市场消息：数位 万科 债券持有人对展期计划表示反对。 ...

万科企业 股份有限公司于2025年12月2日发布了根据《香港上市规则》要求披露的截至2025年11月30日 的证券变动月报表。报告显示，本月内公司的股本结构未发生变动。截至2025年11月底，万科的法定/ 注册股本总额为人民币11,930,709,471元。已发行股份总数同样保持稳定，其中A股普通股为 9,724,196,533股，H股普通股为2,206,512,938股，合计已发行股份总数为11,930,709,471股。月报表同时 确认，报告期内公司不存在库存股份，亦未发生根据股份期权计划发行期权、发行权证、可换股票据或 其他涉及股份发行的协议安排。此次公告是万科遵循港交所及深交所同步披露规则进行的常规信息披 露，旨在向投资者及时更新公司的股权状况。 ...

市场消息：数位万科债券持有人对展期计划表示反对。 ...

Group 1: Market Overview - European stocks are expected to open flat to slightly higher as investors await key U.S. economic data that could influence the Federal Reserve's rate decision next week [1] - Asian markets showed mixed results, with Japan and South Korea gaining while Chinese and Hong Kong markets declined due to weak services data and property stress [4] - U.S. stocks ended higher, with the Nasdaq Composite rising by 0.6%, the Dow gaining 0.4%, and the S&P 500 adding 0.3% after recovering from previous losses [7] Group 2: Economic Indicators - The ADP report on private sector employment is anticipated to show an increase of 10,000 jobs in November, following a rise of 42,000 jobs in October [1] - Reports on service sector activity, personal income and spending, and consumer sentiment are expected to attract investor attention in the coming days [2] - The delayed September Personal Consumption Expenditures (PCE) Index, the Fed's preferred inflation gauge, is due on Friday, with a hotter-than-expected reading potentially reviving concerns about elevated rates [2] Group 3: Company Performance - Marvell Technology's shares jumped over 10% after the company provided an optimistic outlook for its data [4] - American Eagle Outfitters' stock soared by 11% following strong Q3 results and an increased full-year forecast [4] Group 4: Global Economic Context - A private survey indicated that growth in China's services sector fell to a five-month low in November, contributing to bearish sentiment towards China Vanke Co., which is facing a decade-high level of bearish bets as it seeks to delay a bond repayment [5] - The dollar index decreased while gold prices increased as investors prepared for a widely expected Federal Reserve interest-rate cut next week [5]

Core Viewpoint - The increase in short positions in Vanke indicates growing market concerns about the company's financial health, particularly following its request to delay the repayment of a 2.83 billion USD bond and interest due this month [1] Group 1: Market Sentiment - Vanke's short positions in Hong Kong have risen to 25.1% of its free-floating shares, the highest level since January 2015 [1] - The surge in short selling reflects heightened worries among investors regarding Vanke's financial stability [1] Group 2: Financial Obligations - The company is seeking to postpone the repayment of 2 billion RMB (approximately 2.83 million USD) in bonds and interest that are due this month [1]

Core Viewpoint - Vanke's bonds are under pressure as Fitch Ratings places its long-term foreign and local currency issuer default ratings at "CCC-" on negative watch, indicating rising risks of distressed debt exchange [1] Group 1: Rating Actions - Fitch Ratings has placed Vanke's long-term foreign and local currency issuer default ratings at "CCC-" on negative watch [1] - The negative watch follows Vanke's announcement of a bondholder meeting to discuss the extension of a 2 billion RMB domestic bond maturing on December 15 [1] Group 2: Market Reaction - Vanke's bonds initially rebounded in early trading but subsequently showed a gradual decline [1] - Recent volatility in Vanke-related bonds has been significant, reflecting market concerns over the company's financial stability [1] Group 3: Implications of Debt Exchange - Fitch believes that the upcoming bondholder meeting indicates an increased risk of distressed debt exchange, which could lead to significant reductions in original terms [1] - Such actions may allow the issuer to avoid a potential default, but according to Fitch's corporate rating standards, this could be considered a form of distressed debt exchange [1]

Group 1: Domestic Market Developments - The People's Bank of China (PBOC) reported a net investment of 50 billion yuan in government bonds in November, with additional liquidity tools contributing to a total net injection of 1.904 billion yuan [2] - The issuance of local government bonds in China has surpassed 1 trillion yuan for the first time in history, indicating a significant increase in local government debt [3] - The sentiment in the bond market remains weak, with the yields on major government bonds rising, reflecting a lack of confidence among investors [10] Group 2: Corporate Bond Activity - Vanke's multiple bonds experienced significant declines, with some dropping over 81%, indicating distress in the corporate bond market [13] - Kaisa Group initiated a consent solicitation for six of its US dollar notes, seeking to convert interest payments into equity, highlighting the challenges faced by real estate companies [14] - CIFI Group announced the suspension of trading for seven of its corporate bonds starting December 3, as part of its debt restructuring efforts [14] Group 3: International Market Insights - The Eurozone's November CPI rose to 2.2%, reinforcing expectations that the European Central Bank will not lower interest rates in the near term [4] - The OECD predicts that the interest rate cuts by major global central banks will end by the end of 2026, with limited room for further easing [5] - The US Treasury yields showed a slight decline, with the 2-year yield down to 3.51%, indicating a cautious market outlook [19]

Core Viewpoint - Vanke's bonds have generally increased in value, indicating a positive market sentiment towards the company's debt instruments [1] Group 1: Bond Performance - "21 Vanke 06" bond rose over 15% [1] - "21 Vanke 02" bond increased by more than 14% [1] - "23 Vanke 01" and "21 Vanke 04" bonds both saw an increase of over 9% [1] - "22 Vanke 04" bond grew by more than 6% [1] - "22 Vanke 06" bond increased by over 4% [1] - "22 Vanke 02" bond rose nearly 3% [1]

#万科20亿元债券拟展期12个月# 【#万科20亿元债券展期方案出炉# 】12月1日，万科拿出了"22万科 MTN004"的本息兑付初始方案，原定于2025年12月15日到期，现拟展期12个月，调整至2026年12月15 日偿付本期中票全部本金。对于未付及新增利息，万科表示，展期前已经产生的利息，于原付息日起延 期12个月支付，即2026年12月15日支付，延期期间不计复利；展期期间，票面利率维持3%不变，新增 利息本金的兑付一同支付。（每日经济新闻，泽塔） ...

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