{"schema_version":"1.0","name":"3378 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"0187616e-2f2f-4d48-a787-1437b43f4f31","symbol":"3378","name":"Hanx Biopharmaceuticals (Wuhan) Co., Ltd.","exchange":"HKG","country":"HK","asset_type":"equity","currency":"HKD","sector":"Healthcare","industry":"Biotechnology"},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, Directional strength and control, Directional pressure and rotation."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":35,"displayedObservations":35,"assetType":"Equity","state":"Aligned upward","stateTone":"positive","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.481884,-0.733199,-0.733778,-0.619085,-0.55372,-0.459628,-0.330728],"opens":[29.719999,29.5,28.84,26.84,28.0,28.799999,31.5],"highs":[29.959999,29.5,28.84,29.799999,29.719999,33.799999,31.5],"lows":[28.299999,27.1,25.5,24.5,27.5,28.0,28.5],"closes":[29.0,28.66,26.9,28.559999,28.799999,30.379999,31.16],"hoverRows":[[{"label":"Open","value":"29.7","className":"is-ohlc","compact":true},{"label":"High","value":"30.0","className":"is-ohlc","compact":true},{"label":"Low","value":"28.3","className":"is-ohlc","compact":true},{"label":"Close","value":"29.0","className":"is-ohlc","compact":true},{"label":"Market 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displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. 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With limited Market Dynamics history, the label describes location and extension only.","tone":"caution"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":true,"asOf":"2026-08-21","observations":27,"relationship":{"sameWeekCorrelation":0.08,"forwardCorrelation":0.07,"directionalAgreement":33.3,"sample":3,"correlationSample":26,"label":"Variable 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Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","zone":"distribution","zoneContext":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-08-21","price":31.16}],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[17.23,17.06,17.07,17.06,17.1,16.95,16.1,19.16,18.88,17.51,19.02,18.56,23.48,28.72,32.12,30.1,31.98,28.82,31.7,32.2,28.76,28.52,28.58,27.76,26.86,26.9,26.04,28.9,29.0,28.66,26.9,28.56,28.8,30.38,31.16],"consensus":[-99.5114,77.2277,31.0811,0.0,0.0,0.0,-17.7709,29.3438,0.0,-9.5447,23.8773,0.0,54.1678,68.2575,64.6287,22.9366,48.006,0.0,38.5745,33.1292,-15.779,0.0,0.0,0.0,-8.6456,0.0,-20.0655,28.4522,8.4376,0.0,-15.1729,20.0085,8.1082,24.2804,29.0387],"supportDates":["2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,0.0,-27.2436,32.5838,0.0,-15.571,24.871,0.0,46.9843,63.7998,65.1207,8.5461,50.9895,0.0,45.5511,38.552,-15.9403,0.0,0.0,0.0,-5.5885,0.0,-19.4508,40.1595,5.3742,0.0,-20.8971,21.7916,12.4322,21.2885,29.6645],"force":[-99.5114,77.2277,31.0811,0.0,0.0,0.0,-16.4578,41.1324,0.0,-16.0902,29.0316,0.0,78.2297,77.2182,54.1394,12.155,34.3403,0.0,39.7159,19.2229,-41.5157,0.0,0.0,0.0,-8.7817,0.0,-20.0693,31.3261,1.3362,0.0,-20.1625,42.5317,7.3936,32.3991,22.4164],"direction":[null,null,null,null,0.0,0.0,-7.8829,17.2205,0.0,-2.0179,19.0601,0.0,45.1905,66.9514,71.5587,64.4482,54.3575,0.0,29.7859,36.8647,-2.7887,0.0,0.0,0.0,-12.0421,0.0,-20.7654,13.0196,17.0109,0.0,-5.067,1.8826,3.6768,21.9004,33.0537],"intensity":[null,null,null,null,25.0,20.0,66.6667,85.7143,87.5,55.5556,50.0,36.3636,91.6667,92.3077,78.5714,53.3333,43.75,70.5882,61.1111,52.6316,75.0,42.8571,54.5455,47.8261,25.0,12.0,30.7692,66.6667,28.5714,34.4828,40.0,38.7097,75.0,87.8788,58.8235],"confirmation":[54.5103,47.3795,32.6126,0.0,0.8025,1.4596,50.8356,77.6999,26.5202,48.9258,75.7827,1.0418,86.1765,90.1834,88.354,31.7493,82.9,30.7932,80.2723,78.0949,51.7594,2.1069,24.0356,2.7987,48.1507,24.1617,74.4305,77.0139,25.1969,24.9137,50.2535,52.3953,25.1736,76.0627,55.0],"persistence":[null,null,33.3333,25.0,20.0,16.6667,0.0,12.5,25.0,0.0,0.0,0.0,12.5,25.0,50.0,50.0,62.5,75.0,75.0,87.5,62.5,50.0,37.5,25.0,0.0,0.0,25.0,25.0,0.0,0.0,12.5,0.0,25.0,37.5,62.5],"assessmentRisk":[null,null,null,null,46.6564,40.3149,40.9374,32.6295,47.266,27.2144,37.3411,25.1773,22.4417,15.8692,17.6851,38.5273,25.937,4.6247,27.3381,17.4565,33.3151,5.2724,42.6803,45.8527,25.7036,26.6623,32.7781,12.4652,36.8257,34.3884,31.9887,21.4306,10.8934,32.4478,35.3936],"volumeParticipation":true,"latest":{"consensus":29.0,"control":29.7,"force":22.4,"direction":33.1,"confirmation":55.0,"persistence":62.5,"assessmentRisk":35.4,"intensity":58.8,"evidenceDepth":100},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+29.0","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+29.7","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+22.4","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+33.1","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"63.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"13.3%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"23.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"85%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price and its trend references are aligned upward.","series":[{"label":"Close","values":[17.23,17.06,17.07,17.06,17.1,16.95,16.1,19.16,18.88,17.51,19.02,18.56,23.48,28.72,32.12,30.1,31.98,28.82,31.7,32.2,28.76,28.52,28.58,27.76,26.86,26.9,26.04,28.9,29.0,28.66,26.9,28.56,28.8,30.38,31.16],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,17.1447,17.1093,16.9258,17.332,17.6135,17.5946,17.8538,17.9822,18.9818,20.7524,22.8192,24.143,25.5679,26.1592,27.1666,28.0818,28.2051,28.2623,28.3201,28.2183,27.9713,27.7765,27.4608,27.7225,27.9547,28.083,27.8679,27.9937,28.1403,28.5475,29.0225],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,18.0142,18.8072,19.7934,20.5568,21.403,21.9524,22.6744,23.38,23.7786,24.1298,24.4594,24.7039,24.8636,25.0145,25.0904,25.3726,25.6413,25.8649,25.9416,26.1355,26.3329,26.6327,26.9681],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,19.1613,19.4652,19.5496,21.7021,25.3372,28.8509,30.536,32.3259,33.0018,34.1237,35.1317,35.7385,36.1995,36.5609,36.7206,36.6956,36.5444,36.081,36.0583,35.8661,35.1718,34.381,32.9927,32.515,32.6462,32.4562],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,15.6627,15.6512,15.7337,14.4795,12.3628,10.6184,10.229,9.8035,9.9894,9.9416,9.9503,10.4965,11.1815,11.9711,12.8814,13.8824,15.0286,16.486,17.4827,18.6869,20.4962,22.075,24.4633,25.473,25.5078,25.6018],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,49.4842,4.9047,18.3175,43.5539,28.0237,100.2198,69.3852,42.1422,27.3142,34.5664,48.3972,52.5761,25.051,53.1967,42.4632,62.5232,12.2243,21.2971,22.6491,28.3576,20.0978,14.3021,27.6419,34.835,154.0524,88.6621,142.9779,37.7018],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,79.6839,78.5829,74.813,83.2978,78.1738,96.5019,108.899,116.1298,111.6598,117.0944,109.7095,117.5261,121.1092,116.4757,113.4561,117.6296,116.8556,115.5652,116.9038,115.2817,116.3169,117.0509,115.6652,114.0383,121.4056,124.9922,130.2668,131.5454],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,22.6957,19.8356,20.5233,18.9064,20.7053,18.9938,18.3836,20.369,19.7495,19.4749,19.2304,19.0455,18.0518,18.1499,15.9073,15.129,14.8132,15.5419,14.9185,14.288,13.9411,13.309],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,20.0931,21.722,21.63,39.9243,68.8302,92.3884,99.6295,106.9203,107.0566,109.7557,111.7134,109.1899,105.6034,101.3346,96.1218,90.2101,83.4381,74.5525,69.3882,62.9815,52.7256,43.5952,29.6903,24.2878,24.5499,23.6122],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"range","eyebrow":"Acceptance map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,35.5,33.75,25.1875,34.625,31.75,62.5,95.25,98.2086,86.8339,96.6562,78.8284,93.628,96.1973,78.52,77.2867,77.5951,73.3813,68.7564,68.962,64.5427,77.1105,77.6771,75.7507,65.779,75.1841,76.5439,80.3335,84.8189],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-35.0068,-35.9566,-40.6038,-35.4817,-37.0421,-20.3528,-2.578,-1.0474,-7.7253,-1.962,-12.5076,-3.7644,-2.2465,-12.6897,-13.4183,-13.2362,-15.7256,-18.4578,-18.3364,-20.9472,-12.2647,-11.9611,-12.9933,-18.3364,-13.2969,-12.5683,-10.1183,-7.8106],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,42.1365,40.0593,29.8961,41.0979,37.6855,74.184,113.0564,138.2789,123.2938,137.2404,113.7982,135.1632,138.8724,113.3531,111.5727,112.0178,105.9347,99.2582,99.5549,93.1751,89.0124,89.6664,87.4428,75.932,86.7887,88.3584,85.131,89.8842],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,33.6844,31.4107,29.8293,27.731,26.5882,25.9738,25.4033,24.4202,23.5073],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,12.4555,15.4876,15.0171,14.2472,14.4341,13.2834,12.5461,11.7721,11.369,10.6833,10.3431,10.0225,9.8043,9.3538,10.421,11.7674,11.2923,10.6479,9.7018,9.3279,15.2964,14.506],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,4.0401,3.8381,3.6757,4.9285,4.637,6.4502,6.0922,6.643,6.4155,9.2369,8.9427,9.587,9.3783,10.5192,10.042,9.7706,11.395,13.4784,13.9573,13.4194,12.1068,11.4812],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"momentum","eyebrow":"Momentum pressure","title":"Directional pressure and rotation","description":"Two independent momentum views show whether pressure is broadening, fading or stretched.","reason":"Selected because momentum has changed 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