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Confidence measures geometric agreement and external confirmation only.", "analysis": { "eligible": true, "as_of": "2026-08-07", "benchmark": "399001.SZ", "stage": 2, "stage_name": "Advancing", "phase": "2c", "phase_label": "Stage 2C \u00b7 Late advance", "transition": "stage_2_healthy", "transition_label": "Stage 2 trend intact", "confidence": 95.245, "architecture_regime": "rotation_up", "architecture_regime_label": "Rotation Up", "architecture_modifier": "Structural repair", "architecture_gate": "mixed", "architecture_direction": 66.969, "architecture_energy": 77.849, "architecture_maturity": 22.0, "architecture_confidence": 80.971, "architecture_tenure": "New", "architecture": { "interpretation": { "headline": "The Activity Line structure is rotating upward.", "body": "Fast Activity is improving relative to Slow Activity and price acceptance is strengthening. This is earlier than full positive Trend confirmation and remains a developing repair." }, "scores": { "balance": 19.52, "rotation_up": 78.11, "upward_expansion": 63.03, "deceleration": 24.0, "rotation_down": 16.07, "downward_expansion": 23.7 }, "activity_lines": [ 81.592667, 74.465818, 70.648178, 70.334743 ], "activity_state": "Wide", "activity_direction": "Expanding", "rotation_direction": "Improving", "price_acceptance": 0.666667 }, "latest_close": 107.879997, "trend_reference": 70.573052, "distance_from_trend": 0.528629, "trend_direction": "Improving", "fair_value": 66.090404, "distance_from_fair_value": 0.63231, "fair_value_direction": "Improving", "relative_strength": 47.761766, "relative_strength_direction": "Improving", "price_momentum": 0.471262, "excess_performance": 0.463863, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.528629, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.003368, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.63231, "read": "Premium" }, { "label": "Fair Value direction", "positive": true, "value": 0.576369, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": true, "value": 0.477618, "read": "Leading" }, { "label": "Relative strength direction", "positive": true, "value": 0.63624, "read": "Improving" }, { "label": "Price momentum", "positive": true, "value": 0.471262, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 1.163354, "read": "Demand-led" } ], "volume": { "latest": 49189202, "relative_activity": 6.481433, "balance": 1.163354, "dry_up": 2.917815, "accumulation_observations": 2, "distribution_observations": 2 }, "risk": { "range_context": 0.067778, "annualized_volatility": 0.701309, "from_high_reference": 0.0, "from_low_reference": 0.837193 }, "levels": { "trend_reference": 70.573052, "fair_value_reference": 66.090404, "structural_low": 58.720001, "invalidation": "A 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"activity_lines": [ 68.001334, 65.662364, 66.831059, 67.994952 ] }, { "date": "2026-07-24", "close": 68.300003, "volume": 12787311, "typical_volume": 5106507.2, "trend": 69.150129, "fair_value": 65.973732, "relative_strength": -2.769141, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -17.146263, "energy": 28.237701, "activity_lines": [ 68.718002, 66.241456, 66.862757, 67.945195 ] }, { "date": "2026-07-31", "close": 67.5, "volume": 7237940, "typical_volume": 5299719.85, "trend": 69.191867, "fair_value": 65.90855, "relative_strength": -2.064441, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -16.631956, "energy": 22.950369, "activity_lines": [ 68.654001, 66.689092, 66.826745, 67.838735 ] }, { "date": "2026-08-07", "close": 107.879997, "volume": 49189202, "typical_volume": 7589247.75, "trend": 70.573052, "fair_value": 66.090404, "relative_strength": 47.761766, "stage": 2, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 66.969245, "energy": 77.848567, "activity_lines": [ 81.592667, 74.465818, 70.648178, 70.334743 ] } ], "method": { "price_basis": "completed market observations", "trend": "Trend provides the primary directional reference.", "fair_value": "Fair Value provides long-term price context and is not a forecast or target.", "relative_strength": "Relative Strength shows leadership or lagging performance against the market benchmark.", "classification": "The SM framework combines Trend, Activity, Fair Value, Relative Strength and participation into a structural read." } } }