{
  "module_number": 7,
  "module_name": "CHINA_CONDITIONS",
  "calculation_version": "7.0.0",
  "generated_utc": "2026-08-01T23:24:11.886903+00:00",
  "generated_ny": "2026-08-01T19:23:59.969746-04:00",
  "growth": {
    "gdp_value": null,
    "gdp_score": null,
    "manufacturing_score": null,
    "services_score": null,
    "ip_value": null,
    "ip_score": null,
    "retail_score": null,
    "fai_score": null
  },
  "property": {
    "score": null,
    "status": "MISSING"
  },
  "credit": {
    "score": null,
    "status": "MISSING"
  },
  "base": {
    "raw": null,
    "point": null,
    "status": "INVALID",
    "coverage_pct": 0,
    "contributions": {
      "gdp": null,
      "manufacturing": null,
      "services": null,
      "ip": null,
      "retail": null,
      "fai": null,
      "property": null,
      "credit": null
    }
  },
  "policy": {
    "fiscal_score": null,
    "monetary_score": null,
    "monetary_status": "MISSING",
    "overlay_point": 0,
    "policy_adjusted_point": null,
    "status": "MISSING"
  },
  "surprise": {
    "standardised": null,
    "status": "MISSING",
    "surprise_adjusted_point": null
  },
  "yuan": {
    "status": "DEGRADED_ONSHORE_ONLY",
    "direction": "NEUTRAL",
    "change_5d_pct": -0.06
  },
  "equities": [
    {
      "index": "CSI 300",
      "etf": "ASHR",
      "vote": -1,
      "status": "VALID"
    },
    {
      "index": "MSCI China",
      "etf": "MCHI",
      "vote": 1,
      "status": "VALID"
    },
    {
      "index": "HSCEI",
      "etf": "FXI",
      "vote": 1,
      "status": "VALID"
    },
    {
      "index": "China tech",
      "etf": "KWEB",
      "vote": 1,
      "status": "VALID"
    }
  ],
  "equity_status": "POSITIVE",
  "relative_strength": {
    "pair": "MCHI/SPY",
    "status": "STRONG_RS"
  },
  "market_confirmation": {
    "status": "MARKET_LAYER_ONLY",
    "adjusted_point": null
  },
  "restriction_transmission": {
    "status": "NOT_WIRED"
  },
  "industries": [
    {
      "industry": "Semis",
      "etf": "SMH",
      "plain": "STRONG_NEGATIVE",
      "ratio": "STRONG_RW",
      "combined": "CONFIRMED_BEARISH"
    },
    {
      "industry": "Software",
      "etf": "IGV",
      "plain": "STRONG_POSITIVE",
      "ratio": "STRONG_RS",
      "combined": "CONFIRMED_BULLISH"
    },
    {
      "industry": "Biotech",
      "etf": "XBI",
      "plain": "NEGATIVE",
      "ratio": "STRONG_RW",
      "combined": "CONFIRMED_BEARISH"
    },
    {
      "industry": "Regional banks",
      "etf": "KRE",
      "plain": "POSITIVE",
      "ratio": "NEUTRAL",
      "combined": "UNCONFIRMED"
    },
    {
      "industry": "Homebuilders",
      "etf": "XHB",
      "plain": "STRONG_NEGATIVE",
      "ratio": "STRONG_RW",
      "combined": "CONFIRMED_BEARISH"
    },
    {
      "industry": "Airlines",
      "etf": "JETS",
      "plain": "STRONG_POSITIVE",
      "ratio": "STRONG_RS",
      "combined": "CONFIRMED_BULLISH"
    },
    {
      "industry": "Transports",
      "etf": "IYT",
      "plain": "STRONG_NEGATIVE",
      "ratio": "STRONG_RW",
      "combined": "CONFIRMED_BEARISH"
    },
    {
      "industry": "Aero-defence",
      "etf": "ITA",
      "plain": "NEUTRAL",
      "ratio": "NEUTRAL",
      "combined": "UNCONFIRMED"
    },
    {
      "industry": "Gold miners",
      "etf": "GDX",
      "plain": "NEGATIVE",
      "ratio": "STRONG_RW",
      "combined": "CONFIRMED_BEARISH"
    },
    {
      "industry": "Oil E&P",
      "etf": "XOP",
      "plain": "POSITIVE",
      "ratio": "RS",
      "combined": "CONFIRMED_BULLISH"
    },
    {
      "industry": "Oil services",
      "etf": "OIH",
      "plain": "NEUTRAL",
      "ratio": "NEUTRAL",
      "combined": "UNCONFIRMED"
    },
    {
      "industry": "Pipelines",
      "etf": "AMLP",
      "plain": "POSITIVE",
      "ratio": "NEUTRAL",
      "combined": "UNCONFIRMED"
    },
    {
      "industry": "Steel",
      "etf": "SLX",
      "plain": "POSITIVE",
      "ratio": "RS",
      "combined": "CONFIRMED_BULLISH"
    },
    {
      "industry": "Copper",
      "etf": "COPX",
      "plain": "POSITIVE",
      "ratio": "RS",
      "combined": "CONFIRMED_BULLISH"
    },
    {
      "industry": "Ag-inputs",
      "etf": "MOO",
      "plain": "NEGATIVE",
      "ratio": "STRONG_RW",
      "combined": "CONFIRMED_BEARISH"
    },
    {
      "industry": "Shipping",
      "etf": "BOAT",
      "plain": "POSITIVE",
      "ratio": "NEUTRAL",
      "combined": "UNCONFIRMED"
    },
    {
      "industry": "Solar",
      "etf": "TAN",
      "plain": "STRONG_NEGATIVE",
      "ratio": "STRONG_RW",
      "combined": "CONFIRMED_BEARISH"
    },
    {
      "industry": "Wind",
      "etf": "FAN",
      "plain": "NEGATIVE",
      "ratio": "STRONG_RW",
      "combined": "CONFIRMED_BEARISH"
    },
    {
      "industry": "Crypto-equities",
      "etf": "WGMI",
      "plain": "STRONG_NEGATIVE",
      "ratio": "STRONG_RW",
      "combined": "CONFIRMED_BEARISH"
    },
    {
      "industry": "China internet",
      "etf": "KWEB",
      "plain": "STRONG_POSITIVE",
      "ratio": "STRONG_RS",
      "combined": "CONFIRMED_BULLISH"
    },
    {
      "industry": "Pharma",
      "etf": "XPH",
      "plain": "POSITIVE",
      "ratio": "NEUTRAL",
      "combined": "UNCONFIRMED"
    },
    {
      "industry": "Retail importers",
      "etf": "XRT",
      "plain": "STRONG_POSITIVE",
      "ratio": "STRONG_RS",
      "combined": "CONFIRMED_BULLISH"
    },
    {
      "industry": "Autos",
      "etf": "CARZ",
      "plain": "NEUTRAL",
      "ratio": "RELATIVE_WEAKNESS",
      "combined": "UNCONFIRMED"
    },
    {
      "industry": "Hotels/travel",
      "etf": "PEJ",
      "plain": "POSITIVE",
      "ratio": "RS",
      "combined": "CONFIRMED_BULLISH"
    }
  ],
  "company_alerts": [],
  "spillovers": [],
  "final": {
    "base_point": null,
    "policy_adjusted_point": null,
    "surprise_adjusted_point": null,
    "final_point": null,
    "direction": "INVALID",
    "base_coverage_pct": 0,
    "confidence_pct": 11.2,
    "confidence_level": "INVALID",
    "risk_status": "DATA_INVALID",
    "regime": "INVALID_CHINA_CONDITIONS",
    "data_status": "PARTIAL_CRITICAL_BASE_MISSING"
  },
  "module_6_handoff": {
    "final_point": null,
    "status": "INVALID_CRITICAL_BASE_MISSING",
    "confidence_level": "INVALID",
    "equity_status": "POSITIVE",
    "relative_strength": "STRONG_RS",
    "yuan_status": "DEGRADED_ONSHORE_ONLY"
  },
  "handoffs": {
    "module_6_regional": "READY",
    "restriction_module_5": "NOT_WIRED"
  },
  "existing_position_action": "NO_AUTOMATIC_CHANGE",
  "trade_approved": false,
  "order_generated": false
}