1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - This week, the sentiment of interest - rate bonds was strong with slightly declining yields, and credit bond yields generally followed suit. The 10 - year ultra - long - term credit bonds performed strongly, and the spreads of secondary perpetual (Two - Perpetual, or "Two - Yong") bonds narrowed across the board. The excess spreads of industrial and urban investment perpetual bonds decreased slightly. [3][4] - Vanke's debt extension plan was better than expected, leading to an increase in the secondary prices of its outstanding bonds. However, due to the lack of unexpected industry support policies and the will to ensure rigid payment, the market remains cautious about central and state - owned enterprise real - estate bonds with the "high - debt, high - leverage, and high - turnover" model. It is recommended to maintain a wait - and - see attitude towards real - estate bonds in the short term. [5][40] - After the New Year, the performance of Two - Yong bonds was strong. The growth of dividend - insurance premium income may have increased the demand for ultra - long - term Two - Yong bonds, causing a significant decline in yields. Considering the central bank's strong intention to support the market, there may still be room for the spreads of Two - Yong bonds to compress. [5][40] 3. Summary According to the Table of Contents 3.1 Credit Bonds Follow Interest Rates Downward, Ultra - Long - Term Credit Bonds Perform Strongly - Interest - rate bond yields: The yields of 3Y, 5Y, 7Y, and 10Y China Development Bank bonds decreased by 2BP, 4BP, 3BP, and 1BP respectively, while the 1Y yield increased by 2BP. [3][11] - Credit bond yields: Overall, they followed the decline in interest rates. The yields of 1Y AA+ and above - grade credit bonds remained flat, while those of other grades decreased by 1BP; 3Y AA+ and above - grade yields decreased by 1BP, and other grades decreased by 3 - 4BP; 5Y AA+ grade yields decreased by 5BP, and other grades decreased by 1 - 2BP; 7Y credit bond yields of all grades decreased by 2 - 3BP; 10Y AA+ and above - grade yields decreased by 4 - 5BP, and AA grade decreased by 2BP. [3][11] - Credit spreads: Generally stable, with the 10 - year ultra - long - term credit performing strongly. The spreads of 1Y all grades narrowed by 1 - 2BP; 3Y AA+ and above spreads remained flat, and other grades narrowed by 2 - 3BP; 5Y AA+ spreads narrowed by 2BP, and other grades widened by 1 - 2BP; 7Y AAA spreads remained flat, and other grades widened by 1BP; 10Y AA+ and above spreads narrowed by 3 - 4BP, and AA grade spreads narrowed by 1BP. [3][11] 3.2 Urban Investment Bond Spreads Mostly Decline by 0 - 1BP - By external rating: The credit spreads of external - rated AAA - level urban investment platforms generally remained flat, while those of AA and AA+ levels generally decreased by 1BP. [4][16] - By administrative level: The credit spreads of provincial and municipal - level platforms generally remained flat compared with last week, while those of district - county - level platforms decreased by 1BP. [4][22] 3.3 Industrial Bond Spreads Remain Stable Overall, Vanke's Spreads Compress Significantly - Real - estate bonds: Central - state - owned enterprise real - estate bond spreads widened by 9BP, state - owned enterprise real - estate bond spreads widened by 4BP, mixed - ownership real - estate bond spreads converged significantly by 451BP, and private - enterprise real - estate bond spreads increased by 14BP. Vanke's spreads decreased by 4285BP. [4][27] - Other industrial bonds: AAA - grade coal bond spreads remained flat, and other grades decreased by 1BP; AA+ steel bond spreads decreased by 3BP, and AAA remained flat; the spreads of all grades of chemical bonds remained flat. [4][27] 3.4 Two - Yong Bond Spreads Narrow Across the Board, Yields of Medium - and Long - Term Varieties Decline Significantly - 1Y Two - Yong bonds: Yields of all grades decreased by 1BP, and spreads compressed by 2BP. - 3Y Two - Yong bonds: Yields of all grades decreased by 5 - 6BP, and spreads compressed by 3 - 5BP. - 5Y Two - Yong bonds: Yields of all grades decreased by 5 - 6BP, and spreads compressed by 1 - 2BP. [35] 3.5 Excess Spreads of Industrial and Urban Investment Perpetual Bonds Decrease Slightly - Industrial AAA - grade 3Y perpetual bonds: Excess spreads converged by 0.43BP to 14.41BP, at the 36.98% quantile since 2015. - Industrial 5Y perpetual bonds: Excess spreads remained the same as last week at 13.20BP, at the 32.28% quantile since 2015. - Urban investment AAA - grade 3Y perpetual bonds: Excess spreads decreased by 0.13BP to 4.51BP, at the 3.52% quantile. - Urban investment 5Y perpetual bonds: Excess spreads decreased by 0.79BP to 10.13BP, at the 18.64% quantile. [38] 3.6 Vanke's Extension Plan is Better than Expected, Two - Yong Bond Spreads Still Have Compression Space - Vanke: Its debt extension plan was better than expected, and the secondary prices of its outstanding bonds increased. However, due to the lack of relevant policies, the market is still cautious about central and state - owned enterprise real - estate bonds, and it is recommended to maintain a wait - and - see attitude in the short term. [5][40] - Two - Yong bonds: After the New Year, they performed strongly. The growth of dividend - insurance premium income may have increased the demand for ultra - long - term Two - Yong bonds. Considering the central bank's support, there may still be room for spread compression. [5][40] 3.7 Credit Spread Database Compilation Instructions - Market credit spreads, Two - Yong spreads, and urban investment/industrial perpetual bond spreads are calculated based on ChinaBond medium - and short - term note and ChinaBond perpetual bond data, with historical quantiles starting from the beginning of 2015. - Urban investment and industrial bond - related credit spreads are compiled and statistically analyzed by Huafu Securities Research Institute, with historical quantiles starting from the beginning of 2015. - Sample selection criteria: Industrial and urban investment bonds select medium - term notes and public - offering corporate bonds, excluding guaranteed bonds and perpetual bonds. Bonds with a remaining term of less than 0.5 years or more than 5 years are excluded from the statistical sample. Industrial and urban investment bonds use external entity ratings, while commercial banks use ChinaBond implied debt ratings. [46]

以下文章来源于饭统戴老板 ，作者徐嘉/戴老板 饭统戴老板 . 有趣且深度的硬核财经 也不会有时间做出改变了。 文 ｜ 徐嘉 戴老板 编辑 ｜ 徐嘉 来源｜ 范统戴老板（ID： worldofboss） 封面来源 ｜ IC photo 见段永平的这天，王石穿了一件粉白色的格纹衬衫。 近1小时里，他几乎没有任何肢体动作，只是两手交叉在腹前，不像田朴珺一样跷二郎腿，也不像段永平时而翻动手掌。只有一次，他罕见地挥舞小臂， 是为了讲和田朴珺恋爱时滑雪的故事，直到年轻妻子的激动语调两次压过他的表达欲，他才又恢复沉默。 这是2025年12月初播出的《共同说 第三季》录制现场，王石坐在千亿身价的段永平，和小自己30岁的妻子兼主持人田朴珺之间，充当陪衬。在这档播了4 年的访谈节目中，他作为丈夫，不仅负责给田朴珺摇人、做嘉宾，还需要给节目赞助商拍切片广告。 再怎么拧巴，75岁的王石也不会再变了， 王石两口子共同出镜的节目很多，通常是此种画风—— 王石拼命向观众强调自己没老，田朴珺拼命向观众强调自己不靠王石，观众则看到力竭。 但在段 永平面前，王石似乎放弃了雄竞执念，满头的白发让他无法掩饰苍老，土气的衬衫让他像个听课的学生。 尤其 ...

编者荐语： 老王重回万科，会不会也是一种解法？ 以下文章来源于饭统戴老板 ，作者徐嘉/戴老板 饭统戴老板 . 有趣且深度的硬核财经 见段永平的这天，王石穿了一件粉白色的格纹衬衫。 近1小时里，他几乎没有任何肢体动作，只是两手交叉在腹前，不像田朴珺一样跷二郎腿，也不像段永平时 而翻动手掌。只有一次，他罕见地挥舞小臂，是为了讲和田朴珺恋爱时滑雪的故事，直到年轻妻子的激动 语调两次压过他的表达欲，他才又恢复沉默。 段永平、王石、田朴珺，《共同说 第三季》第三集 这是2025年12月初播出的《共同说 第三季》录制现场，王石坐在千亿身价的段永平，和小自己30岁的妻子 兼主持人田朴珺之间，充当陪衬。在这档播了4年的访谈节目中，他作为丈夫，不仅负责给田朴珺摇人、做 嘉宾，还需要给节目赞助商拍切片广告。 王石两口子共同出镜的节目很多，通常是此种画风——王石拼命向观众强调自己没老，田朴珺拼命向观众 强调自己不靠王石，观众则看到力竭。但在段永平面前，王石似乎放弃了雄竞执念，满头的白发让他无法 掩饰苍老，土气的衬衫让他像个听课的学生。 尤其，他还跟段永平来了这么一句："和你相比，我现在应该是非常不成功。" 老王这是想不开啊——跟逍 ...

（记者 王晓波） 截至2025年11月30日，公司及控股子公司担保余额人民币844.93亿元，占公司2024年末经审计归属于上 市公司股东净资产的比重为41.69%。本次担保发生后，公司及控股子公司对外担保总额将为944.28亿 元，占公司2024年末经审计归属于上市公司股东净资产的比重将为46.59%。 每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ 每经AI快讯，万科A1月16日晚间发布公告称，经履行内部审议决策，万科企业股份有限公司（以下简 称"公司"或"万科"）为全资子公司杭州万峰房地产开发经营有限公司（以下简称"杭州万峰"）在相关事 项安排中应承担的履约责任提供质押担保，担保金额不超过2.54亿元。 公司2024年度股东大会审议通过了《关于提请股东大会授权公司及控股子公司对外提供担保的议案》， 同意在授权有效期内提供的新增担保总额须不超过人民币1500亿元，有效期为自2024年度股东大会决议 之日起至2025年度股东大会决议之日止。董事会在取得股东大会授权之同时，已进一步转授权公司指定 高管人员对于单笔金额低于人 ...

万科企业股份有限公司 关于为合营公司南京悦颐相关事项提供担保的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-004 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 万科企业股份有限公司（以下简称"公司"或"万科"）之全资子公司南京 万科企业有限公司（以下简称"南京万科"）及其全资子公司将为合营公司南京 悦颐房地产开发有限公司（以下简称"南京悦颐"）在相关事项中应承担的责任 按持股比例提供抵押担保，担保金额为 3,806 万元。 鉴于公司全资子公司向参股企业提供担保，且被担保企业南京悦颐最近一期 的资产负债率低于 70%，根据《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》的规定，本次担保事项已经公司第二十届董事会第 二十九次会议审议通过，具体情况如下： 一、担保事项 （一）担保事项概述 南京悦颐相关事项应承担的责任金额为 12,687 万元，南京万科持有南京悦 颐 30%股权，其他股东合计持有南京悦颐 70%股权，南京悦颐各方股东将分别 按各自持股比例提供抵押物或资金。其中，南京万 ...

万科企业股份有限公司 关于为杭州万峰相关事项提供担保的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-005 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 经履行内部审议决策，万科企业股份有限公司（以下简称"公司"或"万科"） 为全资子公司杭州万峰房地产开发经营有限公司（以下简称"杭州万峰"）在相 关事项安排中应承担的履约责任提供质押担保，担保金额不超过 2.54 亿元。 公司 2024 年度股东大会审议通过了《关于提请股东大会授权公司及控股子 公司对外提供担保的议案》，同意在授权有效期内提供的新增担保总额须不超过 人民币 1,500 亿元，有效期为自 2024 年度股东大会决议之日起至 2025 年度股东 大会决议之日止。董事会在取得股东大会授权之同时，已进一步转授权公司指定 高管人员对于单笔金额低于人民币 50 亿元的对外担保进行决策。 本次担保事项在上述担保额度范围内，被转授权人员已在上述授权范围内决 策同意本次担保事项，具体情况如下： 一、担保事项 （一）担保事项概述 公司以持有的杭州万科亚运村开发 ...

万科企业股份有限公司 第二十届董事会第二十九次会议决议公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2026-003 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、会议召开情况 万科企业股份有限公司（以下简称"公司"或"万科"）第二十届董事会第 二十九次会议的通知于 2026 年 1 月 13 日以电子邮件的方式送达各位董事。公司 全体董事以通讯表决方式参与本次会议，公司于 2026 年 1 月 16 日（含当日）前 收到全体董事的表决意见。本次会议的召开符合《中华人民共和国公司法》等法 律法规和《万科企业股份有限公司章程》的规定。 公司第二十届董事会第二十九次会议决议。 特此公告。 万科企业股份有限公司 董事会 二〇二六年一月十六日 1 二、会议审议情况 审议通过《关于为合营公司南京悦颐相关事项提供担保的议案》 详见公司同日在巨潮资讯网登载的《关于为合营公司南京悦颐相关事项提供 担保的公告》。 表决结果：赞成 8 票，反对 0 票，弃权 0 票。 三、备查文件 ...

万科A公告，公司董事会第二十九次会议审议通过《关于为合营公司南京悦颐相关事项提供担保的议 案》。 ...

Core Viewpoint - Vanke's bond prices continue to rise, with significant daily increases observed recently [1] Group 1: Bond Performance - Vanke's US dollar bonds rose over 5 cents on Thursday, marking the largest single-day increase in over 11 months [1] - On Friday morning, these bonds further increased by 4 cents [1] - Despite the recent gains, the trading prices of these bonds remain at deeply distressed levels, around 25 cents [1]

Core Viewpoint - The auction of the core assets of Qoros Auto ended in failure, highlighting the ongoing financial struggles of Baoneng Group and its chairman, Yao Zhenhua, who publicly accused local authorities of misconduct in the asset liquidation process [1][3][6]. Group 1: Financial Background - Baoneng Group has invested over 26 billion yuan (approximately 3.6 billion USD) in Qoros Auto since 2018, with the core assets being valued at around 8 billion yuan (approximately 1.1 billion USD) by a third-party assessment, while the court's valuation was only 1.5 billion yuan (approximately 210 million USD) [3][8]. - The auction's starting price was set at 860 million yuan (approximately 120 million USD), significantly lower than the third-party valuation, raising concerns about asset undervaluation and the judicial process involved [3][8]. Group 2: Legal and Judicial Issues - Yao Zhenhua's accusations include claims of "excessive seizure," "illegal liquidation," and "forced auction" of assets, which he argues are being sold at a price far below their market value [1][6][15]. - The legal proceedings surrounding Qoros Auto have shifted towards bankruptcy review, with a court accepting a bankruptcy application from a creditor, which complicates the asset auction process [11][12]. Group 3: Market and Operational Challenges - Qoros Auto has faced significant operational challenges, including liquidity crises, layoffs, and production halts, leading to a drastic decline in vehicle sales from 63,000 units in 2018 to less than 1,000 units in 2022 [21][22]. - Despite claims of potential recovery and profitability, the company's competitive advantages in the automotive market have diminished, raising doubts about its future viability [24][25].