| 股票简称：万科 | A | | 股票代码：000002 | | --- | --- | --- | --- | | 万科 | H | 代 | 299903 | | 债券简称：21 | 万科 | 02 | 债券代码：149358 | 关于召开万科企业股份有限公司 2021 年面向合格投资者 公开发行住房租赁专项公司债券（第一期）（品种二） 2026 年第一次债券持有人会议的通知 特别提示： 1、债权登记日：2026 年 1 月 14 日。 2、会议表决时间：2026 年 1 月 16 日 9:00-2026 年 1 月 19 日 17:00。 3、会议召开背景：为稳妥推进万科企业股份有限公司 2021 年面向合格投 资者公开发行住房租赁专项公司债券（第一期）（品种二）（以下简称"本期 债券"或"21 万科 02"）本息兑付工作，特召开持有人会议对本期债券本息兑 付安排调整相关事项进行审议。 4、因"21 万科 02"部分债券持有人已行使回售选择权，导致该部分债券 持有人对发行人享有的给付请求权与未行使回售选择权的其他债券持有人不同。 因此，本次持有人会议仅由具有相同请求权的债券持有人就不涉及其他债券持 有人 ...

万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2025-168 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、已有担保事项进展 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"） 之控股子公司前期已向金融机构融资，公司或公司之控股子公司继续通过信用保 证、股权质押等方式为相应的融资提供担保。 本次担保事项在上述担保额度范围内, 被转授权人员已在上述授权范围内 决策同意本次担保事项，具体情况如下： 公司 2024 年度股东大会审议通过了《关于提请股东大会授权公司及控股子 公司对外提供担保的议案》，同意在授权有效期内提供的新增担保总额须不超过 人民币 1,500 亿元，有效期为自 2024 年度股东大会决议之日起至 2025 年度股东 大会决议之日止。董事会在取得股东大会授权之同时，已进一步转授权公司指定 高管人员对于单笔金额低于人民币 50 亿元的对外担保进行审批，并签署相关法 律文件。 公司名称：福州市万滨房地产有限公司 成立日期：2015 年 10 月 ...

Company Overview - China Vanke, a state-backed property developer, narrowly avoided defaulting on a 2 billion yuan ($284 million) bond as the slow recovery in China's property market continues [1] - The company is also seeking to delay repayment of another 3.7 billion yuan ($530 million) of onshore debt due on December 28, with bondholders agreeing to extend the deadline to February [1] Industry Context - Chinese property developers are struggling to recover from a downturn that began years ago, despite government policies aimed at reviving the industry [2] - Weak investment and declining housing prices have undermined investor confidence, impacting the broader economy as many homeowners face significant losses on their properties [2] - The property market, once a major driver of prosperity, is now a burden on the economy [2] Financial Performance - Vanke's revenue fell by 27% year-on-year in the latest July-September quarter, and several of its onshore bonds were suspended from trading due to price declines [3] - The company owes more than $50 billion, significantly less than the over $300 billion debt of China Evergrande, which defaulted in 2021 [4] Market Conditions - The property sector in China remains in a prolonged downturn, with home prices dropping by 20% or more from their peak in 2021 [5] - New home sales fell by 11.2% in value year-on-year in the first 11 months of 2025, and property investments decreased nearly 16% from the previous year [6] - The ongoing decline in the property market poses significant risks to China's transition to a domestically demand-driven growth model [7]

转自：扬子晚报 扬子晚报网12月30日讯（记者 马祚波）物业服务的内容可以自由选择，这对于南京溧水一小区的居民 来说可是一件新鲜事。记者12月30日获悉，万科物业的"弹性定价"服务模式日前在天禧明庭小区正式落 地，将传统物业"打包式"的服务，转变为"菜单化"的灵活选择，业主在享受物业服务时拥有了更多的自 主权。 校对 陶善工 小区实景 万科物业相关负责人告诉记者，业主们可以根据本小区的实际情况、共同偏好以及个性化需求，自主商 议选择具体的服务事项及其执行频次，共同划定属于自己社区的"个性化服务高线"。"这一设计彻底改 变了以往物业'配餐'的模式，转变为由业主'点餐'，实现了服务供给与居民需求的精准匹配。" 记者了解到，天禧明庭的业主经过与物业公司的多轮深入沟通与方案打磨，最终从服务清单中选定了 336项服务作为该小区的服务组合，其中包含132项必选和204项可选服务内容。 目前，这一模式已在小区内平稳运行。业内人士介绍，目前南京的住宅物业服务标准分为五个等级，每 一级服务都包含基础服务、公共部位管理、环境卫生、绿化养护等七个方面，且均有具体的量化标准。 官方制定的指导价为，多层住宅0.5元-1.7元/平方米· ...

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 18.48%, 16.79%, and 15.54% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Lens Technology (06613), and UBTECH Robotics (09880), which increased by 2.35%, 2.34%, and 1.29% respectively [1][2] - The companies with the largest absolute decrease in short positions are Changfei Optical Fiber (06869), Mao Ge Ping (01318), and Meilan Airport (00357), which decreased by -1.26%, -0.68%, and -0.67% respectively [1][2] Group 2 - The latest short ratio for Vanke Enterprises (02202) is 18.48%, down from 19.04% previously [3] - The latest short ratio for COSCO Shipping Holdings (01919) is 16.79%, down from 16.79% previously [2] - The latest short ratio for Heng Rui Medicine (01276) is 15.54%, up from 3919.30 million shares to 4011.67 million shares [2]

Core Viewpoint - Vanke's attempts to extend its domestic bonds have faced significant setbacks, highlighting a deep trust gap with creditors and exacerbating the company's short-term liquidity pressures [1][4]. Group 1: Bond Extension Attempts - On December 22, Vanke's proposal for the 20 billion yuan bond "22 Vanke MTN004" was rejected by creditors, only managing to secure a 30 trading day grace period [1][2]. - The subsequent meeting on December 26 for the 37 billion yuan bond "22 Vanke MTN005" resulted in a similar outcome, with all extension proposals failing and only the grace period being approved [2][3]. - The proposals for both bonds included multiple adjustments, but ultimately failed to meet the required 90% approval threshold from creditors [2][3]. Group 2: Proposal Details - The first proposal for "22 Vanke MTN004" demanded a 12-month extension of principal payments without any credit enhancement measures, receiving only 1.76% support [3]. - The second proposal attempted to address creditor concerns by offering normal interest payments and vague credit enhancement commitments, but still garnered only 3.19% support [3]. - The approved grace period extends the original 5 working days to 30 trading days, with the new maturity date set for January 28, 2026, but this is seen as a temporary measure [2][3]. Group 3: Market Reactions and Future Outlook - Industry experts indicate that the grace period is merely a stopgap and does not fundamentally resolve Vanke's issues, emphasizing the need for clear and executable credit enhancement measures to regain creditor trust [4][5]. - The lack of a solid repayment plan and ambiguous credit enhancement descriptions have led to repeated rejections of Vanke's proposals, indicating a cycle of failed negotiations [4][5]. - Comparisons with other bonds, such as "18 Ocean 01," show that Vanke's proposals lack the structured repayment plans that could potentially alleviate creditor concerns [5].

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core View of the Report The report analyzes the credit market from December 22 - December 26, 2025. It shows that the primary - market credit bond issuance and net financing increased, while the repayment decreased, and the asset - backed securities' net financing decreased. In the secondary market, the trading volume of credit bonds increased, and the yield and credit spread of different bonds fluctuated. There were also negative credit events. Investment suggestions are provided for different types of bonds in 2026 [3][5][6]. 3. Summary by Relevant Catalogs 3.1 This Week's Credit Hot Events - "22 Vanke MTN005" multiple extension proposals were not approved, and only the extension of the principal and interest payment grace period to 30 trading days was agreed. The grace period for the bond with a scale of 3.7 billion yuan expires on February 10, 2026. Vanke's debt disposal for public and non - standard debts may be different, and a lack of clear credit enhancement for public debts may lead to increased risks [9][10][12]. - The Shanghai Stock Exchange issued the "Shanghai Stock Exchange Bond Continuation Business Guide No. 5 - Corporate Bond Trustee Management", aiming to clarify trustee responsibilities, encourage active credit management, and improve business quality and efficiency [13]. 3.2 Primary Market 3.2.1 Net Financing Scale - Credit bond (excluding asset - backed securities) net financing was 213.8 billion yuan, an increase of 98.7 billion yuan. The total issuance was 421.3 billion yuan (up 56.9 billion yuan), and the total repayment was 207.5 billion yuan (down 41.8 billion yuan). Asset - backed securities' net financing was 20.6 billion yuan, a decrease of 2.9 billion yuan [15]. - By product type, the net financing of urban investment bonds was 28.6 billion yuan (up 8.4 billion yuan), industrial bonds was 68.3 billion yuan (down 2.6 billion yuan), and financial bonds was 117 billion yuan (up 92.9 billion yuan) [15]. - In terms of issuance and redemption quantity, urban investment bonds' issuance decreased by 14 and redemption decreased by 22; industrial bonds' issuance decreased by 42 and redemption increased by 7; financial bonds' issuance increased by 4 and redemption decreased by 17 [17]. 3.2.2 Issuance Cost - The issuance rate of AA financial bonds remained above 3%, while the rates of AA + urban investment bonds and AAA financial bonds increased slightly. Other bonds' rates decreased to varying degrees. Specifically, the rates of AA urban investment bonds and AA + financial bonds dropped by 53BP and 50BP respectively [21]. 3.3 Secondary Market 3.3.1 Trading Situation - The trading volume of credit bonds (excluding asset - backed securities) increased by 83.7 billion yuan. Urban investment bonds' trading volume was 285.6 billion yuan (up 26.2 billion yuan), industrial bonds was 364.7 billion yuan (down 2.7 billion yuan), and financial bonds was 687.7 billion yuan (up 60.2 billion yuan). Asset - backed securities' trading volume was 20.4 billion yuan (down 5.1 billion yuan) [22]. - Regarding turnover rate, the overall credit bond turnover rate showed mixed changes. Urban investment bonds' turnover rate was 1.83% (up 0.17pct), industrial bonds was 1.88% (down 0.02pct), financial bonds was 4.43% (up 0.37pct), and asset - backed securities was 0.52% (down 0.15pct) [23]. 3.3.2 Yield - The yield of credit bonds with different ratings and maturities fluctuated within 4BP. For example, the yields of 1 - year AA, AAA -, and AAA + credit bonds fluctuated within 1BP, and the yields of 5 - year AA, AAA -, and AAA + credit bonds compressed by 3BP, 4BP, and 2BP respectively [25]. 3.3.3 Credit Spread - Overall, the credit spread of the AA + textile and apparel industry compressed by 12BP, while the spreads of the AAA real estate and AA + pharmaceutical and biological industries widened by 7BP and 9BP respectively. Other industries' spreads fluctuated within 5BP [30]. - For urban investment bonds, the short - term (within 1Y) spread widened by 4BP, and other maturities' spreads fluctuated within 2BP. Regionally, most urban investment bond spreads in different regions widened slightly [32][34]. - For industrial bonds, the short - term credit spread widened significantly, while the spreads of bonds over 1Y compressed to varying degrees [38]. - For bank capital bonds, the spreads of bank Tier 2 and perpetual bonds within 5Y widened significantly, while the spreads of long - term bonds over 5Y fluctuated within 2BP [40]. 3.4 This Week's Bond Market Negative News Two entities' four bond implicit ratings were downgraded, and Bohai Leasing Co., Ltd.'s two bonds announced extensions [4][41]. 3.5 Investment Suggestions - For urban investment bonds, short - duration (within 2Y) bonds can be used as a base position, and high - quality urban investment entities with a duration of 3 - 5Y can be selected to increase returns [6]. - For industrial bonds, high - quality central and state - owned enterprise bonds can be used as a base position with a longer duration, and industries with marginal improvement should be focused on [6]. - For Tier 2 and perpetual bonds, trading opportunities of bonds with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and bonds of high - quality city commercial banks and rural commercial banks in economically developed and debt - resolution - advanced regions should be considered [6].

Core Insights - Despite facing multiple operational challenges this year, the company is expected to deliver 117,000 units on time and with quality, supported by the government's housing delivery policies [1] - The company has successfully delivered 16,000 units 30 days ahead of schedule and approximately 5,000 units will be delivered ahead of the new year [1] - By 2025, the company has completed about 70% of the delivery volume required over the next two years, indicating that the peak delivery period has passed and subsequent delivery pressure will significantly decrease [1]

Report Industry Investment Rating - The investment rating for the US dollar bond industry is "Underperform the Market" [1][4] Core Viewpoints - US employment data continues to cool, with weak employment growth and a rising unemployment rate. In November, non - farm payrolls increased by about 64,000, and the unemployment rate rose unexpectedly to 4.6%, the highest since September 2021. In October, non - farm data weakened significantly, with a decrease of 105,000 jobs [1] - Inflation data unexpectedly cooled. The US CPI in November rose 2.7% year - on - year, and the core CPI rose only 2.6% year - on - year, the lowest since 2021, providing room for interest rate cut expectations next year [2] - The US GDP in the third quarter grew at an annualized quarterly rate of 4.3%, the fastest in two years, mainly driven by consumer and business spending resilience and more stable trade policies [2] - In the US dollar bond market, it is recommended to prioritize defense. Corely allocate medium - and short - duration investment - grade bonds (5 - 7 - year investment - grade bonds currently have a yield of about 4.3%) and moderately allocate TIPS while keeping low allocations for long - duration varieties over 10 years [3] Summary by Related Catalogs 1. US Macro - economy and Liquidity - Employment: US employment data shows a cooling trend. In November, non - farm payrolls increased slightly, and the unemployment rate reached a new high. In October, non - farm data was significantly weak, affected by the sharp reduction in federal government employment [1] - Inflation: The US CPI and core CPI in November showed significant cooling, providing room for future monetary policy adjustments and interest rate cut expectations next year [2] - GDP: The US GDP in the third quarter grew at an annualized quarterly rate of 4.3%, the fastest in two years, with strong consumer and business spending [2] 2. Exchange Rate - The report presents multiple figures related to non - US currency trends, Sino - US sovereign bond spreads, and the relationship between the US dollar index and other indicators, but no specific analysis content about exchange rates is provided [50][55][57] 3. Chinese - funded US Dollar Bonds - The report shows figures such as the return trends of Chinese - funded US dollar bonds since 2023 (by level and industry), the yield and spread trends of investment - grade and high - yield Chinese - funded US dollar bonds, and the returns in the past two weeks (by level and industry), but no specific analysis content is provided [63][65][67] 4. Rating Actions - In the past two weeks, the three major international rating agencies took 16 rating actions on Chinese - funded US dollar bond issuers, including 2 rating revocations, 6 rating upgrades, 5 rating downgrades, and 3 initial ratings. Specific rating actions for each issuer are listed in the table [71][72]

Policy News - The national housing and urban-rural construction work conference emphasized the promotion of a "current housing sales system" by 2026 to fundamentally prevent delivery risks, while also enhancing the supervision of pre-sale funds to protect buyers' rights [1] - Beijing has relaxed housing purchase restrictions for non-local and multi-child families, reducing the social security or tax payment period for purchasing homes within the Fifth Ring from 3 years to 2 years, and from 2 years to 1 year for areas outside the Fifth Ring [2] - In Henan, multi-child families can increase their housing provident fund loan limit by 20%, and those with one existing home can be recognized as first-time buyers for a new purchase [4] Market News - The one-year and five-year Loan Prime Rates (LPR) remain unchanged at 3.0% and 3.5%, respectively [5] - From January to November 2025, 25,800 old urban residential communities were newly started for renovation, exceeding the annual target by 800 [6] Real Estate Transactions - Haikai won a land parcel in Haidian District, Beijing, for 8.456 billion yuan, with a floor price of approximately 69,600 yuan per square meter [7] - Beijing Construction and Urban Development consortium acquired a land parcel in Fengtai District for a base price of 2.472 billion yuan, with a floor price of about 42,000 yuan per square meter [8] - Wuhan's land market saw a significant surge, with 41 parcels sold over three days, totaling approximately 22.488 billion yuan [9] Company News - Sunac China announced the comprehensive restructuring of approximately 9.6 billion USD in existing debt, effective December 23, 2025 [11] - Oceanwide Group completed a debt restructuring involving 476 million USD in secured notes and 212 million USD in zero-coupon convertible bonds [12] - Seazen Group reported that 85.48% of its creditors supported its debt restructuring plan, with a court hearing scheduled for March 19, 2026 [14]