2025年第一次持有人会 议，对本期债券展期相关事项进行审议，债权登记日为12月9日。该20亿元中期票据原定于12月15日到 期。其展期方案备受市场关注，也是修复市场信心的决定性因素。 商报讯(记者苗露)昨日午后，房地产板块迎来爆发，多股异动上涨。万科A、H股齐涨，万科A大幅拉升 涨停，截至收盘涨停板上仍有超34万手封单，最新市值为626.36亿元，财信发展（0 ...

万科A日K线图 ◎记者 孙忠 张良 身处债券展期漩涡中的万科再度成为市场焦点。 12月10日，万科A罕见地强势涨停，并带动股指上行。与此同时，万科系债券集体大涨，多只债券触发 盘中临时停牌。 当日，"22万科MTN004"债券持有人会议召开。不过，此次会议三大议案投票截止日期为2025年12月12 日，议案表决的最终信息还要等待。 相对有利的是，市场对于楼市出台相关政策、提振经济的预期较为浓厚。 市场人士表示，债券展期是万科应对债务压力的一个途径，未来债券持有人会议通过何种议案尚需等 待。即便债券展期议案获得通过，万科的债务压力并未消失，未来还将依赖存量资产的盘活及对楼市信 心的恢复。 事实上，近期不少万科系债券已经开始悄然上行。 12月10日，"21万科02"大涨28.36%，至44.8842元，并触发盘中临时停牌。这也是该券连续第三日触发 盘中临时停牌。 "不过，此次大涨与地产行业相关政策预期更有关联，近期万科债务问题尚未出现实质反转迹象，更多 是利好的集聚。"上述券商人士向记者表示。 上海中原地产市场分析师卢文曦对上海证券报记者表示，当前房地产行业持续调整，万科作为行业标杆 企业，其债务处置方案具有显著 ...

◎记者 徐蔚 12月10日，A股市场呈现指数分化的结构性走势。截至收盘，上证指数微跌0.23%，报3900.50点，险守 3900点整数关口；深证成指午后翻红，逆势上涨0.29%，报13316.42点；创业板指微跌0.02%，报 3209.00点。全市场成交额为1.79万亿元，较前一个交易日缩量1260亿元，超2400只个股上涨，板块轮动 特征显著。 中银证券研报表示：基本面承压叠加"十五五"规划建议表态偏向积极，未来地产优化政策落地的空间打 开。对未来地产行业的修复有一定信心。从地产标的来看，一方面，流动性安全、重仓高能级城市、产 品力突出的房企或更具备α属性；另一方面，在新消费时代下，提前布局新业态、新模式、新场景的商 业地产公司，有望率先走出重围。 此外，零售板块延续强势表现，永辉超市、中央商场、茂业商业等多只个股涨停。消息面上，全国零售 业创新发展大会12月9日至10日在北京举行。商务部副部长盛秋平表示，"十五五"时期，要把零售业作 为培育完整内需体系、做强国内大循环的关键着力点，推动行业转向品质驱动、服务驱动，实现高质量 发展。 数据显示，"十四五"以来，零售业对促进消费和投资的贡献巨大。2024年 ...

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Among the bonds with discounted transactions, "25 Yungang Y4" had a large deviation in the valuation price. Among the bonds with rising net prices, "25 Datong C3" had a relatively high deviation in the valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "22 Bank of Communications Tier 2 Capital Bond 02B" had a large deviation in the valuation price; among the commercial financial bonds with rising net prices, "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)" had a relatively high deviation in the valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in the valuation yield of credit bonds were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discounted transactions for varieties within 0.5 years. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions for varieties within 1 year. In terms of industries, bonds in the national defense and military industry had the largest average deviation in valuation prices [2]. 3. Summary by Relevant Charts Chart 1: Discounted Transaction Tracking - The table listed 30 bonds with large discounts, including "25 Yungang Y4", "25 Dongfang K1", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included transportation, non - financial finance, and urban investment [4]. Chart 2: Tracking of Bonds with Rising Net Prices - The table showed 43 bonds with large positive deviations, such as "25 Datong C3", "25 Raofa 02", etc. It provided details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries included non - financial finance, comprehensive, and public utilities [6]. Chart 3: Tracking of Tier 2 and Perpetual Bond Transactions - The table presented 40 Tier 2 and perpetual bonds, including "22 Bank of Communications Tier 2 Capital Bond 02B", "22 Industrial and Commercial Bank of China Tier 2 Capital Bond 04B", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [7]. Chart 4: Tracking of Commercial Financial Bond Transactions - The table listed 29 commercial financial bonds, such as "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)", "24 Agricultural Bank of China TLAC Non - capital Bond 01B(BC)", etc., providing details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [8]. Chart 5: Bonds with a Transaction Yield Higher than 5% - The table showed 20 bonds with a high - yield transaction, including "21 Vanke 06", "23 Vanke 01", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included real estate, steel, and non - financial finance [10]. Chart 6: Distribution of Valuation Deviations in Credit Bond Transactions on the Day - The chart showed the distribution of changes in the valuation yield of credit bonds on the day, with the intervals [-10,-5), [-5,0), (0,5], and (5,10], and the number of bonds and transaction scale in each interval [13]. Chart 7: Distribution of Transaction Terms of Non - financial Credit Bonds on the Day - The chart presented the distribution of transaction terms of non - financial credit bonds on the day, including intervals such as within 0.5 years, 0.5 - 1 year, etc., and the corresponding transaction scale [15]. Chart 8: Distribution of Transaction Terms of Tier 2 and Perpetual Bonds on the Day - The chart showed the distribution of transaction terms of Tier 2 and perpetual bonds on the day, including intervals such as within 1 year, 1 - 1.5 years, etc., and the corresponding transaction scale [18]. Chart 9: Discounted Transaction Ratio and Transaction Scale of Non - financial Credit Bonds in Each Industry - The chart displayed the average valuation price deviation and transaction scale of non - financial credit bonds in various industries, including petroleum and petrochemicals, real estate, etc. The national defense and military industry had the largest average valuation price deviation [20].

多只地产股涨停 《华夏时报》记者注意到，A股房地产服务板块报收1272.25点，涨幅为2.39%。其中，世联行 （002285.SZ）、南都物业（603056.SH）涨停，分别报收3.17元/股和13.51元/股，而特发服务 （300917.SZ）、电子城（600658.SH）、我爱我家（000560.SZ）、皇庭国际（000056.SZ）等股票涨幅 均超过3%。A股房地产开发板块紧随其后，报收15042.96点，涨幅为1.59%。其中万科A、财信发展 （000838.SZ）、华夏幸福（600340.SH）、广宇集团（002133.SZ）涨停，沙河股份（000014.SZ）、金 地集团（600383.SH）、保利发展（600048.SH）涨幅则超过5%。 值得关注的是，万科A在不久之前股价刚刚出现连续下跌，此次涨停之后，万科A报收5.25元/股。除了 股价之外，12月10日，万科A境内债也普遍上涨。其中，"21万科06""23万科01"涨幅超过40%。 港股方面，地产板块报收1202.94点，涨幅为1.36%。其中，鋑联控股（00459.HK）报收0.121港元/股， 涨幅为61.33%。12月10日，鋑联控 ...