CITIC Securities: It is expected that the real estate market will have a foundation for stabilizing and rebounding by 2026.

CITIC Securities research report stated that the supply and demand situation in the real estate market has improved and the adjustment has been relatively sufficient. We expect that the market will have a foundation for stabilizing and rebounding in 2026. We believe that 2026 may be a critical year for real estate companies to repair their balance sheets, and some companies may see the bottom of a long-profit cycle. Companies that are the first to break free from difficulties are often those that have good layouts in cities, have investment real estate that is operating well, or have some financial assets with appreciation potential.