借款本金余额与经营性房地产、固定资产、存货、在建工程、股票等担保物评估价值的比率（抵/质押 率）为60%-70%，与非上市公司股权质押评估价值的比率（质押率）为50%—60%。如万科未能就借款 额度下实际发生的借款提供抵/质押担保，深铁集团有权要求万科立即偿还借款额度下已实际发生但未 提供抵/质押担保的借款本息。 结合万科公告中披露的信息，至2025年度股东大会召开（预期不迟于2026年6月30日），万科剩余可提 款金额为22.9亿元。 截至目前，深铁集团持有万科27.18%股权，根据《深圳证券交易所股票上市规则》等相关规定，深铁 集团构成万科的关联方，本次关联交易事项构成公司关联交易。 公告显示，万科的增信措施包括：为担保借款的偿还，万科或其下属子公司应提供其拥有的合法经营性 房地产、固定资产、存货、在建工程或股票、非上市公司股权等作为担保物。如万科提供作为担保物的 资产或其附属资产存在瑕疵、商业争议、纠纷或其他权利限制的，万科应尽最大努力消除相关影响促使 相关资产纳入可担保范围或排除出借人实现担保权利时面临的障碍，否则深铁集团有权要求万科在限期 内提供新的担保物或提前偿还部分借款。 11月2日，万科企业股 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Views of the Report - This week, credit bond yields declined significantly, and spreads showed a divergent trend, with 4 - 5y varieties outperforming. Although the SSE Composite Index breaking through 4000 points had an impact on the bond market, the central bank's announcement of restarting treasury bond trading and the unexpected decline in the October manufacturing PMI led to a relatively strong performance in the bond market. The improvement in institutional sentiment towards credit bond allocation drove the relatively strong performance of 4 - 5y credit varieties, with a large narrowing in spreads, while most 1 - 2y varieties and medium - term notes over 5y widened passively [1][7]. - Key policies and hot events included the release of the "Administrative Measures for Asset Management Trusts (Draft for Comment)" by the Financial Regulatory Administration, Vanke receiving a loan of up to 2.2 billion yuan from its major shareholder Shenzhen Metro Group, Vanke's Q3 2025 report showing a decline in operating income and a net loss, and the central bank's report on the financial work situation indicating a significant reduction in the number of financing platforms and the scale of operating financial debts [1][2][10]. 3. Summaries According to the Table of Contents 3.1 Credit Bond Market Review: Most Yields Declined, 4 - 5y Varieties Performed Better - Credit bond yields declined significantly this week, and spreads showed a divergent trend, with 4 - 5y varieties outperforming. The central bank's announcement of restarting treasury bond trading and the unexpected decline in the October manufacturing PMI led to a relatively strong performance in the bond market. The improvement in institutional sentiment towards credit bond allocation drove the relatively strong performance of 4 - 5y credit varieties, with a large narrowing in spreads, while most 1 - 2y varieties and medium - term notes over 5y widened passively [1][7]. 3.2 Key Policies and Hot Events: Vanke Received Another Loan from Shenzhen Metro Group, and the "Administrative Measures for Asset Management Trusts (Draft for Comment)" was Released - On October 31, the Financial Regulatory Administration released the "Administrative Measures for Asset Management Trusts (Draft for Comment)" to strengthen supervision, prevent risks, and standardize the development of the trust industry [10]. - On October 30, Vanke announced that its major shareholder Shenzhen Metro Group would provide a loan of up to 2.2 billion yuan to repay the principal and interest of its publicly - issued bonds. As of the announcement date, Shenzhen Metro Group had provided a cumulative loan of 26.93 billion yuan (excluding this time) [2][10]. - On October 30, Vanke released its Q3 2025 report. In the first three quarters, the company's total operating income was 161.388 billion yuan, a year - on - year decrease of 26.61%, and the net profit attributable to the parent company was a loss of 28.016 billion yuan, a year - on - year decrease of 56.14%. Although Vanke's self - repayment ability was weak, it had received support from its major shareholder and financial institutions [2][11]. - On October 28, the central bank released the State Council's report on the financial work situation, stating that as of the end of September 2025, the number of national financing platforms and the scale of operating financial debts had decreased by 71% and 62% respectively compared to the end of March 2023, and risks had been significantly mitigated. The central bank emphasized continuing to support the debt - resolution work of financing platforms and their market - oriented transformation [2][12]. 3.3 Secondary Market: Credit Bond Yields Generally Declined, and Credit Spreads Showed a Divergent Trend - Yields of medium - and short - term notes generally declined by 2 - 13BP, with spreads of 4 - 5y varieties narrowing by 4 - 8BP, and spreads of most other maturities widening by 0 - 4BP [14]. - For urban investment bonds, yields of various varieties generally declined by 4 - 11BP, with 4 - 5y varieties performing better. Credit spreads showed a divergent trend, with spreads of most varieties narrowing by 1 - 6BP [14]. - For real estate bonds, except for the 1y and 3y AAA varieties, yields of other varieties generally declined by 3 - 12BP. Spreads of most varieties generally narrowed by 0 - 8BP [15]. - For cyclical bonds, yields of coal bonds generally declined by 2 - 12BP, and spreads of most varieties narrowed by 0 - 9BP. Yields of steel bonds generally declined by 3 - 12BP, and spreads of most varieties narrowed by 0 - 8BP [15]. - For financial bonds, yields of bank secondary capital bonds and perpetual bonds of various maturities declined by 5 - 12BP, and spreads of most varieties narrowed by 1 - 8BP. Yields of securities firm sub - bonds generally declined by 1 - 9BP, and spreads of most varieties generally narrowed by 0 - 3BP. Yields of insurance sub - bonds generally declined by 5 - 11BP, and spreads of most varieties generally narrowed by 1 - 4BP [15]. 3.4 Primary Market: Net Financing of Credit Bonds and Urban Investment Bonds Declined Month - on - Month - This week, the issuance scale of credit bonds was 224.8 billion yuan, a month - on - month decrease of 246.7 billion yuan, and the net financing was - 12.6 billion yuan, a month - on - month decrease of 148.5 billion yuan. The issuance scale of urban investment bonds was 105.6 billion yuan, a decrease of 5.83 billion yuan from last week, and the net financing was - 36.6 billion yuan, a decrease of - 4.96 billion yuan from last week [4]. 3.5 Trading Liquidity: Trading Activity in the Inter - bank Market Decreased, and Trading Activity in the Exchange Market Increased - This week, the trading activity of credit bonds in the inter - bank market decreased, and the trading volume decreased from 586 billion yuan last week to 580.7 billion yuan. The trading activity in the exchange market increased, and the trading volume increased from 381.7 billion yuan last week to 435.8 billion yuan [4]. 3.6 Rating Adjustment: One Entity's Rating was Upgraded, and No Entity's Rating was Downgraded - This week, the rating of one entity was upgraded, and no entity's rating was downgraded [4].

周一万科美元债大幅下挫，消息面上深圳地铁要求其为此前的无抵押贷款提供保障，并给出股东借款总 额上限，这一变化代表深圳地铁收紧对万科的财务支持条件。 万科最新公告显示，在2025年以来至公司2025年度股东会召开日为止期间，公司拟向深铁集团申请不超 过220亿元的借款额度，借款额度为一次性信贷额度，即在股东会给予的授权有效期内，任何已偿还本 金的借款，不得释放出新的借款额度供再次提取。 另一份公告则指出，深圳地铁要求万科为价值203.73亿元人民币的无抵押贷款提供抵押物或质押品，以 确保借款人的债务。如果万科未能遵守，深圳地铁必须要求立即冻结这些贷款的本金和利息。 晨星公司房地产分析师张杰认为，深圳地铁将继续支持万科，但可能会更严格地控制每笔贷款的规模。 同时，深圳地铁的放贷工作将更加规范化，例如要求提供抵押物或质押品。 风险提示及免责条款 根据万科提交的文件，截至10月30日，深圳地铁向万科提供总计291.3亿元贷款，意味着这约70%的贷 款借款人无抵押。 受上述消息影响，万科2029年11月兑现、票息3.5%的美元债今日每1美元跌8.5美分至51.3美分，相当于 该债券2019年11月发行以来最大单日跌幅。 ...

本报记者 李昱丞 此前10月31日，万科披露，深铁集团向公司提供不超过22亿元借款，用于偿还公司在公开市场发行的债券本金与利息。这 是深铁集团年度第十次向万科提供股东借款。在此之前，深铁集团已累计向万科提供借款269.3亿元。 抵/质押率方面，借款本金余额与经营性房地产、固定资产、存货、在建工程、股票等担保物评估价值的比率（抵/质押 率）为60%-70%，与非上市公司股权质押评估价值的比率（质押率）为50%-60%。 公告显示，截至11月3日，深铁集团已提供的无抵/质押担保借款合同金额为203.73亿元，实际提款金额为197.1亿元。《框 架协议》下的借款本金及利息总额预计不超过236.91亿元。 "从法律角度来看，深铁集团向万科提供借款用于偿还债务需要确保资金的使用符合国有资产管理、关联交易披露等相关 法律规定。双方应当确保资金的用途合法合规，避免因程序或实体问题引发法律风险。"上海市海华永泰律师事务所高级合伙 人孙宇昊律师对《证券日报》记者表示。 11月3日，万科披露，公司与第一大股东深圳市地铁集团有限公司（以下简称"深铁集团"）签署《关于股东借款及资产担 保的框架协议》（以下简称"《框架协议》"）。 万 ...

今日盘中，万科2029年11月到期、3.5%美元债每1美元跌8.5美分，至51.3美分，为该债券2019年11月发 行以来的最大单日跌幅；万科2027年11月到期的3.975%债券每1美元跌11美分，至59.5美分。 ...

2025年10月，受供应"腰斩"影响，新房成交环比微增1%，同比下降36%。 同比大幅减少主要受2024年10月成交量为全年较高位影响，去年"9·26"之后，整体市场快速启动，第四季度成交量明显回升，拉高了整体基数。 从累计来看，2025年前10月30个监测城市累计成交9825万平方米，累计同比跌幅7%。 受此影响，百强房企10月业绩同比大幅减少，但从环比来看，近半企业单月环比出现增长。 我们认为11月新房成交绝对量延续低位波动，基于去年11月基数较高，同比降幅仍将有进一步扩大的可能。 百强房企10月业绩同比大幅减少 近半企业单月环比增长 2025年10月，TOP100房企实现销售操盘金额2530亿元，环比增长0.1%，同比减少41.9%。累计业绩来看，百强房企实现销售操盘金额25766.6亿元，同比 减少16%，降幅相较于前9月扩大4.2个百分点，仍为2019年至今最低位。 从企业表现来看，2025年10月有48家百强房企单月业绩环比增长，其中20家企业单月业绩环比增幅大于30%。 可以看到，在当前市场环境下，仍有保持一定增长的企业，但是由于购房者的信心和预期仍在修复过程中，叠加房企库存压力的持续增长，企业 ...

截至本公告日期，深铁集团已提供的无抵/质押担保借款合同金额为203.73亿，实际提款金额为197.1 亿。《框架协议》下的借款本金及利息总额预计不超过236.91亿元。 公告显示，借款将用于偿还万科在公开市场发行的债券本息以及经深铁集团同意的指定借款利息。未经 深铁集团书面同意，公司不得将借款挪作他用，深铁集团有权监督款项的使用。 深铁集团成立于1998年7月31日，是深圳市国资委直管的国有独资大型企业，负责深圳市90%以上城市 轨道交通建设与运营。截至2024年12月31日，深铁集团经审计净资产人民币 30,149,243.88万元。 11月2日晚，万科A（000002.SZ）发布公告称，公司与主要股东深圳地铁集团（以下简称"深铁集团"） 订立贷款框架协议，据此，深铁集团同意向公司提供本金总额最多为人民币220亿元的贷款。 具体来看，在2025年以来至公司2025年度股东会召开日为止期间，万科拟向深铁集团申请不超过220亿 元的借款额度，借款额度包括《框架协议》生效之前已实际发生但公司未提供抵/质押担保措施的信用 借款，及已提供担保但后续确认担保无法实施或部分无法实施的借款，及《框架协议》生效之后发生的 借 ...

Core Insights - Despite a challenging market, several real estate companies reported a month-on-month increase in sales performance in October, indicating resilience in the sector [1][3]. Sales Performance - The total sales amount of the top 100 real estate companies reached approximately 2.9 trillion yuan in the first ten months of the year, with Poly Developments leading at 222.7 billion yuan, followed by Greentown China at 201.1 billion yuan [1][2]. - In October, the sales total for the top 100 companies increased by 3.7% month-on-month, with Greentown China achieving the highest monthly sales of 22.6 billion yuan, closely followed by Poly Developments at 21 billion yuan [3][5]. - Year-to-date, the cumulative sales amount for the top 100 companies decreased by 16.3% compared to the previous year, with the decline rate widening by 4.1 percentage points from the previous month [3][5]. Market Dynamics - The "billion-dollar club" maintained seven members compared to the same period last year, with an average sales amount of 165.7 billion yuan, while the second tier (500-1,000 million yuan) saw a reduction of two members [3][5]. - In October, 48 of the top 100 companies experienced a month-on-month increase in sales, with 20 companies reporting growth exceeding 30% [5]. Regional Performance - Beijing showed a positive trend with a 19% month-on-month increase in transaction volume, although it still faced a 19% year-on-year decline [6][7]. - In contrast, cities like Shanghai and Shenzhen experienced year-on-year declines exceeding 40%, indicating a persistent cautious sentiment among buyers [6][7]. - Guangzhou recorded a month-on-month increase of 6% in October, but a significant year-on-year decline of 46% [7]. Future Outlook - The real estate market is expected to continue facing challenges, with predictions of low transaction volumes persisting into November, potentially leading to further year-on-year declines [7].

值得注意的是，为担保借款的偿还，万科或其下属子公司应提供其拥有的合法经营性房地产、固定资 产、存货、在建工程或股票、非上市公司股权等作为担保物。其中，借款本金余额与经营性房地产、固 定资产、存货、在建工程、股票等担保物评估价值的比率（抵/质押率）为60%—70%,与非上市公司股 权质押评估价值的比率（质押率）为50%—60%。 如万科未能就借款额度下实际发生的借款提供抵/质押担保，深铁集团有权要求万科立即偿还借款额度 下已实际发生但未提供抵/质押担保的借款本息。 万科方面表示，上述安排充分体现了大股东对公司的支持。本次《框架协议》下的借款用于偿还公司在 公开市场发行的债券本金及利息以及经出借人同意的指定借款利息，借款利率遵循市场化原则，不劣于 目前公司从金融机构借款的利率水平。公司根据国资对外借款的相关规定拟就框架协议项下借款提供增 信安排，担保资产对应的抵/质押率不劣于市场惯例的水平。 截至目前，深铁集团持有万科27.18%股权，为万科第一大股东，是万科在《深圳证券交易所股票上市 规则》下的关联法人。万科同时提到，本次关联交易事项和交易条款在符合市场导向原则的同时，也优 于市场水平，不存在损害公司及中小投资 ...

以下文章来源于每日商业必读 ，作者余生 每日商业必读 . 10 月 30 日晚间，万科发布公告称，公司第一大股东深圳市地铁集团拟向公司提供不超过 22 亿元借款，用于偿还公司在公开市场发行的债券本 金与利息。 这笔借款期限不超过三年，利率为提款日前一工作日全国银行间同业拆借中心公布的 1 年期贷款市场报价利率（ LPR ）减 66 个基点，目前为 2.34% 。 这已是深铁集团今年以来向万科提供的又一轮流动性支持。根据万科披露， 2025 年年初至今，深铁集团已累计向万科提供借款 269.3 亿元（不 含本次借款），充分体现了大股东对公司的支持。 股东持续输血 万科在公告中表示，本次股东借款将用于偿付公司在公开市场发行的债券本金与利息。这一安排凸显了万科当前面临的偿债压力，也体现深铁集团 作为大股东对万科的有力支持。 此次借款利率遵循市场化原则，但明显低于目前公司从金融机构借款的利率水平。这一方面降低了万科的融资成本，另一方面也反映深铁集团作为 重要股东对万科的鼎力相助。 深铁集团与万科的紧密关系始于 2017 年。当时深铁集团接手华润股份所持的万科股份，成为万科第一大股东。此次提供借款再次表明，在万科面 临 ...