万科崩盘:从“赵家人”争抢到深圳地铁接盘,为什么连它都扛不住? 20251226【新闻大写】

王志安 December 26, 2025
Video Thumbnail
王志安  Logo

王志安

@wangzhian

About

这里是中国著名的调查记者王志安在YouTube上开设的账号,王局早年在中国CCTV知名的调查栏目《新闻调查》担任出镜记者,2017年,王局从央视辞职,创办了新闻人物访谈节目《局面》,2019年,王局被中国政府全网封杀,社会性死亡。2020年,王局东渡日本,并在YouTube上开设频道。王局希望以此为基地,重新寻找在境内无法实现的新闻理想。 这条路注定充满艰险和不易,但王局希望能闯出一条路。让境内的那些当权者知道,即便一个人被封杀,他不但依然可以发声,还可以做出高质量的节目。 王局在境内的各位老铁们,请来这里集合。 海内外的华人以及愿意了解中国的各国朋友,欢迎来这里收看王局的节目。

Video Description

本期节目片尾曲《Shadow to Fire》 by Archer/张狗剩 万科第一次公开“求展期”,债券应声暴跌、这不是一次普通的资金紧张,而像是崩盘倒计时的开机画面。 深圳地铁一年出手12次、291.3亿借款“续命”,这次也救不动了吗? 这一集狗剩将带你从 2015-2017 的权力与资本暗战,一路追到2025 危机前夜:万科为什么从“财务优等生”走到今天?中国楼市的去杠杆周期,究竟有多残酷? 我为了做这期节目,采访了一位万科管理层,我们长谈了6小时。本期将借助他提供的独家视角,穿透财报迷雾,拆解万科资金链断裂的真实逻辑。 --- ## 本期你会听到什么 2025危机前夜:20亿公司债到期、展期请求遭拒,为什么市场瞬间“用脚投票”? 从“无实控人”到“国资入主”:王石当年“放弃控股权”到底是高明还是埋雷? 宝万之争全复盘: 姚振华如何用险资高杠杆“举牌”万科?万科管理层为何要拉来“白衣骑士”深铁? 深铁接盘的代价:分红对赌、治理结构变化、表面平静下的暗流涌动 看不见的灰色结构:“事业合伙人/盈安合伙”是激励机制,还是隐藏的利益通道? 高杠杆的影子帝国:祝九胜、博商资管、表外融资平台如何让风险堆到“看不见的地方” 2020-2021转折点: “三道红线”之下,为什么万科看似绿档、却在利润端率先崩塌? --- ## 这集最关键的三个问题 1. 万科怎么了? ——不是一天变坏,而是长期结构性缺陷叠加周期反转 2. 深铁为什么越救越深? ——“输血”能续命,但也可能固化激励与风险偏好 3. 中国楼市怎么了? ——土地财政、信用扩张、去杠杆的旧剧本,正在写下最后一幕 ## 章节导航(按内容顺序) * 危机引爆:债券展期遭拒、评级跳水、违约预期升温 * 创业往事:王石与“股权异数” * 宝万之争:资本暗战、监管转向、深铁登场 * 深铁入主后:分红对赌、扩张冲动、治理与激励错位 * 影子结构:合伙人平台、表外资金与“影子万科” * 2020-2021:表面稳健与利润崩塌的反差 --- ## 你可以在评论区告诉我 你觉得:**深铁还会继续接盘多久?** 你经历过宝万之争那几年吗?当时你最震撼的细节是什么? 你认为万科的结局,代表的是“个案”,还是“时代终章”? --- ## 重要说明 本期内容基于公开资料、财报/公告、媒体报道与访谈观点整理,仅用于信息与研究讨论,不构成任何投资建议。涉及争议性内容将以“观点/推测/公开报道口径”呈现,欢迎理性补充与纠错。 --- 如果你希望看到《下集》尽快上线: ✅ 点赞 / 订阅 / 打开小铃铛 #万科 #宝万之争 #深圳地铁 #中国房地产 #债务危机 #债券违约 #三道红线 #中国经济 #资本市场 #深铁 #张狗剩 #习近平 #习近平 #王志安

You May Also Like

Upgrade Your Everyday

AI-recommended products based on this video

Loading...
Kasa Smart Outdoor Smart Plug by TP-Link (KP400) - Smart WiFi Outlet with 2 Sockets, IP64 Waterproof, Works with Alexa and Google Home, 2.4GHz WiFi Required, No Hub Required, Sunset & Sunrise Offset

Kasa Smart Outdoor Smart Plug by TP-Link (KP400) - Smart WiFi Outlet with 2 Sockets, IP64 Waterproof, Works with Alexa and Google Home, 2.4GHz WiFi Required, No Hub Required, Sunset & Sunrise Offset

(28,846)
$21.99$17.99
FREE delivery Wed, Aug 20 on your first order
1K+ bought in past month
Loading...
Wireless Earbuds, Sports Bluetooth Headphones, 80Hrs Playtime Ear Buds with LED Power Display, Noise Canceling Headset, IPX7 Waterproof Earphones for Workout/Running (Black)

Wireless Earbuds, Sports Bluetooth Headphones, 80Hrs Playtime Ear Buds with LED Power Display, Noise Canceling Headset, IPX7 Waterproof Earphones for Workout/Running (Black)

(313)
$39.99
Prime
200+ bought in past month
Loading...
Monster N-Lite 217 Wireless Earbuds, Immersive Stereo Sound, Bluetooth 6.0 in-Ear Headphones, Built-in Smart Noise Cancelling Mic for Clear Calls, Comfortable Fit, 32H Playtime, IPX6 Waterproof, Black

Monster N-Lite 217 Wireless Earbuds, Immersive Stereo Sound, Bluetooth 6.0 in-Ear Headphones, Built-in Smart Noise Cancelling Mic for Clear Calls, Comfortable Fit, 32H Playtime, IPX6 Waterproof, Black

(8)
$39.99
FREE delivery Mon, Feb 23
Loading...
Wireless Earbuds, Bluetooth 5.4 Headphones with 50H Playback, Deep Bass Stereo Ear Buds Clear Calls with LED Power Display, Wireless Headphones with Noise Cancelling Mic for Phone/Laptop, Carbon black

Wireless Earbuds, Bluetooth 5.4 Headphones with 50H Playback, Deep Bass Stereo Ear Buds Clear Calls with LED Power Display, Wireless Headphones with Noise Cancelling Mic for Phone/Laptop, Carbon black

(3,275)
$27.99
FREE delivery Fri, Feb 27 on your first order
Loading...
Wireless Earbuds Bluetooth 5.4 Headphones, Noise Canceling Ear Buds with 75hr Playtime, LED Power Display, IPX7 Waterproof Earphones Over Ear Earphones for Sports/Workouts

Wireless Earbuds Bluetooth 5.4 Headphones, Noise Canceling Ear Buds with 75hr Playtime, LED Power Display, IPX7 Waterproof Earphones Over Ear Earphones for Sports/Workouts

(87)
$29.99
FREE delivery Fri, Feb 13 on your first order
300+ bought in past month
Loading...
Brita Stainless Steel Premium Filtering Water Bottle, BPA-Free, Reusable, Insulated, Replaces 300 Plastic Water Bottles, Filter Lasts 2 Months or 40 Gallons, Includes 1 Filter, Carbon - 20 oz.

Brita Stainless Steel Premium Filtering Water Bottle, BPA-Free, Reusable, Insulated, Replaces 300 Plastic Water Bottles, Filter Lasts 2 Months or 40 Gallons, Includes 1 Filter, Carbon - 20 oz.

(2,652)
$81.37$76.36
FREE delivery Sep 29 - Oct 2
Loading...
Simple Modern Filtered Water Bottle | Insulated Stainless-Steel Carbon Filter Travel Water Bottles | Reusable for Clean Drinking Water On The Go | 24oz, Sea Glass Sage

Simple Modern Filtered Water Bottle | Insulated Stainless-Steel Carbon Filter Travel Water Bottles | Reusable for Clean Drinking Water On The Go | 24oz, Sea Glass Sage

(26)
$30.13
FREE delivery Tue, Sep 23 on your first order
Loading...
FITVII Health & Fitness Tracker (Answer/Make Calls), Smart Watch with 24/7 Heart Rate and Blood Pressure, Sleep Tracking Monitor, 120+ Sport Mode Activity Tracker

FITVII Health & Fitness Tracker (Answer/Make Calls), Smart Watch with 24/7 Heart Rate and Blood Pressure, Sleep Tracking Monitor, 120+ Sport Mode Activity Tracker

(198)
$59.99
FREE delivery Sun, Aug 10
100+ bought in past month
Loading...
AYATAHA AYATAHA Smart Watch for Kids, Smartwatch Fitness Tracker for Boys Girls, Children's Activity Watch 37 Sports Modes SMS Notification, HD Full Touchscreen IP67 Waterproof, Blue

AYATAHA AYATAHA Smart Watch for Kids, Smartwatch Fitness Tracker for Boys Girls, Children's Activity Watch 37 Sports Modes SMS Notification, HD Full Touchscreen IP67 Waterproof, Blue

(55)
$41.99
PrimeFREE delivery Sat, Jun 14
Loading...
Iaret Iaret Smart Watch for Women, 1.83" HD Fitness Tracker with 4 Bands, Answer/Make Calls, Heart Rate/Sleep/SpO2/Step Tracking, 100+ Sport Modes, Android/iPhone Compatible Gift (Rose Gold)

Iaret Iaret Smart Watch for Women, 1.83" HD Fitness Tracker with 4 Bands, Answer/Make Calls, Heart Rate/Sleep/SpO2/Step Tracking, 100+ Sport Modes, Android/iPhone Compatible Gift (Rose Gold)

(42)
$59.99
FREE delivery Thu, Jun 19
100+ bought in past month
Loading...
Smart Watch for Men Women 1.8" Fitness Tracker, Bluetooth Call, DIY Dial, Heart Rate Sleep Blood Oxygen Monitor, 100+ Sports Modes, IP68 Waterproof Smartwatch for Android iPhone, Alexa Built-in

Smart Watch for Men Women 1.8" Fitness Tracker, Bluetooth Call, DIY Dial, Heart Rate Sleep Blood Oxygen Monitor, 100+ Sports Modes, IP68 Waterproof Smartwatch for Android iPhone, Alexa Built-in

(980)
$39.99
FREE delivery Sun, Sep 21
300+ bought in past month
Loading...
Hand Warmers 2 Pack, 14000mAh Rechargeable Hand Warmers, Electric Hand Warmer Reusable, Portable Power Bank USB Hand Warmers 4 Levels 8 Heating, Gifts for Raynauds Ski Golf Camping

Hand Warmers 2 Pack, 14000mAh Rechargeable Hand Warmers, Electric Hand Warmer Reusable, Portable Power Bank USB Hand Warmers 4 Levels 8 Heating, Gifts for Raynauds Ski Golf Camping

(683)
$74.08$59.47
FREE delivery Jun 13 - 18
Loading...
Hand Warmers Rechargeable, 10000mAh Electric Heated Gloves Power Bank Portable Graphene Handwarmers Pouch with 3 Levels & Double-Sided Heating for Hunting Camping Golf Xmas Gifts for Women Men Kids

Hand Warmers Rechargeable, 10000mAh Electric Heated Gloves Power Bank Portable Graphene Handwarmers Pouch with 3 Levels & Double-Sided Heating for Hunting Camping Golf Xmas Gifts for Women Men Kids

(651)
$44.99
PrimeFREE delivery Sun, Jun 15
Loading...
2Pack Rechargeable Hand Warmer, 8000mAh Electric Hand Warmer Power Bank, Portable USB-C Hand Warmer for Pocket, Reusable Hand Warmer Up to 8 hrs Each, Warm Gift for Men Women, for Hunting, Camping
Amazon's Choice

2Pack Rechargeable Hand Warmer, 8000mAh Electric Hand Warmer Power Bank, Portable USB-C Hand Warmer for Pocket, Reusable Hand Warmer Up to 8 hrs Each, Warm Gift for Men Women, for Hunting, Camping

(1,128)
$15.99
FREE delivery Sat, Jun 14 on your first order
Loading...
GTOCE Portable Charger,40000mAh Power Bank with 22.5W Fast Charging LED Digital Display Battery Pack with 6 Outputs 2 Inputs, Type C Powerbank Portable Charger for iPhone 16 pro Samsung AirPods,Black

GTOCE Portable Charger,40000mAh Power Bank with 22.5W Fast Charging LED Digital Display Battery Pack with 6 Outputs 2 Inputs, Type C Powerbank Portable Charger for iPhone 16 pro Samsung AirPods,Black

(334)
$42.99
FREE delivery Thu, Oct 16
1K+ bought in past month
Loading...
Monster Sleep Ear100 Ear Buds, Sleep Earbuds with Stereo Sound, Design for Side Sleeper, 32H Playtime, Bluetooth 6.0, ENC Noise Cancelling, IPX6 Waterproof Mini Headphones, White

Monster Sleep Ear100 Ear Buds, Sleep Earbuds with Stereo Sound, Design for Side Sleeper, 32H Playtime, Bluetooth 6.0, ENC Noise Cancelling, IPX6 Waterproof Mini Headphones, White

(4)
$39.99
FREE delivery Mon, Mar 2
Loading...
Monster Sleep Ear100 Ear Buds, Sleep Earbuds with Stereo Sound, Design for Side Sleeper, 32H Playtime, Bluetooth 6.0, ENC Noise Cancelling, IPX6 Waterproof Mini Headphones, Black

Monster Sleep Ear100 Ear Buds, Sleep Earbuds with Stereo Sound, Design for Side Sleeper, 32H Playtime, Bluetooth 6.0, ENC Noise Cancelling, IPX6 Waterproof Mini Headphones, Black

(15)
$39.99
FREE delivery Mon, Feb 23
Loading...
Monster Sleep Ear100 Ear Buds, Sleep Earbuds with Stereo Sound, Design for Side Sleeper, 32H Playtime, Bluetooth 6.0, ENC Noise Cancelling, IPX6 Waterproof Mini Headphones, Black

Monster Sleep Ear100 Ear Buds, Sleep Earbuds with Stereo Sound, Design for Side Sleeper, 32H Playtime, Bluetooth 6.0, ENC Noise Cancelling, IPX6 Waterproof Mini Headphones, Black

(6)
$39.99
FREE delivery Sat, Dec 27
Loading...
Hydroponics Growing System Indoor Garden - Herb Garden with Grow Light, 15 Pods Stainless Steel Indoor Garden Kit, Auto Timer, Gardening Gift for All Ages

Hydroponics Growing System Indoor Garden - Herb Garden with Grow Light, 15 Pods Stainless Steel Indoor Garden Kit, Auto Timer, Gardening Gift for All Ages

(24)
$206.57$200.61
FREE delivery Jun 13 - 17
Loading...
Umbra Triflora Hanging Planter for Window, Indoor Herb Garden, Set of 5, White/Black

Umbra Triflora Hanging Planter for Window, Indoor Herb Garden, Set of 5, White/Black

(7,808)
$71.52
PrimeFREE delivery Sat, Jun 14
Loading...
Large Hydroponics Growing System 14 Pods, Indoor Herb Garden with LED Grow Light, 5L Water Tank, Hydroponic Grow Kit with 3 Auto-Timers, Rotatable Light Panel and Child Lock for Home School Gardening

Large Hydroponics Growing System 14 Pods, Indoor Herb Garden with LED Grow Light, 5L Water Tank, Hydroponic Grow Kit with 3 Auto-Timers, Rotatable Light Panel and Child Lock for Home School Gardening

(119)
$167.81
FREE delivery Jun 16 - 20
Loading...
Hanging Planter Hanging Plant Holder, 6 Inch 4 Indoor Plant Pots, Wall/Window Plant Hanger Indoor Herb Garden

Hanging Planter Hanging Plant Holder, 6 Inch 4 Indoor Plant Pots, Wall/Window Plant Hanger Indoor Herb Garden

(269)
$35.99$28.90
PrimeFREE delivery Sat, Jun 14
Loading...
slopehill Multi Hair Stylers & Hair Straightener - 2 in 1 Wet to Dry Air Straightener and Hair Dryer Combo with High Speed Air + Rapid Heat-Up + Customizable Temperature(Pink)

slopehill Multi Hair Stylers & Hair Straightener - 2 in 1 Wet to Dry Air Straightener and Hair Dryer Combo with High Speed Air + Rapid Heat-Up + Customizable Temperature(Pink)

(177)
$139.99
Prime
Loading...
Hi.FANCY Portable Laptop Stand with Dual Cooling Fans for 14-17inch Laptops, Grey, 23.5 x 25.9 x 0.95cm

Hi.FANCY Portable Laptop Stand with Dual Cooling Fans for 14-17inch Laptops, Grey, 23.5 x 25.9 x 0.95cm

(0)
$36.99
FREE delivery Aug 18 - 28
Loading...
Laptop Stand for Desk, Adjustable Laptop Riser ABS+Silicone Foldable Portable Laptop Holder, Ventilated Cooling Notebook Stand for 10-15.6” Laptops,Tablet-Black

Laptop Stand for Desk, Adjustable Laptop Riser ABS+Silicone Foldable Portable Laptop Holder, Ventilated Cooling Notebook Stand for 10-15.6” Laptops,Tablet-Black

(11,679)
$14.99
FREE delivery Sat, Jun 14 on your first order
500+ bought in past month
Loading...
JETech 5 in 1 Case for Samsung Galaxy S25 Ultra 5G with 2-Pack Each Tempered Glass Screen Protector and Camera Lens Protector, Non-Yellowing Shockproof Bumper Phone Cover (Clear)

JETech 5 in 1 Case for Samsung Galaxy S25 Ultra 5G with 2-Pack Each Tempered Glass Screen Protector and Camera Lens Protector, Non-Yellowing Shockproof Bumper Phone Cover (Clear)

(197)
$15.99
FREE delivery Sat, Jun 14 on your first order
100+ bought in past month
Loading...
TAURI for iPhone 17 Pro Max Case 6.9" with 1-Pack Screen Protector, Camera Lens Full Protection, Military-Grade Protection, Shockproof Transparent Back Bumper Phone Cover - Clear Global Recycled Standard

TAURI for iPhone 17 Pro Max Case 6.9" with 1-Pack Screen Protector, Camera Lens Full Protection, Military-Grade Protection, Shockproof Transparent Back Bumper Phone Cover - Clear Global Recycled Standard

(0)
$10.76
FREE delivery Thu, Oct 16 on your first order
2K+ bought in past month
Loading...
TAURI for iPhone 17 Pro Case 6.3" with 1-Pack Screen Protector, Camera Lens Full Protection, Military-Grade Protection, Shockproof Transparent Back Bumper Phone Cover - Clear Global Recycled Standard
Best Seller

TAURI for iPhone 17 Pro Case 6.3" with 1-Pack Screen Protector, Camera Lens Full Protection, Military-Grade Protection, Shockproof Transparent Back Bumper Phone Cover - Clear Global Recycled Standard

(61,696)
$10.76
Prime
2K+ bought in past month
Loading...
JOINPAYA 1Set Rechargeable Hand Warmer Hand Heater for Winter Heating Levels Compact

JOINPAYA 1Set Rechargeable Hand Warmer Hand Heater for Winter Heating Levels Compact

(0)
$9.29
FREE delivery Jun 20 - Jul 4
Loading...
Shakven Rechargeable Hand Warmer | Cute Comfortable Portable Hand Warmers,Ergonomic Adjustable Energy-Efficient Small Heater for Travel, Outdoor, Winter

Shakven Rechargeable Hand Warmer | Cute Comfortable Portable Hand Warmers,Ergonomic Adjustable Energy-Efficient Small Heater for Travel, Outdoor, Winter

(0)
$26.93
FREE delivery Jun 19 - Jul 2
Loading...
OCOOPA IP45 Waterproof Hand Warmer Rechargeable, Up to 15hrs Heat,10000mAh Durable Quick Charge Electric Hand Heater, PD Compatible, 3 Levels for Outdoors, Heavy Duty, H01-PD PRO

OCOOPA IP45 Waterproof Hand Warmer Rechargeable, Up to 15hrs Heat,10000mAh Durable Quick Charge Electric Hand Heater, PD Compatible, 3 Levels for Outdoors, Heavy Duty, H01-PD PRO

(50)
$39.99
PrimeFREE delivery Sat, Jun 14
Loading...
OCOOPA IP45 Waterproof Hand Warmer Rechargeable, Up to 15hrs Heat,10000mAh Durable Quick Charge Electric Hand Heater, PD Compatible, 3 Levels for Outdoors, Heavy Duty, H01-PD PRO

OCOOPA IP45 Waterproof Hand Warmer Rechargeable, Up to 15hrs Heat,10000mAh Durable Quick Charge Electric Hand Heater, PD Compatible, 3 Levels for Outdoors, Heavy Duty, H01-PD PRO

(649)
$39.99
PrimeFREE delivery Sat, Jun 14