Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.
44
technical evidence
out of 100
out of 100
Week Ending: 4 September 2026
China CN Sector
Utilities
For the week ending 04 September 2026, Utilities advanced 0.59% with 60 advancing, 73 declining, and 5 unchanged constituents. The index is equal weighted and built from country-listed equities.
Current architecture
Unresolved
The Activity Lines, Trend Line and price acceptance remain genuinely mixed.
44
technical evidence
Index1519.09
1 week0.59%
Breadth43%
Members138
Country
🇨🇳 China · CN
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
4 completed weeks in this state
Trend acceptance
-4.7%
Index versus Trend Line
Persistence
50%
Positive regime, shorter trend weakening
Participation
43%
60 advancing, 73 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
40
Breadth
40
Persistence
32
Relative
54
Risk quality
79
What supports the view
- No major confirming factor has secured control.
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 group is not yet delivering dependable relative outperformance.
- Stage 4 declining constituents exceed Stage 2 advancing constituents by 56 percentage points.
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 age4 weeks
Trend gateDown
Fan width4.39%
Fast versus slow change3.23 pts
Above 0%
Below 0%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence
50% agreement
Positive regime, shorter trend weakening
The long trend remains positive, but the 13-week horizon has turned against it.
13-week
-11.2%
26-week
-10.1%
39-week
1.0%
52-week
6.1%
Constituent trend persistence
100% coverage
Is the index move broadly durable?
46%positive
Coherent positive7%
Coherent negative39%
Average horizon agreement78%
Positive horizon share32%
Weakening positives42
Repairing negatives8
138 constituents measured as of 4 Sep 2026. Median trend age is 13 weeks.
Custom stage map
99% coverage
Where constituents sit in the cycle
71%Stage 4
Stage 1 · Basing4%6 securities
Stage 2 · Advancing15%21 securities
Stage 3 · Distribution10%13 securities
Stage 4 · Declining71%97 securities
Re-acceleration watch3
Transition watch17
Relative strength leaders19%
Fair Value repairs0
Measured as of 4 Sep 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.
Architecture breadth
75/100 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 CN Market Structure
Relative index
13-week relative trend
Starting level
A rising relative line means this group is compounding faster than CN Market Structure. A falling line means capital has done better in the parent benchmark.
Relative index89.6
13-week trend90.0
4-week trend change-1.95%
Weekly peer rank5 of 11
1 week
1.0 pts
relative
4 weeks
-1.1 pts
relative
13 weeks
-7.1 pts
relative
26 weeks
-0.2 pts
relative
52 weeks
5.1 pts
relative
Market internals
Participation, dispersion and path risk
Equal-weight index evidence with constituent-level breadth and dispersion.
Breadth
Narrow
Participation quality
43%
advanced
- Advancing
- 60
- Declining
- 73
- Unchanged
- 5
Risk and persistence
52-week lens
Path quality
Annualised weekly volatility22.1%
Drawdown from 52-week high-14.5%
Positive weeks, last 1346%
Current directional run2 weeks
Turnover versus 13-week norm140%
Breadth impulse-0.1 pts
Cross-section
138 measured
Return distribution
Q1 -1.7%
Median -0.2%
Q3 1.8%
Average winner3.9%
Average loser-2.1%
Dispersion4.6 pts
Top-five upside share41%
Top-five capital share37%
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.
Industry map
Where sector leadership is forming
Performance, breadth and trend acceptance across every qualified industry.
3/6
positive
Above Trend Line1/617% of industries
Constructive breadth2/6At least half advancing
Median industry0.31%0.96 pts dispersion
#1
Repairing
Utilities - Regulated Gas
2.31%
Participation70%
vs Trend-1.0%
vs Fair Value14.7%
Members20
#2
Transition
Utilities - Renewable
0.88%
Participation41%
vs Trend-7.0%
vs Fair Value11.2%
Members37
#3
Transition
Utilities - Regulated Water
0.79%
Participation40%
vs Trend-3.1%
vs Fair Value7.4%
Members25
#4
Narrowing
Utilities - Diversified
-0.16%
Participation43%
vs Trend1.2%
vs Fair Value33.3%
Members7
#5
Weakening
Utilities - Regulated Electric
-0.27%
Participation30%
vs Trend-7.9%
vs Fair Value10.9%
Members37
#6
Weakening
Utilities - Independent Power Producers
-0.48%
Participation58%
vs Trend-3.6%
vs Fair Value16.2%
Members12
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 138 measured constituents.Leadership tape
Leaders, laggards and contribution shape
Latest completed week, ranked on uncapped constituent returns.
Constituent ledger
Sector constituents
Top 100 of 138 shown, ranked by latest weekly return.
Rank
Ticker
Company
Exchange
Market cap
Close
Index contribution
Return
48
600863
Inner Mongolia MengDian HuaNeng Thermal Power Corporation Limited
SHH
36.98B
4.72
0.01 pts
0.85%
91
600116
Chongqing Three Gorges Water Conservancy and Electric Power Co., Ltd.
SHH
12.01B
6.28
-0.01 pts
-0.95%
99
003035
China Southern Power Grid Energy Efficiency & Clean Energy Co., Ltd.
SHZ
21.36B
5.64
-0.01 pts
-1.23%
100
000537
Green Development Electricity Group of Tianjin Co., Ltd.
SHZ
15.38B
7.48
-0.01 pts
-1.32%
The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.