Group 1 - The real estate sector in China is facing significant challenges, with major companies like China Overseas Grand Oceans Group and China Jinmao experiencing declines of 8.93% and 8.76% respectively [1] - Morgan Stanley indicates that the real estate sector remains a primary risk point, with ongoing declines in sales and investment, and the market has not achieved a "stop falling and stabilize" condition [1][2] - Vanke's application for domestic bond extension has severely impacted market sentiment, raising concerns about the tightening financing environment for private developers [1][2] Group 2 - Analysts are optimistic about Longfor Group, which is transitioning to a rental model and possesses a significant amount of unencumbered investment properties [1] - The recommendation for investors is to adopt a selective strategy in the Chinese credit market, favoring TMT companies with strong fundamentals and balance sheets, such as Alibaba and Weibo [1] - Despite narrowing spreads for state-owned enterprises, there is strong technical support for defensive stocks like China National Chemical Corporation [1]

（原标题："21万科02"，大涨！两次临停） "21万科02"盘中大涨。 今日（12月9日）11时许，深交所公告，"21万科02"（149358）盘中大涨超30%，自今日11时00分47秒 起对该债券实施临时停牌，于15时27分00秒复牌。 这是深交所今日第二次对"21万科02"实施临时停牌，稍早之前，深交所公告，"21万科02"（149358）盘 中成交价较前收盘价首次上涨达到或超过20%，自今日10时21分05秒起对该债券实施临时停牌，于10时 51分06秒复牌。 深交所行情数据显示，目前，"21万科02"涨30.62%，最新价为34.999元。 综合自：深交所公告 责编：万健祎 校对：杨立林 ...

Group 1 - Wanda's debt issues are drawing attention as the year-end approaches [2] - Wanda has confirmed that funds are in place for the repayment of a $300 million bond maturing in January, instilling confidence in the market [4] - The company is also working on extending another $400 million bond's maturity to 2028, indicating a strategy to optimize its debt structure [4][6] Group 2 - Wanda is ensuring rigid repayment to stabilize the market while simultaneously seeking to restructure its debt to gain time for transformation [6] - The company has communicated its funding arrangements to creditors, acknowledging that the bond extension will impact domestic banks' decisions on renewing loans, demonstrating sincerity [6] - Vanke, another major player, is facing pressure from creditors and will hold a meeting to discuss extending its medium-term notes, reflecting the deep adjustments within the real estate industry [8]

综合自：深交所公告 这是深交所今日第二次对"21万科02"实施临时停牌，稍早之前，深交所公告，"21万科02"（149358）盘中成交价较前收盘价首次上涨达到或超过20%，自 今日10时21分05秒起对该债券实施临时停牌，于10时51分06秒复牌。 深交所行情数据显示，目前，"21万科02"涨30.62%，最新价为34.999元。 "21万科02"盘中大涨。 今日（12月9日）11时许，深交所公告，"21万科02"（149358）盘中大涨超30%，自今日11时00分47秒起对该债券实施临时停牌，于15时27分00秒复牌。 （文章来源：证券时报） ...

责编：万健祎 校对： 杨立林 "21万科02"盘中大涨。 今日（12月9日）11时许，深交所公告，"21万科02"（149358）盘中大涨超30%，自今日11时00分47秒起对该债券实施临时停牌，于15时27分00秒复牌。 这是深交所今日第二次对"21万科02"实施临时停牌，稍早之前，深交所公告，"21万科02"（149358）盘中成交价较前收盘价首次上涨达到或超过20%，自今日10时 21分05秒起对该债券实施临时停牌，于10时51分06秒复牌。 深交所行情数据显示，目前，"21万科02"涨30.62%，最新价为34.999元。 综合自：深交所公告 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 重磅官宣！"港交所科技100"指数推出，"含科量"拉 满！ 丨 英伟达，突然拉升！ 丨 利好突袭！深夜暴涨！ 丨 603023，重大资产 ...

Core Viewpoint - The bond market is experiencing significant downturns, with many bond funds facing substantial declines, leading to cautious market sentiment and speculation about credit risks [2][5]. Group 1: Recent Performance of Bond Funds - A bond fund under Huachen Future Fund saw a weekly decline of over 7%, erasing nearly two years of accumulated returns, with a year-to-date return of -6.65% as of December 5 [3][4]. - Approximately 70% of bond funds in the market have experienced declines over the past month, with over 2,700 bond funds seeing net value decreases [5][6]. - The yield curve has steepened, with the 10-year and 30-year government bond indices dropping by 0.31% and 3.29% respectively in the past month [5]. Group 2: Market Reactions and Speculations - The decline in the Huachen Future Fund is linked to the collective drop in Vanke bonds, particularly after Vanke announced a meeting regarding the extension of its bonds, causing panic in the market [4][6]. - The market is speculating that the Huachen Future Fund may have been affected by Vanke's bonds, which have seen a price drop of over 70% since November 26 [4]. Group 3: Broader Market Trends and Influences - The bond market's downturn is attributed to a cooling of interest rate cut expectations and potential impacts from new sales regulations, which may increase redemption pressures on bond funds [6][7]. - The recent announcement of Vanke's bond extension has created emotional shocks in the bond market, affecting investor sentiment and expectations regarding the real estate sector [6][7]. Group 4: Future Outlook and Investment Opportunities - Despite the current downturn, there is still a broad demand for bond allocations, and investors are encouraged to look for opportunities following market adjustments [2][8]. - Analysts suggest that the bond market is transitioning into a phase characterized by low rates, low volatility, and low spreads, indicating a shift towards trading strategies that capitalize on market corrections [8][9].

每经AI快讯，12月9日，深交所公告，"21万科02"(149358)盘中大涨30%，自今日11时00分47秒起对该债 券实施临时停牌，将于15时27分00秒复牌。 ...

Group 1: Domestic Market Updates - The People's Bank of China (PBOC) conducted a small-scale net injection of funds, with the overall liquidity remaining stable, and the main repo rates slightly increased [1][8] - Wanda Commercial Management is seeking a two-year extension on its $400 million bond [1] - Country Garden's overseas debt restructuring plan has been officially recognized by the court [1] - New World Development has completed the final settlement of its exchange offer, resulting in the cancellation of $2.5 billion of existing bonds [1] Group 2: Economic Policy and Trade - The Central Committee of the Communist Party of China held a meeting to analyze and study the economic work for 2026, emphasizing the need for high-quality development and a proactive macro policy [2] - China's goods trade import and export value for the first 11 months of 2025 reached 41.21 trillion yuan, a year-on-year increase of 3.6%, with exports growing by 6.2% and imports by 0.2% [3] Group 3: International Market Updates - Japan's GDP for the third quarter shrank by 2.3%, exceeding initial estimates, marking the first contraction in six quarters [5] - Major European economies saw a rise in 10-year government bond yields, with Germany's yield increasing by 7 basis points to 2.87% [21] Group 4: Bond Market Dynamics - The yield on the 10-year Chinese government bond rose by 0.40 basis points to 1.8325% [11] - In the secondary market, several bonds experienced significant price deviations, with some bonds from Vanke showing increases of over 20% [14] - The convertible bond market saw a collective rise, with the total trading volume reaching 652.92 billion yuan, an increase of 51.39 billion yuan from the previous trading day [17]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Views - The Central Politburo meeting emphasized that the economic work in 2026 should adhere to making progress while maintaining stability and improving quality and efficiency, continue to implement a more proactive fiscal policy and a moderately loose monetary policy, and enhance the integrated effect of existing and incremental policies [2]. - The import in China shows a certain repair trend, while the growth rate of exports has declined slightly in the past two months, which is in line with expectations due to the high base of exports in the same period last year, weak overseas demand, and the overdraft effect of pre - export on demand [3]. - The A - share market closed higher on the day, with the Shanghai Composite Index rising 0.54%, the Shenzhen Component Index rising 1.39%, and the ChiNext Index rising 2.6% [4]. - The Central Economic Work Conference may maintain a moderately supportive tone in fiscal and monetary policies, increase support for innovative consumption, focus on the reform and re - balancing themes established in the new five - year plan, and reiterate the stability of the real estate market [9]. 3. Summary by Related Catalogs 3.1 Economic Policy - The 2026 fiscal policy may continue the high - financing trend of government bonds, and the deficit rate may increase. The monetary policy will focus on improving traditional mechanisms, and large - scale interest - rate cuts are expected to be cautious. There are policy expectations for promoting consumption, and innovation, people's livelihood, and green transformation will be long - term policy orientations [2]. - The Central Economic Work Conference may set the GDP growth target for 2026 in the range of 4.5% - 5%, and maintain a moderately supportive tone in fiscal and monetary policies, focusing on innovation, consumption, and real estate market stability [9]. 3.2 Trade Data - In the first 11 months of 2025, China's cumulative export in US dollars increased by 5.4% year - on - year, with a monthly increase of 5.9%. The cumulative increase in imports was - 0.6%, and the monthly increase was 1.9% [3]. 3.3 Financial Market - A - share market: The Shanghai Composite Index rose 0.54%, the Shenzhen Component Index rose 1.39%, the ChiNext Index rose 2.6%, and the two - market trading volume increased by 3108.75 billion yuan compared with the previous trading day [4]. - International market: The South Korean Composite Index rose 1.34%, the Wande All - A Index rose 1.04%, the Russian RTS Index fell 1.75%, the Hang Seng Index fell 1.23%, the US three major stock indexes closed down, the German DAX rose slightly by 0.07%, the French CAC40 fell slightly by 0.08%, and the UK FTSE 100 fell 0.23% [4]. - Interest rates: The 10 - year Treasury bond yield was 1.8526%, with a change of + 0.4BP, and the average prices of inter - bank R001 and R007 on the day were 1.3718% and 1.4940% respectively [5]. 3.4 Real Estate Market - In November, the sales volume of commercial housing in 30 cities decreased by 33% year - on - year, and the year - on - year decline in the first 6 days of December was 34%. The contract sales volume of top - 100 developers in November decreased by 37% year - on - year, and the number of second - hand housing listings in 50 cities increased by 10% year - on - year [7]. - Vanke is seeking bondholders' approval to postpone the repayment of two domestic bonds worth 200 million yuan and 370 million yuan respectively, and the bondholders' meetings are scheduled for December 10 and 22 [8]. - UBS expects that in November, the year - on - year decline in real estate sales will expand (down 20 - 25% year - on - year), and real estate investment will continue to contract deeply (down 23% year - on - year) [10]. 3.5 Economic Forecast - UBS expects that in 2026, the GDP growth target will be in the range of 4.5% - 5%, and the GDP growth rate will fall to 4.5%. The Central Economic Work Conference may maintain a moderately supportive tone in fiscal and monetary policies [9]. - For the November official data, UBS expects that real estate sales will decline more, real estate investment will contract deeply, infrastructure investment decline will narrow slightly, retail and export sales will improve slightly, industrial production growth will slow down, official social financing and credit growth may slightly decrease, CPI may improve, and PPI decline may narrow slightly [10].

人民财讯12月9日电，深交所发布公告，"21万科02"(149358)盘中成交价较前收盘价首次上涨达到或超 过20%，根据有关规定，自今日10时21分05秒起对该债券实施临时停牌，于10时51分06秒复牌。 ...