其中，议案四《关于调整"21万科02"回售部分债券本息兑付安排、增加固定兑付安排、提供增信措施的议案》以 92.11%的高票获通过，为缓解其短期流动性压力注入积极信号，受此影响，万科A+H股当日收盘双双走强。 来源：@华夏时报微博 文/黄指南 1月21日，万科A（000002.SZ）披露"21万科02"债券2026年第一次债券持有人会议决议。 据悉，"21万科02"债券余额为11亿元，起息日为2021年1月22日，期限7年，本次有效回售申报规模约10.32亿元， 原定兑付日为1月22日。 此次通过的议案四针对回售部分债券制定了多重保障安排，在固定兑付方面，发行人将于2026年1月30日，对参加 本次持有人会议且同意议案四或议案五任一议案的账户，按已申报回售债券剩余本金为限，实施不超过10万元的 小额兑付，不足10万元的全额兑付，以此保障小额持有人的流动性需求。 分期兑付安排成为关键支撑，回售部分债券本金在扣除固定兑付金额后，40%将于2026年1月30日兑付并注销对应 债券，剩余60%展期1年至2027年1月22日。 同时，万科为未付本息提供增信措施，以其对武汉万云房地产有限公司、西咸新区科筑置业有限公司的应 ...

万科企业股份有限公司（以下简称"万科"）11亿元债券展期议案获得持有人会议表决通过。 1月21日，万科披露关于2021年面向合格投资者公开发行住房租赁专项公司债券（第一期）（品种二） （以下简称"21万科02"）2026年第一次债券持有人会议决议的公告。 其固定兑付安排主要指，对于参加该次持有人会议且至少表决同意《议案四》或《议案五》中的任一议 案的每个证券账户，万科于2026年1月30日以其在该次会议债权登记日已申报回售的债券剩余本金为限 实施不超过10万元的兑付。 "通过调整兑付安排，增加固定兑付比例，并提供增信措施，万科在一定程度上缓解了短期偿债压力， 为公司争取了更多的资金调配时间和空间，有助于稳定其财务状况，避免因债务违约引发的信用风险和 市场波动。"山东隆湶律师事务所主任、高级合伙人李富民在接受记者采访时表示。 除本金11亿元的"21万科02"外，万科还有"22万科MTN004""22万科MTN005"两只本金合计57亿元的中 期票据正尝试展期，二者分别于1月21日10点、15点召开2026年第一次持有人会议。在二者议案中，也 出现了固定兑付安排、提供增信措施、设置本金兑付比例等类似方案。 广东更 ...

Group 1: Domestic News - The People's Bank of China (PBOC) emphasizes accelerating the construction of a cross-border payment system for the renminbi, aiming for a diversified and multi-layered development by 2026 [2] - The Ministry of Industry and Information Technology (MIIT) reports that the industrial and information sectors contributed over 40% to economic growth, with a projected 5.9% increase in industrial value added by 2025 [3] - The Ministry of Housing and Urban-Rural Development (MOHURD) plans to stabilize the real estate market by focusing on urban renewal, community construction, and improving housing sales systems [5] Group 2: International News - Former President Trump announces a framework agreement with NATO regarding Greenland, temporarily halting planned tariffs on European countries [6] - The U.S. Treasury yields show a general decline, with the 10-year Treasury yield down by 4 basis points to 4.26% [25] Group 3: Bond Market Dynamics - The bond market shows a strong performance with the 10-year government bond yield decreasing by 0.05 basis points to 1.8335% [10] - The credit bond market experiences significant price deviations, with some industrial bonds seeing price changes exceeding 10% [11] - Vanke announces a bondholder meeting where a proposal to extend the maturity of a portion of its bonds was approved [12] Group 4: Commodity Market - International crude oil prices rise, with WTI crude up 0.43% to $60.62 per barrel, and natural gas prices surge nearly 30% to $5.040 per million British thermal units [7] Group 5: Equity and Convertible Bond Market - The equity market sees a collective rise, with major indices increasing, and the convertible bond market also reflects this trend with major indices up by approximately 0.90% [21] - The convertible bond market records a trading volume of 912.89 billion yuan, with 308 out of 385 bonds rising in value [21]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-01-22 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2025-12-31 | 2025/12 | 制造业 PMI | % | 50.1 | 49.8 | 50.1 | | 2025-12-31 | 2025/12 | 非制造业 PMI:商务活动 | % | 50.2 | 50.0 | 52.2 | | 2026-01-15 | 2025/12 | 社会融资规模:当月值 | 亿元 | 22075 | 35299 | 28537 | | 2026-01-15 | 2025/12 | M0:同比 | % | 10.2 | 11.5 | 13.0 | | 2026-01-15 | 2025/12 | M1:同比 | % | 3.8 | 7.2 ...

智通财经记者 | 王妤涵 智通财经编辑 | 李慎 万科迎来本轮债务重组博弈中的关键突破。 1月21日，万科披露旗下一笔余额11亿元的公司债展期方案以92.11%的高同意率获得通过，这也是万科 自2025年底陷入债券展期困境以来，首个成功落地的展期方案。 该笔债券为"21万科02"，是万科在2021年1月22日发行的公司债，主承销商为中信证券，债券余额为11 亿元，票面利率为3.98%，为七年期债券，附有第五年末发行人赎回选择权及投资人回售选择权。 从资本市场反应来看，市场情绪得到了明显修复。当日午后，万科A股价快速拉升，涨幅一度超4.5%， 截止收盘报5.01元；万科企业涨幅亦突破6%，最终收盘报3.68港元。 与此同时，万科多只境内债券价格同步回暖，此前跌至面值25%左右的"21万科04""21万科06"等债券， 报价也均出现不同程度回升。 "此次议案提供了多种方案满足了不同债券持有人诉求。既有现金兑付又有增信担保，措施切实可行， 体现出了诚意，所以债权人同意比例高。"谈及此次展期成功的原因，中指研究院企业研究总监刘水在 接受智通财经采访时指出。 具体来看展期方案，据万科方面披露，这次会议审议了五个议案，最 ...

Group 1: Beijing Economic Performance - In 2025, Beijing's GDP reached 52,073.4 billion yuan, growing by 5.4% year-on-year, surpassing the national average of 5% and marking it as the second city in China to exceed 50 trillion yuan in GDP after Shanghai [2] - The per capita disposable income in Beijing was 89,090 yuan, a year-on-year increase of 4.3%, with urban residents earning 96,292 yuan and rural residents 42,012 yuan, reflecting a narrowing income gap [3] - The growth in Beijing's economy is supported by a high proportion of the tertiary sector and strong performance in high-energy industries, despite a slowdown in operating income growth and stagnant property net income [3] Group 2: 6G Technology Development - China has completed the first phase of 6G technology trials and is now entering the second phase, focusing on typical application scenarios and verifying technical feasibility [4] - The integration of air, land, sea, and space in 6G technology is expected to create revolutionary applications and drive upgrades in related industries such as chips and smart terminals [5] Group 3: TCL and Sony Joint Venture - TCL is set to acquire a controlling stake in Sony's television and audio business, forming a joint venture with 51% ownership by TCL and 49% by Sony, expected to start operations in April 2027 [6] - TCL's television shipment is projected to reach 30.41 million units in 2025, with a market share increase to 13.8%, narrowing the gap with the leading brand Samsung [6] Group 4: Vanke Bond Repurchase Plan - Vanke A's bondholders approved a plan to adjust the repayment arrangement for its bonds, allowing for a fixed repayment of 100,000 yuan and 40% principal repayment, providing some relief from potential default [7] - The company faces significant cash flow challenges, with a total debt of approximately 6.5 billion yuan maturing in the second quarter, raising concerns about its ability to avoid substantial defaults [8] Group 5: Douyin's New App Development - Douyin is developing an app called "Dou Sheng Sheng," aimed at enhancing offline consumption through group buying, with a focus on providing value and convenience [9] - Douyin's local life services are showing significant growth, with a total transaction volume increase of over 59% in 2025, indicating a successful expansion into the local service market [10] Group 6: Yonghui Supermarket's Financial Struggles - Yonghui Supermarket expects a net loss of 2.14 billion yuan in 2025, a 45.6% increase in losses compared to the previous year, primarily due to strategic adjustments and store closures [11] - The company's restructuring efforts, while necessary, have led to significant short-term losses, raising questions about its long-term viability in a changing retail landscape [11] Group 7: Netflix's Acquisition Strategy - Netflix reported a fourth-quarter revenue of $12.05 billion, exceeding expectations, and announced a shift to an all-cash acquisition of Warner Bros. for $72 billion [12][13] - The acquisition aims to bolster Netflix's content library with top-tier IPs, although it raises concerns about increased debt and financial risk as the company transitions from rapid growth to a more mature phase [13]

万科一笔余额11亿元的"21万科02"债券展期事宜取得重要进展。1月21日早间，万科发布"21万科 02"2026年第一次债券持有人会议决议公告，"议案四"即"关于调整'21万科02'回售部分债券本息兑付安 排、增加固定兑付安排、提供增信措施的议案"获得高票通过。同时，万科还公告该债券将在1月22日付 息。或受此消息提振，万科A股价在1月21日交易时段一度大涨逾6%，收盘报每股5.01元，涨幅4.59%。 不过，万科另外两只债券本息兑付尚未与债权人达成一致。市场人士认为，由于相关议案内容比较类 似，"21万科02"的表决也为1月21日召开的另外两只债券的持有人会议提供借鉴。 表决结果释放积极信 号 1月21日早间，万科发布了"21万科02"债券持有人会议决议公告。其中，强调增加固定兑付安排的"议 案四"获得表决通过。 公开信息显示，"21万科02"债券余额11亿元，当前票面利率3.98%，期限为7年 期，附第5年末发行人赎回选择权、调整票面利率选择权、投资者回售选择权。 "21万科02"2026年第一 次债券持有人会议决议公告显示，五项议案中"议案一"和"议案四"获得通过。"议案一"主要涉及豁免相 关程序，优 ...

Group 1 - Apple is accelerating its AI strategy by developing an AI wearable device called "Pin" and plans to significantly revamp Siri into its first AI chatbot, codenamed "Campos" [2] - Intel has secured a substantial contract with the U.S. military for chip supply under the SHIELD project, with a maximum limit of $151 billion, boosting expectations for its defense electronics business [2] - TSMC is facing production bottlenecks in its advanced 3nm process due to surging AI demand, with all capacity booked until 2027, highlighting strong demand in the global semiconductor supply chain [2] - Nvidia's CEO Jensen Huang plans to visit China to revive the AI chip market, emphasizing that AI represents a "platform shift" requiring trillions in infrastructure investment, with global AI venture capital expected to exceed $100 billion by 2025 [2] Group 2 - Alibaba's Qianwen series model downloads have surpassed 1 billion, making it the most popular open-source AI model globally, reinforcing the company's technological leadership in AI [4] - Vanke's bond extension proposal for "21 Vanke 02" has been approved, marking the company's first successful bond extension, with a scale of 1.1 billion yuan [4] - Xinda Real Estate expects a net loss of 7.6 billion to 8.2 billion yuan in 2025 due to industry adjustments and project sales underperformance, focusing on core areas for business transformation [4] - Cangge Mining has voluntarily reduced its potassium chloride production capacity from 2 million tons per year to 1.2 million tons based on resource conditions, without affecting existing production and sales plans [4] Group 3 - AI startup Anthropic PBC is raising at least $1 billion from investors, with annual revenue run rate doubling since last summer and projected to exceed $9 billion by the end of 2025 [6] - Meta's Super Intelligence Lab delivered its first batch of key AI models in January, with plans to focus on consumer products over the next two years [6] - Microsoft has resolved access issues with its 365 services and has introduced a basic subscription version of Microsoft 365 in China for an annual fee of 150 yuan [6] - Tesla clarified that there are no plans for layoffs or production cuts at its Berlin factory, while its Robotaxi fleet has reached 200 vehicles [6] Group 4 - Samsung Electronics is diversifying its HBM supply chain and has reported Q4 sales of 1.29 trillion won, a 2.3% year-on-year increase, with operating profit rising 62% [10] - Toyota anticipates a cost burden increase of 5 trillion yen over 4.5 years and plans to raise prices for some suppliers while sharing chip data among Japanese automakers [10] - SK Hynix is projected to achieve record revenue and profit by Q4 2025, with plans to distribute a record year-end bonus of 640,000 yuan per employee [10] - LG Electronics is testing sodium-ion battery production at its Nanjing factory and has launched AI air conditioning products overseas [10] Group 5 - Volkswagen Group expects a net cash flow of 6 billion euros in the automotive sector for FY2025, a 20% year-on-year increase, driven by lower operating capital and capital expenditures [13] - Rio Tinto anticipates an 11% increase in copper production to 883,000 tons by 2025, with a strong rebound in Q4 iron ore production [13] - Mercedes-Benz will unveil the 2026 S-Class on January 29, featuring heated seat belts to enhance low-temperature range and safety [13] - ASML's target price has been raised by JPMorgan from 587 euros to 800 euros, reflecting optimistic market expectations for semiconductor equipment demand [13]

◎记者 张良 孙忠 首先，固定兑付安排，存在小额兑付。发行人将于2026年1月30日以其在本次会议债权登记日已申报回 售的债券剩余本金为限实施不超过10万元的兑付（即"固定兑付安排"）。其次，关于回售部分债券兑付 的安排。回售部分债券本金的40%将于2026年1月30日兑付，剩余60%展期1年，兑付日为2027年1月22 日。此外，还将提供增信措施。万科承诺将为本期债券未付本息提供发行人持有的对项目公司（武汉万 云房地产有限公司、西咸新区科筑置业有限公司）应收款质押作为增信担保措施。 关于回售部分债券付息的安排，2026年1月22日按期支付本期债券未申报回售部分在2025年1月22日至 2026年1月21日计息期间的利息，已申报回售部分债券的利息将在议案表决通过后2个交易日内支付，展 期部分在展期一年期间的利息于2027年1月22日随本金一起兑付。 万科一笔余额11亿元的"21万科02"债券展期事宜取得重要进展。1月21日早间，万科发布"21万科 02"2026年第一次债券持有人会议决议公告，"议案四"即"关于调整'21万科02'回售部分债券本息兑付安 排、增加固定兑付安排、提供增信措施的议案"获得高票通过。 ...

万科企业股份有限公司（以下简称"万科"）11亿元债券展期议案获得持有人会议表决通过。 1月21日，万科披露关于2021年面向合格投资者公开发行住房租赁专项公司债券（第一期）（品种二） （以下简称"21万科02"）2026年第一次债券持有人会议决议的公告。 公告显示，《议案一：关于豁免本次会议召开相关程序要求的议案》和《议案四：关于调整"21万科 02"回售部分债券本息兑付安排、增加固定兑付安排、提供增信措施的议案》（以下简称《议案四》） 分别获得92.36%和92.11%表决权同意，两项议案获得通过。 Wind数据显示，1月21日在交易所上市的万科债普遍上涨，"21万科06"涨超6%，"21万科04"涨超 3%，"22万科06"涨超2%。 根据此前万科披露的《议案四》，其回售部分债券本息兑付安排主要指，回售部分债券本金的40%于 2026年1月30日兑付，并注销兑付本金对应的债券；剩余60%本金展期1年，兑付日为2027年1月22日， 剩余60%本金在2026年1月22日至2027年1月21日计息期间的利息于2027年1月22日随本金一起兑付。相 当于40%本金先行兑付，60%本金展期一年。 其固定兑付安排主 ...