11月26日，万科境内债券出现集体下挫行情。截至发稿前，"21万科02""21万科04""22万科02"等多只债券触发盘中临时停牌；此外，多只债券跌超10%。 债市调整迅速传导至股市，万科股价同步承压。截至11月26日发稿，万科A一度下探至5.89元/股，近60个交易日累计跌幅已超13%，创2015年以来新低。港 股万科企业跌超4%，而9月12日至今，更是从5.94港元一路下跌至近期的4港元附近。 数据显示，截至11月2日，深铁已实际提供相关贷款203.73亿元，万科累计提取197.1亿元，后续仍可根据框架协议提取22.9亿元贷款本金。公告明确，此前 框架内已提取借款主要用于165.22亿元债券本息的偿付，后续剩余额度拟用于偿还本息合计86.81亿元的债券，当前仍存在63.91亿元的资金缺口。 方正证券在最新研报中分析指出，参考万科后续债券到期的节奏，假设股东大会召开时间为2026年6月30日，则有150.19亿元债券本金需要偿付，使用股东 借款偿还债务缺口相对较大。从资金敞口来看，万科的确面临一定压力，但本框架协议的签署不代表后续深铁不再支持万科，而从万科自身来看，后续资产 也仍有一定的腾挪空间。 采写：南 ...

Core Viewpoint - Vanke's bonds have experienced significant declines, with several bonds dropping over 20%, indicating a broader trend of poor performance in the company's domestic bonds throughout November [2][3]. Group 1: Bond Performance - As of November 26, bonds such as "21 Vanke 04" and "22 Vanke 02" fell by over 20%, triggering trading halts, while others like "21 Vanke 06" and "22 Vanke 06" dropped over 14% [2][3]. - Vanke A shares also saw a decline, reaching as low as 6 CNY per share, marking a cumulative drop of over 13% in nearly 60 trading days, the lowest since 2015 [3]. Group 2: Financing and Debt Management - On November 2, Vanke announced a framework agreement with Shenzhen Metro Group for a loan of up to 22 billion CNY, with a total principal and interest amounting to approximately 236.91 billion CNY [4][5]. - As of November 2, 2025, Vanke had repaid approximately 303.25 billion CNY in domestic and foreign bond principal and interest, with 165.22 billion CNY (about 55%) funded by loans from Shenzhen Metro [6]. - The framework agreement is seen as a measure to enhance risk management for external borrowing, indicating that Vanke must improve its self-financing capabilities to meet future bond repayments [5][6].

Core Viewpoint - Vanke's bonds have experienced significant declines, with multiple bonds dropping over 20%, indicating a broader trend of poor performance in the company's domestic bonds since November [3][5]. Group 1: Bond Performance - As of November 26, Vanke's bonds such as "21 Vanke 04" and "22 Vanke 02" have fallen by over 20%, triggering trading halts [3][4]. - The overall performance of Vanke's domestic bonds has been weak, with continuous declines throughout November [3]. Group 2: Stock Price Movement - Vanke A's stock price has dropped to around 6 CNY per share, marking a cumulative decline of over 13% in the last 60 trading days, reaching its lowest point since 2015 [5]. - Vanke Enterprises' stock has also decreased by more than 2%, falling from 5.94 HKD to approximately 4 HKD since September 12 [5]. Group 3: Financing and Debt Management - Vanke signed a framework agreement with Shenzhen Metro Group for a loan of up to 22 billion CNY, with a total loan amount of approximately 236.91 billion CNY [5]. - As of November 2, 2025, Shenzhen Metro has provided Vanke with 203.73 billion CNY in credit loans, with 197.1 billion CNY already drawn [5]. - Vanke's outstanding domestic bond principal and interest due from November 2025 to June 2026 is estimated at 155.46 billion CNY, along with approximately 0.3 billion USD in dollar bond interest [5][6]. Group 4: Risk Management and Future Outlook - The framework agreement is seen as a measure to enhance risk management rather than a reduction in support from Shenzhen Metro, indicating Vanke's need to improve its self-financing capabilities [6]. - Vanke has already repaid approximately 303.25 billion CNY in domestic and foreign bond principal and interest this year, with 165.22 billion CNY funded by Shenzhen Metro's credit loans [6].

11月26日，万科债普遍下跌。截至发稿前，"21万科04""22万科02""22万科04"跌超20%，触发盘中临停，"21万科06""22万 科06"跌超14%，"21万科02"跌超10%。11月以来，万科境内债表现整体低迷，多日下跌。 11月2日，万科公告与深铁集团签署《关于股东借款及资产担保的框架协议》（下称"框架协议"），约定2025年以来至2025 年度股东会召开日，深铁集团向万科提供不超过220亿元本金的贷款，具体包括两部分：一是2025年以来已发生的纯信用贷 款，二是后续依据《框架协议》提供的有担保贷款。《框架协议》约定，前述借款本息合计约为236.91亿元。 | 序号 | 证券代码 | 证券名称 | 涨跌幅 V [单位]% | | | --- | --- | --- | --- | --- | | 1 | 149478.SZ | 21万科04 | > | -20.15 | | 2 | 149815.SZ | 22万科02 | | -20.11 | | 3 | 149931.SZ | 22万科04 | | -20.01 | | 4 | 149568.SZ | 21万科06 | | -17.04 | ...

申万宏源（000166）(06806)公布，公司所属子公司申万宏源证券（000562）有限公司于 2024 年 11 月 14 日发行申万宏源证券有限公司 2024 年面向专业投资者公开发行短期公司债券(第三期)(品种二)，发 行规模人民币 30 亿元，票面利率 1.93%，期限 365 天，债券代码 524010，债券简称 24 申证 D6。本期 债券兑付日为2025年11月14日，摘牌日为2025年11月14日，申万宏源证券有限公司已按照《申万宏源证 券有限公司2024年面向专业投资者公开发行短期公司债券(第三期)募集说明书》相关约定，完成本期债 券本息兑付并予以摘牌。 ...

Group 1 - The announcement from Shanghai Clearing House indicates that Huaneng International Power Co., Ltd. is set to issue its 14th medium-term note for the year 2023, with a total issuance amount of RMB 2 billion [1] - The interest start date for this bond is September 8, 2023, and it has a maturity period of 2+N years, with a total outstanding amount of RMB 2 billion [1] - The total principal and interest repayment amount due on September 8, 2025, is RMB 61 million, with provisions for payment delays if the due date falls on a public holiday [1]

Core Viewpoint - Longfor Group (00960) has allocated approximately RMB 950 million to a payment account for the redemption of the "20 Longfor 06" bond maturing on August 7, 2023 [1] Group 1: Bond Redemption Details - The "20 Longfor 06" bond has an issuance date of August 7, 2020, with a term of 7 years (5+2) and a total issuance size of RMB 1 billion, carrying an interest rate of 4.3% [1] - The total amount for this redemption is RMB 950.44 million, which includes principal repayment of RMB 907.44 million and interest of RMB 43 million [1] Group 2: Year-to-Date Bond Payments - Longfor Group has successfully redeemed multiple domestic public bonds this year, including the "22 Longfor 04" bond on July 3, with a total payment of RMB 1.766 billion [1] - On July 11, the company completed a payment of RMB 52.25 million for the "20 Longfor Expansion MTN001B" bond due on July 15 [1] - After the redemption of "20 Longfor 06," the total amount of public bond redemptions by Longfor in 2023 has exceeded RMB 10 billion, with all maturing credit bonds for the year fully repaid [1]

富力地产表示，本期债券存在30个工作日豁免期条款。鉴于公司目前资金情况，公司将使用豁免期条款 缓解短期兑付压力。截至7月31日，因流动性紧张，公司仍在全力筹措资金。公司就上述事项向投资者 致以诚挚的歉意，公司将在豁免期内全力做好相关兑付安排，争取妥善解决本次小额兑付问题。 销售方面，富力地产（02777.HK）2025年5月实现销售收入约13.7亿元，销售面积约129600平方米。截 至2025年5月底，累计销售收入约为55亿元，累计销售面积约513300平方米。 8月1日，智通财经获悉，广州富力地产股份有限公司对债权人发布了关于"H16富力4"、"H16富力 5"、"H18富力8"、"H18富力1"和"H19富力2"2025年第一次分期偿付安排公告。 富力地产表示，集团持续进行调整，控制行政成本以及控制不必要的资本支出，以保持流动性，并积极 评估进一步减少可自由支配支出的额外措施。集团也持续寻求合适机会出售若干项目开发公司的股权， 以产生额外现金流入。此外，集团一直积极与相关现有贷款人商讨，以延长、再融资或重组集团的借 款，同时继续寻求新融资来源，以应对即将到期的财务责任和未来的营运现金流需求。这些措施仍在 ...

Core Viewpoint - Longfor has successfully allocated the repayment funds for "22 Longfor 04" amounting to 1.766 billion yuan, indicating a strong commitment to debt servicing and financial stability [1] Group 1 - The total amount allocated for the repayment of "22 Longfor 04" is 1.766 billion yuan, with an issuance scale of 1.7 billion yuan and a coupon rate of 4.1% [1] - The repayment for "22 Longfor 04" marks a significant milestone, bringing the total public bond repayments by Longfor to nearly 9 billion yuan for the year [1] - Over the period from 2023 to 2024, Longfor is projected to reduce its interest-bearing liabilities by more than 30 billion yuan [1]

Group 1 - Aoyuan Group (03383.HK) announced a conditional sale agreement with Guangdong Provincial Food Import and Export Group, involving the sale of approximately 35.52 million shares (21.1632% equity) of the target company for approximately RMB 191 million [1] - Aoyuan Group's subsidiary, Yaxin Investment, will also enter into a repurchase agreement with the target company, agreeing to sell approximately 7.95 million shares (4.7360% equity) for approximately RMB 42.79 million [1] - Following the completion of these transactions, Aoyuan Group will no longer hold any shares in the target company, which is currently a joint venture [2] Group 2 - The target company, Guangdong Zhujiangqiao Biotechnology Co., Ltd., specializes in the research, production, and sales of high-salt liquid soy sauce, vinegar, and compound seasonings [2] - As of the announcement date, the target company is a subsidiary of the Provincial Food Group, which holds approximately 31.6440% of its equity, while Yaxin Investment holds approximately 25.8991% [2] - The proceeds from the sale will be used to repay bondholders of the "23 Fan Ya 02" bond, while the proceeds from the repurchase will be allocated for the group's daily operational management [2]