BOCIC(SH:601696) Ge Long Hui·2026-02-13 00:37Group 1 - The core viewpoint of the report indicates that the real estate market is expected to improve by 2026, with two potential turning points identified: a "policy turning point" around the end of Q1 and a "fundamental turning point" around Q4 [1] - The "policy turning point" is anticipated to reflect increased policy enthusiasm on both the supply and demand sides of the real estate market, while the "fundamental turning point" will mainly indicate a clearer improvement in demand, particularly through a narrowing decline in second-hand housing prices [1] - The report suggests focusing on three main lines: companies with stable fundamentals, high sales and land reserve ratios in first and second-tier core cities, and those with high market share in key cities; "small but beautiful" companies that have made significant breakthroughs in sales and land acquisition; and commercial real estate companies actively exploring new consumption scenarios and operational models in the new era [1]