Weekly structural research · SHZ · Communication Services

300766 Stage Analysis

Merit Interactive Co.,Ltd.

Week ending 2 Oct 2026Close CNY 21.19Tenure EstablishedBenchmark 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: improving.
Activity structure: moderate and contracting.

Direction -64−100 bearish to +100 bullish

Energy 45/100directional strength

Maturity 81/100lifecycle context

Confidence 91/100evidence agreement

Trend gate Downstructural direction

Activity structure Moderatecontracting separation

Price acceptance -83.3%position within the Activity structure

Fair Value context -16.8%CNY 25.47 · 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.
Rotation DownStructure is turning lower.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-10-02	21.19	26.76	-27.01	27547265	Downward Expansion	-64	45
2026-09-25	21.65	27.53	-28.82	58932952	Downward Expansion	-61	45
2026-09-18	21.90	28.28	-30.59	57514446	Downward Expansion	-60	47
2026-09-11	22.06	29.23	-30.23	133966483	Downward Expansion	-59	49
2026-09-04	22.63	29.94	-29.59	109153552	Downward Expansion	-57	48
2026-08-28	21.18	30.59	-37.08	20222487	Downward Expansion	-63	50
2026-08-21	21.62	31.36	-37.67	11153743	Downward Expansion	-55	41
2026-08-14	24.38	32.07	-32.17	33725002	Downward Expansion	-46	43
2026-08-07	24.64	32.55	-32.09	33139073	Downward Expansion	-51	52
2026-07-31	23.64	32.82	-32.21	73307771	Downward Expansion	-64	61
2026-07-24	20.38	33.09	-43.10	39585435	Downward Expansion	-73	76
2026-07-17	21.95	33.44	-39.27	60389798	Downward Expansion	-67	70
2026-07-10	21.50	33.77	-46.45	32653382	Downward Expansion	-71	80
2026-07-03	21.21	34.16	-49.67	13346712	Downward Expansion	-76	87
2026-06-26	21.10	34.59	-51.21	18313339	Downward Expansion	-80	89
2026-06-19	24.08	34.99	-45.91	78627584	Downward Expansion	-70	87
2026-06-12	23.22	35.32	-44.83	15397105	Downward Expansion	-78	90
2026-06-05	24.26	35.72	-44.49	18175184	Downward Expansion	-79	87
2026-05-29	24.91	36.14	-44.64	104772421	Downward Expansion	-79	83
2026-05-22	27.21	36.48	-40.41	111464546	Rotation Down	-74	77
2026-05-15	29.35	36.79	-36.52	117989407	Rotation Down	-42	56
2026-05-08	31.72	37.11	-32.23	109062218	Balance	-26	35
2026-05-01	29.22	37.50	-36.50	175092712	Balance	-36	32
2026-04-24	37.40	37.96	-18.69	208550324	Balance	-11	13
2026-04-17	38.81	38.08	-15.87	142198131	Balance	-14	20
2026-04-10	36.09	38.24	-19.13	131717183	Balance	-16	27
2026-04-03	36.19	38.40	-13.79	147210916	Balance	-7	23
2026-03-27	34.18	38.67	-21.54	86758313	Rotation Up	-12	22
2026-03-20	34.42	39.16	-22.58	134413284	Rotation Up	-13	14
2026-03-13	40.72	39.48	-11.97	196023762	Rotation Up	29	30
2026-03-06	44.17	39.35	-4.80	215656096	Rotation Up	34	38
2026-02-27	44.41	39.13	-7.45	212385431	Rotation Up	37	52
2026-02-13	50.35	38.93	6.36	364869882	Rotation Up	61	76
2026-02-06	43.24	38.48	-8.01	224864655	Rotation Up	30	56
2026-01-30	42.27	38.19	-12.30	303147473	Rotation Up	28	43
2026-01-23	44.25	37.89	-9.37	261891565	Downward Expansion	40	44
2026-01-16	42.73	37.58	-10.94	506323534	Downward Expansion	3	19
2026-01-09	38.84	37.24	-17.50	241458103	Downward Expansion	-25	21
2026-01-02	32.77	37.08	-26.84	55623129	Downward Expansion	-63	63
2025-12-26	31.68	37.23	-29.30	59450011	Downward Expansion	-67	71
2025-12-19	30.84	37.32	-28.38	53023179	Downward Expansion	-75	71
2025-12-12	31.89	37.51	-26.25	61589258	Downward Expansion	-72	70
2025-12-05	33.17	37.81	-22.26	122089831	Rotation Down	-67	67
2025-11-28	34.10	37.98	-18.61	95528239	Rotation Down	-37	55
2025-11-21	33.08	38.17	-17.66	83929947	Rotation Down	-35	55
2025-11-14	34.04	38.28	-19.03	132381062	Rotation Down	-31	51
2025-11-07	35.40	38.30	-16.43	78715917	Rotation Down	-23	37
2025-10-31	36.66	38.32	-12.59	98382089	Balance	-16	25
2025-10-24	35.26	38.41	-14.64	86616825	Balance	-21	22
2025-10-17	36.51	38.60	-6.70	90282510	Balance	13	12
2025-10-10	38.75	39.01	-5.06	78426627	Rotation Up	29	16
2025-10-03	43.48	39.26	6.23	96748485	Rotation Up	44	26
2025-09-26	43.17	39.49	9.31	195360380	Rotation Up	16	14
2025-09-19	40.90	39.83	6.03	143991112	Rotation Up	25	21
2025-09-12	43.62	40.48	15.78	208368552	Rotation Up	31	46
2025-09-05	40.85	40.73	12.89	174849490	Rotation Up	32	54
2025-08-29	44.23	40.70	22.90	314788142	Rotation Up	27	56
2025-08-22	49.10	40.03	44.61	415412633	Rotation Up	47	61
2025-08-15	43.78	39.06	37.61	442336671	Balance	35	32
2025-08-08	37.05	38.16	24.06	219210206	Balance	-24	22
2025-08-01	37.59	37.44	29.53	203839628	Balance	0	12
2025-07-25	38.22	36.68	31.83	201504536	Rotation Down	-3	7
2025-07-18	36.84	35.92	32.32	241164597	Rotation Down	-15	17
2025-07-11	34.69	35.24	29.42	116615799	Rotation Down	-29	41
2025-07-04	33.34	34.65	28.74	87027105	Deceleration	-34	44
2025-06-27	34.69	34.10	37.82	132716882	Deceleration	-2	30
2025-06-20	32.59	33.46	36.72	95533108	Deceleration	-10	34
2025-06-13	34.03	32.86	43.60	144345730	Deceleration	-4	21
2025-06-06	37.39	32.27	59.76	145771238	Deceleration	12	13
2025-05-30	34.45	31.52	52.60	135082160	Deceleration	4	9
2025-05-23	36.41	30.84	62.94	194592070	Deceleration	29	19
2025-05-16	40.93	30.12	86.22	271854699	Deceleration	33	19
2025-05-09	38.11	29.24	78.72	221629905	Deceleration	19	15
2025-05-02	40.06	28.42	96.39	257254290	Deceleration	19	17
2025-04-25	36.11	27.56	81.49	289005871	Deceleration	26	24
2025-04-18	34.92	26.75	82.18	160894378	Deceleration	30	27
2025-04-11	35.73	25.93	89.89	271458736	Deceleration	36	25
2025-04-04	39.64	25.06	104.73	151384248	Deceleration	43	33
2025-03-28	40.76	24.07	111.19	292573307	Upward Expansion	49	45
2025-03-21	49.01	23.04	158.59	395919834	Upward Expansion	63	62
2025-03-14	46.03	21.71	144.44	273655412	Upward Expansion	67	67
2025-03-07	50.50	20.49	180.12	487861408	Upward Expansion	68	86
2025-02-28	53.33	19.11	213.38	463198337	Upward Expansion	77	92
2025-02-21	60.48	17.65	257.99	726037156	Upward Expansion	98	99
2025-02-14	51.01	15.94	225.98	769693099	Upward Expansion	98	99
2025-02-07	39.94	14.55	172.70	268346493	Upward Expansion	96	98
2025-01-31	24.10	13.54	77.60	20213502	Upward Expansion	89	85
2025-01-24	20.08	13.06	47.99	358092255	Deceleration	77	48
2025-01-17	16.79	12.72	26.24	305104314	Deceleration	49	28
2025-01-10	15.54	12.50	21.40	447060986	Upward Expansion	41	25
2025-01-03	14.71	12.33	13.71	277483117	Upward Expansion	46	32
2024-12-27	15.51	12.17	11.09	126837372	Upward Expansion	60	46
2024-12-20	16.38	12.03	17.14	132858397	Upward Expansion	62	50
2024-12-13	16.87	11.86	19.41	173674407	Upward Expansion	70	54
2024-12-06	16.82	11.69	17.80	219870153	Upward Expansion	73	56
2024-11-29	15.49	11.59	9.99	126926430	Upward Expansion	65	52
2024-11-22	14.82	11.47	6.63	169474409	Upward Expansion	62	51
2024-11-15	16.12	11.36	12.15	195699333	Upward Expansion	78	62
2024-11-08	14.90	11.18	-0.34	114145747	Upward Expansion	71	71
2024-11-01	14.08	11.07	0.22	155874363	Upward Expansion	66	76
2024-10-25	14.73	11.02	2.96	117078279	Rotation Up	76	88
2024-10-18	14.78	10.98	5.79	132289161	Rotation Up	56	79
2024-10-11	13.39	10.99	-1.48	166113537	Rotation Up	40	67
2024-10-04	14.14	11.01	-0.94	49466825	Rotation Up	52	65
2024-09-27	11.95	11.03	-7.64	121715592	Downward Expansion	16	24
2024-09-20	10.13	11.13	-8.16	50755680	Downward Expansion	-30	21
2024-09-13	9.89	11.17	-9.79	82211374	Downward Expansion	-38	22
2024-09-06	9.76	11.16	-13.18	125411425	Downward Expansion	-41	28
2024-08-30	10.06	11.16	-13.36	122183107	Downward Expansion	-46	36
2024-08-23	8.99	11.25	-21.19	34616500	Downward Expansion	-67	55
2024-08-16	9.38	11.38	-19.79	35233500	Downward Expansion	-62	54
2024-08-09	9.05	11.53	-23.35	38541633	Downward Expansion	-70	65
2024-08-02	9.54	11.72	-21.04	33190250	Downward Expansion	-63	53
2024-07-26	9.28	11.91	-23.92	32472225	Downward Expansion	-69	63
2024-07-19	9.22	12.11	-27.43	34217700	Downward Expansion	-73	69
2024-07-12	9.59	12.37	-24.52	43245776	Downward Expansion	-69	65
2024-07-05	9.90	12.62	-21.11	53151444	Downward Expansion	-67	69
2024-06-28	9.89	12.87	-23.09	58866080	Downward Expansion	-70	74
2024-06-21	10.04	13.09	-24.35	38901171	Downward Expansion	-69	70
2024-06-14	10.39	13.33	-24.00	33343569	Downward Expansion	-64	66
2024-06-07	10.02	13.52	-27.24	67089410	Downward Expansion	-71	61
2024-05-31	11.18	13.69	-20.26	72436693	Downward Expansion	-58	31
2024-05-24	11.26	13.82	-20.57	93443343	Downward Expansion	-57	28
2024-05-17	12.00	13.91	-18.31	146124832	Downward Expansion	-51	26
2024-05-10	13.75	14.03	-7.27	93037627	Downward Expansion	-44	30
2024-05-03	11.81	14.10	-19.44	21221140	Downward Expansion	-57	59
2024-04-26	11.48	14.24	-21.21	38407380	Downward Expansion	-57	59
2024-04-19	10.77	14.39	-25.28	68039309	Downward Expansion	-66	52
2024-04-12	11.73	14.59	-18.91	59969120	Downward Expansion	-57	30
2024-04-05	12.51	14.80	-16.70	44081424	Downward Expansion	-36	18
2024-03-29	13.56	14.93	-8.55	164640925	Downward Expansion	-19	21
2024-03-22	14.98	14.96	-0.76	155205921	Downward Expansion	-12	25
2024-03-15	13.92	14.98	-7.92	121589934	Downward Expansion	-29	26
2024-03-08	15.00	15.05	2.04	237010139	Downward Expansion	-32	23
2024-03-01	14.70	15.06	-0.10	203581864	Downward Expansion	-57	49
2024-02-23	11.54	15.09	-18.02	68082928	Downward Expansion	-67	84
2024-02-09	9.36	15.27	-31.47	72458685	Downward Expansion	-88	93
2024-02-02	10.01	15.48	-19.72	45225518	Downward Expansion	-90	89
2024-01-26	12.67	15.70	-6.24	42429155	Downward Expansion	-76	78
2024-01-19	12.85	15.89	-4.56	33983000	Downward Expansion	-76	73
2024-01-12	13.85	16.09	1.09	39153800	Balance	-67	51
2024-01-05	14.65	16.28	6.31	30321000	Balance	-47	30
2023-12-29	15.43	16.40	7.97	56688482	Balance	-35	16
2023-12-22	15.18	16.46	10.52	90413537	Balance	-23	13
2023-12-15	17.05	16.53	23.02	120771869	Balance	17	32
2023-12-08	17.26	16.57	23.52	117249291	Balance	20	28
2023-12-01	17.15	16.66	21.99	87479110	Balance	16	19
2023-11-24	16.59	16.73	17.81	99700564	Downward Expansion	-21	15
2023-11-17	17.13	16.85	21.13	130843305	Downward Expansion	-20	10
2023-11-10	16.14	17.04	15.35	165687554	Downward Expansion	-49	28
2023-11-03	15.30	17.26	11.76	114959504	Downward Expansion	-54	46
2023-10-27	14.93	17.37	10.95	56271689	Downward Expansion	-58	50
2023-10-20	14.12	17.46	8.08	45207844	Balance	-67	51
2023-10-13	15.44	17.54	13.29	64221306	Balance	-53	33
2023-09-29	15.96	17.52	17.70	41071800	Balance	-47	23
2023-09-22	15.87	17.49	17.34	66088814	Balance	-36	19

Price vs TrendBelow-20.8%

Trend directionFalling-19.1%

Price vs current Fair ValueBelow anchor-16.8%

Fair Value directionMoving away-1.7%

Relative Strength vs benchmarkLagging-27.0%

Relative strength directionImproving+22.7%

Price momentumNegative-41.4%

Volume balanceSupply-led0.81×

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

-64 / ±100

-6.8 points since 2026-09-04

Energy

45 /100

-2.8 points since 2026-09-04

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

300766 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance19

Rotation Up26

Upward Expansion6

Deceleration59

Rotation Down53

Downward Expansion81

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

2023-09-22 to 2026-10-02 · 156 classified observations out of 156 shown.

Balance 15%Rotation Up 13%Upward Expansion 13%Deceleration 10%Rotation Down 6%Downward Expansion 43%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-05-29	2026-10-02	Established	-14.9%
Rotation Down	2026-05-15	2026-05-22	New	-7.3%
Balance	2026-04-03	2026-05-08	Developing	-12.4%
Rotation Up	2026-01-30	2026-03-27	Developing	-19.1%
Downward Expansion	2025-12-12	2026-01-23	Developing	+38.8%
Rotation Down	2025-11-07	2025-12-05	Developing	-6.3%
Balance	2025-10-17	2025-10-31	New	+0.4%
Rotation Up	2025-08-22	2025-10-10	Developing	-21.1%
Balance	2025-08-01	2025-08-15	New	+16.5%
Rotation Down	2025-07-11	2025-07-25	New	+10.2%
Deceleration	2025-04-04	2025-07-04	Established	-15.9%
Upward Expansion	2025-01-31	2025-03-28	Developing	+69.1%
Deceleration	2025-01-17	2025-01-24	New	+19.6%
Upward Expansion	2024-11-01	2025-01-10	Developing	+10.4%

Classic Stage Analysis comparison

Stage 1 · Basing63

Stage 2 · Advancing0

Stage 3 · Distribution7

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: 89/100
Current Relative Strength: -27.01
Relative Strength direction: Improving
Price momentum: -41.4%
Excess performance vs benchmark: -38.0%
Communication Services regime cohort: 66th percentile38 in cohort

Test 300766 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume0.52×

Latest completed volume relative to typical participation.

Up/down volume0.81×

Participation balance between advancing and declining observations.

Accumulation / distribution3 / 3

Recent participation evidence classified by demand and supply.

Activity alignment+0.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationImproving

Current relationship between Fast Activity and Slow Activity.

Structure stability+12.5%

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 300766 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CNY 21.67falling

Slow Activity CNY 23.79falling

Trend Reference CNY 26.76-20.8% close margin

Current Fair Value CNY 25.47-16.8% close margin

Structural low CNY 20.07shock / 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 +9.6%

Annualized volatility +55.6%

From structural high -58.1%

From structural low +5.6%

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	27	+1.3%-28.1% to +44.9%	+59.3%	+40.7%	+3.8%	+77.8%	Usable descriptive sample
Intermediate	10	+0.6%-19.2% to +47.6%	+50.0%	+50.0%	-1.9%	+60.0%	Usable descriptive sample
Extended	6	+7.9%-24.5% to +56.3%	+50.0%	+50.0%	+3.3%	+50.0%	Usable descriptive sample
Full cycle	3	-5.7%-12.0% to +53.7%	+33.3%	+66.7%	+6.9%	+0.0%	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.

300766 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