每经AI快讯，12月10日，万科境内债券上涨，"21万科06"、"21万科02"涨超20%，盘中临时停牌。 （文章来源：每日经济新闻） ...

格隆汇12月10日｜"21万科06"、"21万科02"涨超20%，临时停牌，"22万科02""23万科01"涨超7%，"22 万科04"涨超5%。 ...

China Vanke creditors are set to meet as the distressed developer makes one more push to win support for a bond extension plan aimed at averting a default https://t.co/hsVhjYNI4U ...

证 券 研 究 报 告 房地产行业周报（2025 年第 49 周） 重庆发布"好房子"建设支持新政，万科公 推荐（维持） 布债务展期议案 行业研究 房地产 2025 年 12 月 09 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,299.23 | 1.03 | | 流通市值(亿元) | 11,793.16 | 1.23 | | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -3.9% | 10.8% | -9.5% | | 相对表现 | -2.6% | -8.5% | -25.8% | | | 2024-12-0 ...

Core Insights - The article features a rare in-depth conversation with the renowned entrepreneur and investor Duan Yongping, discussing his philosophy of "being true to oneself" and its application in business, investment, and personal development [3][4][6]. Investment Logic - Duan emphasizes that understanding the business is the core of investment, sharing insights from his experience with companies like Apple and Moutai, highlighting the importance of business models and corporate culture in investment decisions [4][24][25]. Corporate Culture and Succession - The success of companies like OPPO and vivo is attributed to a hiring principle where cultural fit is prioritized over capability, and a systematic approach to identifying compatible partners over time [5][29][30]. Marketing Principles - Duan advocates for honesty in marketing, stating that communication with users should be efficient and truthful, which he believes is essential for building trust and brand loyalty [6][55]. Education Philosophy - He provides insights on parenting, arguing against physical punishment and advocating for unconditional love and boundary-setting to foster a sense of security in children [6][74][75]. Long-term Perspective - Duan defines a "calm mind" as rationality and long-term thinking, suggesting that maintaining a long-term perspective can lead to better decision-making in both business and life [6][92]. Reflections on Success - The conversation touches on the role of luck and effort in success, with Duan asserting that while luck plays a part, consistent effort and understanding one's business are crucial for achieving long-term success [6][78][82]. Insights from Buffett's Lunch - Duan shares a key takeaway from a lunch with Warren Buffett, emphasizing the importance of a company's business model and culture as filters for investment decisions [4][87][88]. AI and Future Perspectives - The discussion includes thoughts on AI, recognizing its potential to enhance efficiency while also acknowledging the uncertainties it brings to the future [6][90]. Philosophy of "Being True to Oneself" - Duan's overarching philosophy revolves around the concept of "being true to oneself," which he believes underpins both effective business strategies and a fulfilling life [6][93].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2025年12月9日 於本 公 告日 期，本 公 司 董 事 會 成 員 包 括：執 行 董 事 郁 亮 先 生 及 王 蘊 女 士；非 執 行 董 事黃 力 平 先 生、胡 國 斌 先 生 及 雷 江 松 先 生；以 及 獨 立 非 執 行 董 事 廖 子 彬 先 生、林 明 彥 先 生、沈 向 洋 博 士 及 張 懿 宸 先 生。 * 僅供識別 万科企业股份有限公司 关于"21 万科 02"票面利率调整和回售实施办法的 第三次提示性公告 重要提示： 1、利率调整：根据《万科企业股份有限公司 ...

万科企业股份有限公司 关于"21 万科 02"票面利率调整和回售实施办法的 第三次提示性公告 证券代码：000002、299903、149358 证券简称：万科 A、万科 H 代、21 万科 02 公告编号：〈万〉2025-154 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、利率调整：根据《万科企业股份有限公司 2021 年面向合格投 资者公开发行住房租赁专项公司债券（第一期）募集说明书》（简称 "《募集说明书》"）的约定，公司作为"21 万科 02"（债券代码：149358） 的发行人，有权决定是否在本期债券存续期的第 5 年末调整本期债券 存续期后 2 年的票面利率。根据当前的市场行情，公司决定不调整"21 万科 02"票面利率，即"21 万科 02"债券存续期后 2 年的票面利率 为 3.98%。 2、投资者回售选择权：根据《募集说明书》中设定的投资者回 售选择权，投资者有权选择在投资者回售登记期内进行登记，将持有 的本期债券按面值全部或部分回售给发行人，或选择继续持有本期债 券。 3、投资者选择将持有的本期债券全部或部分 ...

彭博：万科海外债权人已开始接受重组咨询机构Houlihan Lokey（华利安）顾问进行会谈的请求，此类举措通常是组建所谓“临时委员会”的前奏，临时委员会通常代表债券持有人利益与债务方谈判。知情人士透露，如果万科海外债券违约，债券持有人谈判筹码主要依赖 “维好条约” 和清算香港子公司。 https://t.co/iqHo70r70A ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The LGFV space had a firm session, with higher - yielding bonds up to 1.0pt higher across CNH and USD papers yielding c9% due to HF buying, and RMs and structured products teams continued to buy onshore AAA - guaranteed papers [3] - CMBI expects China's goods exports to decrease from 5.2% in 2025 to 3.5% in 2026, imports to rebound from - 0.5% to 2%, and the USD/RMB exchange rate to decrease from 7.07 at the end of 2025 to 7.02 at the end of 2026 [4][17][21] - DWCM launched a consent solicitation to extend the maturity of DALWAN 11 02/13/26 for two years, and analysts continue to view DWCM as a survivor of the sector and maintain a buy on DALWANs [8][10] Summary by Relevant Catalogs Trading Desk Comments - Yesterday, there was better - selling on quasi - sovereign KR corps FRNs and better - buying on front - end FRNs across JP/AU/CN/ME financial names. NTT 30s widened 4bps, TW lifers FUBON/NSINTW widened 2 - 4bps, DALWAN 26s rose 1.1pts, FAEACO 12.814 Perp edged 0.5pt higher, EHICAR 26 - 27 was unchanged, VNKRLE 27 - 29 recovered 1.5 - 1.6pts, LNGFOR 27 - 32/FUTLAN 28/FTNHD 26 - 27 were 0.1 - 0.4pt higher, YLLGSP was 0.1pt lower, SMCGL Perps were 0.1 - 0.7pt lower, GARUDA 31s were down by 0.5pt, VEDLN 28 - 33s were unchanged to 0.1pt lower, and GLPSPs were 0.1 - 0.3pt higher [2] - This morning, the new MINMET 4.25 Perp and MINMET 4.35 Perp were largely unchanged from RO at par, PBs were selling Asian FRNs with unchanged spreads, LNGFOR 28/QDJZWD 28/VNKRLE 29 were 0.5 - 0.7pt higher, BIMLVN 27/EHICAR 26 were 0.8 - 1.0pt lower, and there were active two - way flows on USD and AAA - guaranteed LGFV issues. DALWAN 26s were unchanged [4] Top Performers and Underperformers - Top performers included VNKRLE 3.975 11/09/27 (price 21.4, change 1.6), VNKRLE 3 1/2 11/12/29 (price 20.6, change 1.5), CFAMCI 4.95 11/07/47 (price 92.0, change 1.4), DALWAN 11 02/13/26 (price 93.7, change 1.1), and DALWAN 11 01/12/26 (price 99.0, change 1.1) [5] - Top underperformers included TOPTB 4 7/8 01/23/43 (price 88.1, change - 1.0), TOPTB 5 3/8 11/20/48 (price 93.4, change - 1.0), TOPTB 4 7/8 01/23/43 (price 88.4, change - 1.0), CHINAM Float 07/10/27 (price 100.1, change - 0.9), and PTTTB 4 1/2 10/25/42 (price 87.3, change - 0.9) [5] Macro News Recap - On Monday, S&P (- 0.35%), Dow (- 0.45%), and Nasdaq (- 0.14%) were lower, and UST yield was higher. The 2/5/10/30 - year yield was at 3.57%/3.75%/4.17%/4.81% [7] Desk Analyst Comments on DALWAN - DWCM launched a consent solicitation to extend the maturity of DALWAN 11 02/13/26 (o/s USD400mn) for two years to 13 Feb'28 with mandatory partial redemptions of 12.5% each on 30 Jan'26, 13 Aug'26, 13 Feb'27, and 13 Aug'27, and the remaining 50% at the new maturity. It also seeks to lower the minimum total equity requirement for Wanda HK to HKD300mn from HKD800mn and add a par call option. The early consent fee is 1pt, and the early consent deadline is on 19 Dec'25 [8] - If DWCM cannot secure 90% consent in principal amount, an extraordinary meeting will be held. The meeting is quorate if two or more persons holding or representing not less than 66% of the aggregate principal amount are present, and the extraordinary resolution passes if at least 50% of the votes cast are in favor [9] - DWCM intends to repay USD300mn DALWAN 11 01/12/26 from funds (estimated at RMB2.4 - 2.5bn or cUSD339 - 354mn) from the PAG - led consortium expected to be received within the next two weeks. Analysts view DWCM as a survivor and maintain a buy on DALWANs [10] China Economy - China's exports beat market expectation due to improvement in exports to the EU, Latin America, and Africa, while exports to the US and ASEAN underperformed. Exports of integrated circuits rallied, and ships and vehicles remained prosperous, but personal consumption goods were subdued. Imports improved slightly due to processing trade, while general trade dipped [16] - In November, exports rebounded to 5.9% YoY from - 1.1% in October, exports to the US contracted further, exports to the EU, Latin America, and Africa rose, and there was a broad - based rebound. Exports to ASEAN moderated. Trade surplus expanded to US$111.7bn [18] - Integrated circuits surged 34.2% in November, transport equipment remained robust, personal consumption goods and housing - related products were subdued, and rare earth exports expanded. Imports inched up to 1.9% in November, with processing trade accelerating and general trade dipping [19][20] - In 2026, China's goods exports are expected to moderate due to global demand decline and high base effects from 2025. Exports of some industries and to some destinations may remain strong [21] Offshore Asia New Issues - New issues (priced): China Minmetals Corp issued 600mn USD PerpNC3.5 at 4.25% and 600mn USD PerpNC5 at 4.35%, with a Baa2 rating [24] - New issues (pipeline): Chengdu Xingcheng Investment Group plans a 3 - year issue at 4.6% with a BBB+ rating, and Halcyon Agri Corporation plans a PerpNC3 issue at 6.4% (unrated) [25] News and Market Color - Yesterday, 83 credit bonds were issued onshore with an amount of RMB70bn, and month - to - date, 529 credit bonds were issued with a total amount of RMB501bn, a 9.3% yoy increase [26] - Moody's changed the outlook of Adani Green Energy restricted groups to stable from negative and affirmed Ba1 rating; BNP Paribas priced USD1.25bn PerpNC8 AT1 at 6.875%; Far East Consortium plans to sell a 50% stake in a Ritz Carlton hotel in Perth for AUD100mn; Korea Development Bank launched due diligence for HMM privatization; LG Energy Solution obtained a KRW2.1tn contract to supply batteries for Mercedes - Benz; NWD to defer distributions on two perpetual bonds; Fitch upgraded Oman to BBB - from BB+ and Saudi National Bank to A from A -; POSCO Holdings is considering acquiring a stake in a US - based steelmaker; SoftBank Group is in talks to participate in a funding round for Skild AI [26] - In the US, media reported Vanke, Shenzhen government, and PBOC held a meeting with bondholders of Vanke's CNY 2bn 3% onshore bond, and S&P revised the outlook of Xiaomi to positive from stable [35]

消息面上，摩根大通表示，房地产板块仍是主要风险点。市场未能实现"止跌回稳"，销售和投资持续下 滑。万科的境内债展期申请严重打击了市场情绪，引发了对私营开发商融资收紧的担忧。在此背景下， 分析师仅看好正在向租赁模式转型、拥有大量未抵押投资性物业的龙湖集团。 该机构建议投资者在中国信贷市场采取精选策略，首选基本面稳健且资产负债表强劲的TMT公司（如 阿里巴巴、微博）；对于国企，尽管利差收窄，但技术面支撑强劲，建议关注防御性标的（如中国化 工）；房地产板块因万科延期支付引发担忧，情绪脆弱，仅维持对正在向租赁模式转型的龙湖集团的增 持评级。 来源：金吾财讯 金吾财讯 | 内房股受挫，截至发稿，中国海外宏洋集团(00081)跌8.93%，中国金茂(00817)跌8.76%，绿 城中国(03900)跌5.45%，中梁控股(02772)跌5.13%，越秀地产(00123)跌3.19%，美的置业(03990)跌 3.02%，龙湖集团(00960)跌2.93%，旭辉控股集团(00884)跌2.69%，远洋集团(03377)跌2.65%，华润置地 (01109)跌2.53%。 其表示，房地产市场"止跌回稳"未在2025年实现，销 ...