今日（12月10日）午后，房地产板块突发异动，万科A（SZ000002）一度封死涨停板，万科企业（HK02202）涨幅一度达到18%。此外，万科多只境内债涨 幅超过30%。究竟发生了什么？ 今日下午，万科A率先快速拉升，1点32分之后封死涨停板，且成交量迅速放大。 粤开证券最新观点指出，从市场信号来看，监管层始终将房地产市场平稳发展置于重要位置，通过差异化施策缓解行业短期压力，市场对政策工具箱进一步 扩容抱有合理预期。尤其是针对行业核心矛盾的政策，被认为可能在近期逐步落地，这种预期已成为推动资本市场对地产板块关注度上升的核心动因，为相 关股票的阶段性活跃奠定了情绪基础。 在应对房地产行业问题的潜在政策工具中，化债与收储被广泛视为破解当前困局的关键抓手，二者的协同发力也成为资本市场解读行业修复逻辑的重要依 据。 化债手段的核心在于通过债务重组、融资支持等合规方式，缓解优质房企的流动性压力，防范风险向产业链上下游扩散。这一过程若顺利推进，将直接改善 相关房企的资产负债表，为其恢复正常经营创造条件，进而在股市中形成对优质房企估值修复的预期。而收储机制则聚焦于存量资产盘活，通过专项工具收 购闲置土地与存量商品房，既能 ...

Group 1 - Vanke's stock and bonds experienced a strong rebound on December 10, with five domestic bonds seeing significant increases, triggering a temporary suspension of trading [2] - The bond "22 Vanke 04" rose over 42%, while "22 Vanke 02", "21 Vanke 06", and "21 Vanke 04" increased by over 30%, and "22 Vanke 06" rose by 29.99%. However, "21 Vanke 02" saw a decline of 26.22% [2] - Vanke A shares were reported at 5.25 CNY per share, up 10.06%, and Vanke Enterprises (02202.HK) rose by 13.77%, reaching 3.8 HKD per share [2] Group 2 - Recent developments regarding Vanke's bond extension were noted, with a summary of the first bondholders' meeting for "22 Vanke MTN004" released on December 5 [2] - The first proposal involves extending the principal repayment time by 12 months, with the adjusted repayment date set for December 15, 2026, and no compound interest during the extension period [3] - The second proposal requires normal payment of interest accrued before the extension and additional credit enhancement measures, while the third proposal is similar but with different credit enhancement requirements [3] - All three proposals require approval from bondholders holding over 90% of the voting rights for the changes to take effect, with the meeting to discuss these proposals held on December 10 [3]

值得关注的是，万科首个展期债券"22万科MTN004"的债权人大会今日召开，将讨论债券展期事宜。 与此同时，地产板块强势拉升。截至发稿，世联行、华夏幸福等多股涨停。 港股内房股集体走高。截至发稿，融创中国涨超12%，中国金茂涨逾9%，金辉控股涨超8%。 12月10日午后，万科A突然雄起，直线拉升涨停，港股万科企业暴涨约15%。 此外，万科系债券近期表现活跃，多只债券大涨并触发盘中临时停牌。截至发稿，万科境内债"22万科 04"涨超42%，"23万科01"涨超34%，"22万科06"、"22万科02"、"21万科06"涨超33%，"21万科04"涨超 30%。 ...

Group 1 - Vanke A experienced a significant surge, hitting the daily limit with a closing order amount exceeding 2.7 billion [1] - Hong Kong real estate stocks also saw gains, with Vanke Enterprises rising over 17%, and other companies like R&F Properties and Sunac China increasing by over 12% [1] - Real estate ETFs showed positive performance, with increases of 3.61%, 3.57%, 3.02%, and 2.67% respectively [1] Group 2 - Vanke's first bond extension meeting is crucial for its financial relief, with three proposals discussed, including two new ones that may help reach a consensus [5] - The real estate market has faced deep adjustments this year, with second-hand housing prices declining across 70 cities in October, and overall sales and investment continuing to drop [5] - The industry is currently in a "bottoming" phase, with increasing losses reported in Q3 compared to Q2, indicating ongoing challenges [5] Group 3 - The long-term investment logic in the real estate sector has fundamentally changed, focusing on "high-quality development" as per the 20th Central Committee's fourth plenary session [6] - Current policies aim to stabilize the market and establish a new development model, emphasizing urban renewal and affordable housing [6] - The previous high-leverage model has ended, and companies are encouraged to adopt a balanced approach between development and operations, particularly in light-asset service sectors [6] Group 4 - The largest real estate ETF in A-shares is the Southern Real Estate ETF, with a latest scale of 5.122 billion [7] - Other ETFs include the Financial Real Estate ETF and Real Estate ETF Fund, with scales of 0.675 billion and 0.579 billion respectively [7] - The net inflow for the Southern Real Estate ETF is 0.674 billion, while the Financial Real Estate ETF has seen a net outflow of 0.569 billion [8]

【万科首个展期债券"22万科MTN004"的债权人大会今日召开 将讨论债券展期事宜】智通财经12月10日 电，据上证报报道，12月10日，万科首个展期债券"22万科MTN004"的债权人大会召开，将讨论债券展 期事宜。一位券商人士表示，此次债权人大会对于万科纾困而言十分重要。此次会议共有三个议案，较 此前市场预期版本，新增两个议案，有利于各方达成统一共识。 转自：智通财经 ...

Group 1 - Vanke A experienced a significant stock price increase, reaching a limit up with a total order amount exceeding 2.7 billion yuan on December 10 [2] - The bondholder meeting for Vanke's first extended bond, "22 Vanke MTN004," was held to discuss bond extension matters, which is considered crucial for the company's financial relief [2] - The meeting included three proposals, with two new additions compared to previous market expectations, facilitating consensus among stakeholders [2] Group 2 - Vanke's domestic bonds saw substantial increases, with "22 Vanke 04" rising over 42%, "23 Vanke 01" over 34%, and several others increasing by over 30% [2] - The Hong Kong stock market saw a rise in property stocks, with Vanke Enterprises increasing by over 14%, and other companies like R&F Properties and China SCE Group also showing gains [3]

来源：上海证券报·中国证券网 上证报中国证券网讯 据深交所12月10日消息，"21万科04"（149478）盘中成交价较前收盘价首次上涨 达到或超过30%，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，深交所自今日13时29分32秒起对该债券实施临时停牌，于15时27分00秒复 牌。 来源：上海证券报·中国证券网 上证报中国证券网讯 据深交所12月10日消息，"21万科04"（149478）盘中成交价较前收盘价首次上涨 达到或超过30%，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，深交所自今日13时29分32秒起对该债券实施临时停牌，于15时27分00秒复 牌。 ...

来源：上海证券报·中国证券网 上证报中国证券网讯 据深交所12月10日消息，"22万科04"（149931）盘中成交价较前收盘价首次上涨 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，深交所自今日13时26分55秒起对该债券实施临时停牌，于13时56分56秒复 牌。 来源：上海证券报·中国证券网 上证报中国证券网讯 据深交所12月10日消息，"22万科04"（149931）盘中成交价较前收盘价首次上涨 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，深交所自今日13时26分55秒起对该债券实施临时停牌，于13时56分56秒复 牌。 ...

上证报：此次债权人大会对于万科纾困而言十分重要。此次会议共有三个议案，较此前市场预期版本，新增两个议案，有利于各方达成统一共识。市场对于财政贴息支持楼市企稳预期浓厚。外汇交易员 (@myfxtrader):#行情 万科AH股午后拉升，万科企业涨超13%，万科涨停。 https://t.co/au1BJA26li ...

午后，万科股债集体异动。 万科A涨停，成交额超30亿元；港股万科企业涨超15%。 "22万科MTN004"是万科在2022年12月发行的中期票据，到期日期为2025年12月15日。该笔中票余额为 20亿元，票面利率为3%。作为该票据的存续期管理机构，浦发银行此前宣布将召开持有人会议，审议 表决该票据展期的相关事项。 最新披露的最终议案共有三项议案对应三个选项，三项议案关于票据本金部分均为"展期12个月且无首 付"，区别主要在利息支付以及增信措施： 议案一，约定展期前已经产生的利息也将延期12个月支付，该议案明确表示"本次调整中期票据本息兑 付安排不构成违约事项"； 议案二，要求展期前已经产生的利息正常兑付（即2025年12月15日兑付），并要求追加投资人可接受的 增信措施，包括但不限于"深圳市地铁集团有限公司或投资人可接受的其他深圳国企提供的全额不可撤 销连带责任担保或其他抵质押措施"； 万科境内债"23万科01""21万科04""21万科06""22万科02"均涨超30%。 A股方面，创业板指翻红，此前一度跌超2%，全市场超2500只个股上涨。 12月5日，浦发银行作为召集人如期披露"22万科MTN004" ...