{
  "ticker": {
    "uuid": "7001390f-3963-44ba-b270-df3839426e87",
    "symbol": "000908",
    "name": "CSPC Hunan Jingfeng Pharmaceutical Co., Ltd.",
    "exchange": "SHZ",
    "country": "CN",
    "assetType": "equity"
  },
  "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "benchmark": "399001.SZ",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 71.027,
    "architecture_regime": "downward_expansion",
    "architecture_regime_label": "Downward Expansion",
    "architecture_modifier": "Early contraction",
    "architecture_gate": "down",
    "architecture_direction": -25.597,
    "architecture_energy": 14.167,
    "architecture_maturity": 32.524,
    "architecture_confidence": 74.114,
    "architecture_tenure": "Developing",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding downward.",
        "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation."
      },
      "scores": {
        "balance": 46.69,
        "rotation_up": 25.95,
        "upward_expansion": 17.01,
        "deceleration": 38.53,
        "rotation_down": 32.57,
        "downward_expansion": 60.01
      },
      "activity_lines": [
        6.485333,
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        6.643429,
        6.714366
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      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.0
    },
    "latest_close": 6.97,
    "trend_reference": 6.839333,
    "distance_from_trend": 0.019105,
    "trend_direction": "Weakening",
    "fair_value": 4.682564,
    "distance_from_fair_value": 0.488501,
    "fair_value_direction": "Weakening",
    "relative_strength": -2.019015,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.001433,
    "excess_performance": -0.008832,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.019105,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.072088,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.488501,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.169754,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.02019,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.089008,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.001433,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.289988,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 145420253,
      "relative_activity": 1.295008,
      "balance": 0.289988,
      "dry_up": 1.559221,
      "accumulation_observations": 1,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.127469,
      "annualized_volatility": 0.796427,
      "from_high_reference": -0.264768,
      "from_low_reference": 0.521834
    },
    "levels": {
      "trend_reference": 6.839333,
      "fair_value_reference": 4.682564,
      "structural_low": 4.58,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 22,
        "median_return": 0.001643,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.001195,
        "regime_survival": 0.818182,
        "best_return": 1.401869,
        "worst_return": -0.345098,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
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        "regime_survival": 0.5,
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        "worst_return": -0.20915,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.088658,
        "positive_rate": 0.75,
        "directional_follow_through": 0.25,
        "median_excess_return": 0.179755,
        "regime_survival": 0.0,
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        "worst_return": -0.013072,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
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        "worst_return": -0.267157,
        "sufficient": false
      }
    ],
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        "end": "2024-11-01",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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      },
      {
        "regime": "deceleration",
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        "active": false
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      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "active": false
      },
      {
        "regime": "balance",
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      {
        "regime": "rotation_up",
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      },
      {
        "regime": "balance",
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      {
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        "regime": "upward_expansion",
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      {
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        "fair_value": 4.582756,
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        "stage": 4,
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 98953638.15,
        "trend": 6.946,
        "fair_value": 4.609679,
        "relative_strength": -2.124704,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -48.211405,
        "energy": 27.65762,
        "activity_lines": [
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      },
      {
        "date": "2026-07-24",
        "close": 6.1,
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        "typical_volume": 101691087.15,
        "trend": 6.893667,
        "fair_value": 4.632436,
        "relative_strength": -11.410212,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -44.92733,
        "energy": 20.677905,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 5.98,
        "volume": 104835124,
        "typical_volume": 105090258.0,
        "trend": 6.846667,
        "fair_value": 4.654359,
        "relative_strength": -11.608184,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -48.617479,
        "energy": 25.282665,
        "activity_lines": [
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          6.630429,
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 6.97,
        "volume": 145420253,
        "typical_volume": 112292950.3,
        "trend": 6.839333,
        "fair_value": 4.682564,
        "relative_strength": -2.019015,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -25.596739,
        "energy": 14.166542,
        "activity_lines": [
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      }
    ],
    "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."
    }
  }
}