中国地产：2026 年展望-极度悲观 + 政策转向可能 = 逆向投资机会-China Property (H_A)_ YA26_ Deep pessimism + possible policy pivot = contrarian opportunities

Accessible version China Property (H/A) YA26: Deep pessimism + possible policy pivot = contrarian opportunities Rating Change Expect more proactive policy support by March/April We maintain our non-consensus positive view on China property sector, as we expect more proactive policymaking amid mounting pressures and still-muted investor positioning to provide contrarian investment opportunities. Physical market: We expect combined primary/ secondary market volumes to approach a trough, while secondary price ...