SWIREPROPERTIES (01972) rose nearly 3%, with gains reaching 2.5% at the time of writing to trade at HK$23.8, accompanied by a turnover of HK$15.33 million. A CICC research report forecasts that SWIREPROPERTIES' profit attributable to shareholders and recurring underlying profit for 2025 will increase by 21% and decrease by 5% year-on-year, respectively. The report suggests that, compared to the first half of 2025, the overall operational performance of the company's core assets in the second half is showing a trend of stabilization and improvement, while the execution pace of its capital recycling plan has exceeded expectations. Against this backdrop of steady operations, the firm expects SWIREPROPERTIES to firmly deliver on its dividend commitment, projecting a cumulative annual dividend per share of HK$1.15, which corresponds to a 5% dividend yield. At the industry level, J.P. Morgan believes that, considering many companies' share prices have reached or are near historical highs, the market has already priced in a solid recovery for the Hong Kong property market over the next two years. At this juncture, J.P. Morgan sees greater potential upside for landlords, as improvements in their commercial property businesses are not yet fully reflected in share prices, with most still trading more than 30% below their peaks. The firm's top picks are Hang Lung Properties and SWIREPROPERTIES, as both stocks are benefiting from the ongoing recovery in their Mainland China retail operations.