2026年房地产行业年度策略报告：潮平两岸阔，风正一帆悬！

:tulilei@gtht.com :xiehaoyu@gtht.com :xieyan@gtht.com : huangkeyi@gtht.com :zengjiamin@gtht.com https://www.valuelist.cn /CONTENTS 010203040506 https://www.valuelist.cn 202501  Wind 202501 222020-20242216%-20%1-3Q202520%42%-48%1-3Q202556% 202501 202501 202501  202501  202501 202517.9% 202501 20258 202501 3Q20256145TOP38437405053Q2025195032%12pct8TOP337896%24383%48666% https://www.valuelist.cn 202602 4Q20%20258.5015.3%8.5311.8%202520132015 2021202542.4%53.1% 202602 4Q20%20255.9719.2%8.7510.1%202420042009 2021202570.0%51.2% Wind 202602 1-3Q>>>(355) 20249202471-3Q(1-3Q25-15.3%24-27.7%) 202602 202520258-97-8 202602 202510 2023 202602  202602 202602 ↓↑↓↑ 202445%203650%50%20248.1420447.12-0.67% https://www.valuelist.cn 03 202435.2% 14-16% Wind 03 202424.0%54.4%TOP20 10-12% Wind 03 1-3Q20256.0%12.5% 20191H2025 03 200957%201170%202431%62% 201774%20251H62%20242024目标阶段性实现。 03 2006201056% 362022202120251H3621%32% 03 03 20243664554920251H135134 2017201820222026 03 10202591 20251-3QTOP1-10/TOP11-30/TOP31-10068%/13%/18%2024+6pct/-4pct/-2pct 03 20251-3Q8.9%7.5%6.8%3.9%3.4%30.5%42.1% 202593.6%-2.6%5.6%1.3%-1.9% 03 202536%24% CREIS CREIS 03 202411.4 1.914-24CAGR7.1%6.9%6.5%202420 https://www.valuelist.cn 04 04  微观端 宏观端 保交楼风险 金融系统风险 目前全国“白名单”项目贷款审批金额已经超过7万亿元，有力保障了商品住房项目建设交付。 ——财政部十四五总结 04 6-9 https://www.valuelist.cn 05 https://www.valuelist.cn 06 1.投资建议的比较标准 公司股价（或行业指数）的涨跌幅相对同期的沪深300指数涨跌幅为基准。以报告发布后的12个月内的市场表现为比较标准，报告发布日后的12个月内的投资评级分为股票评级和行业评级。 2.投资建议的评级标准 300指数的涨跌幅。报告发布日后的12个月内的公司股价（或行业指数）的涨跌幅相对同期的沪深 THANKS FORLISTENING