【导读】万科公告，深铁集团拟提供不 超过 220亿元借款额度 中国基金报记者 南深 11月2日晚， 万科 发布公告称， 于2025年11月2日与第一大股东深圳市地铁集团有限公司（以下简称深铁集团或出借人）签署 了 《关于 股东借款及资产担保的框架协议》（以下简称《框架协议》）。 《框架协议》约定从2025年以来至公司2025年度股东会召开日为止期间，深铁集团向公司提供不超过220亿元借款额度，借款额度包括 《框架协议》生效之前已实际发生但公司未提供抵/质押担保措施的信用借款及已提供担保但后续确认担保无法实施或部分无法实施的借 款，及框架协议生效之后发生的借款。公司将对《框架协议》下实际发生的借款提供抵/质押担保。 公告显示，本次 借款额度为一次性信贷额度，即在股东会给予的授权有效期内，任何已偿还本金的借款，不得释放出新的借款额度供再次 提取。截至 本次 公告日期，深铁集团已提供的无抵/质押担保借款合同金额为203.73亿 元 ，实际提款金额为197.1亿 元 。《框架协议》 下的借款本金及利息总额预计不超过236.91亿元。 借款期限 上， 每笔借款的初始期限不得超过3年，经深铁集团同意，借款期限可以延长。具 ...

Group 1 - Company signed a framework agreement with its largest shareholder, Shenzhen Metro Group, for a loan facility not exceeding 22 billion yuan, effective until the 2025 annual general meeting [1] - The loan facility includes previously incurred loans without collateral and loans that were guaranteed but later confirmed to be partially unimplementable [1] - As of now, Shenzhen Metro Group has provided 203.73 billion yuan in unsecured loans, with actual withdrawals amounting to 197.1 billion yuan [4] Group 2 - The total principal and interest under the framework agreement is expected to not exceed 236.91 billion yuan [4] - Since February 10, the company has borrowed from Shenzhen Metro Group ten times [4] - The company reported a revenue of 161.39 billion yuan for the first three quarters, with a net loss of 28.016 billion yuan [4]

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 盈利的结构性拐点与周期性压力 ——房地产行业周度观点更新 报告要点 [Table_Summary] 受制于老货跌价和滞销，房企盈利短期难言系统性拐点，但结构性拐点可期，2022 年之后由于 地价下降，新增的次新货盈利有一定回升，尤其 2024 年及之后的新货，盈利明显上台阶。伴 随老货减值高峰渐去且逐步消化，次新和新货结算占比将提高，部分房企在 2027 年的利润表 将进入改善通道。风险在于，市场景气持续下行已经对新房的结构性市场造成拖累；但高质量 发展之路和宏观审慎管理都需要"止跌回稳"，预计后续仍有政策支持，"好房子"的结构性行 情可持续，当前因阶段性盈利承压而估值偏低的优质房企，在中期内有较大修复空间。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 [Table_Title 盈利的结构性拐点与周期性压力 2] ——房地产行业周 ...

"目前还没有房源成交。有一套101㎡房源，挂牌价360万元，价格还可以谈。"记者看到，这套房源位置绝佳，位于17楼的10楼，黄金楼层，还能看到对面 的幸福里。该中介随后给记者发了另一套幸福里挂牌的三房户型房源，100㎡左右，挂牌价仅350万元。 而数据显示，较早交付的幸福里，从2022年开始就有成交，当时成交均价在3.5万元/㎡左右，随后，成交价便一路下探，进入2024年，该楼盘的成交均价 已经接近3万元/㎡，今年以来，部分房源成交均价更是跌破3万元/㎡（不排除部分房源做低）。 与万科前宸一路之隔的沁澜雅轩，目前二手房成交均价在2.7万元/㎡左右，该楼盘当时开盘均价在3万-3.5万元/㎡，目前来看，大部分房源难保本。 就在今年9月，杭州又有一批房源解除限售，就是2020年首开被认定为"热点楼盘"的勾庄唯一整盘限售楼盘——万科前宸。 即将解限的是首开的404套。接下来，明年年初和明年下半年，前宸还将陆续有约700套房源解限。 前宸小区（武恒光/摄） 当时，该楼盘1108户整盘限价3.05万元/㎡，如今该楼盘挂牌出售的房源价格几何？记者也做了一番调查。 万科前宸靠近玉湖公园，位于城北万象城往北约1公里，周边小区林 ...

Core Viewpoint - Vanke A has signed a loan framework agreement with its largest shareholder, Shenzhen Metro Group, for a maximum loan amount of 22 billion yuan, aimed at repaying bond principal and interest [1][2][3] Financial Performance - For Q3, Vanke A reported revenue of 56.065 billion yuan and a net loss of 16.069 billion yuan, with total revenue for the first nine months at 161.39 billion yuan and a net loss of 28.02 billion yuan [5][6] - The company’s cash holdings were 65.68 billion yuan, with total interest-bearing liabilities of 362.93 billion yuan and a debt-to-asset ratio of 73.5%, a slight decrease of 0.1 percentage points from the end of the previous year [6][7] Loan Agreement Details - The loan framework agreement allows Shenzhen Metro Group to provide up to 22 billion yuan, which includes previously issued loans without collateral and loans that may not have guaranteed support [2][3] - As of the announcement date, Shenzhen Metro Group had already provided 20.373 billion yuan in unsecured loans, with actual withdrawals amounting to 19.71 billion yuan [2] Market Context and Support - The loan will be used to repay Vanke A's publicly issued bonds and will follow market-based interest rates, not worse than current rates from financial institutions [3] - Shenzhen Metro Group, a state-owned enterprise responsible for over 90% of Shenzhen's urban rail transit construction and operation, holds a 27.18% stake in Vanke A, indicating strong support for the company [4][3] Sales and Operational Challenges - In Q3, Vanke A's contracted sales area decreased by 39.7% year-on-year, with a total sales amount of 31.34 billion yuan, reflecting ongoing operational pressures [7] - The company has faced significant challenges, including a decline in sales and increased financial strain, despite achieving a stable delivery of 74,000 housing units in the first nine months [8]

Financing and Strategic Partnerships - Vanke A has signed a framework agreement with its largest shareholder, Shenzhen Metro Group, to provide a loan limit of up to 22 billion yuan [3] - Betta Pharmaceuticals has reached a strategic cooperation with Shengsi Biotech, obtaining exclusive distribution rights for a long-acting recombinant factor VIII product in Greater China [4] - Nenghui Technology has established a joint venture with Zhejiang Lisan, investing 10 million yuan to capitalize on opportunities in the "computing power + AI" and "computing power + new energy" sectors [6] Market Performance - Seres reported a total vehicle sales of 54,384 units in October 2025, with new energy vehicle sales reaching 51,456 units, marking a year-on-year increase of 42.89% [9] - BAIC Blue Valley's subsidiary achieved a 112.02% year-on-year increase in sales for October 2025, totaling 30,542 units [10] - Changan Automobile's new energy vehicle sales grew by 36.14% year-on-year in October 2025, with total sales of 278,400 units for the month [12] - Great Wall Motors reported October sales of 143,100 units, reflecting a year-on-year increase of 22.5% [13] - BYD exported a total of 83,904 new energy vehicles in October 2025, with a total battery installation capacity of approximately 27.362 GWh for the month [14] Shareholding Changes - Jintai Technology's shareholder, Gaoxin Investment, plans to reduce its stake by up to 3% through various trading methods [16] - Yongzhen Co., Ltd. announced that two shareholders intend to reduce their holdings by up to 3% [17] - Huafeng Measurement Control's controlling shareholder plans to reduce its stake by up to 2% [18] - Rongqi Technology's employee strategic placement asset management plan intends to reduce its holdings by up to 1.32% [19] - Jinli Permanent Magnet's directors and senior management plan to collectively reduce their holdings by up to 0.15% [20] Major Contracts - ST Yifei signed an overseas procurement order worth approximately 190 million yuan, accounting for 27.46% of its audited revenue for 2024 [21] - Lanjian Intelligent signed a daily operational contract worth 138 million yuan [22] - Jingye Intelligent won a bid for a process equipment project valued at 134 million yuan [23] - Daye Intelligent's subsidiary signed a bareboat charter contract for two vessels, with total rental income projected at approximately 48.73 million USD over 1,095 days [24]

Company Announcements - Vanke A signed a framework agreement with Shenzhen Metro Group for a loan limit of up to 22 billion yuan, with a total expected loan principal and interest not exceeding 23.691 billion yuan [1] - Seres reported a 42.89% year-on-year increase in October new energy vehicle sales, totaling 51,456 units [2] - BYD's new energy vehicle sales for the first ten months increased by 13.88% year-on-year, with October sales reaching 441,706 units [2] - SAIC Group's new energy vehicle sales in October grew by 31.58%, totaling 206,700 units [2] - Beida Pharmaceutical entered a strategic cooperation with Shengsi Bio, obtaining exclusive distribution rights for a recombinant coagulation factor product [3] Shareholding Changes - Tianmo Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [4] - Jinyi Permanent Magnet's directors and executives plan to collectively reduce their holdings by up to 0.15% of the company's shares [5] - Yongzhen Co., Ltd. shareholders plan to reduce holdings by up to 3% of the company's shares due to personal funding needs [6] Performance & Sales - BAIC Blue Valley's subsidiary reported a 112.02% year-on-year increase in October sales [9] - Changan Automobile's new energy vehicle sales in October increased by 36.14% year-on-year [7] - Great Wall Motors reported a 22.5% year-on-year increase in October vehicle sales [8] Contracts & Projects - Daye Intelligent plans to sign a charter contract with OOS for two vessels, with total rental income estimated at approximately 48.73 million USD [10] - Lanjian Intelligent signed a significant operating contract worth 138 million yuan, expected to positively impact the company's 2026 performance [11] - ST Yifei signed an overseas procurement order worth approximately 190 million yuan, which is expected to positively influence future performance [13] - Jingye Intelligent received a bid notification for a project worth 134.4 million yuan, which could positively impact performance if the contract is signed [14] Other Developments - Weiming Environmental was selected as a supplier for an energy-from-waste project in Indonesia, indicating recognition of its financial and technical capabilities [15] - Nenghui Technology established a joint venture with Zhejiang Lisan Technology, with a registered capital of 10 million yuan [16]

本公司已成立独立董事委员会，以就贷款框架协议项下拟进行的交易的条款(包括建议年度上限及提供 资产抵押)是否属公平合理，按一般商业条款于一般及日常业务过程中订立，以及彼等是否符合本公司 及其股东的整体利益向独立股东提供意见。 独立财务顾问已获委任，以就贷款框架协议的条款(包括建议年度上限及提供资产抵押)就独立股东而言 是否属公平合理，按一般商业条款于一般及日常业务过程中订立，以及符合本公司及股东的整体利益向 独立董事委员会及独立股东提供意见。 智通财经APP讯，万科企业(02202)发布公告，于2025年11月2日，本公司与本公司主要股东深圳地铁集 团订立贷款框架协议，据此，深圳地铁集团同意向本公司提供本金总额最多为人民币220亿元的贷款， 主要涵盖：(i)深圳地铁集团于生效日前根据指定协议已向本公司提供的无担保信用贷款;及(ii)深圳地铁 集团于生效日或之后根据正式协议，按照贷款框架协议的条款及条件向本公司提供的有担保贷款。 贷款所得款项将用于偿还并结清本公司在公开市场发行的各类债务的本金与应计利息及深圳地铁集团同 意的指定贷款应计利息。 ...

（原标题：万科最新公告！事关深铁集团借款，本金不超过220亿！） 万科最新公告。 万科A（000002）11月2日公告，公司于11月2日与第一大股东深铁集团签署《关于股东借款及资产担保 的框架协议》。《框架协议》约定从2025年以来至公司2025年度股东会召开日为止期间，深铁集团向公 司提供不超过220亿元借款额度（简称"借款额度"），借款额度包括《框架协议》生效之前已实际发生 但公司未提供抵/质押担保措施的信用借款及已提供担保但后续确认担保无法实施或部分无法实施的借 款，及框架协议生效之后发生的借款。公司将对《框架协议》下实际发生的借款提供抵/质押担保。 据悉，该借款额度为一次性信贷额度，即在股东会给予的授权有效期内，任何已偿还本金的借款，不得 释放出新的借款额度供再次提取。 公告显示，截至目前，深铁集团已提供的无抵/质押担保借款合同金额为203.73亿元，实际提款金额为 197.1亿元。《框架协议》下的借款本金及利息总额预计不超过236.91亿元。 10月30日，万科发布的财报显示，公司前三季度实现营收1613.9亿元，高质量交付超7.4万套房，销售金 额突破1000亿元。不过，公司前三季度净亏损280. ...

此外，万科发布的三季报显示，第三季度实现营业收入560.7亿元，同比下降27.3%；归母净利润 为-160.7亿元，单季度亏损额度超过上半年整体亏损。 作者：刘逸鹏 责任编辑：王珂 根据公告，深铁集团已累计向公司提供借款269.3亿元（不含本次借款）。 自2月10日以来，万科A已10次向公司第一大股东深铁集团借钱。详见此前报道000002，第10次获大股 东输血！中央汇金持股不动 11月2日，万科A公告，公司于当日与第一大股东深铁集团签署《关于股东借款及资产担保的框架协 议》。《框架协议》约定从2025年以来至公司2025年度股东会召开日为止期间，深铁集团向公司提供不 超过220亿元借款额度（简称"借款额度"），借款额度包括《框架协议》生效之前已实际发生但公司未 提供抵/质押担保措施的信用借款及已提供担保但后续确认担保无法实施或部分无法实施的借款，及框 架协议生效之后发生的借款。公司将对《框架协议》下实际发生的借款提供抵/质押担保。 10月30日，万科A公告称，公司第一大股东深圳市地铁集团有限公司（以下简称"深铁集团"）向公司提 供不超过22亿元借款，用于偿还公司在公开市场发行的债券本金与利息。 ...