Week Ending: 28 August 2026

Hong Kong HK Industrials Industry

Airlines

For the week ending 28 August 2026, Airlines advanced 1.88% with 4 advancing, 0 declining, and 0 unchanged constituents. The index is equal weighted and the constituent tape shows uncapped security returns.

Current architecture Downward Expansion

The activity fan is bearishly ordered below the Trend Line with price accepted beneath it.

37 technical evidence
Index838.74 1 week1.88% Breadth100% Members4
Country 🇭🇰 Hong Kong · HK
Sector Industrials
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 Downward Expansion 1 completed week in this state
Trend acceptance -12.8% Index versus Trend Line
Persistence 100% Negative across every horizon
Participation 100% 4 advancing, 0 declining

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Reduce exposure into strength

Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.

37 technical evidence
out of 100
Evidence balance

Five-pillar map

Reduce
Trend
14
Breadth
72
Persistence
17
Relative
43
Risk quality
56
What supports the view
  • Participation is broad enough to support the index move.
What restrains conviction
  • Index trend architecture has not delivered a durable upward expansion.
  • 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 50 percentage points.
  • Positive contribution is concentrated in a small leadership cohort.
Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view
  1. A completed weekly reclaim of 961.40, the higher of Trend Line and Fair Value, would improve the structural case.
  2. Breadth holding above 55% for several completed weeks would show that repair is spreading.
  3. Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.

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.

Index architecture Downward Expansion

The activity fan is bearishly ordered below the Trend Line with price accepted beneath it.

State age1 weeks
Trend gateDown
Fan width6.02%
Fast versus slow change1.75 pts
Above 0% Below 50%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Negative across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point downward, confirming persistent contraction.

13-week
-12.3%
26-week
-33.5%
39-week
-23.7%
52-week
-0.1%
Regime age3 weeks 52-week flips3 52-week boundary839.26
Constituent trend persistence

Is the index move broadly durable?

100% coverage
Coherent positive25%
Coherent negative75%
Average horizon agreement100%
Positive horizon share25%
Weakening positives0
Repairing negatives0

4 constituents measured as of 28 Aug 2026. Median trend age is 14 weeks.

Custom stage map

Where constituents sit in the cycle

100% coverage
Stage 1 · Basing0%0 securities
Stage 2 · Advancing25%1 securities
Stage 3 · Distribution0%0 securities
Stage 4 · Declining75%3 securities
Re-acceleration watch0 Transition watch0 Relative strength leaders25% Fair Value repairs0

Measured as of 28 Aug 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

93/100 mean confidence
Upward expansion
25% 1
Rotation up
0% 0
Deceleration
0% 0
Balance
0% 0
Rotation down
0% 0
Downward expansion
75% 3
Unresolved
0% 0

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 Industrials

Weakening
Relative index 13-week relative trend Starting level
Rotation dashboard Weakening

A rising relative line means this group is compounding faster than Industrials. A falling line means capital has done better in the parent benchmark.

Relative index93.3
13-week trend95.7
4-week trend change-1.61%
Weekly peer rank5 of 23
1 week
1.9 pts relative
4 weeks
-7.5 pts relative
13 weeks
-7.1 pts relative
26 weeks
-24.4 pts relative
52 weeks
-3.3 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Broad
Advancing
4
Declining
0
Unchanged
0
4-week average 31%
13-week average 44%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility34.9%
Drawdown from 52-week high-36.5%
Positive weeks, last 1338%
Current directional run1 week
Turnover versus 13-week norm116%
Breadth impulse60.4 pts
Cross-section

Return distribution

4 measured
Q1 0.8% Median 1.9% Q3 3.0%
Average winner1.9%
Average loser%
Dispersion1.1 pts
Top-five upside share100%
Top-five capital share100%
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?

Open Sentiment Intelligence
Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

0 qualified records across 4 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 0670China Eastern Airlines Corporation Limited
3.01% 2 1055China Southern Airlines Company Limited
2.98% 3 0293Cathay Pacific Airways Limited
0.89% 4 0753Air China Limited
0.63%

Weakest edge

4 0753Air China Limited
0.63% 3 0293Cathay Pacific Airways Limited
0.89% 2 1055China Southern Airlines Company Limited
2.98% 1 0670China Eastern Airlines Corporation Limited
3.01%

Constituent ledger

Industry constituents

All 4 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 0670 China Eastern Airlines Corporation Limited HKG 59.64B 2.91 0.75 pts
3.01%
2 1055 China Southern Airlines Company Limited HKG 55.45B 3.28 0.75 pts
2.98%
3 0293 Cathay Pacific Airways Limited HKG 86.60B 14.70 0.22 pts
0.89%
4 0753 Air China Limited HKG 77.87B 3.97 0.16 pts
0.63%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.

Evidence context