本次会议共设置五项审议议案，其中新增两项核心议案聚焦兑付优化：《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》与《议案五：关于同意 为"21万科02"回售部分债券增加宽限期、增加固定兑付安排、调整本息兑付安排的议案》，此前已披露 的三项议案包括程序豁免、兑付安排调整及宽限期设置相关内容。 债券持有人应于2026年1月20日17:00前将表决票发送至中信证券指定邮箱。若存在不同议案同时通过的 情况，万科将按照议案四>议案五>议案二>议案三的优先级顺序选择优先级最高的一个议案执行。 据大智慧VIP，截至1月20日收盘，万科A报4.79元/股，涨幅1.27%。 智通财经记者 计思敏 1月20日，万科企业股份有限公司（万科A，000002.SZ）发布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）（简称"21万科02"）回售结果公告。 根据债券募集说明书的约定，"21万科02"的债券持有人在回售登记期内（2025年12月9日至2025年12月 15日）选择将其所持有的"21万科02"全部或部分回售给发行人万科，回售价格为100元/张（不含利 ...

Core Viewpoint - Vanke Enterprises (02202) announced the effective repurchase application quantity of the "21 Vanke 02" bonds, totaling 10,321,010 units, during the repurchase registration period from December 9 to December 15, 2025 [1] Group 1 - The bondholders of "21 Vanke 02" can choose to repurchase all or part of their holdings at a price of 100 yuan per unit (excluding interest) during the specified registration period [1] - The remaining unrepurchased bond quantity is 678,990 units, indicating a significant level of interest in the repurchase option [1] - The issuer does not plan to resell the bonds involved in this repurchase [2]

Core Viewpoint - Vanke Enterprise (02202) announced a bond buyback option for holders of the "21 Vanke 02" bonds during the designated registration period from December 9 to December 15, 2025, at a price of 100 yuan per bond, excluding interest [1] Group 1 - The bondholders can choose to sell back all or part of their holdings of "21 Vanke 02" during the buyback registration period [1] - The effective number of buyback applications registered is 10,321,010 bonds, while the remaining unsold bonds amount to 678,990 [1] - The issuer plans not to resell the bonds that are bought back during this process [1]

本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 萬科企業股份有限公司 董事會 中國，深圳，2026年1月20日 於本 公 告日期，本 公司 董 事會 成 員包 括：非 執 行 董 事黃 力 平 先 生、胡 國 斌 先 生 及雷 江 松 先 生；執 行 董 事 王 蘊 女 士；以 及 獨 立非 執 行 董 事 廖 子 彬 先 生、林 明 彥 先 生、沈向洋 博士及 張 懿 宸 先 生。 * 僅供識別 万科企业股份有限公司 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 海外監管公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 根据《万科企业股份有限公司2021年面向合格投资者公开 ...

Core Viewpoint - Vanke A announced that bondholders of "21 Vanke 02" have opted to sell back their bonds to the company during the repurchase registration period at a price of 100 yuan per bond [1] Group 1: Bond Repurchase Details - The effective repurchase application quantity during the registration period was 10.321 million bonds [1] - The remaining unsold bonds after the repurchase amounted to 678,900 bonds [1] - The issuer plans not to resell the bonds repurchased in this instance [1]

（第一期）（品种二）回售结果公告 证券代码：000002、299903、149358 证券简称：万科 A、万科 H 代、21 万科 02 公告编号：〈万〉2026-006 万科企业股份有限公司 2021 年面向合格投资者公开发行住房租赁专项公司债券 特此公告。 董事会 1 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 根据《万科企业股份有限公司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）募集说明书》的约定，"21万科02"的 债券持有人在回售登记期内（2025年12月9日至2025年12月15日）选 择将其所持有的"21万科02"全部或部分回售给万科企业股份有限公 司（以下简称"公司"或"发行人"），回售价格为100元/张（不含利息）。 根据中国证券登记结算有限责任公司深圳分公司提供的数据， "21万科02"本次回售登记期有效回售申报数量10,321,010张，剩余未 回售债券数量为678,990张。 发行人拟不对本次回售债券进行转售。 （本页无正文，为《万科企业股份有限公司 2021 年面向合格投资者 公开发行住房租赁专项公 ...

Core Viewpoint - The rental and sales rights concept has seen a rise of 1.75%, ranking sixth among concept sectors, with significant gains from stocks like Chengdu Investment Holdings and Hefei Urban Construction, which hit the daily limit [1][2]. Group 1: Market Performance - The rental and sales rights concept had 18 stocks rising, with notable increases from Chengdu Investment Holdings (10.11%), Hefei Urban Construction (10.03%), and *ST Nan Zhi (5.14%) [1][3]. - The top gainers in the sector included China Merchants Shekou (7.35%), I Love My Home (7.33%), and Huitong Energy (4.99%) [1][2]. - Conversely, the biggest decliners were *ST Yang Guang (-4.91%), Shoukai Co. (-4.72%), and Yueshin Health (-2.68%) [1][2]. Group 2: Capital Flow - The rental and sales rights concept attracted a net inflow of 694 million yuan, with 15 stocks receiving net inflows, and five stocks exceeding 100 million yuan [2][3]. - Hefei Urban Construction led the net inflow with 277 million yuan, followed by I Love My Home (233 million yuan) and Poly Development (165 million yuan) [2][3]. - The net inflow ratios for leading stocks were Chengdu Investment Holdings (28.37%), Hefei Urban Construction (24.03%), and *ST Nan Zhi (20.17%) [3][4].

Market Overview - The Shanghai Composite Index fell by 0.01% on January 20, with 20 industries experiencing gains, led by the oil and petrochemical sector and building materials, which rose by 1.74% and 1.71% respectively. The real estate sector ranked third in terms of gains [2] - The telecommunications and defense industries saw the largest declines, with drops of 3.23% and 2.87% respectively [2] Capital Flow Analysis - The net outflow of capital from the two markets reached 95.72 billion yuan, with 11 industries experiencing net inflows. The banking sector led with a net inflow of 1.47 billion yuan and a daily increase of 0.80%. The real estate sector followed with a daily increase of 1.55% and a net inflow of 627 million yuan [2] - The industries with the largest net outflows included the power equipment sector, which saw a net outflow of 19.05 billion yuan, and the electronics sector, with a net outflow of 18.39 billion yuan. Other sectors with significant outflows included telecommunications, defense, and computers [2] Real Estate Sector Performance - The real estate sector increased by 1.55%, with a total net inflow of 627 million yuan. Out of 100 stocks in this sector, 76 rose, including 5 that hit the daily limit, while 21 fell, with 3 hitting the lower limit. A total of 55 stocks experienced net inflows, with 6 stocks seeing inflows exceeding 100 million yuan [3] - The top stocks by net inflow included Hefei Urban Construction with 277 million yuan, followed by Wo Ai Wo Jia and Poly Development with inflows of 233 million yuan and 165 million yuan respectively [3] Top Gainers in Real Estate Sector | Code | Name | Daily Change (%) | Turnover Rate (%) | Main Capital Flow (10,000 yuan) | | --- | --- | --- | --- | --- | | 002208 | Hefei Urban Construction | 10.03 | 9.23 | 27662.79 | | 000560 | Wo Ai Wo Jia | 7.33 | 27.70 | 23316.23 | | 600048 | Poly Development | 4.31 | 3.51 | 16473.16 | | 600649 | Urban Investment Holdings | 10.11 | 3.58 | 12810.67 | | 600675 | China Enterprises | 10.14 | 3.22 | 12651.12 | | 000002 | Vanke A | 1.27 | 2.16 | 10971.52 | | 600266 | Urban Construction Development | 2.32 | 14.86 | 7311.35 | | 000031 | Dayue City | 10.17 | 1.54 | 6907.80 | | 000514 | Chongqing Development | 5.72 | 8.90 | 5353.57 | | 600383 | Jindi Group | 2.93 | 2.92 | 5332.09 [4] Top Losers in Real Estate Sector | Code | Name | Daily Change (%) | Turnover Rate (%) | Main Capital Flow (10,000 yuan) | | --- | --- | --- | --- | --- | | 000036 | Hualian Holdings | -9.95 | 7.38 | -21128.16 | | 600376 | Shoukai Shares | -4.72 | 5.10 | -12971.76 | | 600340 | Huaxia Happiness | -9.88 | 9.08 | -11362.09 | | 600641 | Xian Dao Ji Dian | -4.20 | 6.73 | -10618.38 | | 600895 | Zhangjiang High-Tech | -0.87 | 2.68 | -10515.38 | | 000620 | Yingxin Development | 0.56 | 15.70 | -9666.43 | | 600246 | Wantong Development | -2.20 | 5.83 | -7825.24 | | 600515 | Hainan Airport | -1.88 | 1.83 | -7275.72 | | 600658 | Electronic City | -3.90 | 3.94 | -2817.30 | | 600173 | Wolong New Energy | -5.05 | 3.51 | -2327.00 [6]

Group 1 - The real estate sector is experiencing significant activity, with stocks such as Dayue City, Chengdu Investment Holdings, and others reaching their daily limit up, while real estate ETFs have seen gains of over 3% [1] - The real estate ETFs tracking the CSI All Share Real Estate Index include major companies like China Merchants Shekou, Poly Developments, and Vanke A, indicating a concentration of top-tier firms in the investment direction [5] - The recent data from the National Bureau of Statistics shows a slight decline in new residential sales prices in first-tier cities, with a 0.3% decrease month-on-month, while second and third-tier cities also experienced price drops [5] Group 2 - According to Everbright Securities, the implementation of real estate policies is enhancing local government autonomy in market regulation, leading to further regional and city differentiation [6] - Huayuan Securities anticipates that the real estate adjustment cycle may be nearing its end, with historical data suggesting that the current price adjustments in China are relatively sufficient [7] - The trend towards "good housing" is emerging, with a shift in policy focus towards building safe, comfortable, and green homes, indicating potential growth in the high-quality residential market [7]

Investment Rating - The report assigns an "Overweight" rating for the real estate sector [4]. Core Insights - The report highlights that the rental yield in major cities has shifted from a negative outlook to a neutral stance due to the CPI turning positive and the continuous decline in risk-free rates. This indicates potential stabilization in asset prices in key cities [2]. - The rental yield in first-tier cities has increased from 1.6% in 2020 to 1.9% in 2025, although it remains below the mortgage loan rates and slightly above the risk-free rates. The "rental yield + CPI" metric is expected to improve as the CPI in some first-tier cities turns positive [4]. - Second-tier cities are showing signs of price stabilization, with the "rental yield + CPI" metric improving from 2.3% in 2023 to 2.6% in 2024 and maintaining that level in 2025. Cities like Hefei and Xi'an are expected to see further improvements in their rental yields [4]. Summary by Sections Rental Yield Analysis - The historical rental yield was 1.5%, but when adjusted for CPI, it is not considered low. The report emphasizes the need to differentiate between actual and nominal yields [4]. - The nominal rental yield is adjusted to account for potential inflation, making it a more comparable metric. The report suggests that the high inflation period has made the first-tier cities' rental yield of 1.5% equivalent to an international nominal yield of 3.5% [4]. Market Trends - The report notes that the rental yield plus CPI in first-tier cities is around 2.5%, which is now higher than the risk-free rate. This indicates a potential shift in market dynamics [5]. - The report also points out that the proportion of declining listing prices has increased, indicating a weakening in the second-hand housing market, with about 19% of listings showing price declines [4][18]. Future Outlook - The report anticipates that as the CPI continues to rise and the risk-free rate declines, asset prices in key cities may transition from a negative outlook to a neutral one. This is particularly relevant for second-tier cities, which are expected to have a stronger rental yield plus CPI metric [4].