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） 债券代码 债券简称 148380.SZ 23 万科 01 149358.SZ 21 万科 02 149478.SZ 21 万科 04 149568.SZ 21 万科 06 149815.SZ 22 万科 02 149931.SZ 22 万科 04 149976.SZ 22 万科 06 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8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 ...

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8日 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 第二次提示性公告 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〉2025-153 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 ...

Core Viewpoint - Vanke A (000002.SZ) announced that it will not adjust the coupon rate of "21 Vanke 02," maintaining a coupon rate of 3.98% for the next two years [1] Summary by Relevant Sections - **Bond Repurchase Details** - Investors can register for repurchase from December 9 to December 15, with a repurchase price set at 100 yuan per bond [1] - The funds from the repurchase will be credited on January 22, 2026 [1] - The company does not plan to resell the repurchased bonds, and the final resale situation will be based on the repurchase results announcement [1]

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。 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 第二次提示性公告 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〉2025-153 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。 整本期债券票面利率及调整幅度的公告后，投 ...

债券代码 债券简称 148380.SZ 23 万科 01 149358.SZ 21 万科 02 149478.SZ 21 万科 04 149568.SZ 21 万科 06 149815.SZ 22 万科 02 149931.SZ 22 万科 04 149976.SZ 22 万科 06 中信证券股份有限公司 关于万科企业股份有限公司公司债券 临时受托管理事务报告 受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 12 月 8 日 声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》，以及《万科企业股份有限公司 2020 年面向合格投资者公开发行住房租 赁专项公司债券债券持有人会议规则》《万科企业股份有限公司 2021 年面向专业 投资者公开发行公司债券受托管理协议》《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受托管理协议》（以下合称"《受托管理协议》"） 等相关规定、公开信息披露文件以及万科企业股份有限公司（以下简称"发行人" 或"公司"）出具的相关说明文件以及提供的相关资料等，由受托管理人中信证 券股份有限公司 ...

Core Viewpoint - The yield on 30-year government bonds continues to rise, with fluctuations observed throughout the day, indicating a bearish trend in the bond market [1][3]. Group 1: Government Bond Market - The yield on the 30-year government bond active coupon rose by over 2 basis points during the day, with a slight narrowing of the increase in the afternoon [1]. - The closing prices for government bond futures showed a mixed performance, with the 30-year main contract down by 0.29% to 112.240, while the 10-year main contract increased by 0.02% to 107.910 [1]. - As of 16:30, the yield on the 10-year government bond active coupon rose by 0.55 basis points to 1.834%, while the 30-year government bond yield increased by 0.45 basis points to 2.256% [1][2]. Group 2: Market Sentiment and Technical Analysis - Analysts indicate that the 30-year government bond futures have technically broken down, confirming a downward trend, with trading firms continuing to follow this trend [3]. - The market sentiment was slightly calmed by a political bureau meeting, but the bond market still lacks direction, suggesting potential further weakness influenced by upcoming news [3]. Group 3: Central Bank Operations - The central bank conducted a reverse repurchase operation of 122.3 billion yuan at a fixed rate of 1.40%, with a net injection of 14.7 billion yuan for the day [4]. - Short-term Shibor rates have collectively risen, with the overnight rate up by 0.1 basis points to 1.302% and the 7-day rate up by 1.0 basis points to 1.426% [4]. Group 4: Secondary Market Performance - In the secondary market, Vanke bonds showed significant rebounds, with "21 Vanke 04" rising over 31% and "21 Vanke 02" increasing over 23% [2]. - Conversely, some bonds like "22 Vanke 06" and "24 Industrial Integration 08" experienced declines of over 4% [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints On December 5, the liquidity slightly tightened; the bond market fluctuated and recovered; the main indices of the convertible bond market collectively rose, and most convertible bond issues increased in price; yields on U.S. Treasuries across all maturities generally increased, and yields on 10-year government bonds of major European economies generally rose [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On the evening of December 5, Chinese and U.S. economic and trade leaders held a video call, discussing the implementation of previous consensuses and promoting stable and positive development of Sino-U.S. economic and trade relations [3]; on December 6, China Securities Regulatory Commission Chairman Wu Qing emphasized accelerating the creation of first-class investment banks and institutions to boost high-quality development of the capital market [4]; on December 5, the CSRC solicited public opinions on the "Regulations on the Supervision and Administration of Listed Companies"; the "Administrative Measures for Financial Leasing Business of Financial Leasing Companies" will be implemented from January 1, 2026; the central bank renewed a bilateral currency swap agreement with the Macao Monetary Authority, expanding the scale to 50 billion yuan/57 billion Macao patacas [5][6]. - **International News**: U.S. economic data for September showed inflation and personal income increases, but actual personal consumption expenditures remained stagnant; the preliminary December consumer confidence index rose, and short-term inflation expectations dropped to the lowest level since January; key European economies' 10-year government bond yields generally increased [7][8][30]. - **Commodities**: On December 5, international crude oil futures prices continued to rise, with WTI January crude futures up 0.69% to $60.08 per barrel and Brent February crude futures up 0.77% to $63.75 per barrel; COMEX February gold futures closed flat at $4,243 per ounce; NYMEX natural gas prices rose 5.25% to $5.337 per ounce [9][10]. 3.2 Liquidity - **Open Market Operations**: On December 5, the central bank conducted 139.8 billion yuan of 7-day reverse repurchase operations at an interest rate of 1.40%, with 303.1 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 161.5 billion yuan [12]. - **Funding Rates**: On December 5, the liquidity slightly tightened but remained generally loose. DR001 rose 0.06bp to 1.300%, and DR007 rose 0.04bp to 1.438% [13]. 3.3 Bond Market Dynamics - **Interest Rate Bonds**: On December 5, affected by rumors of the Politburo's mention of "dual cuts," the bond market fluctuated and recovered. Yields on 10-year government bonds and 10-year China Development Bank bonds decreased [16]. - **Credit Bonds**: On December 5, the trading prices of two industrial bonds deviated by over 10%; several companies, including Zhengyuan Real Estate and Fosun Group, faced regulatory actions due to information disclosure violations; many companies, such as Vanke and Longfor Group, announced bond-related events [18][19][22]. - **Convertible Bonds**: On December 5, the A-share market rose, and the convertible bond market followed suit. The main convertible bond indices increased, and most individual convertible bonds rose. Several companies, including Aowei Electronics, announced convertible bond-related events [21][23][27]. - **Overseas Bond Markets**: On December 5, yields on U.S. Treasuries across all maturities generally increased, and yields on 10-year government bonds of major European economies generally rose; the daily price changes of Chinese dollar bonds are provided [26][30][32].

格隆汇12月8日丨交易所债券市场收盘，"21万科04"涨超31%，"21万科02"涨超23%，"22万科04"涨超 20%，"21万科06"涨近20%，"22万科02"涨超18%。 ...

Core Viewpoint - Vanke A has communicated a clear signal to the market by establishing a bond repurchase arrangement, addressing recent market volatility and investor concerns [1][2]. Group 1: Bond Repurchase Arrangement - The company announced that investors can repurchase the "21 Vanke 02" bond at a face value of 100 yuan on January 22, 2026 [1]. - The current market price of the bond is approximately 21.71 yuan, which is seen as a strong declaration of the company's repayment capability [2]. Group 2: Market Response and Debt Management - The recent actions by Vanke are aimed at countering market rumors and short-selling activities that have led to significant declines in bond prices and fluctuations in stock prices [2]. - Vanke's proactive debt management is expected to alleviate irrational panic in the market, restore reasonable bond valuations, and positively impact the overall financing environment in the real estate sector [3]. Group 3: Support from Major Shareholders - The extension arrangements for certain notes have received support from major shareholders, including Shenzhen Metro Group and Shenzhen state-owned enterprises, indicating a high probability of success [3].

Some China Vanke investors voiced concerns about its plan to delay bond payments at a meeting with local regulators https://t.co/Cch6ywBMtR ...