Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.
38
technical evidence
out of 100
out of 100
Week Ending: 4 September 2026
China CN Basic Materials Industry
Building Materials
For the week ending 04 September 2026, Building Materials declined 1.11% with 12 advancing, 25 declining, and 2 unchanged constituents. The index is equal weighted and the constituent tape shows uncapped security returns.
Current architecture
Unresolved
The Activity Lines, Trend Line and price acceptance remain genuinely mixed.
38
technical evidence
Index1090.27
1 week-1.11%
Breadth31%
Members39
Country
🇨🇳 China · CN
Sector
Basic Materials
Universe
country-listed
Price basis
Adjusted weekly close
Trend architecture
Index, activity fan and structural anchors
Rolling 156-week evidence. Trend Signal points mark weeks when price, trend and the activity fan confirmed together.
Index Value
Trend Line
Fair Value
Activity Lines
Constructive architecture
Transitional architecture
Defensive architecture
Current architecture
Unresolved
3 completed weeks in this state
Trend acceptance
-5.8%
Index versus Trend Line
Persistence
100%
Negative across every horizon
Participation
31%
12 advancing, 25 declining
Investor positioning lens
Is the evidence ready for capital?
A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.
Evidence balance
Reduce
Five-pillar map
Trend
33
Breadth
38
Persistence
12
Relative
58
Risk quality
78
What supports the view
- Medium-term relative returns and peer standing remain constructive.
What restrains conviction
- Index trend architecture has not delivered a durable upward expansion.
- Breadth remains too narrow or inconsistent for a high-conviction position.
- Constituent persistence remains divided or predominantly negative.
- The current 13-week parent-relative trend is weakening.
- Stage 4 declining constituents exceed Stage 2 advancing constituents by 71 percentage points.
- Positive contribution is concentrated in a small leadership cohort.
This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.
Trend state and durability
Architecture, persistence and constituent regimes
The index path is tested against the underlying security-level trend evidence.
The Activity Lines, Trend Line and price acceptance remain genuinely mixed.
State age3 weeks
Trend gateDown
Fan width4.41%
Fast versus slow change4.22 pts
Above 0%
Below 17%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence
100% agreement
Negative across every horizon
The 13, 26, 39 and 52-week trends all point downward, confirming persistent contraction.
13-week
-6.4%
26-week
-14.9%
39-week
-7.8%
52-week
-4.8%
Constituent trend persistence
97% coverage
Is the index move broadly durable?
24%positive
Coherent positive8%
Coherent negative66%
Average horizon agreement91%
Positive horizon share20%
Weakening positives4
Repairing negatives3
38 constituents measured as of 4 Sep 2026. Median trend age is 14 weeks.
Custom stage map
97% coverage
Where constituents sit in the cycle
76%Stage 4
Stage 1 · Basing0%0 securities
Stage 2 · Advancing5%2 securities
Stage 3 · Distribution18%7 securities
Stage 4 · Declining76%29 securities
Re-acceleration watch0
Transition watch4
Relative strength leaders3%
Fair Value repairs0
Measured as of 4 Sep 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.
Architecture breadth
70/100 mean confidence
How market energy is distributed
Architecture breadth shows the distribution of expanding, rotating, balancing and contracting securities. It is diagnostic context and is not added as a second vote in the positioning score.
Capital rotation
Performance relative to Basic Materials
Relative index
13-week relative trend
Starting level
A rising relative line means this group is compounding faster than Basic Materials. A falling line means capital has done better in the parent benchmark.
Relative index75.2
13-week trend75.3
4-week trend change-0.53%
Weekly peer rank2 of 13
1 week
1.3 pts
relative
4 weeks
-0.1 pts
relative
13 weeks
-1.9 pts
relative
26 weeks
-3.1 pts
relative
52 weeks
-14.8 pts
relative
Market internals
Participation, dispersion and path risk
Equal-weight index evidence with constituent-level breadth and dispersion.
Breadth
Narrow
Participation quality
31%
advanced
- Advancing
- 12
- Declining
- 25
- Unchanged
- 2
Risk and persistence
52-week lens
Path quality
Annualised weekly volatility19.8%
Drawdown from 52-week high-16.3%
Positive weeks, last 1338%
Current directional run1 week
Turnover versus 13-week norm192%
Breadth impulse-16.2 pts
Cross-section
39 measured
Return distribution
Q1 -2.0%
Median -1.0%
Q3 0.2%
Average winner3.0%
Average loser-3.4%
Dispersion5.9 pts
Top-five upside share82%
Top-five capital share66%
Capital data coverage100%
Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.
Momentum cycle
30-week persistence
Positive readings show expansion. Negative readings show contraction.
Breadth cycle
Net participation
Advancers less decliners as a percentage of measured constituents.
News and narrative
Does company news confirm the market tape?
Sentiment evidence is still developing
Qualified company-level news coverage is not yet broad enough to influence the group view.
0 qualified records across 39 measured constituents.Leadership tape
Leaders, laggards and contribution shape
Latest completed week, ranked on uncapped constituent returns.
Constituent ledger
Industry constituents
All 39 measured constituents, ranked by latest weekly return.
Rank
Ticker
Company
Exchange
Market cap
Close
Index contribution
Return
19
600425
Xinjiang Qingsong Building Materials and Chemicals Group Co., Ltd.
SHH
5.97B
3.72
-0.02 pts
-0.80%
The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.