UBS Group AG has upgraded its recommendation on a key Chinese stock index to Overweight, citing resilient earnings amid ongoing concerns about the property sector and broader macroeconomic worries. The move comes as Chinese equity tracking ETFs and stocks of Chinese companies have seen gains, with iShares China Large-Cap ETF trading up 1.52%, KraneShares CSI China Internet ETF up 2.86%, and iShares MSCI China ETF up 1.26%. UBS analysts point to interventions from state-related funds and positive surprises in dividends and buybacks from local firms as tailwinds supporting the bullish outlook. In contrast, UBS has downgraded Taiwan and South Korea markets to Neutral, citing high premiums in the tech sector.