JPMorgan: There are tactical opportunities for domestic real estate stocks before the end of the year, with China Resources Land and China Resources Mixc Life being the preferred choices based on fundamentals.

JPMorgan Chase released a research report indicating that the current background suggests that the recent loosening of real estate measures in first-tier cities may have limited impact, with the possibility of policymakers increasing policy support. As seen in the past, rising expectations of policies typically drive stock prices up, so JPMorgan sees tactical opportunities by the end of the year. In fact, expectations have been building up, with Chinese real estate outperforming the market by 2% since July 2025. JPMorgan believes the best risk-return lies in non-distressed private enterprises and small to medium state-owned enterprises. For investors who prefer large state-owned enterprises, JPMorgan's top picks in fundamentals are China Resources Land and China Resources Mixc Life, but China Overseas Development, as a laggard, may offer more upside potential. By simply benchmarking against the peak in October 2024, the industry could see a 15% to 20% upside potential.