12月22日晚间，万科披露了关于22万科MTN004票据的第二次债权人会议结果，将"继续与持有人沟通 协商，寻求本期中期票据解决方案"。 这不是一个乐观的结果，毕竟万科已经调整过一次展期方案，从最初的本息展期一年且无任何增信措施 变为明确提供相应的增信措施。 第二次会议在12月18日召开，其间万科与债权人达成一致，可以缩减会议召开的相关时限，相关议案获 得90%以上表决权的同意，达到生效标准。 重点是调整中期票据本息兑付安排的议案。 为何提供增信措施仍无法打动投资人？在汇生国际资本总裁黄立冲看来，调整后的展期方案仍未通过， 意味着债权人对确定性的要求在抬高，而不是单纯否定万科追加抵押物这件事本身。 黄立冲强调，追加抵押物确实是对的方向，但在机构债权人的视角里，抵押物距离真的把风险降下来， 中间还隔着几道坎，最关键的是可执行性和可兑现性。比如，抵押物到底是哪一类资产，权属是否清 晰，有没有既有抵押或查封，能不能及时完成登记，抵押顺位能排到第几，估值怎么定、折价怎么打， 处置路径要走多久，回款是不是有监管账户和现金归集安排。 具体来看，该项议案中提到，22万科MTN004票据的本金兑付时间展期12个月，调整后兑付 ...

Core Insights - The market's hope for a recovery in tech stocks was pinned on Nvidia's earnings report, but despite a strong performance, selling pressure continued in the tech sector, with funds shifting towards more defensive areas like healthcare [2][3] Group 1: Nvidia's Earnings and Market Reaction - Nvidia reported a remarkable quarterly revenue growth of 65% year-over-year, marking a return to acceleration for the first time in two years, with data center revenue increasing by 66% [3] - Despite the strong earnings, concerns about an "AI bubble" persisted, leading to a sell-off in tech stocks rather than a rebound [3][4] - Institutional investors have been reducing their tech positions, with funds flowing into defensive sectors, particularly healthcare [2][3] Group 2: Concerns Over AI Investment Returns - There are growing worries about the sustainability of cash flows in the AI sector, as companies like Oracle and Meta are heavily leveraging to maintain capital expenditures [4][5] - The need for substantial capital investment in AI raises questions about the industry's ability to generate sufficient returns, with estimates suggesting a need for $650 billion in annual cash flow by 2030 to achieve a 10% return on cumulative capital [5][6] Group 3: Macroeconomic Factors Impacting Market Sentiment - The probability of a Federal Reserve rate cut in December has significantly decreased, which poses a risk to growth stocks sensitive to interest rates [6][7] - Recent employment data showed mixed signals, complicating the Fed's decision-making process, with the unemployment rate rising to 4.4%, the highest in four years [6][7] - Concerns about inflation and rising long-term Treasury yields are also affecting market sentiment, with a significant portion of U.S. debt concentrated in the short-term [8]