Core Points - Vanke A has completed the redemption of the "20 Vanke 04" corporate bonds [1] - The redemption registration date is set for May 16, 2025, with the funds to be credited on May 19, 2025 [1] - The redemption price is RMB 103.45 per bond, including the current interest which is tax-inclusive [1] - The redemption ratio is 100%, with the bonds being delisted on May 19, 2025 [1] - The total amount of the bond redemption is RMB 1.5 billion, with interest payments amounting to RMB 51.75 million [1] - The company has transferred the principal and interest to the designated bank account of China Securities Shenzhen Branch [1] - This bond redemption will not have a materially adverse impact on the company [1]

重要提示： 1．债券代码：149930。 万科企业股份有限公司关于行使"22 万科 03"公司债券 赎回选择权的第二次提示性公告 证券代码：000002、299903、149930 证券简称：万科 A、万科 H 代、22 万科 03 公告编号：〈万〉2025-067 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 2．债券简称：22万科03。 3．赎回登记日：2025年6月5日。 4．赎回资金到账日：2025年6月6日。 5．赎回价格：人民币102.90元/张（含当期利息，且当期利息含 税）。 6．债券赎回比例：100%。 7．摘牌日: 2025年6月6日。 一、"22万科03"公司债券的基本情况 1．发行主体：万科企业股份有限公司。 2．债券名称：万科企业股份有限公司 2022 年面向专业投资者公 开发行公司债券（第二期）（品种一）。 3．债券简称：22 万科 03。 1 4．债券代码：149930。 5．债券余额：3.50 亿元。 6．债券期限：本期债券期限为 5 年期，附第 3 年末发行人赎回 选择权、调整票面利率选择权、投资者回售选择权。 ...

万科企业股份有限公司 关于"20 万科 04"公司债券付息、赎回结果暨摘牌公告 证券代码：000002、299903、149124 证券简称：万科 A、万科 H 代、20 万科 04 公告编号：〈万〉2025-068 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 重要提示： 1．债券代码：149124。 2．债券简称：20万科04。 7．摘牌日：2025年5月19日。 一、"20万科04"公司债券的基本情况 1．发行主体：万科企业股份有限公司。 2．债券名称：万科企业股份有限公司 2020 年面向合格投资者公 开发行公司债券（第二期）（品种二）。 3．债券简称：20 万科 04。 4．债券代码：149124。 3．赎回登记日：2025年5月16日。 4．赎回资金到账日：2025年5月19日。 5．赎回价格：人民币103.45元/张（含当期利息，且当期利息含 税）。 6．债券赎回比例: 100%。 1 5．债券余额：15 亿元。 6．债券期限：本期债券期限为 7 年期（附第 5 年末发行人赎回 选择权、发行人调整票面利率选择权和投资者回售选择权）。 ...

Group 1 - The core point of the news is that Shenzhen Metro Group continues to provide financial support to Vanke, with a recent loan of up to 1.55 billion yuan aimed at repaying bond principal and interest, reflecting Vanke's ongoing debt pressure [1][2] - Shenzhen Metro Group has provided a total of nearly 12 billion yuan in loans to Vanke since 2024, indicating a pattern of financial assistance to help Vanke manage its debt obligations [1][2] - The debt pressure on Vanke is significant, with interest-bearing liabilities reaching 361.28 billion yuan by the end of 2024, a 12.9% increase from the beginning of the year, and a short-term debt ratio of 43.8% [2] Group 2 - Vanke is facing a peak debt repayment period in 2025, with 16 domestic bonds maturing and a total principal of 32.64 billion yuan, alongside two foreign bonds with a principal of approximately 3.6 billion yuan [2] - Vanke's financial performance has been adversely affected by the ongoing downturn in the real estate sector, with a reported revenue of 343.18 billion yuan in 2024, a decrease of 26.32%, and a net profit attributable to shareholders of -49.48 billion yuan, down 506.81% [2] - Despite declining revenue and profits, Vanke achieved a collection rate exceeding 100% in the first quarter of 2025, with a signed transaction amount of 3.8 billion yuan [2]

【1】郑州2025年第二批保障性租赁住房上线 【3】远洋集团4月协议销售额28.1亿元 5月14日，远洋集团披露4月未经审核经营简报。简报显示，4月远洋集团连同其附属公司、合营公司及 联营公司协议销售额约为28.1亿元，协议销售楼面面积约为16.68万平方米，协议销售均价约为1.68万 元/平方米。 【4】万科获深铁集团15.52亿元低息借款 5月14日，万科发布公告，披露深铁集团向其提供不超过15.52亿元的借款暨关联交易事项。 公告显示，该笔借款用途为偿还公司债券本金与利息，借款期限为36个月，可提前还款或展期。借款利 率为年化2.34%，低于1年期LPR，还款方式为每半年还款0.5%，最后一期还97%。 【5】华远地产董事张蔚欣退休离任 5月14日，郑州市2025年第二批保障性租赁住房上线"郑州市保障性租赁住房系统"进行配租，涉及郑州 城发东华美寓、郑州城发荥泽美寓，以及分散式房源等配租项目。 据悉，郑州城发东华美寓位于中牟县，和安街以西、仁川路以南。本批次配租房屋共约498套、1118间 房源，其中面积约75-77㎡的一居室共约188套，122-167㎡的三居室共约310套，房屋租金价格区间为 100 ...

Important News - The US has adjusted tariffs on China as of May 14, 00:01 Eastern Time [1] - China Securities Depository and Clearing Corporation clarified that account verification is a routine operation, not a special arrangement for "off-market financing" [1] - The People's Bank of China reported that from January to April, the total social financing increased by 16.34 trillion yuan, with new loans amounting to 10.06 trillion yuan, and M2 growth year-on-year at 8% [1] Company News - Tencent (00700.HK) reported Q1 revenue of 180 billion yuan, a year-on-year increase of 13% [1] - China Petroleum & Chemical Corporation (00386.HK) received an increase of approximately 302 million H-shares from Sinopec Group [1] - Longfor Properties (06968.HK) reported contract sales of approximately 1.804 billion yuan in the first four months, a year-on-year decrease of 0.3% [1] - Oceanwide Holdings (03377.HK) reported cumulative contract sales of approximately 8.09 billion yuan in the first four months, a year-on-year increase of 13.62% [1] - New China Life Insurance (01336.HK) reported original insurance premium income of 85.3791 billion yuan in the first four months, a year-on-year increase of 27% [1] - China Pacific Insurance (02601.HK) reported original insurance premium income of 115.359 billion yuan from Pacific Life Insurance in the first four months, a year-on-year increase of 10.4% [1] - Heng Rui Medicine plans to issue 224.5 million shares in Hong Kong, with an issue price not exceeding 44.05 HKD [1] - Vanke Enterprises (02202.HK) announced that its largest shareholder, Shenzhen Metro Group, plans to provide a loan to the company not exceeding 1.552 billion yuan [1] - Greentown China Holdings (00095.HK) has postponed the hearing for its liquidation application to July 9 [1]

Group 1 - Vanke received a low-interest loan of 1.552 billion yuan from Shenzhen Metro Group, with a term of 36 months and an annual interest rate of 2.34%, which is lower than the 1-year LPR [1] - The loan is intended for repaying company bond principal and interest, and the repayment method involves semi-annual payments of 0.5% and a final payment of 97% [1] - This transaction reflects increased trust from state-owned capital in Vanke and signals a proactive approach by Shenzhen state-owned enterprises to stabilize real estate companies through market mechanisms [1] Group 2 - M.K. Long announced that its general manager, Che Jianxing, is under investigation by the Yunnan Provincial Supervisory Committee, but the company remains operationally stable with other executives continuing their duties [2] - Concerns about governance risks may rise due to Che's investigation, especially as the company has faced declining performance and previous internal control issues [2] - The board is functioning normally, with the chairman temporarily assuming the general manager's responsibilities [2] Group 3 - New City Joy Service appointed an independent investigation consultant to examine 800 million yuan in financial transactions with related parties that were not recorded in the company's financial statements [3] - The company has repaid all financial assistance provided to related parties as of December 31, 2024, with no outstanding balances [3] - This incident may undermine investor confidence, particularly as the company faces liquidity management challenges and potential regulatory penalties if violations are confirmed [3] Group 4 - Huafa Co. announced a supply chain asset special plan with a total amount not exceeding 20 billion yuan to optimize its asset-liability structure and improve capital efficiency [4] - The plan will use accounts receivable as the underlying assets and will have a maximum issuance period of 1 year, with interest rates determined based on market conditions [4] - This initiative aims to alleviate short-term liquidity pressure and may signal a shift in the industry from high-leverage expansion to asset operation optimization [4] Group 5 - Jianfa International announced the resignation of non-executive directors Huang Wenzhou and Zheng Yongda for personal reasons, with Xu Xiaoxi appointed as a new non-executive director [5][6] - Xu's appointment may enhance governance effectiveness, and his non-remunerated position signals a commitment to responsibility, potentially increasing investor confidence in state-led enterprises [6] - Attention is needed on how board changes may affect strategic continuity, especially amid ongoing liquidity pressures in the real estate sector [6]

Core Viewpoint - Shenzhen Metro Group is providing financial support to Vanke Co., Ltd. through loans to help repay its bond obligations, indicating a strategic partnership amid financial challenges in the real estate sector [1][5]. Group 1: Loan Details - Shenzhen Metro Group plans to lend Vanke up to 1.55 billion yuan for a period of 36 months, with an interest rate set at the one-year LPR minus 76 basis points [1]. - This is part of a series of loans provided by Shenzhen Metro Group to Vanke, including amounts of 3.3 billion yuan, 4.2 billion yuan, and 2.8 billion yuan earlier this year, all aimed at repaying bond principal and interest [6]. Group 2: Financial Performance - Vanke reported nearly 38 billion yuan in revenue and close to 35 billion yuan in sales for Q1 2025, with all public debts due being repaid on time [7]. - However, Vanke's 2024 annual report indicated a net loss of 49.48 billion yuan, primarily due to inventory write-downs and impairments on receivables, alongside losses from financial investments and asset transactions [7]. Group 3: Industry Context - The real estate sector is witnessing a shift in debt restructuring strategies, moving from extensions to aggressive debt reduction methods, including discounted bond redemptions and forced equity conversions [8]. - The overall market sentiment is improving due to favorable policies and a recovery in various local real estate markets, prompting companies to expedite debt repayments [8].

Core Viewpoint - The continuous financial support from Shenzhen Metro Group to Vanke highlights the latter's increasing debt repayment pressure and liquidity challenges amid a weak sales environment [2][3][5]. Group 1: Financial Support and Borrowing - Shenzhen Metro Group plans to provide a loan of up to 1.55 billion yuan to Vanke, aimed at repaying bond principal and interest, with a loan rate of 2.34% and a term of 36 months [2]. - This marks the fourth loan from Shenzhen Metro Group to Vanke in 2023, totaling 11.85 billion yuan in direct loans so far [2]. - The loan conditions remain lenient, allowing for potential extensions and without requiring additional guarantees from Vanke [2]. Group 2: Debt Repayment Pressure - Vanke completed five public debt repayments in Q1 2023, totaling 9.89 billion yuan, with cash used for debt repayment reaching 17.35 billion yuan, an increase of over 1.7 billion yuan year-on-year [3]. - Vanke has approximately 32.6 billion yuan of domestic debt maturing within the next year, with significant repayments due in May [3]. - The company has a substantial guarantee balance of 78.82 billion yuan, representing 38.89% of its audited net assets as of April 30, 2023 [3]. Group 3: Liquidity and Sales Challenges - Vanke's cash reserves decreased significantly to approximately 75.5 billion yuan by the end of Q1 2023, down over 12 billion yuan from the end of 2022 [4]. - The company's sales performance has been weak, with equity sales of only 29.85 billion yuan in the first four months of 2023, a 41% decline year-on-year, which is worse than the industry average [5]. - The ongoing liquidity risk for Vanke is compounded by insufficient inventory and cash flow challenges, necessitating a recovery in the real estate market and supportive policies for substantial debt risk mitigation [5][6].

（原标题：万科，最新突发！） 港口航运板块继续强势，板块内，国航远洋"30cm"涨停，中远海发、宁波海运、南京港等集体涨停。 物流股持续走高，华光源海"30cm"涨停，飞力达"20cm"涨停，嘉诚国际、长久物流、中创物流等涨停。 银行股集体创新高，行业A股总市值突破10万亿元 不含近一年上市的次新股，今日共有28股收盘价创历史新高。 从行业属性来看，银行创新高股最为集中，共10股收盘价创历史新高。据数据宝统计，今日银行板块A股总市值突破10万亿元大关，创出历史新 高。 收盘价创历史新高的个股今日平均上涨5.75%，涨停的有华光源海、国航远洋、中旗新材等，涨幅居前的有宏景科技、泰鹏智能、鑫磊股份等。 龙虎榜揭秘：8股机构净买入超千万元 5月14日，市场主要指数集体收涨，沪指收盘上涨0.86%，站上3400点。A股全天成交额1.35万亿元，收盘上涨个股超2300只；其中，收盘股价涨 停的有91只。 午后金融股集体拉升，非银金融行业涨近4%，中国人保、红塔证券、锦龙股份等涨停。 旗滨集团：终止发行股份购买资产暨关联交易事项。此前公司公告拟通过发行股份的方式购买控股子公司旗滨光能28.78%的股权。 *ST苏吴：收到 ...