Gelonghui, May 24 | Fangzheng Securities Research Report pointed out that the Vanke A (000002.SZ) financing side is once again undergoing significant progress, and credit repair is being carried out at an accelerated pace. Using its Wanwei Logistics shares as collateral, Vanke signed agreements with leading financial institutions such as China Merchants Bank to obtain 20 billion yuan syndicated loans. As of May 23, it had received 10 billion yuan in loans. In the next step, the company will continue to act firmly, and has the confidence and ability to proactively and comprehensively complete the transformation of the financing model while properly handling maturing debts. This 20 billion yuan syndicated loan will help the company further improve its liquidity, and it is the largest single loan amount for housing enterprises since 2020, which shows the market's full recognition and confidence in Vanke, and the company's credit is being repaired at an accelerated pace. At the same time, the company's sales are in the first tier, actively eliminating and speeding up repayments, and adding multi-party support from the financing side, liquidity is expected to continue to improve. Maintain a “Recommended” rating.