<p>摩根士丹利在一份研究报告中表示，万科企业（02202.HK）-0.050 (-1.645%) 空头头寸为 1434 万美元；比例为 12.696%。其净债务在第一季度小幅上升至 2650 亿元人民币，尽管总债务下降至 3260 亿元人民币。然而，其现金覆盖率进一步恶化至 0.33 倍，而净负债比率上升至 116%。在此期间，核心每股亏损同比收窄 12% 至 53 亿元人民币，确认的物业收入同比下降 36%。未确认的合同销售额降至 1070 亿元人民币，显示未来收入面临持续压力。</p>
<p>尽管公司宣布以超过 33 亿元人民币的价格处置非核心农业业务，但券商认为，所获得的收益相对于即将在未来几个月到期的 93 亿元人民币公共债务而言显得远远不足。解决流动性压力需要更快的库存去化、更多的资产处置和更广泛的再融资努力。然而，随着土地储备的减少和资产规模的缩小，困难正在加大。券商对万科 A（000002.SZ）+0.060 (+1.550%) 维持减持评级，目标价为 2.15 元人民币。（ss/da）（港股报价延迟至少 15 分钟。空头数据截至 2026-04-29 16:25。）（A 股报价延迟至少 15 分钟。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而导致的任何损害或损失不承担任何责任。</p>

万科A

万科企业

<p>摩根士丹利报告称，万科企业的流动性正在恶化，净债务上升至 2650 亿元人民币，现金覆盖率为 0.33 倍。公司的核心每股亏损同比下降 12%，降至 53 亿元人民币，房地产收入同比下降 36%。尽管计划出售非核心资产超过 33 亿元人民币，但这对于即将到期的 93 亿元人民币公共债务来说仍然不足。该公司在应对流动性压力方面面临日益增加的挑战，因此对万科 A 给予减持评级，目标价为 2.15 元人民币</p>

<p>Morgan Stanley said in a research report that CHINA VANKE (02202.HK) -0.050 (-1.645%)  Short selling $14.34M; Ratio 12.696%  saw its net debt edge up to RMB265 billion in 1Q, even as total debt declined to RMB326 billion. However, its cash coverage ratio further deteriorated to 0.33x, while the net gearing ratio rose to 116%. During the period, core LPS narrowed by 12% YoY to RMB5.3 billion, and property revenue recognized fell 36% YoY. Unrecognized contracted sales dropped to RMB107 billion, indicating continued pressure on revenue going forward.</p>
<div class="lb-trans"><p>摩根士丹利在一份研究报告中表示，万科企业（02202.HK）-0.050 (-1.645%) 空头头寸为 1434 万美元；比例为 12.696%。其净债务在第一季度小幅上升至 2650 亿元人民币，尽管总债务下降至 3260 亿元人民币。然而，其现金覆盖率进一步恶化至 0.33 倍，而净负债比率上升至 116%。在此期间，核心每股亏损同比收窄 12% 至 53 亿元人民币，确认的物业收入同比下降 36%。未确认的合同销售额降至 1070 亿元人民币，显示未来收入面临持续压力。</p>
</div><p>Although the company announced the disposal of non-core farming businesses for more than RMB3.3 billion, the broker believes the proceeds are significantly insufficient relative to RMB9.3 billion of public debt maturing in the coming months. Addressing liquidity pressure will require faster inventory destocking, more asset disposals and broader refinancing efforts. However, with land reserves depleting and asset scale shrinking, the difficulty is increasing. The broker maintained an Underweight rating on VANKE A (000002.SZ) +0.060 (+1.550%)  , with a TP of RMB2.15. (ss/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-29 16:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>尽管公司宣布以超过 33 亿元人民币的价格处置非核心农业业务，但券商认为，所获得的收益相对于即将在未来几个月到期的 93 亿元人民币公共债务而言显得远远不足。解决流动性压力需要更快的库存去化、更多的资产处置和更广泛的再融资努力。然而，随着土地储备的减少和资产规模的缩小，困难正在加大。券商对万科 A（000002.SZ）+0.060 (+1.550%) 维持减持评级，目标价为 2.15 元人民币。（ss/da）（港股报价延迟至少 15 分钟。空头数据截至 2026-04-29 16:25。）（A 股报价延迟至少 15 分钟。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而导致的任何损害或损失不承担任何责任。</p>
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M Stanley: CHINA VANKE  Liquidity Deteriorates, Turnaround Becoming Increasingly Difficult

AASTOCKS News

摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

摩根士丹利：万科企业的流动性正在恶化，扭转局势变得愈发困难