Group 1: Domestic News - Hainan Free Trade Port officially launched full island closure, marking the beginning of a new chapter in its construction with 8 open ports and 10 "second-line ports" now operational [2] - The People's Bank of China will issue 400 billion yuan of 6-month central bank bills on December 22, 2025, with a fixed interest rate [2] Group 2: International News - The U.S. November core CPI rose by 2.6% year-on-year, the lowest since 2021, indicating easing inflation pressure [4] - The overall CPI for November increased by 2.7%, below the expected 3.1% [4] Group 3: Market Dynamics - The bond market remains loose, with short-term bonds recovering while long-term bonds show weakness [6][7] - The central bank conducted 883 billion yuan of 7-day reverse repos at an interest rate of 1.40% and 1,000 billion yuan of 14-day reverse repos [6] - The yield on the 10-year government bond rose by 0.60 basis points to 1.8420% [9] Group 4: Commodity Market - WTI crude oil futures rose by 0.38% to $56.15 per barrel, while natural gas prices fell by 3.85% to $3.945 per million BTU [5] Group 5: Credit Market - Vanke announced that "22 Vanke MTN005" will be redeemed on December 28, and a meeting of bondholders is being prepared [12] - China South City announced a debt restructuring timeline, with a plan to release the restructuring scheme in Q1 2026 [12] Group 6: Convertible Bonds - The convertible bond market continued to rise, with major indices showing increases and a total trading volume of 657.13 billion yuan [13] - The top gainers included Jia Mei Convertible Bond, which rose by 20%, while the top loser was Da Zhong Convertible Bond, which fell by over 6% [14]

Core Viewpoint - Vanke is actively seeking to extend its 20 billion medium-term notes (MTN) to avoid potential debt default, making concessions in its proposals to creditors [1][2][4]. Group 1: Debt Extension Proposals - On December 18, Vanke proposed a new plan for the extension of the "22 Vanke MTN004," which includes timely interest payments and additional credit enhancement measures [1]. - The first creditor meeting on December 10 saw a positive market reaction, with Vanke's A-shares hitting a trading limit, but the initial proposals were not approved [3][4]. - The second creditor meeting will review a single proposal to extend the principal repayment date by 12 months to December 15, 2026, while ensuring the payment of 60 million in interest [4][6]. Group 2: Creditor Meeting Dynamics - The first meeting had three proposals, with the second proposal receiving 83.4% support, but Vanke chose a less favorable option with only 18.95% support for the second meeting [5]. - The second meeting's proposal includes extending the grace period for the notes from 5 working days to 30 trading days, providing Vanke with additional time to remedy the situation if needed [7][8]. Group 3: Financial Support and Borrowing - Vanke has received over 30 billion in loans from its major shareholder, Shenzhen Metro Group, to help manage its debt obligations [16][18]. - As of June 30, 2025, Vanke's interest-bearing liabilities totaled 364.26 billion, with 42.7% maturing within one year [19]. - Vanke has pledged significant assets, including shares in its subsidiaries, to secure loans and meet its financial obligations [18][20]. Group 4: Upcoming Meetings and Proposals - A separate meeting for another 37 billion medium-term note ("22 Vanke MTN005") is scheduled for December 22, with six proposals aimed at addressing repayment and credit enhancement [9][10]. - The proposals for "22 Vanke MTN005" include options for extending principal repayment and interest payments, with some requiring guarantees from state-owned enterprises [12][13].

有人的地方，就有社交，在小区内也不例外。所以，不少新盘都看似在不遗余力地打造小区内部的功能配套，来丰富业主的社交空间。会所不再仅仅是改 善小区的必备，还有的楼盘干脆把楼栋的一层都做成了架空层，用来做更多的社交空间。但现实往往很骨感，业主搬进去之后会发现，有些社交配套的利 用率真的非常低，很多都被荒废了。 虽然做了很多配套，却没考虑到该如何吸引人来使用这些配套。那些为了做而做的设施，很多都沦为了鸡肋，一些开发商也不会管后续是否真的有人使 用。 为此，我走访了一些房龄比较老但依然很有活力的小区，来看看那些15年前甚至是20年前建造的老小区是如何做社交空间的——如何将人从封闭的住宅空 间里拉出来？ 01 "要把没个性的地做成有个性的一块地" 越是体量大的社区，居住的人越多，人们就越有社交的需求，越需要社交空间。在20多年前，就有开发商认识到了社交空间的重要性。 始于1994年的万科城市花园，是上海比较出名的一个老小区，在当时就开始构建起了一个有着一定社交空间的社区。他们使用的做法是——围合式组团布 局。 我们先说一下，现在虽然我们都有了围合式布局的概念，但是当时的万科真的没有，他们走了和当时开发商不同的一条路，让楼 ...

以下文章来源于阿尔法工场金融家 ，作者银妹妹 导语："不抽贷、细甄别"，正是当前银行应对房地产风险的主流路径。作为区域性重要银行，一旦信 用收缩引发连锁反应，其面临的风险传导压力远大于同业。 一边是20亿元中票展期陷入"零支持"困局，债权人博弈进入白热化；另一边却是子公司2000万 元贷款平稳续贷，担保措施清晰明确。万科这一组看似矛盾的债务境遇，构成了理解当前房地产 风险处置逻辑的样本。 12月15日，万科20亿元中票"22万科MTN004"三份展期方案在首次持有人会议上全数被否，其 无条件展期议案支持率更是低至0%。 "22万科MTN004"超85%由银行持有，公募或私募机构占比超10%，万科境内债持有人整体以 银行和理财子公司为主。 万科在12月18日召开第二 次持有人会议，重点讨论追加深圳国企担保等增信措施，争取在5个工 作日宽限期内避免实质性违约。 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 究其根源，南京银行的资产质量早已与房地产市场的平稳运行深度绑定。 就在债券市场博弈升级的前两天，12月13日，万科旗下子公司上海筑浦信息技术有限公司经申 请 ...

Group 1: Land Transactions - Wuhan successfully sold 12 land parcels for a total of 3.97 billion yuan, covering approximately 320,000 square meters, with notable purchases by local state-owned enterprises and private companies [1] - In Wuxi, 7 residential land parcels were sold at the base price, generating 8.473 billion yuan, with the highest floor price reaching 18,300 yuan per square meter, indicating a stable supply for future real estate development [2] Group 2: Debt Restructuring and Financing - Baolong Real Estate's debt restructuring plan for approximately 4.336 billion yuan has received partial approval, providing a crucial breakthrough in alleviating short-term repayment pressures [3] - Vanke announced a debt extension plan for its 3.7 billion yuan bond, showcasing adjustments based on previous negotiations and reflecting the ongoing negotiations between the company and its creditors [4] - Zhuhai Huafa completed the issuance of 1 billion yuan in corporate bonds with a coupon rate of 2.70%, indicating active financing and repayment strategies as the year-end approaches [5]

（文章来源：每日经济新闻） 万科Ａ（000002.SZ）12月18日在投资者互动平台表示，万科一贯重视科技创新，践行"科技融入业 务"战略。目前在多个领域充分应用AI技术，在地产开发领域，已自主研发与应用智能BIM平台、AI审 图、智能工地AI巡查；在物业服务领域，已发布"灵石+"产品，内部已构建出AI数字员工团队，覆盖客 服接待、安防巡检等多业务场景；在物流仓储领域，通过"AI调度算法+机器人技术"成为全球首个实现 地铁无人配送的商业化案例。关于各业务场景的具体落地应用案例，可进一步查阅公司定期报告。 每经AI快讯，有投资者在投资者互动平台提问：公司在AI应用方面在行业处于什么水平？是否起到了 降低公司成本的作用？ ...

（编辑 丛可心） 证券日报网讯 12月18日，万科A在互动平台回答投资者提问时表示，公司积极推进大宗资产交易工作， 今年前三季度，已完成19个项目的大宗交易，实现签约金额68.6亿元，涵盖商业、办公、酒店、公寓等 各类资产。业务优化与退出有序推进，冰雪业务已与中旅集团完成签约。此外，公司已建立包括资产证 券化在内的资产退出渠道，公司设立的中金印力消费基础设施REIT表现良好，同时也已设立三支PRE- REITs基金。有关公司项目大宗交易、业务优化与退出以及REITs方面的具体进展情况，可进一步查阅 公司定期报告。 ...

万科12月18日与债券持有人举行会议，当前距离这支寻求展期的债券宽限期届满仅剩四天，如果没有达 成延长支付期限的协议，可能触发曾被视为不可想象的违约。 每项议案需要持有本期债务融资工具表决权超过总表决权数额90/100的持有人同意后方可生效，然后由 万科自行决定是否实施。 万科12月18日暂未置评。 随着耐心逐渐耗尽，一些观察人士开始表示，现在就违约反而可能帮助债权人避免更坏结果，有助于可 能在未来更大范围的重组中为债券持有人保住资产。 万科部分股权由国有企业深圳市地铁集团持有，受益于国资背景，深铁长期以来曾为其大量输血。然而 近几个月来，随着深铁发出收紧借款条件的信号，这项支持受到密切关注，这一转变导致万科证券大幅 下跌。 "鉴于流动性状况恶化、政府支持极为有限，以及公司融资条件不佳，我认为万科最终陷入债务重组几 乎不可避免，"Creditsights Singapore的亚洲策略主管Zerlina Zeng最近在接受彭博电视台采访时表 示。"如果立即发生违约，回收过程可能会更快，而不是在与债券持有人的持续谈判中拖延。" 万科近期公布修订后的票据展期方案，主要有两个议案。债券持有人可以两个都不选、选择其中一 ...

证券日报网讯 12月18日，万科A在互动平台回答投资者提问时表示，股价涨跌受多方面因素所影响，如 行业政策、市场情绪、公司经营情况变化等。 （文章来源：证券日报） ...

证券日报网讯12月18日，万科A在互动平台回答投资者提问时表示，一年内到期的应付债券列示于财务 报告资产负债表"一年内到期的非流动负债"科目。 ...