【内容摘要】12月16日，虽然适逢税期，但资金面仍偏宽松；市场情绪有所修复，债市小幅回暖；转债市场主要指数集体跟跌，转债个券多数下跌；各期限 美债收益率普遍下行，主要欧洲经济体10年期国债收益率走势分化。 一、债市要闻 （一）国内要闻 【前11个月全国城镇新增就业1210万人】据人力资源和社会保障部12月16日消息，1-11月，全国城镇新增就业1210万人，城镇调查失业率平均值为5.2%。人 力资源和社会保障部就业促进司有关负责人表示，下一步，将实施稳岗扩容提质行动，全力以赴稳定就业大局；聚焦就业重点群体，精准施策稳定和扩大就 业；强化职业技能培训，更好提升劳动者就业能力；优化就业公共服务，更好促进人岗高效匹配。 【中央财办：扩大内需是明年排在首位的重点任务】据新华社，中央财办有关负责同志详解2025年中央经济工作会议精神指出，扩大内需是明年排在首位的 重点任务，要从供需两侧发力提振消费，统筹提振消费和扩大投资。明年要从供需两端发力稳定房地产市场。供给端要严控增量、盘活存量，加快消化库 存。需求端要采取更多针对性措施，充分释放居民刚性和改善性需求。展望明年，活跃的要素流动和创新为发展持续注入新动能，人流、物流 ...

万科最新公告了"22万科MTN004"第二次持有人大会的三项新议案。此前该券第一次持有人大会所列三 项议案均未获得生效。 12月17日，记者从中国银行间市场交易商协会官网获悉，万科2022年度第四期中期票据2025年第二次持 有人会议的议案概要已公布。 新议案要求拟缩短召集、召开程序等时限，同时要求延长宽限期并在宽限期内进行本期利息支付，本金 展期一年。此次此持有人大会召开时间为12月18日。 市场人士表示，新议案较第一次债权人大会议案更具可操作性，有利于避免违约事件的发生。 17日上午，万科A股价处于震荡之中，港股万科企业翻红。 三项新议案亮相 调整中期票据本息兑付安排的议案（特别议案）依旧是此次重点。 该议案表示，本期中期票据的本金兑付时间展期12个月，调整后兑付时间为2026年12月15日。2026年12 月15日偿付本期中期票据全部本金。 本期中期票据于2025年12月15日到期的应付利息6000万元在宽限期内支付，即2025年12月22日内支付。 上述宽限期间未偿付本金按照3.00%计息，未偿付利息不计复利。 展期期间（2025年12月15日至2026年12月15日）本期中期票据票面利率维持不变，即 ...

Core Viewpoint - Vanke's bonds have generally increased in value, indicating positive market sentiment towards the company [1] Group 1 - On December 17, Vanke's bonds experienced significant price increases, with "23 Vanke 01" rising over 7% [1] - The bond "22 Vanke 02" saw an increase of more than 3% [1] - Additionally, "21 Vanke 06" rose by over 2% [1]

议案1为关于豁免本次持有人会议召集、召开程序的相关时限要求的议案。为提速解决进程，议案提请 持有人同意缩短会议公告披露、议案发送等流程时限。调整后，12月15日完成会议公告及议案发送，12 月16日15:00前为补充议案提交截止时间，同日完成最终议案披露，12月22日10:00前将结束全部表决。 议案2为调整中期票据本息兑付安排的议案。核心方案为将20亿元本金兑付展期12个月至2026年12月15 日；2025年12月15日到期的6000万元应付利息，将在宽限期内（2025年12月22日前）支付。宽限期及展 期内，债券票面利率维持3%不变，宽限期内未偿付本金计息、利息不计复利，展期新增利息随本金一 同支付。值得注意的是，此次展期将由万科提供相应增信措施。 议案3为延长本期中期票据的宽限期的议案。将本期中期票据存续期内的本息兑付日之宽限期由5个工作 日延长至30个交易日，调整后宽限期届满日为2026年1月28日，宽限期内不视为发行人违约，不产生罚 息、违约金等额外成本，未偿付本金按票面利率计息且利随本清，未偿付利息不额外计息。 首笔债券展期方案遇阻后，万科推出新的解决方案。12月16日晚间，上海浦东发展银行股份 ...

Macroeconomic and Market Analysis - The central economic work conference emphasizes that expanding domestic demand is the top priority for next year [1][4] - Domestic demand has remained stable this year, contributing 71% to economic growth in the first three quarters, with effective consumption policies showing significant results [1][4] - However, there has been a recent slowdown in consumption and investment growth, indicating the need for continued efforts to boost domestic demand [1][4] Important Announcements from Listed Companies - Vanke announced a proposal to extend the principal repayment date of its fourth tranche of medium-term notes for 2022 by 12 months to December 15, 2026, with interest of 60 million yuan due on December 15, 2025, to be paid within a grace period [2][5] - During the grace period, unpaid principal will accrue interest at 3.00%, while unpaid interest will not accrue additional interest, and the coupon rate will remain unchanged at 3.00% [2][5] - After the market close on December 16, several companies disclosed shareholding changes, with some increasing their holdings and others, including Ningbo Color Masterbatch and Huashu Co., announcing reductions [2][5] Peripheral Markets and Related Assets - On Tuesday, U.S. stock indices showed mixed results, with the Dow Jones down 0.62%, the Nasdaq up 0.23%, and the S&P 500 down 0.24% [3][6] - Major tech stocks mostly rose, with Tesla gaining 3.07% and reaching a new closing high, while Qualcomm fell over 1% [3][6] - The Nasdaq Golden Dragon China Index fell 0.34%, with notable declines in companies like Zhongjin Medical and Kandi Technologies [7] - International oil prices saw WTI crude oil drop 3% to below $55 per barrel, currently at $54.97, while Brent crude fell 2.58% below $59 per barrel [7]

Core Viewpoint - Vanke has proposed to extend the principal repayment date of the fourth phase of its 2022 medium-term notes by 12 months to December 15, 2026 [1] Group 1: Financial Details - The interest payable of 60 million RMB due on December 15, 2025, will be paid within a grace period, specifically by December 22, 2025 [1] - Unpaid principal during the grace period will accrue interest at a rate of 3.00%, while unpaid interest will not accrue additional interest [1] - The coupon rate during the extension period (from December 15, 2025, to December 15, 2026) will remain unchanged at 3.00%, with any additional interest to be paid alongside the principal repayment [1] Group 2: Credit Enhancement - The extension of the medium-term notes will be supported by corresponding credit enhancement measures provided by the issuer [1]

市场资讯：万科提议将 12 月 15 日到期债券展期 12 个月。 ...

Core Viewpoint - Vanke Enterprise Co., Ltd. announced the progress of guarantees related to loans applied by its subsidiary to meet operational needs, with various forms of collateral provided for the loans [2][7]. Group 1: Loan Details - The subsidiary Intense Sunshine Limited applied for a bank loan of HKD 105,019.54 million (RMB 97,206.09 million) from United Overseas Bank Limited, with a term of 3 years, expiring in December 2024 and extended for 1 year [2][7]. - The current loan balance remains at HKD 105,019.54 million, and the bank has agreed to continue providing the loan for an additional year under the same guarantee conditions [4][8]. Group 2: Guarantee Methods - Various entities are providing guarantees, including SCPG Holdings Company with joint liability guarantees, and Sunshine Business Limited, which is pledging 100% equity of Intense Sunshine Limited [3][8]. - Other subsidiaries, such as In-power No. 1 Limited, In-power No. 3 Limited, and In-power No. 4 Limited, are providing equity pledges for their respective holdings in Walmart-related companies [4][8]. Group 3: Financial Impact - As of November 30, 2025, the total guarantee balance for the company and its subsidiaries will be RMB 844.93 billion, representing 41.69% of the audited net assets attributable to shareholders as of the end of 2024 [5][9]. - The breakdown of guarantees includes RMB 819.52 billion for the company and other subsidiaries, RMB 16.68 billion for joint ventures, and RMB 8.73 billion for other companies, with no overdue guarantees reported [5][9].

Core Viewpoint - Vanke's debt extension negotiations have reached a critical juncture, with the failure of three proposed extension plans leading to a five-day grace period for the "22 Vanke MTN004" bond, which has a principal repayment date of December 15, 2025 [1][2][3] Group 1: Debt Extension Proposals - The "22 Vanke MTN004" bond has an outstanding balance of 2 billion, and the first holder meeting on December 10 failed to pass any of the three proposed extension plans [2] - The first proposal received no votes in favor, the second proposal garnered 83.4% support but fell short of the 90% threshold, and the third proposal only received 18.95% support [2] - Vanke expressed regret over the voting results and committed to further communication and collaboration with stakeholders to find a solution [2][4] Group 2: Grace Period and Future Meetings - The company is currently in a five-day grace period, during which interest will accrue at a rate 5 basis points above the coupon rate on the unpaid principal and interest [3] - A second holder meeting is scheduled for December 18 to continue negotiations regarding the bond [5] Group 3: Market Reactions and Investor Sentiment - Following the news, Vanke's bond prices experienced volatility, with significant declines in several bonds on December 15, while some recovered in the days leading up to the meeting [6] - A positive development for Vanke was the successful one-year extension of a HKD 1.05 billion bank loan, which alleviated some short-term liquidity concerns [6] Group 4: Creditor Concerns and Negotiation Dynamics - The failure of the first round of proposals highlights the differing risk assessments and interests between creditors and the company, with creditors favoring immediate asset recovery over debt extensions [7][8] - Vanke faces significant repayment pressures, with a total of 5.7 billion in domestic debt maturing by December 2025, alongside additional upcoming obligations in subsequent years [8][9] Group 5: Future Implications - The ongoing negotiations are critical, as unresolved issues could lead to broader repercussions for Vanke and the real estate sector if a mutually acceptable solution is not reached [9]

Core Viewpoint - The article reflects on the journey of Vanke and its founder Wang Shi, highlighting the company's rise and subsequent challenges, emphasizing the impact of market dynamics and Wang's management style on Vanke's trajectory [5][25][27]. Group 1: Company History and Development - Wang Shi began his career in 1983 at Shenzhen Special Economic Zone Development Company, where he gained initial capital through feed trade, leading to the establishment of Vanke's predecessor in 1984 [9][11]. - Vanke underwent significant transformations, including a shareholding reform in 1986, which aimed to clarify ownership but faced challenges due to the political landscape of the time [13][14]. - By 1991, Vanke was listed on the Shenzhen Stock Exchange, with a diverse shareholding structure that included state-owned and foreign investments, setting the stage for its future growth in the real estate sector [16][17]. Group 2: Market Position and Strategy - Vanke quickly adapted to the real estate market, transitioning from a diversified business model to a focused real estate developer, becoming a leader in the industry by the late 1990s [19][20]. - The company emphasized product quality and customer service, distinguishing itself from competitors and establishing a strong brand reputation in the mid to late 2000s [21][22]. - Vanke's strategic decisions during the "Silver Age" of real estate focused on enhancing quality over mere expansion, which contributed to its strong financial health and market position [22]. Group 3: Challenges and Controversies - Vanke faced significant challenges during two major shareholder disputes, the "Junwan Battle" in 1994 and the "Baowan Battle" starting in 2015, which highlighted Wang Shi's confrontational approach and strong desire for control [25][26]. - The aftermath of the "Baowan Battle" led to substantial financial strain on Vanke, as aggressive tactics resulted in a depletion of resources and a shift away from its previously stable growth strategy [26][27]. - The article suggests that Wang Shi's reluctance to adapt to market dynamics and his intense control over the company contributed to Vanke's current difficulties, reflecting broader issues within the entrepreneurial landscape of China [27].