中信证券：2026年房地产企业可能进入资产负债表修复的关键一年

Core Viewpoint - The real estate market supply and demand situation has improved, and adjustments are considered sufficient, with expectations for stabilization by 2026 [1] Group 1: Market Outlook - The year 2026 is anticipated to be a critical year for real estate companies to repair their balance sheets, with some companies potentially reaching the bottom of their profit cycles [1] - Companies that are the first to recover are likely to be those with well-positioned assets in good cities, operational investment properties, or financial assets with appreciation potential [1] Group 2: Investment Focus - There is a positive outlook for companies characterized by strong regions, good business models, and effective operations, referred to as the "three good companies" [1]