沪指7月31日下跌1.18%，申万所属行业中，今日上涨的有2个，涨幅居前的行业为计算机、通信，涨幅 分别为0.39%、0.06%。跌幅居前的行业为钢铁、有色金属，跌幅分别为4.08%、3.19%。房地产行业位 居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出569.34亿元，主力资金净流入的行业仅有3个，计算机行业净流 入资金38.69亿元;银行行业净流入资金17.02亿元;传媒行业净流入资金2.22亿元。 主力资金净流出的行业有28个，有色金属行业主力资金净流出规模居首，全天净流出资金79.44亿元， 其次是非银金融行业，净流出资金为76.60亿元，净流出资金较多的还有电力设备、电子、基础化工等 行业。 房地产行业今日下跌3.14%，全天主力资金净流出19.49亿元，该行业所属的个股共102只，今日上涨的 有7只，涨停的有1只;下跌的有93只。以资金流向数据进行统计，该行业资金净流入的个股有26只，净 流入资金居首的是电子城，今日净流入资金5002.83万元，紧随其后的是中华企业、城投控股，净流入 资金分别为3178.72万元、1406.31万元。房地产行业资金净流出个股中，资金净流出超5000万元的 ...

今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 液冷服务器 | 1.86 | 特钢概念 | -3.20 | | 智谱AI | 1.73 | 低辐射玻璃(Low-E) | -3.07 | | 辅助生殖 | 1.72 | 金属铅 | -2.90 | | 小红书概念 | 1.61 | 金属锌 | -2.82 | | Sora概念(文生视频) | 1.43 | 租售同权 | -2.71 | | 快手概念 | 1.35 | 可燃冰 | -2.59 | | 华为盘古 | 1.24 | 玉米 | -2.51 | | 财税数字化 | 1.11 | 中船系 | -2.50 | | 中国AI 50 | 0.99 | 磷化工 | -2.50 | | MLOps概念 | 0.96 | 硅能源 | -2.48 | 资金面上看，今日租售同权概念板块获主力资金净流出16.42亿元，其中，23股获主力资金净流出，7股 主力资金净流出超5000万元，净流出资金居首的是张江高科，今日主力资金净流出5.57亿元，净流出资 金居前的还有保利发展、天 ...

沪指7月31日下跌1.18%，申万所属行业中，今日上涨的有2个，涨幅居前的行业为计算机、通信，涨幅 分别为0.39%、0.06%。跌幅居前的行业为钢铁、有色金属，跌幅分别为4.08%、3.19%。房地产行业位 居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出569.34亿元，主力资金净流入的行业仅有3个，计算机行业净流 入资金38.69亿元；银行行业净流入资金17.02亿元；传媒行业净流入资金2.22亿元。 房地产行业资金流出榜 主力资金净流出的行业有28个，有色金属行业主力资金净流出规模居首，全天净流出资金79.44亿元， 其次是非银金融行业，净流出资金为76.60亿元，净流出资金较多的还有电力设备、电子、基础化工等 行业。 房地产行业今日下跌3.14%，全天主力资金净流出19.49亿元，该行业所属的个股共102只，今日上涨的 有7只，涨停的有1只；下跌的有93只。以资金流向数据进行统计，该行业资金净流入的个股有26只，净 流入资金居首的是电子城，今日净流入资金5002.83万元，紧随其后的是中华企业、城投控股，净流入 资金分别为3178.72万元、1406.31万元。房地产行业资金净流出个股中，资金 ...

威胜控股(03393.HK)：威胜信息上半年营业收入13.68亿元，同比增加11.88%；归母净利润3.05亿元，同 比增加12.24%。 盈大地产(00432.HK)：上半年综合收入7.36亿港元，同比增长35%；净亏损约2.49亿港元，同比扩大 62.75%。 澳能建设(01183.HK)：发布盈喜，预计上半年纯利同比增超125%至不少于1800万澳门元。 金融界7月31日消息，周四港股指数低开后震荡冲高，午后再度跳水下挫维持震荡走势，截止收盘，恒 生指数跌1.6%报24773.33点，恒生科技指数跌0.69%报5453.14点，国企指数跌1.72%报8882.95点，红筹 指数跌2.29%报4249.7点。 盘面上，大型科技股多下挫，阿里巴巴跌1.2%，腾讯控股涨0.18%，京东集团跌3.15%，小米集团跌 2.92%，网易跌0.39%，美团跌4.55%，哔哩哔哩涨0.28%；黄金股、内房股跌幅居前，老铺黄金跌超 8%，碧桂园、万科企业跌超7%，龙湖集团跌超6%，山东黄金跌近4%。AI应用板块表现强势，半导体 板块午后拉升，快手涨6.35%，中芯国际涨1.79%，鞍钢股份收跌7.79%。 企业新闻 圣贝 ...

Report Industry Investment Rating - Not provided in the given content. Core Viewpoints of the Report - Despite a 25 - 30pt increase in VNKRLEs year - to - date, the valuation is still undemanding with upside potential due to SZ Metro's support and Vanke's manageable offshore debt maturities, so the buy recommendation on VNKRLEs is maintained [8]. - The recommendation on YLLGSP is changed to neutral from buy because of its unappealing valuation, although Yanlord is still considered a survivor in the sector [10]. - China's macro - policy is shifting towards economic rebalancing, focusing on boosting household consumption and addressing supply - side competition. The policy implementation window may open in 4Q25, and it may positively impact bond yields, RMB exchange rates, and Chinese stocks [14]. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, in KR, LGENSO 26 - 35s tightened 6 - 12bps after LG Energy signed a USD4.3bn battery supply contract with Tesla. In Chinese IGs, CNOOC/JD 39 - 50s long - end was 0.4 - 0.7pt lower. ZHOSHK 28 tightened 8bps. In financials, MIZUHO/SUMIBK Float 30 - 31s tightened 1bp. In insurance, NSINTW 34 and SHIKON 35 widened. Some AT1s and perpetual bonds rose. In HK, new bonds like LIFUNG 29 and LASUDE/LIHHK 26 increased. In Chinese properties, Yanlord repurchased USD46.65mn of YLLGSP, VNKRLE 27 - 29s decreased, and Vanke got a new loan from SZ Metro [1]. - This morning, LGENSO 27 - 35s widened 2 - 3bps, ZHOSHK 28 tightened 1bp, BBLTB 34 - 40s tightened 2 - 5bps. New CNH CB 30/35/55 were 0.1 - 0.3pt lower. VNKRLE 27 - 29s were 0.3 - 0.4pt lower [2]. Outside Properties - EHICAR 26/27 were up 0.4 - 1.2pts, 1.7 - 2.8pts higher week - to - date. In SE Asia, ADSEZ 27 - 31s were up 0.1 - 0.2pt, and other Adani complex bonds had a 0.1pt decrease to 0.2pt increase. VLLPM 29 lowered 0.8pt [3]. CNH Space - New CNH CCAMCL 29/30 were 0.2 - 0.6pts lower. New CNH TEMASE 30/35/55 and CHMEDA 30/35 closed 0.1 - 0.6pt lower. KCGZIG priced a 3yr CNH1.4bn bond at par. There were two - way interests in some CNH and USD new issues. SPICPD Perp was up 0.1pt [4]. Last Trading Day's Top Movers - Top performers included GWFOOD 3.258 10/29/30 with a 2.5pt increase and EHICAR 7 09/21/26 with a 1.2pt increase. Top underperformers included JMUDIV 6.9 05/30/27 with a 1.3pt decrease and MTRC 5 1/4 04/01/55 with a 1.0pt decrease [5]. Macro News Recap - On Wednesday, S&P was down 0.12%, Dow was down 0.38%, and Nasdaq was up 0.15%. The US Fed kept the benchmark interest rate unchanged. US Jul '25 ADP Non - farm employment was + 104k, higher than expected. US 2Q25 GDP was + 3.0% qoq, higher than expected. Trump mentioned a possible tariff on India, and UST yield was higher [6]. Desk Analyst Comments - Vanke obtained a secured loan of up to RMB869mn from SZ Metro with a 2.34% funding cost. Cumulatively, SZ Metro has provided RMB22.7bn in loans, about 59% unsecured. VNKRLE 3.975 11/09/27 and VNKRLE 3 1/2 11/12/29 are trading at YTM of 13.8% and 11.6% respectively [8]. - Yanlord further repurchased USD46.65mn of YLLGSP 5 1/8 05/20/26, reducing the outstanding amount to USD379.66mn. It had previous repurchases in Apr '25 and early Jul '25. YLLGSP is trading at a YTM of 5.2% [10]. China Policy - The Politburo meeting signals a shift towards economic rebalancing, focusing on boosting consumption and reducing supply - side competition. China may boost consumption through multiple measures and address supply - side issues by eliminating local protectionism, etc. The policy implementation window may open in 4Q25 [14]. Offshore Asia New Issues - No new offshore Asia issues were priced today. There is a pipeline issue from Chengdu & Europe Industrial Zone with a 3 - year tenor, a 7.3% pricing, and an unrated status [22][23]. News and Market Color - Yesterday, 66 credit bonds were issued in onshore primary issuances with an amount of RMB38bn. Month - to - date, 2,033 credit bonds were issued, raising RMB2,110bn, a 12.8% yoy increase [25]. - There are various corporate news, such as Moody's outlook revision for AAC Technologies, HSBC's subsidiary NPL change, JD's acquisition plan, etc. [25].

另外，公司根据国资对外借款的相关规定就本次股东借款提供资产、股权或收益权质押等形式的增信安排，抵质押资产的对应质押率等 于或高于市场惯例的水平确定。此次借款的抵质押资产清单显示，包括深圳市万科发展有限公司持有的办公资产、万科企业股份有限公 司持有的办公资产等，合计账面净值为12.972亿元，抵质押率从50%至70%不等。 | 抵质押资产 | 账面净值 | 抵质押形式 | 抵质押率 | | --- | --- | --- | --- | | 深圳市万科发展有限公司持有的办公资产 | 9.40 | 资产抵押 | 70% | | 万科企业股份有限公司持有的办公资产 | 0.08 | 资产抵押 | 70% | | 杭州天马置业有限公司 100%股权 | 0.888 | 股权质押 | 50% | | 嘉兴万科房地产开发有限公司 100%股权 | 1.064 | 股权质押 | 50% | | 成都泰新房地产开发有限公司持有的公寓资产 | 0.33 | 资产抵押 | 70% | | 天津泊寓津滨商业运营管理有限公司持有的公寓资产 | 0.67 | 资产抵押 | 70% | | 苏州宜家开元酒店有限公司持有的公寓资产 | 0 ...

此外，万科还将两家附属公司杭州万瑜和杭州元广的股权转让给万物云抵债。 其中，杭州万瑜持有位于杭州市拱墅区的中城•小藤街项目，包含三栋两层商业楼和一栋六层商业，涉及各种零售和酒店公 寓单元以及40个停车位，总建筑面积约为10072.58平方米，其中零售及酒店公寓单位的总建筑面积分别约为4422.62平方米 及5649.96平方米。 杭州元广主要从事房地产开发经营，住宿服务，餐饮服务等业务，自2021年起与杭州万瑜签订租赁协议，租赁上述中城•小 藤街项目中总建筑面积约5649.96平方米的商业单元已作酒店公寓用途，并委托他方物业管理公司（万物云的独立第三方） 负责该酒店公寓单元的运营、营销及维护。截至2025年1月，杭州元广与他方物业管理公司经双方同意已终止上述委托管理 协议。 7月30日，万科（000002.SZ）公告称，大股东深铁集团向公司再提供不超过8.69亿元股东借款，仍用于偿还万科在公开市 场发行的债券本息以及经出借人同意的指定借款利息，借款利率目前仍为2.34%。 借款期限有所调整。公告显示，借款期限从合同签订之日起至2028年7月2日止，整体期限仍约3年，万科方面可分次提取， 最后可提取日期为202 ...

Group 1 - The core point of the article is that Vanke has received additional financial support from its major shareholder, Shenzhen Metro Group, in the form of a shareholder loan amounting to up to 869 million yuan, aimed at repaying bond principal and interest [2] - The loan has a duration of approximately three years, with the final withdrawal date set for August 31, 2025, and the interest rate is 2.34% [2] - Shenzhen Metro Group has provided asset collateral for the loan, with a total asset value of no more than 1.298 billion yuan, resulting in a collateralization rate of 70% [2] Group 2 - In 2023, Shenzhen Metro Group has provided a total of seven shareholder loans to Vanke, amounting to approximately 22.688 billion yuan [2] - Vanke has successfully repaid approximately 16.49 billion yuan in public debt in the first half of the year, with no foreign public debt maturing before 2027 [2] - Vanke is also utilizing various methods to resolve its debts, including asset settlements [2] Group 3 - On July 30, Vanke announced a debt settlement agreement with Wanwuyun, involving a total consideration of approximately 257 million yuan [3] - The agreement includes 106 debt settlement agreements, with Vanke providing various types of properties located in multiple cities to offset outstanding payments to Wanwuyun [3] - Vanke has transferred equity in two subsidiaries, Hangzhou Wanyu and Hangzhou Yuanguang, to Wanwuyun as part of the debt settlement [3] Group 4 - Hangzhou Yuanguang is primarily engaged in real estate development and has a lease agreement with Hangzhou Wanyu for a commercial project that includes hotel apartments [4] - The total building area of the project is approximately 10,072.58 square meters, with specific areas designated for retail and hotel apartments [4] - The equity transfer amount related to the project is approximately 9.824 million yuan, offsetting trade receivables between Wanwuyun and Vanke [4]

Core Viewpoint - The article discusses Vanke's financial strategies to manage its debt, including shareholder loans from its major shareholder, Shenzhen Metro Group, and asset disposals to settle obligations [1][2][3]. Group 1: Shareholder Loans - Shenzhen Metro Group provided Vanke with a shareholder loan of up to 869 million yuan, aimed at repaying bond principal and interest [1]. - The loan has a duration until July 2, 2028, with a borrowing rate of 2.34% and can be drawn in installments [1]. - This marks the seventh loan from Shenzhen Metro Group to Vanke in 2023, totaling approximately 22.688 billion yuan [1]. Group 2: Debt Settlement through Asset Disposal - Vanke is utilizing various methods to alleviate its debt, including a debt settlement agreement with Wanwu Cloud, involving a total consideration of approximately 257 million yuan [2]. - The agreement includes 106 debt settlement contracts, with Vanke providing properties such as residential units, commercial spaces, and parking spots across multiple cities [2]. - Vanke transferred equity stakes in two subsidiaries, Hangzhou Wanyu and Hangzhou Yuanguang, to Wanwu Cloud as part of the debt settlement, valued at around 98.24 million yuan [3][4]. Group 3: Debt Repayment - Vanke has successfully completed interest payments on its bonds "21 Vanke 06" and "23 Vanke 01" on July 24 and 28, respectively [5].

| 抵质押资产 | 账面净值 | 抵质押形式 | 抵质押率 | | --- | --- | --- | --- | | 深圳市万科发展有限公司持有的办公资产 | 9.40 | 资产抵押 | 70% | | 万科企业股份有限公司持有的办公资产 | 0.08 | 资产抵押 | 70% | | 杭州天马置业有限公司 100%股权 | 0.888 | 股权质押 | 50% | | 嘉兴万科房地产开发有限公司 100%股权 | 1.064 | 股权质押 | 50% | | 成都泰新房地产开发有限公司持有的公寓资产 | 0.33 | 资产抵押 | 70% | | 天津泊寓津滨商业运营管理有限公司持有的公寓资产 | 0.67 | 资产抵押 | 70% | | 苏州宜家开元酒店有限公司持有的公寓资产 | 0.54 | 资产抵押 | 70% | | 合计 | 12.972 | | | 对于本次借款，万科方面表示，上述安排充分体现了大股东对公司的支持。公告中还提及，2025年初至本公告披露日，深铁集团已累计 向公司提供借款218.19亿元(不含本次借款)。在本次借款全额落地后，深铁集团已累计向万科提供借款金额超过226亿元。 南 ...