UPDATE 1-China shares up 1 pct as property rebounds

(For Hong Kong stock market reports, click [.HK]) (Rewrites with analysis, individual stocks)

By Claire Zhang

SHANGHAI, Dec 27 (Reuters) - China's stock market rose to a fresh one-month high on Thursday as financial and property shares rebounded, while telecommunications-related shares jumped in active turnover.

The Shanghai Composite Index .SSEC ended the morning up 1.00 percent at 5,285.885 points. Gainers overwhelmed losers by 634 to 223. Turnover in Shanghai A shares shot up to 73.7 billion yuan ($10.1 billion) from Wednesday morning's 61.3 billion.

The biggest bank, Industrial & Commercial Bank of China (601398.SS)(1398.HK), gained 2.14 percent to 8.12 yuan.

Property shares rebounded after sagging for almost a month amid signs that the residential real estate market was flagging. Vanke 000002.SZ shot up 5.16 percent to 29.17 yuan, though it was still down 15 percent from December's peak.

Traders said some institutional investors were seen going back into property stocks, partly because of accelerating appreciation of the yuan CNY=CFXS against the dollar, which boosts asset values.

The yuan was heading for its biggest daily post-revaluation rise on Thursday after a string of strong reference rates set by the central bank fuelled speculation that authorities might soon widen its trading band.

Merchants Property Development (000024.SZ), which had slid from an early November peak above 100 yuan, surged 5.42 percent to 57.56 yuan.

"Property shares finally seem to have found a floor which should help the uptrend. The index could go as high as 5,400 points in coming days," said Zhang Yanbing, analyst at Zheshang Securities.

Technically, the strong turnover and the index's rise on Thursday were positive because they appeared to confirm a clean break above the early December peak, triggering a minor double bottom formed by the November and December lows and pointing above 5,600 points in coming weeks. Some analysts see important resistance on the 60-day average, now at 5,372.

Most telecom-related shares surged, led by China Unicom (600050.SS), up 8.37 percent to 12.30 yuan after hitting a record intra-day high of 12.40 yuan, and equipment maker ZTE Corp (000063.SZ), up 6.24 percent to 63.00 yuan.

The cabinet said late on Wednesday that it had approved a plan to develop a new generation of broadband wireless mobile technology in China.

There were few details, and analysts said it was not clear whether this meant China would soon move ahead with full-scale introduction of 3G technology. But investors nevertheless saw the announcement as a positive signal for the sector.

Changjiang Securities (000783.SZ) made a strong debut through a backdoor listing in Shenzhen, soaring 304 percent to 39.99 yuan.

Xinjiang Goldwind Science & Technology (002202.SZ), China's largest maker of wind power generating equipment, jumped its 10 percent daily limit to 144.10 yuan after soaring 264 percent in its debut on Wednesday.