2025年11月26日，浦发银行发布了关于召开"22万科MTN004"2025年第一次持有人会议的公告，其讨论 内容为债券展期事宜。 公告显示，"22万科MTN004"债项余额20亿元，票面利率3.00%，原到期兑付日为2025年12月15日。 备受关注的万科中票展期问题即将迎来关键时刻。 在宽限期之前，万科两只中票债权人大会将在1月21日同日召开，审议债券展期相关事项。 1月7日，作为召集人的浦发银行发布关于召开"22万科MTN004"2026年第一次持有人会议的通知。 此次债权人大会召开日期为1月21日，距离宽限期1月28日仅有一周时间。如果宽限期内公司与债权人取 得沟通进展，达成一致共识，或者兑付本息，该债券将会避免违约风险。 浦发银行表示，为稳妥推进本期债券本息兑付工作，特召开持有人会议对本期债券展期相关事项进行审 议。 2025年末，地产龙头企业万科两只到期的债券意外展期，引发市场关注，相关万科系债券相继重挫。 浦发银行已经召开两次"22万科MTN004"债权人大会，但对于本息兑付以及提供增信等议案均未达成一 致并生效。但对于宽限期以及决策流程进行了优化，将本息兑付宽限期由原5个工作日延长至30个交 ...

证券研究报告 | 2026年01月04日 2026年01月05日 2025 年债券行情回顾 收益率总体企稳回升，信用利差被动收窄 估值曲线：2025 年债市收益率震荡上行；信用利差方面，多数品种利差 被动收窄。收益率方面，1 年期国债、10 年期国债、10 年期国开债分别 变动了 25BP、17BP、27BP，3 年 AAA、3 年 AA+、3 年 AA 和 3 年 AA-分别 变动了 15BP、8BP、9BP 和-41BP。信用利差方面，3 年 AAA、3 年 AA+、 3 年 AA 和 3 年 AA-分别收窄了 4BP、12BP、11BP 和 61BP。 国债收益率震荡走高：年初资金面大幅收紧导致债市收益率整体上行，3 月 两会后，潘行长关于货币政策的表述推动市场修正预期，10 年期国债收益率 进一步升至 1.90%高位。二季度中美关税拉锯，叠加央行降准降息兑现，资 金面整体环比改善，10 年期国债收益率下行至 1.63%-1.67%区间震荡。三季 度"反内卷"政策推升通胀预期，权益走强压制债市，叠加基金费率新规与 债基赎回，债市收益率整体上行；但在央行呵护资金面背景下，短端收益率 较为平稳，债市呈现"熊 ...

赎回新规落地，3-5 年修复窗口打开 [Table_Authors] 张紫睿(分析师) 信用债市场周度回顾 260104 本报告导读： 年末信用债发行缩量，机构交易热度不高；中短端仍然是主要活跃期限，可关注 3 年品种骑乘机会；赎回新规落地后，3-5 年普信债/二永债或迎来阶段性修复行情。 投资要点： 债券研究 /[Table_Date] 2026.01.04 | | 021-23185652 | | --- | --- | | | zhangzirui@gtht.com | | 登记编号 | S0880525040068 | | | 王宇辰(分析师) | | | 010-83939801 | | | wangyuchen4@gtht.com | | 登记编号 | S0880523020004 | [Table_Report] 相关报告 曲径分岔：政策分化中把握中久期良机 2026.01.03 回望 25 年，高弹性强动量占优 2026.01.02 利率互换 IRS 能预测资金松紧甚至降息吗？ 2025.12.31 关注信用债 3Y-1Y 的骑乘机会 2025.12.29 银行二永债周度数据库更新（2025. ...

文 | 银行螺丝钉 （转载请注明出处） 同的，泰4个云២到达到球雷的风应, 主要是短期波动的风险。 例如螺丝钉每个交易日发布的债券指数 估值表,里面基本都是国债、国开债、 证金债等安全性比较高的债券指数。 在正常没有遇到违约的情况下，债券指 数的波动并不大，通常短债的最大回撤 在1%以内，中长期债券在百分之几。 如果一个企业经营正常、每年盈利分红 良好，这样的企业发行的债券，违约概 率也比较低。例如一些 AAA级别、盈利 稳定的银行债。 如果企业经营不善,可能会遇到违约, 债券价格大跌,这就是俗称暴雷了。如 果债基投资了对应的债券,就是踩雷。 此时，债券基金可能会单日下跌百分之 几,甚至10%。这个波动,远远超过了 债券正常的价格波动范围,并且这种踩 雷带来的下跌,后面不一定能涨回来。 债基是否踩雷，还是比较容易识别的: 在短短几天里，出现5%或以上的大幅下 跌,这个下跌速度对纯债来说，是不太 正常的。 我们该怎么应对这种风险呢? 对个人投资者来讲,投资债券基金的目 的不是追求多高的收益，因为掌握了股 票基金的投资技巧之后,完全可以依靠 股票基金作为长期放大收益的资产。 对于债券类的资产，要追求的是稳定。 债 ...

ST岭南公告称，"岭南转债"无法按期兑付本息，联合资信已下调公司及该债券信用等级至C。公司近年 业务受冲击，业绩不佳，2024年度营收8.62亿元，同比下滑59.55%，净亏9.84亿元，亏损规模同比收窄 9.86%；2025年1-9月营收2.53亿元，同比下滑68.75%，净亏2.06亿元，亏损同比收窄23.34%。此外，增 信计划抵质押资产变现、公司股票退市、诉讼等风险犹存。公司将于12月29日召开"岭南转债"2025年第 二次债券持有人会议。 ...

彭博：万科海外债权人已开始接受重组咨询机构Houlihan Lokey（华利安）顾问进行会谈的请求，此类举措通常是组建所谓“临时委员会”的前奏，临时委员会通常代表债券持有人利益与债务方谈判。知情人士透露，如果万科海外债券违约，债券持有人谈判筹码主要依赖 “维好条约” 和清算香港子公司。 https://t.co/iqHo70r70A ...

Core Viewpoint - Vanke is seeking to extend the maturity of its medium-term notes (MTN) due to severe operational challenges, proposing three different extension plans to its bondholders [3][6]. Summary by Sections Proposal Details - The first proposal involves a 12-month extension of the principal repayment date to December 15, 2026, with interest accrued before the extension being paid on the same date, maintaining a coupon rate of 3.00% during the extension period [3][5]. - The second proposal includes additional credit enhancement measures and conditional adjustments to the repayment arrangements, requiring guarantees from acceptable entities such as Shenzhen Metro Group [6][7]. - The third proposal mirrors the second in terms of repayment arrangements but emphasizes the need for corresponding credit enhancements [6][7]. Bondholder Concerns - Some bondholders have expressed opposition to the proposed extension plans, highlighting the critical nature of the upcoming vote on these proposals, which must be completed by December 12, 2025, to avoid default [7][8]. - Vanke's announcement on December 1 indicated that the company is facing significant operational difficulties, prompting the need for these proposals [6][7]. Financial Position - As of June 30, 2025, Vanke's interest-bearing liabilities totaled 364.26 billion, accounting for 30.5% of total assets, with 42.7% of these liabilities maturing within one year [7][8]. - Vanke has 15 outstanding bonds, with a total balance of 20.316 billion, and a significant portion of these bonds maturing before 2026 [7][8]. Credit Ratings - Vanke's credit ratings have been downgraded to "CCC-" by S&P and Fitch, indicating a risk of default or restructuring, with Fitch placing Vanke on a negative watch list [8][9]. - Fitch noted that without further support from shareholders, Vanke may struggle to meet its upcoming debt obligations, projecting negative cash flows for 2025 and 2026 even after accounting for asset sales [9].

Group 1 - Peng Bo Telecom has announced that the "18 Peng Bo Bond" will be suspended from trading starting April 12, 2024, with the maturity date adjusted to May 25, 2026, indicating uncertainty in repayment [1][2] - Tianjin Dongli Urban Infrastructure Investment Group has been listed as a dishonest executor with an execution amount of 3.82418 million yuan due to disputes over construction quality and settlement with Tianjin Jinfeng Shengtai Technology Development Co., Ltd [2] - Times China Holdings has announced that the effective date for its offshore debt restructuring is expected to be November 28, 2025, with all restructuring conditions anticipated to be met by that date [2][3] Group 2 - Times China Holdings reported a cumulative contract sales amount of approximately 3.933 billion yuan for the nine months ending September 30, 2025, a year-on-year decrease of 37.1%, with a signed area of approximately 317,000 square meters [3] - The controlling shareholder of Qiandongnan State Investment Group has been listed as a dishonest executor with an execution amount of 159.6 million yuan due to a debt restructuring contract dispute with CITIC Financial Asset Management [3][4] - Qiandongnan State Investment Group has been involved in multiple legal disputes, including a loan contract dispute involving amounts of 21.05898 million yuan and 193.3 million yuan [4]

Group 1 - Huawen Group is involved in a significant lawsuit regarding a share transfer dispute, with the case being transferred to Haikou Intermediate People's Court due to jurisdictional issues and the claim amount exceeding 100 million yuan [1] - Huawen Group has been notified of a pre-restructuring application due to inability to repay debts, with several financial investors selected for restructuring agreements [1] - Guokou Asset Management's subsidiary has had assets worth 1.01 billion yuan frozen due to bond defaults, with ongoing efforts to resolve debt issues [2] Group 2 - Country Garden's offshore debt restructuring plan has received approval from the required majority of creditors, with a court hearing scheduled for December 4 [5] - Country Garden has issued a profit warning, expecting a net loss of 18.5 to 21.5 billion yuan for the six months ending June 2025, a significant decline from a profit of 15.1 billion yuan in the same period last year [5] - Guangzhou Science City Investment reported a net loss of 4.544 billion yuan for the first three quarters of 2025, representing 12.89% of its net assets at the end of the previous year [5] Group 3 - Tsinghua Tongfang announced a deferral of interest payment on its bond "16 Sand MTN003" amounting to 78.135 million yuan, with the next payment scheduled for November 14, 2026 [6] - Shenwu Environmental Technology is facing public reprimand from the Shenzhen Stock Exchange for violations related to bond listing rules, involving its chairman and other executives [7] - Pan Hai Holdings has been ordered to pay 1.48 billion yuan in a lawsuit for unpaid loans to Minsheng Bank, with the court ruling for compulsory execution [8]

Group 1: Company Announcements - Shandong Ruyi Technology Group's subsidiary, Ruyi Group, is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, but the company's operations are reported to be normal and not significantly impacted [1] - Taihe Group announced it will provide a guarantee for its subsidiary, Qihang Logistics, for a debt extension of 1.6881 billion yuan, with the guarantee period extending until April 2027 [3] - Gome Electrical Appliances reported an increase in execution targets totaling 373.3 million yuan and has been listed as a dishonest executor due to failure to fulfill legal obligations [4] - Junfa Group's subsidiary and bond guarantor have been included in the list of dishonest executors, with overdue amounts reported [5] - Huaxia Happiness Holdings announced that several bonds, including "20 Happiness 01," will continue to be suspended as part of debt restructuring efforts, with total unpaid debts reaching 29.24 billion yuan [7] Group 2: Financial Status and Debt Issues - Ruyi Technology has offshore bonds with a total balance of 1.7318 billion USD, with a default amount of 300 million USD [2] - Taihe Group has a total of 1.4655 billion USD in offshore bonds, with the entire amount in default [4] - Gome Electrical Appliances has a total bond balance of 207 million yuan, with 123 million yuan already in default [5] - Junfa Group has a total bond scale of 4 billion yuan [6] - Huaxia Happiness has a total bond scale of 2.124 billion yuan, with a default amount of 551.4 million yuan [8]