证券日报网讯1月30日，万科A在互动平台回答投资者提问时表示，当前公司在各方支持下，全力推进 改革化险工作。公司也将持续研究和借鉴国际优秀同行企业的经验和教训。 ...

Core Viewpoint - Vanke A is actively coordinating with financial institutions to optimize financing conditions and reduce interest costs, showing a trend of decreasing financing rates over the years, with significant progress achieved [1]. Group 1 - The company is focused on improving financing conditions with financial institutions [1]. - There is a noted trend of decreasing financing rates year by year [1]. - The company has made good progress in its financing efforts [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - China's economic rebalancing and global liquidity easing are expected to support stocks, commodities, and EM currencies in 1H26, but may face challenges in 2H26 if US inflation resurges [3][11][17]. - The convergence of China's economic rebalancing and global liquidity easing is likely to bolster risky assets throughout 1H26, while the outlook for 2H26 is more cautious [17]. 3. Summary by Relevant Catalogs Trading Desk Comments - In the Chinese IG space, MEITUA and KUAISH had balanced two - way flows, with slightly better selling on 10yr issues; ZHOSHK tightened 1bp; ORIEAS/CCAMCL papers with <5yr tenor tightened 1 - 3bps [2]. - In HK, FRESHK curve tightened 3 - 5bps; BNKEA T2s traded mixed; NWDEVL/VDNWDL complex surged 0.7 - 7.3pts; LASUDE 26 rose 0.9pt; FAEACO 12.814 Perp was 0.5pt higher; EHICAR 26 dropped 1.4pts [2]. - In Chinese properties, VNKRLE 27 - 29 rose 1.5 - 1.8pts; SHUION 29/DALWAN 28 gained 0.4pt; DALWAN priced USD360mn new bond; LNGFOR 27 - 32/FUTLAN 28/FTLNHD 26 - 27 rose 0.3 - 1.2pts [2]. - In KR space, HYUELE 29s tightened 4bps; AU and JP fixed - rate IG credits squeezed 1 - 2bps tighter; JP bank FRNs tightened 1 - 2bps; JP insurance subs remained better offered; there were decent two - way flows in Yankee AT1s [2]. - In SE Asian space, BBLTB T2s tightened 2 - 3bps; GLPSP Perps rose 1.1 - 1.3pts; VEDLN 28 - 33s were unchanged to 0.4pt higher; INDYIJ 29 lost 0.4pt; MEDCIJ 26 - 30s were unchanged to 0.2pt lower [2]. - In the Middle Eastern space, long - end KSAs lost 0.1 - 0.3pt; SNBAB 6.15 Perp was 0.1pt lower; SECO 36 tightened 1bp; ARAMCO attracted better buying but closed largely unchanged [2]. Macro News Recap - On Thursday, S&P (-0.13%), Dow (+0.11%), and Nasdaq (-0.72%) were mixed; US latest initial jobless claims were +209k, higher than the market expectation; UST yield was lower, with 2/5/10/30 - year yield at 3.53%/3.80%/4.24%/4.85% [6]. Desk Analyst Comments - Regarding NWDEVL/VDNWDL, media reported Blackstone in advanced discussions to become NWD's largest shareholder; NWD confirmed potential investors approached, but no agreement reached; Cheng's family owns c45% of NWD [7]. - Cheng's family reshuffled group entities: transferred c54% of CTF Jewellery to Beyond Luck Limited; increased stakes in CTFH by 9.49% to 90.52%; CTFE to sell Alinta Energy to Sembcorp for AUD6.5bn (cUSD4.3bn) [8]. - Maintain buy on VDNWDL 9 Perp due to higher certainty of coupon payments; expect more corporate actions for NWDEVLs [9]. China Policy: Signals for Economic Rebalancing - China's policymakers signaled a pivot to "boosting domestic demand" in 2026 to address economic imbalance [10]. - Demand - side policies focus on stabilizing the property market and stimulating consumption; supply - side policies aim to address overcapacity; trade - side policies employ a four - pronged approach [10]. - The rebalancing process may lead to a GDP growth target reduction to 4.5% - 5% in 2026, but is structurally positive [10]. Offshore Asia New Issues - Issued: Dalian Wanda issued USD360mn 2 - yr bond at 12.75% coupon; First Abu Dhabi Bank PJS issued USD750mn 5 - yr bond at SOFR+75; Muthoot Finance issued USD600mn 4.5 - yr bond at 5.75% coupon [19][20]. - Pipeline: No offshore Asia new issues pipeline on this day [20]. News and Market Color - 101 credit bonds were issued yesterday in onshore primary issuances, amounting to RMB82bn; month - to - date, 1,920 credit bonds were issued with RMB1,652bn raised, a 13.5% yoy increase [25]. - Adani Group plans to raise up to cUSD1.5bn in JPY - denominated bonds and loans [25]. - China Overseas Grand Oceans and Yuexiu Property propose to issue 3 - yr dim sum bonds [25]. - China Vanke to make partial payment for 21Wanke02 onshore bonds on 30 Jan'26 [25]. - West China Cement's proposed acquisition of AfriSam Holdings has a consideration of USD150mn [25].

Summary of Key Points from the Conference Call on China Property Industry Industry Overview - The China property industry has shown an 11% year-to-date performance, outperforming the MSCI China index which is at 7% [1] - The current sentiment-driven rally is viewed as likely unsustainable due to a fragile housing market and high sector valuations [1] Core Insights - The rally is attributed to improved investor sentiment from positive policy news and a recent uptick in housing sales, influenced by a later Chinese New Year and mild policy easing [9] - However, there are multiple near-term headwinds anticipated, including: - Over-optimism regarding the physical market recovery [3] - Potential earnings misses for key developers in 2025, with profit warnings expected from Greentown, Longfor, and Vanke [4] - A decline in contracted sales in Q1 due to reduced saleable resources and a high base effect [4] - High valuations across the sector [4] Company-Specific Insights - Companies expected to face challenges include: - **Greentown**, **Jinmao**, **Longfor**, and **Vanke A/H** due to potential earnings misses and high valuations [4] - In contrast, companies favored for their fundamentals include: - **CR Land** and **Seazen A/H**, which are robust mall operators benefiting from consumption-boosting initiatives [5] - **C&D**, recognized as residential market consolidators with optimized landbanks supporting margins and positive earnings growth [5] Market Outlook - A potential sector pullback is anticipated as the results season approaches, with cautious guidance expected from developers regarding property sales, development margins, and earnings recovery [9] - The likelihood of further policy stimulus is seen as diminishing, especially before the Chinese New Year, given the recent improvement in home sales volume in tier 1 cities [9] - Analysts maintain a cautious outlook, predicting continued home price declines in top-tier cities over the next two years [9] Stock Ratings and Price Targets - The report includes a summary of stock ratings and price targets for various companies in the sector: - **C&D International** (OW, PT: HKD 20.62) - **CR Land** (OW, PT: HKD 39.20) - **Seazen A** (OW, PT: RMB 19.70) - **Greentown** (UW, PT: HKD 7.86) - **Vanke A** (UW, PT: RMB 2.70) [6] Additional Considerations - The report emphasizes the importance of considering the broader market context and potential conflicts of interest in investment decisions [7][8] - Analysts express skepticism about the sustainability of fund flows into the sector, given the bearish outlook for the China housing market [9] This summary encapsulates the key insights and outlook for the China property industry as discussed in the conference call, highlighting both risks and opportunities within the sector.

Group 1 - Vanke's bonds have generally increased in value, with "22 Vanke 02" rising over 4% [1] - "22 Vanke 06" has increased by more than 3% [1] - "23 Vanke 01" has seen an increase of over 2% [1] - "22 Vanke 04" has risen by more than 1% [1]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The real estate industry's operating logic has fundamentally reversed, and the negative feedback loop of "credit contraction - construction collapse" in the ferrous metal industry is disintegrating. The black - series varieties are in the transition from the clearing of pessimistic expectations to the repair of credit premiums, and the market needs to re - evaluate downstream demand resilience and pricing structure changes [1]. - In 2026, the ferrous metal market will show the operating characteristics of "slowing decline in real estate, rising manufacturing demand, supply restrictions, and valuation repair but with limited height" [4]. - The end of the "Three Red Lines" policy and the successful debt extension of Vanke mark the shift of real estate policy from "rigid constraints" to "liquidity irrigation" and "credit reshaping", providing a buffer for the black industry chain [5]. - The demand for construction steel such as rebar will show "stock resilience" in 2026, and the risk premium in the black - series prices will decline, driving the basis to return and the valuation center of the futures market to rise [8]. - The internal differentiation trend of black - series varieties will be further strengthened. Rebar has some bottom support but limited upward driving force, while the demand for plates has clearer logic and medium - term support [11]. Summary by Directory 1. Black Metal Market Under Pressure with Structural Resilience - In 2026, the macro - economy is shifting from total expansion to structural optimization and kinetic energy switching. The demand logic of the ferrous metal industry is being reconstructed from "real - estate - dominated" to "driven by manufacturing and new infrastructure". The successful debt extension of Vanke provides a sample for judging the release rhythm of real - estate demand [4]. - The end of the "Three Red Lines" policy is a sign of the end of the "painful de - leveraging" stage in the real - estate industry, cutting off the risk chain of real - estate enterprise defaults spreading to the steel trading supply chain [5]. 2. Structured Evolution of Steel Demand in the Real - Estate "De - leveraging" Process - Real - estate enterprises have entered a new business model of "low debt, low growth, and high - quality". The demand for construction steel will show "stock resilience" in 2026, and the risk premium in black - series prices will decline [8]. 3. Re - balance of the Steel Industry Pattern: Shifting from Construction Steel to Manufacturing Steel - In the context of credit environment repair, the internal differentiation of black - series varieties will be further strengthened. Rebar has bottom support but limited upward driving force, while the demand for plates has clearer logic and medium - term support. The market should pay attention to the phased opportunities brought by credit repair [11].

Investment Rating - The report rates the real estate sector as "Overweight" [4] Core Insights - The industry is expected to stabilize as supply decreases and quality improves, with new and old drivers working together to push the market towards a bottoming out [2] - Key cities are anticipated to find a balance in sales by 2026, although long-tail cities will continue to drag down overall performance, albeit at a reduced rate [2] Summary by Sections 2025 Industry Review - The industry faced a significant downturn in sales and investment, with actual sales area data falling below previous lower predictions due to overly optimistic expectations for third and fourth-tier cities [8] - The decline in new construction and investment was more pronounced than expected, with new construction area growth at -20.4% and completion area growth at -18.1% [10][24] 2026 Industry Outlook - The focus will be on high-quality development, with key cities expected to stabilize sales. The central economic work conference emphasized stabilizing the real estate market and encouraging the acquisition of existing properties for affordable housing [7][9] - Investment growth is projected to be slow, with construction area growth expected between -5.8% and -10.2%, and corresponding investment growth between -4.0% and -12.5% [10][11] - The report predicts that the sales amount for 2026 could vary under optimistic, neutral, and pessimistic scenarios, with forecasts of 2.6%, -4.9%, and -11.4% respectively [10] Policy Focus - The main pressures on the industry will stem from investment growth challenges, with expectations for interest rate cuts and asset recovery policies to support the sector [10][11] - The report highlights the importance of monitoring the implementation of policies related to interest rate reductions, asset recovery, and urban renewal [10][11] Sales and Investment Predictions - The report provides a detailed forecast for 2026, indicating that the total sales area is expected to stabilize between 7-8 billion square meters, driven by improving demand and urban renewal initiatives [44][50] - The sales amount and land acquisition trends are expected to reflect a continued focus on quality and strategic development in key urban areas [50][55]

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。 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。茲載列該公告如下，僅供參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2026年1月29日 於本公告日期，本公司董事會成員包括：非執行董事黃力平先生、胡國斌先生及雷江松先生；執行 董事王蘊女士；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 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 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）（品种二）分期兑付公告 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〉2026-017 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 ...

每经AI快讯，1月29日，万科A(000002.SZ)公告称，其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)(品种二)将于2026年1月30日实施固定兑付安排，并支付本期债券申报回售部分本金的 40%及其自2026年1月22日至2026年1月29日期间的利息。债权登记日为2026年1月29日。 ...

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）（品种二）分期兑付公告 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〉2026-017 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： 分期兑付日：2026 年 1 月 30 日 计息期间：2026 年 1 月 22 日至 2026 年 1 月 29 日 根据《关于召开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）（品种二）2026 年第一次 债券持有人会议的通知》《关于召开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）（品种二） 2026 年第一次债券持有人会议的补充通知》《关于召开万科企业股份 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）（品种二）2026 年第一次债券持有人会议的补充通知（二）》 1 （以下合称《会议通知》）及《关于万科企业股份有限公司 20 ...