券继续下跌；惠誉将万科、万科香港“CCC-”主体评级列入负面观察名单，下调万科香港票据

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On December 3, the central bank continued to conduct net withdrawals in the open - market operations, but the liquidity remained stable with a slight easing trend. The bond market fluctuated narrowly, and most yields of interest - rate bonds increased. Some bonds of Vanke continued to decline, and Fitch placed Vanke and Vanke Hong Kong's "CCC -" issuer ratings on negative watch, downgrading Vanke Hong Kong's note rating to "CC". The convertible bond market followed the stock market and continued to decline. Overseas, the US ADP employment in November unexpectedly declined, and yields of major US Treasury bonds decreased across the board, while the yields of 10 - year government bonds in major European economies showed a divergent trend [1] 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - On December 3, Premier Li Qiang emphasized during the 17th special study of the State Council that the huge potential of domestic demand in urban - rural integrated development should be fully unleashed. The Ministry of Finance will issue 7 billion yuan of RMB government bonds in Hong Kong on December 10 [3] - The China Federation of Logistics and Purchasing released data on December 3, showing that the China Logistics Prosperity Index in November was 50.9%, up 0.2 percentage points from the previous month. On the same day, the Ministry of Culture and Tourism and the Civil Aviation Administration of China jointly issued an action plan to promote the integration of culture, tourism, and the civil aviation industry [4] 3.1.2 International News - In November, the US private - sector employment decreased by 32,000, the largest decline since March 2023, far worse than the market expectation of an increase of 40,000 jobs. Small - scale enterprises were the hardest - hit area for layoffs. Futures traders expect the probability of the Fed cutting interest rates by 25 basis points to be close to 90% [6] - The US ISM Services PMI in November rose to 52.6, a nine - month high. The price - payment index dropped to a seven - month low, indicating that inflationary pressures have eased. The employment index rose to a six - month high, showing that the rate of employment decline has slowed down [7] 3.1.3 Commodities - On December 3, international crude oil futures prices turned up, with WTI January crude oil futures rising 0.53% to $58.95 per barrel and Brent February crude oil futures rising 0.35% to $62.67 per barrel. COMEX gold futures rose 0.44% to $4,239.30 per ounce, and NYMEX natural gas prices rose 3.83% to $5.010 per ounce [8] 3.2 Liquidity 3.2.1 Open - Market Operations - On December 3, the central bank conducted 79.3 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%. With 213.3 billion yuan of reverse repurchases maturing on the same day, the net withdrawal was 134 billion yuan [10] 3.2.2 Funding Rates - On December 3, the liquidity at the beginning of the month remained stable with a slight easing trend. DR001 rose 0.19 basis points to 1.299%, and DR007 fell 0.01 basis points to 1.441%. Other major funding rates showed different degrees of changes [11][12] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - Spot - Bond Yield Trends: On December 3, the bond market fluctuated narrowly, and most yields of interest - rate bonds increased. The 30 - year ultra - long bonds were notably weak. For example, the yield of the 10 - year Treasury bond active bond 250016 rose 0.15 basis points to 1.8375%, and the yield of the 10 - year China Development Bank bond active bond 250215 rose 1.00 basis point to 1.9180% [15] - Bond Tendering Situations: Information on the tendering of several bonds such as 25 Discount Treasury Bond 75, 25 Discount Treasury Bond 76, 25 Agricultural Development Bond 31 (Increment 16), and 25 Agricultural Development Bond 30 (Increment 3) was provided, including their terms, issuance scales, winning yields, overall multiples, and marginal multiples [17][19] 3.3.2 Credit Bonds - Secondary - Market Transaction Anomalies: On December 3, the trading prices of 5 bonds deviated by more than 10%. Bonds such as "H0 Zhongnan 02" and "22 Vanke MTN005" declined significantly, while "23 Vanke 01" rose by more than 12% [19] - Credit - Bond Events: Rongqiao Group's subsidiary failed to repay a 40 - million - yuan debt to China Everbright Bank on schedule, and Rongqiao Group provided joint and several liability guarantee. Youa Co., Ltd. adjusted the redemption time of "20 Xiangyouyiapollo ZR001" again, with the remaining principal of 459 million yuan to be redeemed on December 26 [20][21] 3.3.3 Convertible Bonds - Equity and Convertible - Bond Indexes: On December 3, the three major A - share indexes closed down. The convertible - bond market followed the equity market and continued to decline. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index fell 0.21%, 0.16%, and 0.27% respectively. The trading volume of the convertible - bond market was 54.11 billion yuan, an increase of 7.254 billion yuan from the previous trading day [22] - Convertible - Bond Tracking: Some companies made announcements, such as Jinlun Tian Di Holdings extending the deadline for its debt - restructuring plan to June 30 next year, and several convertible bonds having events such as approaching the trigger of the conversion - price downward - revision clause, early redemption announcements, etc. [24][30] 3.3.4 Overseas Bond Markets - US Treasury Market: On December 3, yields of US Treasury bonds of other maturities generally declined. The 2 - year US Treasury yield fell 2 basis points to 3.49%, and the 10 - year US Treasury yield fell 3 basis points to 4.06%. The yield spread between the 2 - year and 10 - year US Treasury bonds narrowed by 1 basis point to 57 basis points, and the yield spread between the 5 - year and 30 - year US Treasury bonds widened by 3 basis points to 111 basis points [26][27] - European Bond Market: On December 3, the yields of 10 - year government bonds in major European economies showed a divergent trend. The yield of the 10 - year German government bond remained unchanged at 2.75%, while the yields of 10 - year government bonds in Italy and the UK fell 2 basis points and 1 basis point respectively [29] - Price Changes of Chinese - Issued US - Dollar Bonds: As of the close on December 3, price changes of some Chinese - issued US - dollar bonds were provided, including companies such as Trip.com Group, Weibo, and Ideal Auto [31]