房地产2026年投资策略:止跌回稳推进 布局转型机会

方正证券
Dec 25, 2025

摘要中国房地产已步入“存量替代增量、质量替代规模”转型深水区,2026 年市场将延续“止跌回稳推进,行业布局转型”的特征,房地产核心重点从增量扩张转向存量优化,投资逻辑全面重构。一、市场格局:量价分化延续,存量主导凸显(一)新房市场:筑底进程缓慢销售:预计2026 年销售面积同比下降5%左右,降幅较2025 年收窄,一线及强二线城市跌幅趋近于0,三四线城市仍降5%-7%。价格:预计2026 年全国...

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