本刊记者 孙庭阳 | 北京报道 12月10日，A股房地产板块集体上涨，万科A（000002.SZ）涨停。这一天，万科A召开会议审议债券展 期事项，市场期盼能有利好消息传出。 此前，鉴于该公司流动性状况疲弱，标普认为现有财务承诺不具备可持续性，当前的债务偿付义务面临 违约或困境重组风险敞口，把该公司信用评级下调至"CCC-"。联合资信和中诚信国际终止对万科A和相 关债项信用评级。 "从'执行通知文书'及'执行裁定文书'的文号来看，这些司法冻结是因为万科Ａ在2025年的被诉案件中败 诉，被执行法院采取了执行措施，冻结了被执行人万科Ａ持有的相应股权。"上海觉睿律师事务所合伙 人郭萌接受本刊记者采访时说。 企业对外持股是企业名下资产一部分，属于常见的被保全财产类型之一。法院执行时，如果被执行人没 有足额现金资产、有价证券等易变现的资产，被执行人对外持股方便查询、能够不经评估而确定价值， 通常会被作为保全财产。 郭萌以11月27日万科Ａ持有股权被冻结举例，"应是万科Ａ在诉讼中败诉后，未能履行生效判决义务， 5.7亿元对应着被保全股权的价值，这个价值应是被执行金额的全部或部分"。 万科A的流动性状况疲弱，早有端倪。 天眼 ...

Group 1: Social Financing and Credit - In June, the social financing scale increased by 4.2 trillion yuan, a year-on-year increase of 901.6 billion yuan, primarily supported by government bonds and short-term corporate loans [1] - Net financing of government bonds reached 1.35 trillion yuan, a year-on-year increase of 507.2 billion yuan, indicating sustained fiscal policy efforts [1] - New RMB loans amounted to 2.36 trillion yuan, with corporate loans contributing significantly, particularly short-term loans which increased by 1.16 trillion yuan, a year-on-year increase of 490 billion yuan [1] Group 2: Household Credit and Demand - Household loans increased by 597.6 billion yuan, a year-on-year increase of only 26.7 billion yuan, reflecting slow recovery in household credit [2] - Real estate sales remain under pressure, with new home transaction area in 30 cities down by 2.15% year-on-year and second-hand home prices down by 7.26% [2] - The weak growth in household medium and long-term loans is mainly due to early repayment of mortgages, with leverage willingness still needing policy stimulation [2] Group 3: Loan Rates and Financial Structure - The weighted average interest rate for new corporate loans was approximately 3.3%, showing limited decline since the beginning of the year, while personal housing loan rates remained at 3.1% [3] - There was a year-on-year decrease of 371.6 billion yuan in bill financing, as banks actively compressed low-yield assets, leading to gradual optimization of the credit structure [3] Group 4: Money Supply and Liquidity - M1 growth rate significantly rebounded to 4.6%, driven by last year's low base and improved corporate liquidity [4] - New corporate demand deposits increased by 1.7 trillion yuan, a year-on-year increase of 975.5 billion yuan, indicating enhanced operational cash flow efficiency [4] - The reduction of fiscal deposits by 820 billion yuan, along with the seasonal return of wealth management funds, contributed to the increase in deposits from residents and enterprises [4] Group 5: Savings and Consumption Trends - In the first half of the year, household deposits increased by 10.77 trillion yuan, with a savings-to-loan ratio of 9.21, reflecting conservative consumption and investment sentiment [5] - Despite a slight rebound in short-term loans due to consumption scenarios, new loans from the household sector remained at a historical low of 1.17 trillion yuan [5] - Policy measures are needed to further unleash consumption potential, with declining deposit rates potentially encouraging a shift from savings to consumption [5] Group 6: Policy Outlook and Market Expectations - The third quarter is expected to see a peak in government bond issuance, providing continued support for social financing growth [6] - The central bank may maintain reasonable liquidity through reserve requirement ratio cuts and interest rate reductions, focusing on "moderate easing" and structural tools [6] - Overall, June's financial data reflects a balance between active fiscal support and weak recovery in real demand, necessitating ongoing policy efforts to stabilize expectations, promote consumption, and optimize credit structure [6]