自今年一月下旬以来，A股上市房企陆续披露2025年的业绩预告。 界面新闻记者根据统计，截至2月12日，已有77家A股上市房企发布2025年业绩预告或业绩 快报，其中有57家房企预计亏损，占比达到74%，57家房企合计预亏损额约2082-2094亿 元。 具体来看，有5家房企亏损额超过百亿元，其中万科以预计820亿元的亏损额刷新A股房企亏 损纪录。预亏超10亿元的房企有24家，其中也不乏部分有央国企背景的企业，行业调整之 深、波及范围之广，可见一斑。 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 但业绩预告并非全无亮色。金科股份凭借债务重整收益预计实现归母净利润300-350亿元， 从巨亏走向巨盈，为出险房企提供了一条可复制的重生路径。 上海易居房地产研究院副院长严跃进在接受界面新闻采访时表示，房企亏损与销售规模下 降、房价调整基本同步，是当前行业深度调整在财务指标上的正常反映。 "市场不必过度悲观，当前关键不是利润本身，而是确保财务稳健、防范债务风险、保证现金 流稳定。"在他看来，这样的亏损规模恰恰说明行业调整已进入"深水期"——企业正经历最严 峻的压力测试，但也 ...

二季度偿债高峰：2026年二季度将迎来新一轮债务到期高峰，合计约65亿元，其中下一笔人民币债券计 划于4月到期。此次到期债务需公司筹措资金兑付，流动性压力仍存。 经济观察网 万科企业（股票代码：000002.SZ、02202.HK）在2026年面临以下值得关注的事件，基于近 期公开信息整理： 近期事件 公司状况 特定债券转让安排：部分债券如"21万科02""21万科04"等7只债券自2026年2月6日起作为特定债券进行 转让，计价方式由净价调整为全价，且投资者范围限定为专业机构投资者。此举是债务管理的一部分， 旨在缓解短期流动性压力。 全年偿债压力集中释放：2026年被视为万科偿债压力的关键年份，公司需应对公开市场债务的集中到期 问题。能否化解风险取决于销售回暖、资产处置进展及股东支持等因素。 此外，万科在2025年业绩预告中披露亏损扩大，但经营服务业务保持稳健，且大股东深铁集团已提供超 300亿元借款支持。公司表示将聚焦资产优化和债务化解，但经营挑战依然严峻。 以上内容基于公开资料整理，不构成投资建议。 财务状况 ...

证券日报网讯2月12日，万科A在互动平台回答投资者提问时表示，公司一直密切关注全国各地及香港 房地产市场变化，并采取灵活策略应对，目前公司香港业务保持稳定运营。 ...

（文章来源：证券日报） 证券日报网讯 2月12日，万科A在互动平台回答投资者提问时表示，公司从1988年开始进入深圳房地产 市场，过去的38年，推出了一系列广受客户好评的产品，如城市花园、四季花城、金色家园、第五园、 万科城、天琴湾、瑧系列等，片区整体开发方面有万科云城、万科天誉等。关于公司在深圳的开发项 目，可通过"易选房"小程序查询。公司除了商品房开发业务，同时还通过万物云的社区服务、配套商业 项目的运营，提升小区的居住体验和资产价值。作为扎根深圳的房企，公司一直都在尽最大努力，适配 当地的市场和政策导向，结合客户居住需求优化产品做好服务，为深圳商品房市场贡献力量。 ...

（文章来源：证券日报） 证券日报网讯 2月12日，万科A在互动平台回答投资者提问时表示，公司历年实现的归母净利润，只能 用于分红或者留存成为报表上的股东权益，相关数据可查阅公司每年的年报。 ...

证券日报网讯2月12日，万科A在互动平台回答投资者提问时表示，公司第二十届董事会经股东会选举 产生，4位独立董事任职资格符合境内外上市规则要求。4位独立董事按照相关要求认真履行独董职责， 发挥独董作用。同时，4位独立董事分别具有财务会计、房地产、投资及科技等行业经验、专业知识， 为公司治理、经营发展等方面提供了不少建设性的建议。 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The Chinese/HK properties performed strongly overall, especially VNKRLE bonds due to the reported SZ government rescue plan for Vanke. The deflationary pressure in China continued to ease in early 2026, and mild price reflation is expected in 2026, which should improve corporate profitability and support the capital - market performance of materials and cyclical sectors [2][3][12]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new CHIFEN 7.4 02/13/29 lowered by up to 1.0pt from RO at par. Chinese AMC space was firm, while HK bank T2s BNKEA/NANYAN widened 5 - 6bps, and Chinese TMTs KUAISH/MEITUA widened 2 - 5bps. Higher - beta names FRESHK 26 - 29s/ZHOSHK 28 closed 7 - 13bps wider. EHICAR 27 dropped 2.1pts, and EHICAR 26 closed 0.3pt lower. VNKRLE 27' and 29' surged 8.0 - 8.8pts on the SZ government rescue plan report. LNGFOR 27 - 32s/FUTLAN 28/FTLNHD 26 - 27 edged 0.1 - 0.4pt higher. Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement. LASUDE 26 rose 1.5pts, NWDEVL/VDNWDL complex gained 0.2 - 0.9pt, and FAEACO 12.814 Perp closed 0.8pt higher. In SE Asian space, PTTGC 31 - 52s widened 1 - 5bps, PTTGC Perps leaked 0.1 - 0.2pt, VLLPM 27 - 29 were down 1.0 - 1.8pts, and SMCGL Perps were 0.1pt higher. In KR space, POHANG/SKBTAM/HYNMTR/LGENSO stabilized. In JP space, there were selling flows on 10yr bank papers, Japanese insurance subs edged 0.1pt firmer, and Yankee AT1s leaked 0.1 - 0.3pt. In the Middle East, BSFRs were 0.1pt lower to 0.1pt higher, and long - end KSAs traded up to 0.4pt higher [2]. - This morning, MEITUA/KUAISH recovered to 3 - 5bps tighter. There was better selling on FRESHKs, FAEACO 12.814 Perp gained 1.6pts higher, EHICAR 26 dropped 2.3pts, and ACPM 4.85 Perp/HYSAN 4.85 Perp were 0.6 - 0.8pt lower. VNKRLE 27' and 29' edged 0.1 - 0.2pt higher after yesterday's jump [3]. - In the LGFV space, there was deployment demand from institutions, lifting offers and driving yields tighter. Non - LGFV CNH papers remained afloat due to cross - border account demand [4]. Last Trading Day's Top Movers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | VNKRLE 3.975 11/09/27 | 43.4 | 8.8 | EHICAR 12 09/26/27 | 53.3 | - 2.1 | | VNKRLE 3 1/2 11/12/29 | 41.5 | 8.0 | VLLPM 7 1/4 07/20/27 | 51.9 | - 1.8 | | TTMTIN 4.35 06/09/26 | 99.4 | 1.9 | NICAU 9 09/30/30 | 103.4 | - 1.2 | | LASUDE 5 07/28/26 | 78.4 | 1.5 | HAOHUA 5 1/2 03/14/48 | 99.9 | - 1.0 | | NWDEVL 10.131 PERP | 80.9 | 0.9 | VLLPM 9 3/8 07/29/29 | 41.5 | - 1.0 | [5] Marco News Recap - On Wednesday, S&P (-0.00%), Dow (-0.13%), and Nasdaq (-0.16%) were lower. The US Jan'26 Nonfarm Payrolls were +130k (higher than the market expectation of +66k), the Unemployment Rate was 4.3% (lower than the forecast of 4.4%), the Average Hourly Earnings in Jan'26 was +0.4% mom (a touch higher than the forecast of +0.3%), and the Crude Oil Inventories was +8.53mn (higher than the market expectation of -0.2mn). UST yield was higher, with 2/5/10/30 - year yield at 3.52%/3.75%/4.18%/4.82% [6]. Desk Analyst Comments - VNKRLE 27' and 29' jumped 8.0 - 8.8pts yesterday and edged 0.1 - 0.2pt higher this morning on the media reports of the SZ government's RMB80bn rescue plan for Vanke, including a RMB20bn share placement. Whether the equity injection is sufficient is under discussion, and the new share issue for a loss - making company needs special regulatory approval. The rescue plan is in line with the view that the central government doesn't want another high - profile default in the property sector. The SZ government, through SZ Metro, has been incentivized to support Vanke's refinancing and maturity extension [7]. - In late Jan'26, Vanke secured consents on onshore bonds. SZ Metro provided a 3 - year loan of up to RMB2.4bn to Vanke. Fitch upgraded China Vanke to CC from RD and affirmed Vanke HK's CC rating [8]. - Vanke can turn to alternative funding channels like long - term operating loans or CBICL - guaranteed bonds secured by IPs. As of Jun'25, the book value of Vanke's IPs was cRMB152bn, and c48% of IPs remained unencumbered, which could secure additional financing of cRMB36bn. The total o/s onshore and offshore bonds of Vanke is cRMB27bn [9][10]. - There are hold recommendations on VNKRLEs. The total outstanding amount of Vanke's USD bonds is USD1.3bn, and the next offshore maturity is VNKRLE 3.975 11/09/27 in Nov'27. Estimated NPVs for VNKRLEs are low - 60 to high - 70 and high - 50 to low - 70, respectively [11]. China Economy - China's deflationary pressure continued to ease in early 2026. CPI slowed to 0.2% YoY in Jan due to a high base effect and volatile food pricing. Core inflation remained robust driven by durable goods, tourism, and jewellery prices. PPI beat market expectation as price relation in upstream sectors passed through, while PPI of consumer goods remained subdued. Mild price reflation is expected in 2026, and CPI and PPI are expected to reflate from 0.1% and - 2.6% in 2025 to 0.9% and 0.5% in 2026. Further demand - side policies are expected to address the imbalance [12]. - Food price dynamics and base effects drove the shift in headline CPI. CPI YoY moderated to 0.2% in Jan from 0.8% in Dec, slightly below the market expectation. Sequentially, CPI remained flat at 0.2% MoM. Food prices showed weaker - than - normal seasonality, pork prices had 1.2% MoM growth, fresh vegetable prices dropped - 4.8% MoM, and vehicle fuel prices declined 1.2% MoM. Headline CPI is expected to rebound to 1.1% in Feb [13]. - Core CPI remained robust as durable goods price reflated. Core inflation edged down to 0.8% YoY in Jan from 1.2% in Dec due to the base effect, while its MoM expanded to 0.3%. Durable goods saw notable price reflation, other supplies and services including gold jewellery surged 2.7% MoM, service price growth edged up to 0.2% MoM, medical services continued reflation, and housing rent dropped 0.1% MoM [14]. - PPI sustained its recovery momentum. The YoY contraction of PPI narrowed to - 1.4% in Jan from - 1.9% in Dec, beating market expectations. The MoM growth reached 0.4%, the highest in 28 months. The extraction sector dropped 1.7% MoM, raw materials and processing sectors rose 0.7% and 0.5% MoM, AI - related and anti - involution sectors saw price increases, while downstream sectors remained subdued [15][16]. Offshore Asia New Issues - There were no offshore Asia new issues priced or in the pipeline today [19][20]. News and Market Color - Yesterday, 72 credit bonds were issued onshore with an amount of RMB50bn. Month - to - date, 858 credit bonds were issued with a total amount of RMB690bn, a 615.7% yoy increase. Sales of New Energy Vehicles (NEVs) in China slumped 18.9% yoy in Jan'26. First Pacific's Meralco will spend USD4.65bn on network upgrades and service expansion. Fosun - owned insurer weighs Lisbon listing at more than USD3.6bn valuation [21]. Company - Specific News - Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement to help repay FTLNHD 4.5 05/02/26 [26]. - Medco Energi Internasional's arm was awarded the operatorship of Cendramas offshore field in Malaysia by Petronas [26]. - Moody's affirmed Meituan's Baa1 ratings and revised outlook to negative from stable due to competition in the food delivery business [26]. - Petron Malaysian unit flagged a potential financial hit due to tropical storm Senyar [26]. - Petronas launched a bidding round for nine exploration blocks across Malaysia [26]. - Samsung Heavy won a USD321mn deal to build two containerships for an African buyer [26]. - AIIB will provide up to USD250mn on - lending facility to Shriram Finance [26]. - Santos flagged a USD137mn impairment loss in 2025 [26]. - West China Cement settled tender offer for WESCHI 4.95 07/08/26, with USD51.976mn remaining outstanding [26].

Group 1 - The core point of the article highlights the performance of the Basic Fundamental 120 ETF managed by Harvest Fund Management, which opened at 2.504 yuan with a slight increase of 0.08% [1] - The ETF's performance benchmark is the Shenzhen Basic Fundamental 120 Index, and it has achieved a return of 150.22% since its inception on August 1, 2011, with a recent one-month return of 1.30% [1] Group 2 - Major holdings in the ETF include companies such as CATL, which increased by 0.54%, and Midea Group, which decreased by 0.29% [1] - Other notable stock performances include Gree Electric Appliances down by 0.21%, BOE Technology Group unchanged, Ping An Bank unchanged, Luxshare Precision up by 0.22%, Vanke A up by 0.82%, TCL Technology down by 0.21%, Wuliangye down by 0.13%, and Weichai Power up by 1.62% [1]

广东省政府采购网消息，2月11日，东莞市首批两个"城市管家"项目——"中心广场城市管家服务项 目"和"环城路城市管家服务项目"同日开标，成交总额约1.3亿元，万科物业、东实环境拔得头筹。 就服务内容来看，东莞市此次开标的两个"城市管家"项目，在环卫保洁和绿化养护等传统环卫作业内容 的基础上，增加照明设施养护、市政设施维护、喷灌设施运维、时花种养及节假日摆花等内容。其中， 中心广场城市管家服务项目要求引入智能环卫设备，开展无人清扫试点。 中心广场城市管家服务项目 来源：市场资讯 （来源：环境司南） 附：中心广场城市管家服务项目服务范围 环城路城市管家服务项目 采购预算：68,740,979.29元（3年） 成交金额：（下浮率）0.10% 采购预算：64,350,359.80元（3年） 成交金额：（下浮率）0.50% 供应商：深圳市万科物业服务有限公司(联合体) 联合体成员：珠海大横琴城市公共资源经营管理有限公司、美居庭环境科技集团有限公司 服务内容：环卫保洁、绿化养护、中心广场时花种养、节假日摆花、市政设施维护、北广场喷灌设施运 维、夜景灯光照明及电梯设施管护、户外公益广告设施及节日氛围营造等。 文章来源：环境 ...

Core Viewpoint - The real estate market in China is experiencing a seasonal slowdown in January 2026, but there are signs of recovery in the second-hand housing market in key cities, which may stabilize market expectations and lead to a potential "small spring" after the Spring Festival, especially with supportive policies in place [1][12]. Group 1: Sales Performance - The top 100 real estate companies achieved a total sales amount of 165.45 billion yuan in January 2026 [2][8]. - 32 companies among the top 100 reported year-on-year sales growth, with 10 companies experiencing growth rates exceeding 100% [8][10]. - Notably, companies like Junyi Holdings and Bangtai Group saw significant increases in sales, with Junyi Holdings reporting a staggering growth of 757.4% [10]. Group 2: Market Dynamics - The new housing market showed weak performance with a transaction area of approximately 8.1 million square meters, while the second-hand housing market saw a 16% month-on-month increase and a 33% year-on-year increase in transaction area [12]. - The central government has introduced various supportive policies focusing on urban renewal, financing optimization, and tax incentives to stimulate the real estate market [12][13]. Group 3: New Entrants and Rankings - In January 2026, seven new companies entered the top 100 list, with CITIC City Opening making a notable entry into the top 30 [5][6]. - The sales performance of new entrants indicates that some small and medium-sized private enterprises are managing to maintain stable operations and achieve growth despite market challenges [5][8].