Weekly structural research · SHZ · Utilities

000958 Stage Analysis

SPIC Industry-Finance Holdings Co., Ltd.

Week ending 9 Oct 2026Close CNY 4.98Tenure ExtendedBenchmark 399001.SZ

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Downward Expansion · Established contraction

The weekly architecture is expanding downward.

Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation.

The Trend gate is down within the current regime.
Fast Activity versus Slow Activity: weakening.
Activity structure: wide and expanding.

Direction -76−100 bearish to +100 bullish

Energy 91/100directional strength

Maturity 64/100lifecycle context

Confidence 93/100evidence agreement

Trend gate Downstructural direction

Activity structure Wideexpanding separation

Price acceptance -100.0%position within the Activity structure

Fair Value context -8.8%CNY 5.46 · weakening

Trend Architecture map · Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value

Background stage key

BalanceDirection is contained.
Rotation UpStructure is turning higher.
Upward ExpansionUptrend is established.
DecelerationUptrend is losing energy.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-10-09	4.98	5.68	-9.50	20384338	Downward Expansion	-76	91
2026-10-02	4.94	5.74	-12.26	35723985	Downward Expansion	-86	93
2026-09-25	5.03	5.81	-13.92	37412090	Downward Expansion	-85	92
2026-09-18	5.13	5.86	-14.77	65171870	Downward Expansion	-81	89
2026-09-11	5.24	5.90	-12.43	49538313	Downward Expansion	-69	77
2026-09-04	5.25	5.94	-13.06	10616100	Downward Expansion	-68	64
2026-08-28	5.31	5.99	-15.33	10177800	Downward Expansion	-65	52
2026-08-21	5.25	6.04	-17.77	11089900	Downward Expansion	-71	53
2026-08-14	5.40	6.09	-17.66	14234010	Downward Expansion	-63	51
2026-08-07	5.47	6.13	-17.10	17576895	Downward Expansion	-62	54
2026-07-31	5.50	6.17	-12.94	20956602	Downward Expansion	-65	71
2026-07-24	5.30	6.20	-17.99	21935284	Downward Expansion	-74	81
2026-07-17	5.40	6.25	-16.85	29699397	Downward Expansion	-70	80
2026-07-10	5.34	6.29	-25.87	18785607	Downward Expansion	-78	80
2026-07-03	5.64	6.34	-25.29	19282146	Downward Expansion	-67	60
2026-06-26	5.60	6.39	-27.50	25302558	Downward Expansion	-69	39
2026-06-19	5.82	6.42	-26.67	396465430	Downward Expansion	-50	23
2026-06-12	6.41	6.47	-14.48	174146267	Downward Expansion	-24	15
2026-06-05	6.18	6.49	-20.20	76542612	Downward Expansion	-41	27
2026-05-29	6.10	6.50	-23.33	195406337	Downward Expansion	-45	32
2026-05-22	6.06	6.51	-24.90	193860636	Downward Expansion	-59	44
2026-05-15	5.98	6.52	-26.54	227428812	Downward Expansion	-65	53
2026-05-08	6.08	6.53	-25.97	154225523	Downward Expansion	-64	68
2026-05-01	5.92	6.54	-26.38	132640688	Downward Expansion	-74	80
2026-04-24	6.03	6.56	-24.96	164049576	Downward Expansion	-71	80
2026-04-17	6.09	6.58	-24.67	101661904	Downward Expansion	-67	74
2026-04-10	6.08	6.60	-22.60	111356885	Downward Expansion	-69	71
2026-04-03	6.02	6.62	-18.71	172351596	Balance	-71	57
2026-03-27	6.43	6.64	-16.28	252198724	Balance	-24	11
2026-03-20	6.54	6.66	-15.68	233491721	Balance	2	7
2026-03-13	6.81	6.66	-14.92	292181908	Balance	36	17
2026-03-06	6.80	6.65	-14.58	247545250	Balance	4	12
2026-02-27	6.65	6.65	-18.53	122128243	Balance	-10	24
2026-02-13	6.41	6.65	-19.52	111954581	Balance	-24	28
2026-02-06	6.46	6.67	-18.05	125247739	Balance	-20	9
2026-01-30	6.52	6.68	-19.25	183410348	Balance	-7	5
2026-01-23	6.79	6.68	-17.51	215916123	Balance	40	16
2026-01-16	6.88	6.68	-15.73	481269289	Balance	34	15
2026-01-09	6.70	6.67	-17.23	198407666	Balance	2	10
2026-01-02	6.47	6.67	-16.84	129746521	Balance	-13	16
2025-12-26	6.57	6.68	-16.32	108234995	Balance	-9	12
2025-12-19	6.61	6.69	-13.17	140755818	Balance	1	4
2025-12-12	6.71	6.71	-12.96	186376682	Rotation Up	20	15
2025-12-05	6.73	6.73	-12.31	310382867	Rotation Up	26	37
2025-11-28	7.18	6.71	-5.68	372359029	Rotation Up	29	34
2025-11-21	6.72	6.68	-8.85	447780095	Rotation Up	14	25
2025-11-14	7.30	6.68	-6.47	287683246	Downward Expansion	34	31
2025-11-07	6.96	6.66	-12.42	280089145	Downward Expansion	-12	8
2025-10-31	6.49	6.66	-18.77	164204029	Downward Expansion	-56	46
2025-10-24	6.36	6.69	-21.12	127286724	Downward Expansion	-60	61
2025-10-17	6.17	6.70	-20.26	152378520	Downward Expansion	-72	70
2025-10-10	6.37	6.69	-21.45	141662840	Downward Expansion	-62	59
2025-10-03	6.43	6.67	-21.53	63568159	Balance	-30	39
2025-09-26	6.41	6.65	-19.64	173126412	Balance	-31	31
2025-09-19	6.60	6.63	-16.24	247727874	Balance	9	6
2025-09-12	6.82	6.61	-12.25	232209522	Balance	35	16
2025-09-05	6.57	6.59	-12.81	205406526	Balance	6	4
2025-08-29	6.73	6.56	-11.12	315138900	Balance	19	9
2025-08-22	6.89	6.52	-4.69	331240128	Balance	28	12
2025-08-15	6.67	6.48	-3.04	189187797	Balance	18	10
2025-08-08	6.61	6.45	0.91	134898824	Balance	18	8
2025-08-01	6.60	6.42	2.56	174055500	Balance	32	17
2025-07-25	6.81	6.39	4.70	276449905	Balance	46	25
2025-07-18	6.83	6.37	8.17	196838260	Balance	37	20
2025-07-11	6.94	6.36	13.17	486853451	Balance	38	16
2025-07-04	6.62	6.35	10.72	173214786	Balance	28	15
2025-06-27	6.67	6.37	13.82	226049756	Balance	31	14
2025-06-20	6.50	6.37	16.08	259120597	Balance	33	14
2025-06-13	6.73	6.39	19.73	321491903	Balance	46	31
2025-06-06	6.88	6.40	22.83	272222232	Balance	47	40
2025-05-30	6.75	6.45	23.22	668671724	Balance	19	20
2025-05-23	7.39	6.57	34.95	825150193	Balance	34	22
2025-05-16	7.02	6.54	28.84	924268332	Balance	18	11
2025-05-09	6.31	6.44	17.54	254943013	Balance	-5	5
2025-05-02	6.23	6.36	19.64	245891922	Upward Expansion	11	15
2025-04-25	6.77	6.29	30.76	590231654	Upward Expansion	48	60
2025-04-18	6.59	6.20	30.45	826871918	Upward Expansion	47	57
2025-04-11	7.03	6.09	39.77	1558026310	Upward Expansion	56	64
2025-04-04	7.46	5.96	42.36	1282639604	Deceleration	69	55
2025-03-28	6.71	5.82	26.75	1069538595	Deceleration	43	22
2025-03-21	5.69	5.71	7.67	185990742	Deceleration	-11	14
2025-03-14	5.82	5.63	7.98	270627099	Deceleration	18	11
2025-03-07	5.85	5.56	10.49	517590143	Deceleration	20	18
2025-02-28	5.88	5.49	14.14	267121341	Deceleration	18	18
2025-02-21	6.01	5.41	13.23	309179086	Deceleration	14	26
2025-02-14	6.01	5.33	16.37	563426674	Deceleration	1	30
2025-02-07	5.77	5.25	14.23	134870302	Deceleration	-1	36
2025-01-31	5.53	5.17	14.31	35315200	Deceleration	-4	22
2025-01-24	5.70	5.11	16.68	224053500	Deceleration	5	18
2025-01-17	5.74	5.03	19.92	186999281	Deceleration	11	17
2025-01-10	5.67	4.96	23.45	183706191	Deceleration	25	21
2025-01-03	5.70	4.90	23.64	177658880	Deceleration	33	23
2024-12-27	6.36	4.84	29.08	222667483	Deceleration	39	28
2024-12-20	6.54	4.76	34.04	272149945	Deceleration	41	32
2024-12-13	6.71	4.68	37.69	310118797	Deceleration	45	38
2024-12-06	6.93	4.60	42.57	570185357	Upward Expansion	49	47
2024-11-29	6.82	4.50	44.02	365890859	Upward Expansion	64	64
2024-11-22	7.01	4.40	52.17	720987980	Upward Expansion	67	80
2024-11-15	7.21	4.30	53.71	869897400	Upward Expansion	69	89
2024-11-08	8.43	4.18	75.35	1379515133	Upward Expansion	89	96
2024-11-01	10.36	4.03	133.65	728921993	Upward Expansion	100	100
2024-10-25	6.43	3.80	46.55	37486034	Rotation Up	98	99
2024-10-18	3.98	3.71	-6.03	0	Rotation Up	33	50
2024-10-11	3.98	3.70	-3.32	0	Rotation Up	37	45
2024-10-04	3.98	3.69	-7.64	0	Rotation Up	31	27
2024-09-27	3.98	3.68	2.10	234929910	Rotation Up	-15	18
2024-09-20	3.31	3.67	0.08	51407732	Downward Expansion	-65	80
2024-09-13	3.17	3.69	-2.88	56096222	Downward Expansion	-81	84
2024-09-06	3.24	3.71	-2.53	60585457	Downward Expansion	-79	73
2024-08-30	3.38	3.73	-1.11	73797292	Downward Expansion	-71	42
2024-08-23	3.52	3.74	4.98	54320166	Downward Expansion	-46	23
2024-08-16	3.68	3.75	7.88	58077759	Downward Expansion	-40	21
2024-08-09	3.63	3.75	6.09	53288537	Downward Expansion	-55	34
2024-08-02	3.62	3.75	4.02	68430791	Downward Expansion	-59	41
2024-07-26	3.51	3.76	0.32	65025343	Downward Expansion	-64	63
2024-07-19	3.46	3.77	-4.35	59150757	Downward Expansion	-71	70
2024-07-12	3.57	3.79	-0.53	67714208	Downward Expansion	-52	57
2024-07-05	3.53	3.80	0.33	68756171	Deceleration	-30	39
2024-06-28	3.56	3.81	-0.39	81764818	Deceleration	-19	29
2024-06-21	3.61	3.82	-1.23	79609923	Deceleration	-14	21
2024-06-14	3.82	3.83	2.25	80341960	Upward Expansion	35	21
2024-06-07	3.89	3.84	4.14	111804720	Upward Expansion	57	42
2024-05-31	3.89	3.84	3.32	375909025	Rotation Up	62	67
2024-05-24	4.32	3.85	14.04	94223941	Rotation Up	60	76
2024-05-17	4.06	3.83	4.36	81828382	Rotation Up	36	61
2024-05-10	4.07	3.83	4.61	88797970	Balance	33	42
2024-05-03	3.91	3.83	2.21	39609528	Balance	-3	12
2024-04-26	3.88	3.84	3.08	89286195	Balance	-18	11
2024-04-19	3.75	3.84	2.06	113966269	Downward Expansion	-45	22
2024-04-12	3.72	3.85	1.89	60962639	Downward Expansion	-50	33
2024-04-05	3.68	3.86	-2.24	35334737	Downward Expansion	-52	41
2024-03-29	3.57	3.88	-3.50	51847612	Downward Expansion	-60	47
2024-03-22	3.61	3.90	-4.12	59952487	Downward Expansion	-56	33
2024-03-15	3.73	3.92	-1.51	51910815	Downward Expansion	-47	24
2024-03-08	3.68	3.95	-0.17	71931184	Downward Expansion	-41	19
2024-03-01	3.82	3.97	3.17	130254583	Downward Expansion	-32	14
2024-02-23	3.80	3.98	7.05	114020466	Downward Expansion	-35	16
2024-02-09	3.86	4.00	12.05	236466476	Downward Expansion	-50	28
2024-02-02	3.74	4.01	19.45	176538947	Downward Expansion	-57	41
2024-01-26	3.83	4.02	12.93	92211653	Downward Expansion	-61	48
2024-01-19	3.56	4.03	5.17	45101400	Downward Expansion	-87	83
2024-01-12	3.74	4.04	8.24	36463736	Downward Expansion	-73	71
2024-01-05	3.81	4.06	8.91	31220614	Downward Expansion	-65	55
2023-12-29	3.78	4.08	3.63	33264257	Downward Expansion	-75	69
2023-12-22	3.79	4.09	7.35	47571110	Downward Expansion	-77	67
2023-12-15	3.96	4.11	10.11	45634294	Downward Expansion	-59	54
2023-12-08	3.90	4.12	6.84	34797836	Downward Expansion	-68	65
2023-12-01	3.91	4.13	5.45	38444126	Downward Expansion	-65	50
2023-11-24	3.95	4.14	5.40	41878327	Downward Expansion	-60	41
2023-11-17	3.98	4.14	5.13	37759384	Downward Expansion	-56	39
2023-11-10	3.96	4.14	4.59	50602270	Downward Expansion	-62	51
2023-11-03	3.98	4.15	6.85	38268935	Downward Expansion	-57	50
2023-10-27	4.00	4.15	8.50	45338452	Downward Expansion	-57	48
2023-10-20	3.93	4.16	8.93	41275290	Downward Expansion	-69	53
2023-10-13	4.00	4.17	5.88	48320889	Downward Expansion	-63	47
2023-09-29	4.04	4.17	6.65	29242704	Downward Expansion	-59	50

Price vs TrendBelow-12.4%

Trend directionFalling-7.8%

Price vs current Fair ValueBelow anchor-8.8%

Fair Value directionMoving away-8.2%

Relative Strength vs benchmarkLagging-9.5%

Relative strength directionImproving+16.4%

Price momentumNegative-18.1%

Volume balanceSupply-led0.31×

Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

-76 / ±100

-7.2 points since 2026-09-11

Energy

91 /100

+13.5 points since 2026-09-11

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

000958 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance1

Rotation Up16

Upward Expansion22

Deceleration37

Rotation Down77

Downward Expansion100

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind today’s regime

2023-09-29 to 2026-10-09 · 156 classified observations out of 156 shown.

Balance 26%Rotation Up 8%Upward Expansion 8%Deceleration 13%Downward Expansion 46%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-04-10	2026-10-09	Extended	-18.1%
Balance	2025-12-19	2026-04-03	Established	-8.9%
Rotation Up	2025-11-21	2025-12-12	New	-0.1%
Downward Expansion	2025-10-10	2025-11-14	Developing	+14.5%
Balance	2025-05-09	2025-10-03	Established	+2.0%
Upward Expansion	2025-04-11	2025-05-02	New	-11.4%
Deceleration	2024-12-13	2025-04-04	Established	+11.2%
Upward Expansion	2024-11-01	2024-12-06	Developing	-33.1%
Rotation Up	2024-09-27	2024-10-25	Developing	+61.4%
Downward Expansion	2024-07-12	2024-09-20	Developing	-7.4%
Deceleration	2024-06-21	2024-07-05	New	-2.2%
Upward Expansion	2024-06-07	2024-06-14	New	-1.8%
Rotation Up	2024-05-17	2024-05-31	New	-4.1%
Balance	2024-04-26	2024-05-10	New	+5.0%

Classic Stage Analysis comparison

Stage 1 · Basing57

Stage 2 · Advancing0

Stage 3 · Distribution15

Stage 4 · Declining100

Legacy result: Stage 4 · Stage 4B · Declining. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus 399001.SZ

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Lagging benchmark

Architecture confirmation: 93/100
Current Relative Strength: -9.50
Relative Strength direction: Improving
Price momentum: -18.1%
Excess performance vs benchmark: -6.4%
Utilities regime cohort: 100th percentile32 in cohort

Test 000958 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume0.33×

Latest completed volume relative to typical participation.

Up/down volume0.31×

Participation balance between advancing and declining observations.

Accumulation / distribution0 / 1

Recent participation evidence classified by demand and supply.

Activity alignment+0.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+0.0%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Explore 000958 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CNY 5.02falling

Slow Activity CNY 5.45falling

Trend Reference CNY 5.68-12.4% close margin

Current Fair Value CNY 5.46-8.8% close margin

Structural low CNY 4.91shock / repair context

What changes the read?

Fan contraction and a persistent upward fast/slow rotation are required before the declining structure is considered repaired.

Range context +2.7%

Annualized volatility +19.9%

From structural high -33.6%

From structural low +1.4%

Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon	Samples	Median move	Positive periods	Directional follow-through	Median excess vs 399001.SZ	Regime survived	Read
Near term	25	+0.0%-10.7% to +22.8%	+48.0%	+48.0%	+1.9%	+76.0%	Usable descriptive sample
Intermediate	10	-1.6%-12.2% to +15.2%	+50.0%	+50.0%	-0.9%	+60.0%	Usable descriptive sample
Extended	6	-2.5%-9.7% to +66.2%	+33.3%	+66.7%	+2.1%	+50.0%	Usable descriptive sample
Full cycle	3	+18.1%+0.2% to +158.8%	+100.0%	+0.0%	+35.3%	+33.3%	Too little matched history

Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

000958 Stage Analysis

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Send a message

Evidence context

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength ?

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

Test the structure from another angle

Trend Persistence ↗

Directional State ↗

Similar Charts ↗

RMI Reversal Map ↗

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Relative Strength

Trend Persistence

Directional State

Similar Charts

RMI Reversal Map