Morning Trend | CNBM retraces to a key level, can the turnover anomaly window be opened?

China National Building Material (3323.HK) showed continued weakness after the market closed on January 20, with the stock price retreating to the short-term support range of HKD 6.65. The building materials sector overall lacks catalytic drivers, and the market's main line continues to contract, with no significant inflow of rotating funds. This week, the company had no new orders or announcements, and active buying was extremely limited, with daily trading volume continuing to shrink. On the external macro level, although the recent "14th Five-Year Plan" for transportation has initiated discussions on new projects, it has not boosted the main line of building materials, leading to low operational temperatures in the industry. From a technical perspective, the 5-day and 10-day moving averages continue to exert pressure, and the MACD indicator reflects a side pressure situation, with no short-term bottom activation signals appearing yet. Currently, the support at HKD 6.65 is receiving high attention; if it does not stabilize effectively and funds continue to be under pressure, the risk of further declines in the short term is considerable. If there is an increase in trading volume in the future or if the industry sees favorable policies and significant contracts being finalized, it may stimulate fund inflows and open a new window for volatility. In terms of operations, it is recommended to remain cautious, focusing on trend defense, and to wait for local fund movements and policy catalysts to align before capturing right-side opportunities