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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