关于在交易商协会披露《关于万科企业股份有限公司 2022 年度第四 期中期票据延长宽限期及宽限期内本息偿付安排的公告》的提示性 公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-164 万科企业股份有限公司 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。 万科企业股份有限公司（以下简称"公司"）在中国银行间市场交易商协会 网站（简称"交易商协会"，www.nafmii.org.cn）披露了《关于万科企业股份有 限公司 2022 年度第四期中期票据延长宽限期及宽限期内本息偿付安排的公告》。 根据相关规定，公司同步在巨潮资讯网（www.cninfo.com.cn）对该公告予以刊登， 供参阅。 债券代码：102282715 债券简称：22 万科 MTN004 关于万科企业股份有限公司 2022 年度第四期中期 票据延长宽限期及宽限期内本息偿付安排的公告 为保证万科企业股份有限公司 2022 年度第四期中期票据 （债券简称：22 万科 MTN004，债券代码：102282715）付息兑付 工作的顺利进行，现将有关事宜公 ...

万科企业股份有限公司 关于为子公司提供履约担保的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2025-162 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。 经履行内部审议决策，万科企业股份有限公司（以下简称"公司"或"万科"） 之控股子公司浙江万科南都房地产有限公司（以下简称"万科南都"）及下属子 公司将相关应收权利按照协议约定转让给受让方。为保证前述交易事项中双方权 益，转让方、受让方及相关方约定为本次交易提供履约担保。其中，公司之控股 子公司浙江万科企业集团有限公司（以下简称"浙江万科"）为万科南都在本次 交易事项中应承担的相关责任提供阶段性保证担保，担保金额不超过 2.59 亿元。 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 ...

证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2025-163 万科企业股份有限公司 关于担保进展情况的公告 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。 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。 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。 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： 一、已有担保事项（一）进展 （一）担保事项概述 公司之控股子公司郑州荣望房地产开发有限公司( ...

万科A公告称，公司控股子公司郑州荣望、深圳万科前期向太平资产融资，公司及子公司提供担保。截 至目前，郑州荣望融资余额11.2亿元、深圳万科38.8亿元，分别将投资期限延长1年、15亿元部分延长1 年，担保方式不变。截至2025年11月30日，公司及控股子公司担保余额844.93亿元，占2024年末净资产 比重41.69%。本次担保后，总额将达941.36亿元，占比46.45%，无逾期担保。 ...

Core Viewpoint - China Vanke Co. has received last-minute support from creditors to extend a bond grace period, helping it avoid default for now, amidst ongoing challenges in the real estate sector [1][2]. Group 1: Bond and Creditors - Holders of Vanke's 2 billion yuan ($284 million) note voted to extend the grace period to January 28, after the company failed to pay by the December 15 maturity date [2]. - A proposal to defer principal payment for 12 months did not pass, with only 20.2% of creditors voting in favor, falling short of the required 90% [3]. Group 2: Company Financials and Industry Context - Vanke is the last major Chinese real estate firm to avoid default amid a multi-year property crisis, with $50 billion in interest-bearing liabilities [4]. - The company has approximately $160 billion in assets and over 125,000 employees, indicating that a restructuring would be one of the largest in China [5]. - The property sector's challenges began in 2020 with the introduction of the "three red lines" policy aimed at reducing excessive leverage among developers [6]. Group 3: Broader Industry Implications - A potential restructuring or default at Vanke could signify a new phase in the ongoing property crisis, which has already seen $130 billion in defaults and restructurings among other developers [4][6]. - Many indebted developers have been navigating complex restructurings for years, with eight of China's ten most indebted developers having largely completed the offshore restructuring process [7].

Core Viewpoint - The potential collapse of Vanke, one of China's major developers, could raise significant concerns regarding policymakers' strategies to tackle the ongoing real estate slump, which has persisted for six years [1] Group 1 - Many large developers in China have already defaulted, indicating a broader issue within the real estate sector [1] - A Vanke collapse would highlight the challenges faced by the government in managing the real estate crisis [1] - The ongoing slump in the real estate market raises questions about the effectiveness of current policies [1]

据Debtwire消息，22万科MTN004展期一年方案未获通过，但延长本金和利息支付30个交易日宽限期的方案获得批准。延长的宽限期将于1月28日结束。 https://t.co/o8pWXMnhf7 ...

Group 1 - The report indicates that credit spreads have generally widened, with a focus on prioritizing mid-to-short-term coupon assets for investment [1][10] - The current yield for 1-year products is in the range of 1.72%-1.80%, with spreads below the central level since 2024 by 13-19 basis points [2][24] - For 2-3 year products, yields are between 1.83%-2.10%, and spreads are in the range of 19-42 basis points, with a recommendation to prioritize mid-to-short-term coupon assets due to high demand from funds and wealth management [2][25] Group 2 - The report notes that the 4-5 year products have yields ranging from 2.0%-2.35% and spreads between 26-55 basis points, with a marginal recovery in coupon configuration value [3][26] - For products over 5 years, yields are between 2.23%-2.76% with spreads from 24-64 basis points, indicating a need for cautious trading participation due to market volatility [3][26] - The report highlights that the overall sentiment in the bond market remains cautious, with credit spreads showing weak compression momentum [6][24] Group 3 - Key policies include the Shenzhen Municipal Financial Office emphasizing the prevention and resolution of financial risks, and the second meeting of bondholders for "22 Vanke MTN004" [4][28] - The report mentions that nearly 70% of bond-issuing entities in Henan have completed the repayment of hidden debts, indicating significant progress in debt resolution and market transformation [4][28] - The report also notes the first appearance of Guizhou's municipal state-owned enterprise in the capital market, marking a significant event in the current round of debt resolution [4][28]

Report Summary 1. Core Viewpoint Among the top 50 AA urban investment bonds (subject rating) with the highest discount margins, "20 Tiantai Bond" has the largest valuation price deviation. Among the top 50 individual bonds with the largest net price declines, "20 Tiantai Bond" also has the largest valuation price deviation. Among the top 50 individual bonds with the largest net price increases, "22 Vanke 02" has the largest valuation price deviation. Among the top 50 secondary perpetual bonds with the largest net price increases, "25 Agricultural Bank of China Secondary Capital Bond 04B(BC)" has the largest valuation price deviation [2]. 2. Summary by Directory 2.1 Top 50 AA Urban Investment Bonds with the Highest Discount Margins - "20 Tiantai Bond" has a remaining term of 2.00 years, a valuation price deviation of -33.42%, a valuation net price of 39.95 yuan, a valuation yield deviation of 34.99 bp, a valuation yield of 1.98%, and a coupon rate of 4.80%. It has an implied rating of AA(2) and a subject rating of AA, with a transaction date of 2025/12/15 [4]. 2.2 Top 50 Individual Bonds with the Largest Net Price Declines - "20 Tiantai Bond" has a remaining term of 2.00 years, a valuation price deviation of -33.42%, a valuation net price of 39.95 yuan, a valuation yield deviation of 34.99 bp, a valuation yield of 1.98%, and a coupon rate of 4.80%. It has an implied rating of AA(2) and a subject rating of AA, with a transaction date of 2025/12/15 [5]. 2.3 Top 50 Individual Bonds with the Largest Net Price Increases - "22 Vanke 02" has a remaining term of 1.21 years, a valuation price deviation of 15.70%, a valuation net price of 22.82 yuan, a valuation yield deviation of -4185.72 bp, a valuation yield of 247.05%, and a coupon rate of 3.64%. It has an implied rating of CC and a subject rating of AAA, with a transaction date of 2025/12/16 [9]. 2.4 Top 50 Secondary Perpetual Bonds with the Largest Net Price Increases - "25 Agricultural Bank of China Secondary Capital Bond 04B(BC)" has a remaining term of 9.93 years, a valuation price deviation of 0.19%, a valuation net price of 98.85 yuan, a valuation yield deviation of -2.17 bp, a valuation yield of 2.53%, and a coupon rate of 2.40%. It has an implied rating of AAA - and a subject rating of AAA, with a transaction date of 2025/12/18 [12].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The relaxation of funds has led to a decline in interest rates, and the performance of credit has lagged, resulting in an expansion of credit spreads. The yields of most credit bonds have declined, but the performance is relatively lagging, and most credit spreads have continued to widen [2][10]. - The spreads of most urban investment bonds have increased by 3 - 4BP, and the spreads of medium - and low - grade platforms have increased slightly more [3][14]. - The spreads of industrial bonds have generally increased. The spread of Vanke has converged, but the spread of private real - estate bonds has continued to widen [3][23]. - The yields of most Tier 2 and perpetual bonds have declined, but the spreads have all increased. The short - end performance is weaker than that of ordinary credit bonds [4][28]. - The change in the excess spread of industrial perpetual bonds is limited, while the excess spread of urban investment perpetual bonds has declined [31]. - It is recommended to be cautious about long - term and weak - quality urban investment bonds and continue to maintain a wait - and - see attitude towards real - estate bonds. Attention should be paid to the investment value of 3 - 5Y Tier 2 and perpetual bonds [4][33]. 3. Summary According to Relevant Catalogs 3.1 Funds Loosen, Interest Rates Fall, and Credit Spreads Expand - This week, the relaxation of funds has led to a significant decline in short - and medium - term interest rates. The yields of 1Y, 3Y, 5Y, 7Y, and 10Y China Development Bank bonds have decreased by 4BP, 5BP, 3BP, 1BP, and 2BP respectively compared with last week. Except for the medium - and low - grade 5Y bonds, the yields of most credit bonds have declined following the interest rates, but the performance is relatively lagging, and most credit spreads have continued to widen [2][10]. - In terms of credit spreads, the spreads of 1Y bonds of all grades have increased by 2 - 3BP; the spreads of 3Y bonds of all grades have increased by 3 - 5BP; the spread of AAA - grade 5Y credit bonds has increased by 2BP, and the spreads of other grades have increased by 5 - 6BP; the spreads of 7Y bonds of all grades have remained flat; the spread of AAA - grade 10Y bonds has increased by 3BP, and the spreads of other grades have increased by 1BP [2][10]. 3.2 Urban Investment Bond Spreads Mostly Increase - This week, the spreads of most urban investment bonds have increased by 3 - 4BP, and the spreads of medium - and low - grade platforms have increased slightly more. The credit spreads of externally rated AAA - grade platforms have generally increased by 3BP compared with last week, and the spreads of AA and AA + grade platforms have both increased by 4BP [3][14]. - By administrative level, the credit spreads of provincial and prefecture - level platforms have generally increased by 3BP compared with last week, and the spreads of county - level platforms have increased by 4BP [18]. 3.3 Industrial Bond Spreads Generally Increase - This week, the spreads of central and state - owned real - estate bonds have increased by 4 - 5BP, the spread of mixed - ownership real - estate bonds has decreased by 82BP, and the spread of private real - estate bonds has increased by 87BP. The spreads of coal bonds of all grades have increased by 2 - 3BP; the spread of AAA - grade steel bonds has increased by 2BP, and the spread of AA + grade has increased by 6BP; the spread of AAA - grade chemical bonds has increased by 3BP, and the spread of AA + grade has increased by 2BP [3][23]. 3.4 Tier 2 and Perpetual Bond Yields Mostly Decline, but Spreads Increase - This week, the yields of most Tier 2 and perpetual bonds have declined, but the spreads have all increased. The 3Y bonds have performed relatively strongly, and the short - end performance is weaker than that of ordinary credit bonds. Specifically, the yields of 1Y Tier 2 and perpetual bonds of all grades have remained flat or increased by 1BP, and the spreads have increased by 4 - 5BP. The yields of 3Y Tier 2 capital bonds of all grades have decreased by 3 - 4BP, and the spreads have increased by 1 - 2BP; the yields of 3Y perpetual bonds of all grades have decreased by 1 - 2BP, and the spreads have increased by 3 - 4BP. The yields of AA + and above grade 5Y Tier 2 capital bonds have decreased by 1 - 3BP, the yield of AA - grade has remained flat, and the spreads have generally remained flat or increased by 2 - 3BP; the yields of 5Y perpetual bonds of all grades have decreased by 1 - 2BP, but the spreads have increased by 1 - 2BP [4][28]. 3.5 Excess Spreads of Industrial and Urban Investment Perpetual Bonds - This week, the excess spread of industrial AAA - grade 3Y perpetual bonds has slightly decreased by 0.01BP to 15.36BP, at the 43.43% quantile since 2015. The excess spread of industrial 5Y perpetual bonds has remained flat at 11.90BP, at the 25.31% quantile since 2015. The excess spread of urban investment AAA - grade 3Y perpetual bonds has decreased by 1.28BP to 3.91BP, at the 1.39% quantile; the excess spread of urban investment 5Y perpetual bonds has decreased by 1.16BP to 10.87BP, at the 17.24% quantile [31]. 3.6 Investment Recommendations - Due to the impact of debt - resolution policies, the market has greater differences in long - term and weak - quality urban investment bonds. The spreads of 3 - 5Y weak - quality urban investment bonds have increased more. Considering their relatively weak liquidity, it is recommended to remain cautious at present [4][33]. - The impact of Vanke's extension event on the real - estate industry is still continuing, but the impact amplitude is relatively weakening. It is recommended to maintain a wait - and - see attitude in the short term and pay attention to the changes in subsequent real - estate policies and sales fundamentals [4][33]. - Against the background of the continued decline in market interest rates this week, the 3 - 5Y Tier 2 and perpetual bonds have performed better than short - term Tier 2 and perpetual bonds and ordinary credit bonds of the same period. The yield curve of high - grade Tier 2 capital bonds is relatively convex around the 4Y period, and it is recommended to pay attention to the investment value [4][33]. 3.7 Credit Spread Database Compilation Instructions - The overall market credit spreads, commercial bank Tier 2 and perpetual spreads, and the credit spreads of urban investment/industrial perpetual bonds are calculated based on the data of ChinaBond Medium - and Short - Term Notes and ChinaBond Perpetual Bonds. The historical quantiles are since the beginning of 2015. The relevant credit spreads of urban investment and industrial bonds are sorted out and statistically analyzed by the Huafu Securities Research Institute, and the historical quantiles are also since the beginning of 2015 [36]. - The credit spreads of industrial and urban investment individual bonds = the ChinaBond valuation (exercise) of individual bonds - the yield to maturity of the same - term China Development Bank bonds (calculated by the linear interpolation method), and finally the credit spreads of the industry or regional urban investment are obtained by the arithmetic average method [36]. - The excess spread of bank Tier 2 capital bonds/perpetual bonds = the credit spread of bank Tier 2 capital bonds/perpetual bonds - the credit spread of bank ordinary bonds of the same grade and term. The excess spread of industrial/urban investment perpetual bonds = the credit spread of industrial/urban investment perpetual bonds - the credit spread of medium - and short - term notes of the same grade and term [36]. - Sample screening criteria: For industrial and urban investment bonds, medium - and short - term notes and public - offering corporate bonds are selected, and guaranteed bonds and perpetual bonds are excluded. If the remaining term of an individual bond is less than 0.5 years or more than 5 years, it will be excluded from the statistical sample. Industrial and urban investment bonds are externally rated by the issuer, while commercial banks use ChinaBond implicit bond ratings [36].