证券代码：000002、299903 证券简称：万科 A、万科 H 代 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、会议召开情况 万科企业股份有限公司 万科企业股份有限公司（以下简称"公司"或"万科"）第二十届董事会第 二十三次会议的通知于 2025 年 9 月 12 日以电子邮件的方式送达各位董事。公司 全体董事以通讯表决方式参与本次会议，公司于 2025 年 9 月 16 日（含当日）前 收到全体董事的表决意见。本次会议的召开符合《中华人民共和国公司法》等法 律法规和《万科企业股份有限公司章程》的规定。 第二十届董事会第二十三次会议决议公告 公告编号：〈万〉2025-121 表决结果：赞成 7 票，反对 0 票，弃权 0 票。关联董事辛杰、黄力平和雷江 松回避表决。 审议通过《关于深铁集团向公司提供不超过 20.64 亿元借款的议案》 董事会 二〇二五年九月十六日 1 三、备查文件 公司第二十届董事会第二十三次会议决议。 特此公告。 万科企业股份有限公司 详见公司同日在巨潮资讯网登载的《关于深铁集团向公司提供不超过 20.64 亿元借款暨关联交易的公告 ...

Group 1: Market Recovery - The real estate sector is experiencing a recovery with leading companies like Vanke A showing significant stock performance, achieving an 8-day consecutive rise with a total increase of 7.81%, outperforming the Shanghai Composite Index's 2.55% during the same period [1] - Other major players such as China Vanke, Gemdale, and Poly Developments have also seen stock price increases of 12.66%, 3.37%, and 6.73% respectively over the past 8 trading days, all surpassing the Shanghai Composite Index [1] - More than 28 companies in the real estate development sector have recorded a cumulative stock price increase of over 10% since September, accounting for more than 30% of the sector [1] Group 2: Financial Performance - Vanke A reported a revenue of 105.32 billion yuan and a net loss attributable to shareholders of 11.95 billion yuan for the first half of the year, representing a year-on-year decrease of 26.2% and 21.3% respectively [1] - The company has successfully repaid 24.39 billion yuan of public debt by the end of August and has no foreign public debt due before 2027 [1] Group 3: Debt Restructuring - As of August 2025, 20 domestic real estate companies have received approval for debt restructuring, with a total debt restructuring scale exceeding 1.2 trillion yuan [2] - Vanke A, Country Garden, and Sunac China have seen their debt levels decrease by more than 10% compared to the end of June 2024 [2] Group 4: Policy Support - Various cities, including Beijing, Shanghai, and Shenzhen, have introduced new policies since late August to stimulate housing consumption, contributing to the recovery of leading real estate companies' stock prices [2] - Approximately 190 cities have implemented nearly 440 real estate optimization policies this year [2] Group 5: Market Sentiment - The real estate market in first-tier cities is showing signs of stabilization, with a narrowing decline in new home prices, attributed to ongoing policy support [3] - The real estate brokerage industry's sentiment index rose by 2.8 to 47.26 in August, marking the largest single-month increase of the year [3]

Core Insights - The "2025 China Top 500 Enterprises" list highlights Shenzhen's strong performance, with 27 companies making the list, including 8 in the top 100, showcasing the city's innovation and growth potential in technology and advanced manufacturing [1][2] Group 1: Company Performance - Shenzhen's top companies include Ping An (12th), Huawei (23rd), BYD (26th), Tencent (31st), and others, reflecting a diverse industry presence in finance, technology, manufacturing, and logistics [2][6] - Huawei reported a revenue of 427.039 billion yuan in the first half of the year, with a net profit of 37.195 billion yuan, leading the domestic smartphone market with a 18.1% share [5] - BYD achieved a revenue of 371.281 billion yuan, with a net profit of 15.511 billion yuan, becoming the global leader in new energy vehicle sales [6] Group 2: R&D Investment - The total R&D investment of the top 500 companies reached 1.73 trillion yuan, with an average R&D intensity of 1.95%, while Shenzhen companies exceeded this average significantly [1][2] - Huawei's R&D investment for 2024 is projected to be 179.7 billion yuan, accounting for 20.8% of its revenue, with over 1249 billion yuan invested in the past decade [7] - BYD's R&D investment for 2024 is expected to be 54.2 billion yuan, representing 6.97% of its revenue, surpassing Tesla's R&D intensity [7] Group 3: Globalization Strategy - Shenzhen companies are increasingly adopting globalization as a strategy for growth, with Huawei establishing 16 R&D centers globally and expanding its cloud services [9][10] - BYD's overseas sales reached 470,000 units, a 132% increase, with significant revenue growth from international markets [9][10] - The global expansion of Shenzhen companies is seen as essential for overcoming domestic market challenges and achieving sustainable revenue growth [10]

Core Insights - The 2025 Inclusion Bund Conference Technology Recruitment Fair in Shanghai saw a significant increase in job postings, with over 1,500 positions offered by more than 50 companies, focusing on AI, internet, and finance sectors [1][2] - The number of job postings increased by 50% compared to the previous year, with over 60% of companies indicating a demand for AI-related positions [2] - The event has successfully grown in job offerings for three consecutive years since its inception in 2023, reflecting a strong demand for tech talent [2][4] Group 1: Event Overview - The recruitment fair was guided by the Shanghai Municipal Human Resources and Social Security Bureau and organized by the Bund Conference Organizing Committee, with Ant Group co-hosting [2] - Over 10,000 job seekers attended the event, with more than 6,500 resumes collected by companies on-site [1][2] - The fair included discussions on "AI Era Talent Employment and Job Trends," providing insights into industry trends for job seekers [2] Group 2: Industry Trends - The demand for roles such as data scientists, robotics engineers, and algorithm engineers has seen a year-on-year increase of over 50% in the first half of the year [2] - AI technology is reshaping hiring practices, with a growing emphasis on human creativity, insight, and cross-disciplinary integration skills [2] Group 3: Collaborations and Innovations - Ant Group's Learning and Growth Center partnered with ChuanZhi Education to enhance digital talent cultivation and support AI industry development [5] - The recruitment fair featured AI interview experiences, career assessments, and development services, providing a comprehensive intelligent service for job seekers [7] Group 4: Company Highlights - Ant Group offered over 500 technical positions at the fair, with 84.7% of new graduate hires in 2024 being technical talent [7] - The company has invested a total of 23.45 billion yuan in research and development, maintaining over 10% of total revenue for three consecutive years [7]

港股内房股延续跌势，其中，远洋集团、融创中国跌超6%，融信中国涨近5%，中梁控股跌3.6%，龙光 集团跌近3%，碧桂园、雅居乐集团、万科企业、龙湖集团、富力地产、美的置业、世茂集团均跌超 1%。 | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 03377 | 元洋集团 | 0.163 | -6.32% | | 01918 | 融创中国 | 1.700 | -6.08% | | 03301 | 融信中国 | 0.214 | -4.89% | | 02772 | 中梁控股 | 0.081 | -3.57% | | 02007 | 碧桂元 | 0.620 | -1.59% | | 03380 | 龙光集团 | 1.090 | -2.68% | | 03383 | 雅居乐集团 | 0.530 | -1.85% | | 02202 | 万科企业 | 5.650 | -1.74% | | 00960 | 龙湖集团 | 11.620 | -1.53% | | 02777 | 富力地产 | 0.740 | -1.33% | | 03990 | 美的置业 | 4.79 ...

Group 1 - The "China Top 500 Enterprises" list was released on September 15 by the China Enterprise Confederation and the China Enterprise Directors Association, highlighting the performance of Chinese companies based on their 2024 revenue [1] - Shenzhen has 27 companies listed, with 8 of them making it into the top 100, including notable firms such as Ping An Insurance, Huawei, BYD, Tencent, China Merchants Bank, Vanke, SF Express, and Shenzhen Investment Holding [1] - The selection criteria for the list is based on the operating revenue of the companies for the year 2024 [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Among the bonds with discounted transactions, "24 Guoxin Holdings MTN001B" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "25 Liancheng Y2" had a prominent deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 Postal Savings Perpetual Bond 01BC" had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, "25 Agricultural Bank TLAC Non - capital Bond 02C(BC)" had a prominent deviation in valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, and the proportion of discounted transactions of varieties within 0.5 years was the highest. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions of varieties within 1 year was the highest. By industry, the bonds in the household appliances industry had the largest average deviation in valuation price [2]. 3. Summary According to Related Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "24 Guoxin Holdings MTN001B" (residual term: 18.59 years, valuation price deviation: - 0.32%, transaction scale: 52940000 yuan), "23 Shizhu 01" (residual term: 3.14 years, valuation price deviation: - 0.31%, transaction scale: 518430000 yuan) had relatively large valuation price deviations [4]. 3.2 Tracking of Bonds with Rising Net Prices - Bonds like "25 Liancheng Y2" (residual term: 4.61 years, valuation price deviation: 0.23%, transaction scale: 10050000 yuan), "24 Liancheng Y2" (residual term: 4.21 years, valuation price deviation: 0.23%, transaction scale: 20020000 yuan) had prominent valuation price deviations [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Transactions - Bonds including "25 Postal Savings Perpetual Bond 01BC" (residual term: 4.44 years, valuation price deviation: 0.17%, transaction scale: 267110000 yuan), "25 Industrial and Commercial Bank Perpetual Bond 01BC" (residual term: 4.66 years, valuation price deviation: 0.15%, transaction scale: 286480000 yuan) were tracked [6]. 3.4 Tracking of Commercial Financial Bond Transactions - Bonds such as "25 Agricultural Bank TLAC Non - capital Bond 02C(BC)" (residual term: 9.89 years, valuation price deviation: 0.06%, transaction scale: 176930000 yuan), "25 Nanhai Rural Commercial Science and Innovation Bond" (residual term: 4.93 years, valuation price deviation: 0.06%, transaction scale: 69380000 yuan) were tracked [7]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 5% - Bonds like "22 Vanke 06" (residual term: 1.81 years, valuation price deviation: 0.03%, valuation yield: 5.49%, transaction scale: 590000 yuan), "22 Vanke 04" (residual term: 1.72 years, valuation price deviation: 0.02%, valuation yield: 5.48%, transaction scale: 8850000 yuan) were tracked [8]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval [2]. 3.7 Distribution of Transaction Terms of Non - financial Credit Bonds on the Day - The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, and the proportion of discounted transactions of varieties within 0.5 years was the highest [2]. 3.8 Distribution of Transaction Terms of Tier 2 and Perpetual Bonds on the Day - The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions of varieties within 1 year was the highest [2]. 3.9 Discounted Transaction Proportion and Transaction Scale of Non - financial Credit Bonds in Each Industry - The bonds in the household appliances industry had the largest average deviation in valuation price [2].

比亚迪以531.95亿元的研发投入位列第二位。中国新能源汽车的技术突破，离不开头部企业的持续深耕。比亚迪长期坚持高强度研发投入，在2011 年-2024年的14年间，比亚迪有13年的研发投入超过当年净利润。目前，比亚迪共有超12万名技术研发人员，每天专利申请45件、专利授权20件。 9月15日，中国企业联合会、中国企业家协会发布"中国企业500强"（以下简称"企业500强"）榜单，深圳共有26家企业上榜，前100名企业名单中深圳共有 8家企业上榜，分别为：中国平安（12）、华为（23）、比亚迪（26）、腾讯（31）、招商银行（48）、万科（79）、顺丰（92）、深投控（99）。据 悉，该榜单以2024年企业营业收入作为入围标准。 从榜单来看，企业500强营业收入达110.15万亿元，较上年500强有所增加；入围门槛实现23连升，达479.60亿元，提升5.79亿元，共有15家企业的营业收 入超过万亿元。 中国平安位列其中，2024年整体经营业绩保持稳健，核心业务回升向好，营收11408.14亿元。位居"2025中国企业500强营业收入万亿级企业"名单第12 位。 | 排名 | 企业名称 | 营业收入/亿元 | ...

Core Insights - The 2025 Inclusion Bund Conference Technology Talent Recruitment Fair was held in Shanghai, featuring over 50 companies offering more than 1,500 job positions focused on AI, internet, and finance sectors [1][3] - This year's recruitment positions increased by 50% compared to last year, with over 60% of companies posting AI job demands, marking a continuous growth in recruitment positions for three consecutive years [3] Group 1: Event Overview - The recruitment fair was guided by the Shanghai Human Resources and Social Security Bureau and organized by the Bund Conference Organizing Committee, with Ant Group co-hosting [3] - More than 10,000 job seekers attended the event, engaging directly with employers and submitting over 6,500 resumes [1] Group 2: Industry Trends - The fair included discussions on "Employment and Job Trends in the AI Era," providing insights to help job seekers understand industry trends and seize employment opportunities [7] - The demand for positions such as data scientists, robotics engineers, and algorithm engineers has seen a year-on-year increase of over 50% in the first half of this year due to the impact of AI [8] Group 3: Globalization and Talent Acquisition - The CEO of Intelliprop Group emphasized the need for Chinese companies to adopt a global mindset, highlighting that the essence of global competition is a deep contest for talent acquisition [10] - The average recruitment salary for overseas positions has been steadily increasing in recent years [10] Group 4: Collaboration and Talent Development - Ant Group and Chuan Zhi Education announced a partnership at the fair to enhance the cultivation of digital talent and support the development of the AI industry [14] - The recruitment fair offered AI interview experiences, career assessments, and development services, providing a comprehensive suite of intelligent services for job seekers [15] Group 5: Company Participation - Ant Group, as a co-host and participating company, provided over 500 technical job openings, with 84.7% of new graduate recruits in 2024 being technical talents [15] - Ant Group's research and development investment reached 23.45 billion yuan, consistently accounting for over 10% of total revenue for three consecutive years [15]

Core Viewpoint - The recent clarification from "CITIC City Opening South China" regarding the Shenzhen old renovation project, "Green Scene Baishizhou," highlights the project's ongoing challenges and the speculation surrounding its capital movements, particularly in light of the denied rumors about a significant investment by CITIC City Opening [1][3][10]. Group 1: Project Overview - The Green Scene Baishizhou project has a total planned construction area of 3.58 million square meters and an estimated value of approximately 220 billion yuan [1]. - As of September 11, 2023, the first phase, Green Scene Baishizhou Jingting, consists of 2,746 housing units, with 819 units registered and 179 units under purchase agreements, leaving 720 units available for sale, accounting for 41.4% of the total [2][3]. - The project has faced delays, with significant portions of the second, third, and fourth phases still pending demolition and large-scale construction [2][3]. Group 2: Financial and Investment Dynamics - The project has seen previous investment from Vanke, which invested 2.3 billion yuan for an 8% stake, with profit-sharing agreements tied to the development of the third and fourth phases [4][5]. - A "betting contract" structure exists, allowing Vanke to exit if certain development milestones are not met by specified deadlines, reflecting the financial pressures faced by Green Scene Group [5][7]. - Green Scene Group's financial situation is precarious, with current liabilities of 60.57 billion yuan and cash reserves of only 342.5 million yuan, indicating a potential liquidity crisis [8]. Group 3: Market Speculation and Future Prospects - The speculation surrounding potential partnerships for the project's future development includes the possibility of introducing state-owned enterprises, which could alleviate financial pressures and leverage their operational capabilities [3][12]. - Analysts suggest that the ideal candidates for taking over the project would be large state-owned enterprises or local investment platforms, given their financial strength and ability to navigate complex governmental relationships [12][13]. - Recent government policies aimed at promoting urban renewal may provide some support for the project, but the timeline for recovery remains uncertain [14][15].