JPMorgan has released a research report indicating that Chinese property stocks rebounded 4% on the 14th, outperforming the Hang Seng Index's 1% rise during the same period. The bank believes this was driven by Iceberg Index data showing a 36% year-on-year increase in real-time secondary housing transactions in major mainland cities in April, combined with strong transaction momentum reflected in official online signing data, particularly in Shanghai. Market speculation about potential policy support ahead of the late April Politburo meeting also contributed. However, the report noted that other leading indicators, such as housing prices and developer sales, remain weak. JPMorgan emphasized that a few weeks of robust secondary transaction growth alone are insufficient to confirm a sector-wide bottoming out. Nevertheless, the bank maintains a cautiously optimistic stance. It suggested that if key metrics—including transaction volume, prices, and inventory—show sustainable improvement over several months without relying on policy stimulus, a market turning point could emerge. JPMorgan currently projects market stabilization by 2027. After weeks of underperformance, the bank believes Chinese property stocks may outperform in the near term, supported by strong secondary market transaction growth and the strategic timing of the Politburo meeting in late April. The bank's top picks are China Res Land (01109) and China Res Mixc (01209), while it expects state-owned developers China Overseas (00688) and China Jinmao (00817), as well as private developer Longfor Group (00960), to exhibit higher beta. Additionally, the report indicated that sustained strength in secondary transactions would directly benefit Beke-W (02423).