A股恰逢调整，债市又出大动静。 《每日经济新闻》记者以投资者名义求证，得到合晟资产相关人员确认：产品回撤确因持有万科债所 致。 近期，以稳健著称的百亿债券私募合晟资产，旗下多只纯债策略产品净值突发"断崖式"下跌，单周跌幅 超4%，今年以来的收益几近归零。 合晟资产多只产品净值"跳水" 近期万科债券的异动，可以说给了机构投资者一记闷棍。 这一切的导火索始于11月26日晚间。万科发布公告称，浦发银行定于12月10日召开"万科2022年度第四 期中期票据2025年第一次持有人会议"，核心议题是审议该期债券的展期事宜。据悉，本次到期的"22万 科MTN004"债券，余额高达20亿元。 合晟同晖恒信5号：同期单周跌幅同样达4.35%，单位净值跌破1元面值，报0.9719元，今年以来亏损 1.66%。规模也同步缩水，11月21日至28日期间，管理规模从3.34亿元降至3.01亿元，降幅9.84%。 还有多家私募同步下跌 合晟资产的"翻船"令人颇为意外。作为国内首批（50家）基金业协会登记的私募基金管理人，其创始人 胡远川是债券投资领域的"老兵"——深耕固收领域近20年，曾任职于兴业证券证券投资部、研发中心等 核心部门，2 ...

Core Viewpoint - The recent significant decline in the net value of multiple pure bond strategy products managed by He Sheng Asset is attributed to their holdings in Vanke bonds, leading to a nearly zero return for the year [1][5]. Group 1: Market Reaction - Vanke's announcement on November 26 regarding the extension of its 2022 fourth phase medium-term notes triggered panic in the capital market, causing a sharp decline in Vanke's domestic bond prices [2]. - On December 1, trading data showed that Vanke bonds experienced drastic price drops, with "21 Vanke 04" down over 45%, "21 Vanke 06" down over 39%, and "22 Vanke 02" down over 38% [2]. Group 2: Impact on He Sheng Asset - He Sheng Asset's products, such as He Sheng Tonghui Hengxin No. 2 and No. 5, saw a weekly net value drop of 4.35%, with the former's net value falling to 0.9701 yuan and the latter dropping to 0.9719 yuan, resulting in year-to-date losses of 1.84% and 1.66% respectively [3]. - The management scale of He Sheng Tonghui Hengxin No. 5 decreased from 334 million yuan to 301 million yuan, a decline of 9.84% within a week [3]. Group 3: Broader Industry Context - The decline in He Sheng Asset's products is not an isolated incident; several other private equity firms also reported significant drops in their bond products around the same time [4]. - For instance, Beijing Guocheng Asset's Guocheng Wenyin No. 5 saw a net value drop of 10.47%, while Hainan Furongxing's Furongxing Xinghui No. 1 and Furongxing Juejin No. 1 experienced declines of 6.56% and 9.03% respectively [4]. Group 4: Company Response and Strategy - He Sheng Asset confirmed that the net value drop was due to their holdings in Vanke bonds and stated that they are currently optimizing their investment portfolio [5]. - The incident highlights the misconception that bond products are risk-free, especially in the context of increasing volatility in the bond market and the real estate sector's transformation [5].

Group 1 - The core point of the article is that BlackRock's holdings in China Vanke's H-shares have decreased from 5.49% to 4.61% as of November 28 [1]

Core Viewpoint - Vanke is facing significant credit rating downgrades, with S&P lowering its rating to "CCC-" due to liquidity issues and increasing debt risks, marking a critical point in the company's financial stability [1][6][15]. Company Summary - S&P has downgraded Vanke's credit rating twice in November, first from "B-" to "CCC" and then to "CCC-", indicating a severe risk of default and financial restructuring [1][6]. - Vanke's liquidity is under pressure, with short-term interest-bearing debt reaching 157.8 billion yuan and cash reserves only at 74 billion yuan, resulting in a cash-to-short-term debt ratio of 0.44, significantly below the industry safety line of 1 [6][8]. - The company's contract sales have plummeted by 45.7% year-on-year to 69.1 billion yuan, with sales area down 42.6%, indicating a drastic decline in cash flow [6][7]. - Vanke's total liabilities stand at approximately 873 billion yuan, with a debt-to-asset ratio of 73% and a net debt ratio of 90%, reflecting a substantial increase in debt pressure [8][10]. - The company's revenue has decreased by 26.2% to 105.3 billion yuan, with a net loss of 11.9 billion yuan, further straining its ability to meet debt obligations [9][10]. Industry Summary - Vanke's situation is emblematic of the broader challenges facing the real estate industry in China, which is undergoing a deep adjustment phase marked by liquidity crises and declining market confidence [15]. - The ongoing debt issues within the industry highlight the need for companies to abandon blind expansion and return to fundamental business operations to survive [15]. - The real estate sector's struggles are not isolated, as many families who purchased homes at high prices are also facing significant debt pressures, indicating a widespread financial challenge [15][13].

Group 1: Domestic Market Developments - The People's Bank of China continued to net withdraw funds on December 3, with the main repo rates fluctuating at low levels, leading to a slight increase in the yield of long-term bonds [1][7] - Vanke's bonds continued to decline, and Fitch placed Vanke and Vanke Hong Kong's "CCC-" issuer rating on negative watch, downgrading Vanke Hong Kong's note rating to "CC" [1][14] - The logistics industry in China showed a slight recovery in November, with the logistics industry prosperity index at 50.9%, up 0.2 percentage points from the previous month [2] Group 2: International Market Insights - The U.S. ADP employment report for November showed an unexpected decline, with a loss of 32,000 jobs, marking the largest drop since March 2023, indicating increasing pressure on the labor market [4] - The ISM services index in the U.S. rose to 52.6 in November, the fastest expansion in nine months, supported by improved business activity and a decrease in price pressures [5] - In the international oil market, WTI crude oil futures rose by 0.53% to $58.95 per barrel, while natural gas prices increased by 3.83% to $5.010 per million British thermal units [6] Group 3: Bond Market Dynamics - The bond market experienced narrow fluctuations, with most interest rate bonds seeing an increase in yield, particularly the 30-year bonds which rose over 3 basis points [10] - In the secondary market, several bonds showed significant price deviations, with "H0中南02" dropping over 96% and various Vanke bonds declining by more than 13% [13] - The convertible bond market followed the downward trend of the equity market, with major indices declining and a total trading volume of 54.11 billion yuan [15]

Group 1 - Vanke is perceived as a good company with a commendable founder, Wang Shi, but is currently struggling due to economic pressures and a lack of government support for its debt issues [2][3] - The company's debt has ballooned to nearly 900 billion, and the financial burden of resolving this debt could potentially collapse other high-quality state-owned enterprises [3] - The real estate crisis is likened to a festering sore that triggers various economic and social problems, indicating a systemic risk that could affect multiple stakeholders, including suppliers, workers, and homebuyers [3][4] Group 2 - Economists and financial experts are proposing various strategies to address the economic challenges, but fundamentally, there are only three main tools: monetary policy, fiscal policy, and industrial policy [4][6] - The effectiveness of these traditional economic tools is diminishing, as minor adjustments in interest rates or taxes yield minimal results, leading to a situation where the Chinese economy is increasingly out of control [6] - The interconnectedness of modern economies means that issues in one area can have far-reaching impacts, emphasizing the need for innovative solutions to break through existing institutional barriers [6][8]

Group 1 - The bond "23 Vanke 01" (148380) experienced a price increase of over 90% during trading, leading to a temporary suspension of trading [1] - The Shenzhen Stock Exchange announced that the bond's trading price fell by 20% or more compared to the previous closing price, resulting in a temporary suspension starting at 10:37 AM and resuming at 3:27 PM [4]

Group 1 - The Shenzhen Stock Exchange announced a temporary suspension of the bond "23 Vanke 01" (148380) after it surged over 90% during trading [1] - The bond was suspended from trading at 10:37 AM and resumed at 3:27 PM the same day [1]

Group 1 - Vanke bonds experienced significant declines, with "21 Vanke 06" dropping over 22% and being suspended during trading [1] - Other bonds such as "21 Vanke 04" fell more than 17%, "22 Vanke 04" decreased over 16%, and "21 Vanke 02" dropped over 15% [1]

每经AI快讯，12月4日，深交所公告，"23万科01"(148380)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06分02秒起对该债券实施临时停牌，于10时36分03秒复牌。 ...