Looks like the problem is indeed fixed by APAR VM65785:
$ ethtool enc600
Settings for enc600:
Supported ports: [ FIBRE ]
Supported link modes: 10baseT/Half 10baseT/Full
100baseT/Half 100baseT/Full
1000baseT/Half 1000baseT/Full
10000baseT/Full
Supported pause frame use: No
Supports auto-negotiation: Yes
Advertised link modes: 10baseT/Half 10baseT/Full
100baseT/Half 100baseT/Full
1000baseT/Half 1000baseT/Full
10000baseT/Full
Advertised pause frame use: No
Advertised auto-negotiation: Yes
Speed: 10000Mb/s
Duplex: Full
Port: FIBRE
PHYAD: 0
Transceiver: internal
Auto-negotiation: on
Cannot get wake-on-lan settings: Operation not permitted
Link detected: yes
$ cat /sys/class/net/enc600/speed
10000
$
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https://bugs.launchpad.net/bugs/1667828
Title:
Network device on z/VM instance incorrectly reports line speed
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