Group 1: Report Industry Investment Rating - No information provided in the given content. Group 2: Core Viewpoints of the Report - In 2026, focus on provinces with large maturity scales of industrial bonds, such as Inner Mongolia, Heilongjiang, and Jilin, and avoid entities with industry downturns, weakened profitability, and financing channels, or those with non - bond debt risks [2]. - The broad private real estate developers still face challenges, and other industries have a low probability of concentrated risks, but entities with weak competitiveness, significant profit decline, cash - flow pressure, and concentrated debt maturities should be focused on [2]. - For convertible bonds, weak - quality entities with low - priced underlying stocks and high conversion premiums may face difficulties in exiting through conversion, and potential losses should be watched out for [2]. Group 3: Summary by Relevant Catalogs 1. Overall Bond Market Situation - As of January 6, 2026, the national credit bond balance was 36.18 trillion yuan, with urban investment bonds at 17.73 trillion yuan (49.00%) and industrial bonds at 18.45 trillion yuan (51.00%, down from 54.57% last year) [5]. - Beijing has the largest bond balance, followed by Jiangsu, Guangdong, Zhejiang, and Shandong. Inner Mongolia has the highest short - term bond maturity ratio at 81.09%, followed by Heilongjiang at 40.39% [5]. 2. Urban Investment Bonds - Since 2023, with a series of policies and measures, the debt pressure of urban investment platforms has been relieved, the issuance cost and credit spread of urban investment bonds have decreased, the financing cost is generally below 3%, and the debt term has been significantly extended [10]. 3. Industrial Bonds Provincial - level Analysis - Excluding urban investment bonds, Beijing has the largest industrial bond scale at over 7 trillion yuan, mainly central - enterprise bonds. Inner Mongolia has the highest short - term industrial bond maturity ratio at 82.64%, followed by Tibet, Heilongjiang, Tianjin, and Jilin [11]. - Inner Mongolia, Heilongjiang, and Jilin have a bond issuance coverage ratio of less than 1 for the next - year's maturity scale, indicating weak refinancing ability [14]. Industry - level Analysis - In 2025, default industries included 12 sectors such as automobile services and real estate development. The industrial holding and power industries have the largest bond balances, over 2 trillion yuan each [15]. - The paper - making, automobile services, medical devices, medical services, and publishing media industries have a short - term debt ratio of over 50%, with poor debt term structures [15]. - Industries with large short - term debt repayment pressures include rail transit, packaging, heating, furniture and home appliances, textiles, automobile services, and information technology [15]. 4. Real Estate Industry - In 2025, the default rate of real estate development entities remained high, with Vanke and Zhengxinglong defaulting. As of January 6, 2026, the real estate development enterprise bond balance was 11,528.76 billion yuan, mainly held by local and central state - owned enterprises [18]. - The short - term bond maturity pressure of public, Sino - foreign joint - venture, and private enterprises is over 40%. The broad private enterprises still face pressure, with an issuance amount of only 234.38 billion yuan in the past year, 76.93% of the next - year's maturity amount [20]. - In 2026, private real estate enterprises to focus on are Longfor and Yida Development [23]. 5. Loss - making Industrial Entities - Large - loss entities (losses over 10 billion yuan in 2024 and still in losses in the first three quarters of 2025) are mainly in the real estate development industry, including state - owned enterprises such as Overseas Chinese Town Group and financial street - related companies, as well as steel giant Ansteel Group [24]. - Entities with losses between 5 and 10 billion yuan involve industries such as electrical equipment, chemical, steel, and airport [26]. 6. ABS Market - From 2023 - 2025, the default rate of CSRC - regulated ABS was 1.10%, 0.77%, and 0.88% respectively. As of January 6, 2026, the ABS balance was 25,021.96 billion yuan, with a one - year maturity amount of 3,541.59 billion yuan (14.15%). The 2025 issuance amount covered the next - year's maturity amount 3.97 times, with good continuation [32]. 7. Convertible Bond Market - Since 2024, the convertible bond repayment risk has increased. As of January 6, 2026, the convertible bond balance was 5553.51 billion yuan, a 22.89% year - on - year decrease. The broad private enterprises accounted for 64.73%, with a relatively large proportion [33]. - Entities such as Anhui Honglu Steel Structure, Shenzhen Huayang International Engineering Design, and Shanghai Kehua Bio - Engineering face large convertible bond repayment pressures, but the conversion mechanism can reduce credit risks to some extent [35]. - Entities such as Dongfang Fashion Driving School, Hainan Pulili Pharmaceutical, and Jiangsu Fumiao Technology, although not facing immediate repayment pressures, have negative information such as business fluctuations, financial fraud, and equity freezes, and their dynamic changes should be continuously monitored [36].

Group 1: Debt Restructuring Progress - In January 2026, several real estate companies, including Vanke, Road King, and Fantasia, reported significant progress in debt restructuring, continuing the trend from 2025 [1][3] - A total of 21 distressed real estate companies completed debt restructuring or received approval for reorganization in 2025, with a total debt relief scale of approximately 1.2 trillion yuan [1][6] - The restructuring efforts are seen as a necessary step to alleviate liquidity crises, with a focus on restoring companies' operational capabilities [6] Group 2: Policy Support and Financing Mechanisms - The "white list" system for real estate financing was optimized in January 2026, extending the loan extension period for eligible projects from a maximum of 2.5 years to 5 years, providing companies with more financial flexibility [1][8] - The "white list" mechanism has been crucial in supporting distressed companies, with over 7 trillion yuan in loan approvals by September 2025, facilitating the construction and delivery of nearly 20 million housing units [7][8] - Analysts suggest that the extended loan terms will benefit financially healthier private real estate companies, allowing them to stabilize operations and diversify their business [9] Group 3: Case Studies of Successful Restructuring - Jin Ke Co., Ltd. completed a judicial reorganization in December 2025, involving a debt scale of 147 billion yuan and covering over 8,400 creditors, marking it as the largest judicial reorganization case in the real estate sector [5] - Sunac China is expected to reduce its overall debt pressure by nearly 60 billion yuan through its restructuring efforts, while Country Garden aims to reduce its offshore debt by approximately 11.7 billion USD, equivalent to about 84 billion yuan [5] Group 4: Market Confidence and Recovery - The debt restructuring process is viewed as a "blood transfusion" to address temporary liquidity issues, while the long-term solution lies in restoring companies' operational capabilities and ensuring project deliveries [6] - The synergy between debt restructuring and project delivery is expected to rebuild market confidence, creating a positive cycle of trust restoration, sales recovery, and capital replenishment [6]

Group 1: Debt Restructuring Progress - In January 2026, several real estate companies, including Vanke, Road King, and Fantasia, reported significant progress in debt restructuring, continuing the trend from 2025 [1][3] - In 2025, 21 distressed real estate companies completed debt restructuring, with a total debt relief of approximately 1.2 trillion yuan [1][6] - The restructuring efforts are seen as a transition from addressing immediate liquidity crises to a more comprehensive resolution of debt risks in the real estate sector [5] Group 2: Policy Support and Financing Mechanisms - The "white list" financing system for real estate projects was optimized in January 2026, extending the loan extension period from 2.5 years to 5 years, providing companies with more financial flexibility [1][8] - The "white list" system has facilitated over 7 trillion yuan in loan approvals by September 2025, supporting nearly 20 million housing units [7] - The recent policy changes are expected to benefit financially healthier private real estate companies, allowing them to stabilize operations and diversify their business [9] Group 3: Specific Company Developments - Vanke announced a bond buyback plan on January 21, 2026, offering to repay 40% of the principal of certain bonds while extending the remaining 60% for one year, which was well-received by bondholders [3][4] - Fantasia's restructuring has entered a critical judicial phase, with the Hong Kong High Court approving a meeting for creditors to discuss the restructuring plan [4] - Jin Ke Co. completed a judicial restructuring in December 2025, involving a debt scale of 147 billion yuan, marking it as the largest case in the real estate sector [5]

据国家统计局数据，国内70个城市在2025年12月的新建商品房住宅销售价格环比下降0.4%，降幅已经连续数月维持在 相近水平，一线城市环比下降0.3%，降幅较前一月收窄0.1%，部分指标的跌幅呈现出收窄或者趋稳的态势。 在全面取消限购、限贷政策持续优化等多重因素叠加之下，2025年的广州房地产市场整体表现尤为亮眼。根据《广州 市2025年住房发展年度计划》及行业数据显示，2025年广州全市新房成交面积达355.6万平方米，同比降幅收窄至 4.2%，其中中心五区成交占比提升至36%，成为大湾区市场回稳的核心引擎。 回望2025年，在房地产行业向高质量发展转型的关键节点，万科深度锚定广佛都市圈发展脉搏，以"与城市共生长"的 初心深耕布局，凭借优质产品供给与全生命周期服务体系，交出了一份亮眼的市场答卷，持续赢得市场与消费者的广 泛认可。 持续领跑，多个红盘霸榜市场头部 （万科·理想花地规划图，以实际建设为准） 凭借深厚的品牌积淀与产品实力，2025年万科在广佛的销售业绩突破100亿元，多个红盘稳居所在板块销售榜单前 列，市场认可度持续领跑。据克而瑞数据，万科·理想花地全年热度稳居广州荔湾花地湾片区首位，2022至2 ...

Report Summary 1. Market Conditions on January 21 - The overall liquidity situation was stable and loose; the bond market showed a moderately strong oscillation; the main convertible bond market indices rose collectively, with most individual convertible bonds posting gains; yields of U.S. Treasuries across various maturities generally declined, while yields of 10-year government bonds in major European economies generally increased [1][2] 2. Core Viewpoints - The bond market was influenced by better-than-expected liquidity during the tax payment period, showing a moderately strong oscillation. The convertible bond market followed the equity market's upward trend [16][22] 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: - The central bank aims to accelerate the construction of the RMB cross - border payment system and promote high - quality development of the modern payment system [4] - In 2025, the industrial and information technology sectors contributed over 40% to economic growth, with various industries showing positive growth trends [5] - The tax policies for innovative enterprise CDRs during the pilot phase are extended to December 31, 2027 [7] - The Ministry of Housing and Urban - Rural Development plans to stabilize the real estate market this year and implement relevant systems [7] - **International News**: - Trump announced an agreement framework on Greenland with NATO, suspending planned tariffs on Europe [8] - **Commodities**: - International crude oil futures prices rose, and the international natural gas price increased by nearly 30% [9][10] 3.2 Liquidity - **Open Market Operations**: - On January 21, the central bank conducted 363.5 billion yuan of 7 - day reverse repurchase operations, with a net injection of 122.7 billion yuan [12] - **Funding Rates**: - The overall liquidity was stable and loose. DR001 decreased by 5.00bp to 1.321%, and DR007 increased by 0.04bp to 1.495% [13] 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: - **Yield Trends**: - Due to better - than - expected liquidity during the tax payment period, the bond market was moderately strong. As of 20:00, the yield of the 10 - year Treasury active bond 250016 decreased by 0.05bp to 1.8335%, and that of the 10 - year CDB active bond 250215 decreased by 0.45bp to 1.9455% [16] - **Bond Tendering**: - Multiple bonds were issued on January 21, with details such as issue scale, winning yield, and multiples provided [17] - **Credit Bonds**: - **Secondary - Market Transaction Anomalies**: - Four industrial bonds had a price deviation of over 10%, including significant drops and a sharp increase [18][19] - **Credit Bond Events**: - Various companies had bond - related events such as bond extensions, cancellations of bond issuance, and performance announcements [21] - **Convertible Bonds**: - **Equity and Convertible Bond Indices**: - The A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 0.08%, 0.70%, and 0.54% respectively. The convertible bond market also rebounded, with the CSI Convertible Bond, Shenzhen Convertible Bond, and Shanghai Convertible Bond indices rising by 0.90%, 0.89%, and 0.90% respectively [21][22] - **Convertible Bond Tracking**: - Some convertible bonds announced online subscriptions, potential downward revisions of conversion prices, and early redemptions [24] - **Overseas Bond Markets**: - **U.S. Bond Market**: - Yields of U.S. Treasuries across various maturities generally declined, with the 10 - year yield decreasing by 4bp to 4.26%. The yield spreads between 2 - year and 10 - year, and 5 - year and 30 - year Treasuries narrowed [25] - **European Bond Market**: - Yields of 10 - year government bonds in major European economies generally increased, except for the UK where it remained unchanged [27] - **Price Changes of Chinese - Issued Dollar Bonds**: - Details of daily price changes of Chinese - issued dollar bonds as of the close on January 21 were provided [29]

Group 1 - Multiple Vanke domestic bonds experienced significant price increases on January 26, with "22 Vanke 02" rising nearly 25%, triggering a temporary suspension of trading [1] - Other notable bond performances included "21 Vanke 04" up over 23%, "22 Vanke 04" and "22 Vanke 06" both up over 11%, and "21 Vanke 06" up over 10% [1][2] - Despite the bond price surges, Vanke's stock price showed a decline, with Vanke A shares down 1.21% and Hong Kong-listed Vanke Enterprises up 0.27% [2][4] Group 2 - The current price of "22 Vanke 02" is 45.966, reflecting a 24.89% increase, while "21 Vanke 04" is priced at 53.400, showing a 23.23% rise [2] - Vanke A shares have a market capitalization of 154.8 billion, with a price-to-earnings ratio of -1.0 and a price-to-book ratio of 0.33 [3] - The Hong Kong-listed Vanke Enterprises has a market capitalization of 161.1 billion, with a price-to-earnings ratio of -0.7 and a price-to-book ratio of 0.23 [4]

Core Viewpoint - The Shenzhen Stock Exchange announced a temporary suspension of the bond "21 Vanke 04" (149478) after its trading price increased by 20% or more compared to the previous closing price [1] Group 1 - The bond experienced a significant price increase, leading to a temporary trading halt at 10:11:10 AM [1] - The bond was resumed for trading at 10:41:11 AM after the temporary suspension [1]

Core Viewpoint - The accessibility industry is emerging as a significant economic growth point in China, transitioning from a welfare-focused sector to a market-driven one, driven by the aging population and the increasing needs of disabled groups [1][2]. Group 1: Industry Definition and Service Objects - The accessibility industry aims to improve, compensate, or replace human functions for groups such as the disabled, elderly, patients, and pregnant women, enhancing their quality of life and promoting social inclusion [1][2]. Group 2: Current Development Status - The market size of China's accessibility industry is projected to grow from 78 billion yuan in 2020 to 140 billion yuan by 2025, with an expected increase to 163 billion yuan by 2026 [2]. Group 3: Industry Chain - The upstream of the accessibility industry includes raw materials like metals, plastics, and electronic components, while the midstream consists of software systems and hardware products, and the downstream applications are found in homes, public buildings, and rehabilitation institutions [3]. Group 4: Development History - The accessibility industry in China has undergone four stages: the embryonic stage (2001-2007), the regulatory stage (2008-2014), the smart transformation stage (2015-2023), and the service ecosystem stage (2024-present) [3]. Group 5: Policy Environment - Recent national policies, such as the "Barrier-Free Environment Construction Law," have established a legal framework for the development of the accessibility industry, enhancing the construction of urban accessibility facilities [4]. Group 6: Competitive Landscape - Major companies in the accessibility software sector include iFlytek, SenseTime, and Tencent, while hardware companies include Yuyue Medical, Kefu Medical, and Shanghai Construction Group, among others [5][6]. - Kefu Medical reported a revenue of 1.496 billion yuan in the first half of 2025, with rehabilitation aids contributing 563 million yuan, accounting for 37.63% of total revenue [7][8]. - Yuyue Medical is a leading supplier of medical consumables, with a focus on rehabilitation care products, generating 234 million yuan in revenue from these products in the first half of 2025 [6]. Group 7: Future Development Trends - The accessibility industry is expected to expand significantly due to the aging population, with a shift from physical accessibility standards to digital, cultural, and social service areas, indicating a trend towards high-value software services and integrated solutions [9][10].

Core Viewpoint - The real estate industry in China is undergoing a deep adjustment, with significant declines in investment, sales area, and sales revenue in 2025, indicating a challenging market environment [1][3][9]. Investment and Sales Data - In 2025, national real estate development investment reached 82,788 billion yuan, a year-on-year decrease of 17.2% [1]. - The sales area of new commercial housing was 88,101 million square meters, down 8.7% year-on-year, while the sales revenue was 83,937 billion yuan, reflecting a 12.6% decline [1][9]. - The construction area for real estate developers was 659,890 million square meters, a decrease of 10.0% year-on-year, with residential construction down 10.3% [3]. Construction Activity - New construction area was 58,770 million square meters, down 20.4%, with residential new construction area at 42,984 million square meters, a decline of 19.8% [4]. - The completion area was 60,348 million square meters, down 18.1%, with residential completions at 42,830 million square meters, a decrease of 20.2% [4]. Market Dynamics - The market is still in a "de-inventory" phase due to declining new home sales and significantly reduced land transactions over the past two years [5]. - Some central and state-owned enterprises are maintaining orderly construction activities, and there is still demand for well-located properties, which is boosting market confidence [6]. Financial Policies and Support - Local governments are enhancing "guarantee delivery" efforts, with recent financial policies aimed at stabilizing financing for projects on the "white list," which will support the delivery of homes [7]. Leading Companies - In 2025, ten real estate companies achieved sales exceeding 100 billion yuan, with four surpassing 200 billion yuan. These include major players like Poly Development, China Overseas Land & Investment, and Vanke [9]. - The top ten companies by investment are primarily state-owned enterprises, with significant investments from China Overseas, China Resources, Poly Development, and China Merchants Shekou, indicating a strategic positioning during market adjustments [9]. Market Trends - December 2025 showed signs of improvement, with new commercial housing sales area increasing by 39.87% month-on-month and sales revenue rising by 44.07% [10]. - The average price of new residential properties in first-tier cities saw a slight decrease, with Shanghai experiencing a minor increase, while other cities like Beijing and Guangzhou reported declines [10][11]. - The second-hand housing market is also seeing a shift, with increased transactions in second-hand homes as buyers seek more affordable options [12].

Group 1 - The report highlights a significant increase in the activity of the credit bond secondary market due to structural interest rate cuts and excess MLF operations, with a weekly transaction volume reaching 9,929 billion yuan, marking a high point since July 2025 [10][12]. - Vanke's 1.1 billion yuan bond ("21 Vanke 02") extension was approved with a high vote of 92.11%, providing a precedent for the handling of other extended bonds [12][15]. - The net financing amount for credit bonds (excluding asset-backed securities) was 185.1 billion yuan, an increase of 120.1 billion yuan compared to the previous week, with total issuance rising to 418.6 billion yuan [16][19]. Group 2 - In the primary market, the average issuance rates for AA city investment bonds, AA+ industrial bonds, and financial bonds increased significantly, while other credit bonds showed fluctuations within 10 basis points [20][21]. - The secondary market saw a 1,350 billion yuan increase in transaction volume, with the turnover rate for credit bonds showing slight fluctuations [22][26]. - Credit spreads for AA+ electronic and non-bank financial sectors expanded significantly, while the AA+ pharmaceutical and biological sector saw a compression of 6 basis points [34][49]. Group 3 - The report indicates that the yields on credit bonds have continued to decline, with various credit products experiencing a reduction in spreads, making coupon assets increasingly scarce [50]. - The report suggests that mid-to-short-term credit bonds will remain a preferred choice for bond funds seeking safety, particularly recommending a focus on 3-5 year bank capital bonds [6][50].