Weekly structural research · HKG · Healthcare

9989 Stage Analysis

Shenzhen Hepalink Pharmaceutical Group Co., Ltd.

Week ending 9 Oct 2026Close HKD 4.02Tenure NewBenchmark ^HSI

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Downward Expansion · Early 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: moderate and expanding.

Direction -63−100 bearish to +100 bullish

Energy 72/100directional strength

Maturity 11/100lifecycle context

Confidence 78/100evidence agreement

Trend gate Downstructural direction

Activity structure Moderateexpanding separation

Price acceptance -83.3%position within the Activity structure

Fair Value context -1.1%HKD 4.07 · 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
2026-10-09	4.02	4.32	-8.78	2056000	Downward Expansion	-63	72
2026-10-02	3.82	4.35	-12.74	2276500	Downward Expansion	-68	77
2026-09-25	3.76	4.39	-16.44	4395500	Downward Expansion	-77	74
2026-09-18	3.76	4.43	-17.61	3156000	Balance	-67	55
2026-09-11	4.22	4.48	-8.14	1340500	Balance	-30	17
2026-09-04	4.23	4.51	-11.49	332000	Balance	-16	13
2026-08-28	4.39	4.55	-8.47	951500	Balance	-7	13
2026-08-21	4.32	4.58	-12.01	1321500	Balance	-14	15
2026-08-14	4.47	4.60	-6.46	235000	Downward Expansion	-15	20
2026-08-07	4.25	4.62	-13.62	170500	Downward Expansion	-31	25
2026-07-31	4.30	4.65	-13.98	151500	Downward Expansion	-34	28
2026-07-24	4.40	4.68	-9.43	630500	Downward Expansion	-39	29
2026-07-17	4.21	4.70	-12.58	387000	Downward Expansion	-50	45
2026-07-10	4.21	4.72	-11.86	623500	Downward Expansion	-65	61
2026-07-03	4.14	4.75	-10.79	417500	Downward Expansion	-68	72
2026-06-26	3.83	4.78	-15.35	404500	Downward Expansion	-81	93
2026-06-19	3.84	4.83	-19.88	1282000	Downward Expansion	-87	95
2026-06-12	4.04	4.87	-18.80	270000	Downward Expansion	-79	92
2026-06-05	4.09	4.92	-19.14	167500	Downward Expansion	-84	93
2026-05-29	4.13	4.96	-19.37	2311000	Downward Expansion	-88	90
2026-05-22	4.27	4.99	-18.28	2562500	Downward Expansion	-89	86
2026-05-15	4.57	5.02	-13.87	2000000	Downward Expansion	-73	67
2026-05-08	4.75	5.04	-11.94	1516000	Downward Expansion	-59	58
2026-05-01	4.66	5.05	-11.68	1374000	Downward Expansion	-71	66
2026-04-24	4.72	5.07	-11.27	1356000	Downward Expansion	-66	49
2026-04-17	4.75	5.09	-11.35	1610500	Downward Expansion	-67	59
2026-04-10	4.87	5.11	-8.07	1443500	Downward Expansion	-59	60
2026-04-03	4.89	5.14	-4.85	2024500	Downward Expansion	-60	64
2026-03-27	4.73	5.17	-7.32	3622500	Downward Expansion	-76	71
2026-03-20	4.82	5.21	-6.54	3283500	Balance	-72	63
2026-03-13	4.97	5.25	-4.31	2131000	Balance	-59	43
2026-03-06	5.07	5.30	-3.15	6578000	Balance	-37	23
2026-02-27	5.06	5.33	-6.25	2924000	Balance	-38	16
2026-02-20	5.08	5.36	-4.99	203000	Balance	-23	17
2026-02-13	5.21	5.40	-3.06	3572000	Balance	-14	15
2026-02-06	5.33	5.44	-0.36	5057500	Downward Expansion	-8	11
2026-01-30	5.31	5.45	-3.41	9299500	Downward Expansion	-27	17
2026-01-23	5.06	5.45	-5.55	2415000	Downward Expansion	-46	30
2026-01-16	5.07	5.45	-5.56	3473000	Downward Expansion	-47	33
2026-01-09	5.21	5.44	-0.62	5539054	Downward Expansion	-58	40
2026-01-02	4.97	5.46	-5.37	2059899	Downward Expansion	-68	70
2025-12-26	5.01	5.45	-2.57	694500	Downward Expansion	-66	68
2025-12-19	5.04	5.44	-1.21	4715000	Downward Expansion	-61	62
2025-12-12	4.96	5.42	-3.88	10163000	Downward Expansion	-70	64
2025-12-05	5.15	5.39	-0.52	2984500	Deceleration	-28	24
2025-11-28	5.18	5.36	1.01	2582500	Deceleration	-15	15
2025-11-21	5.06	5.32	1.39	5480500	Deceleration	-23	17
2025-11-14	5.49	5.29	4.41	4674000	Deceleration	-2	9
2025-11-07	5.27	5.23	1.79	4280000	Rotation Down	-20	31
2025-10-31	5.18	5.19	1.35	3278500	Rotation Down	-23	45
2025-10-24	5.16	5.16	0.11	3250000	Deceleration	-22	45
2025-10-17	5.03	5.12	1.22	6427500	Deceleration	-11	28
2025-10-10	5.20	5.09	0.49	3049000	Deceleration	-3	22
2025-10-03	5.35	5.06	0.32	2250500	Deceleration	6	19
2025-09-26	5.11	5.01	-0.37	8726000	Deceleration	10	19
2025-09-19	5.46	4.98	5.03	6654000	Deceleration	35	24
2025-09-12	5.73	4.93	11.32	7732000	Deceleration	41	28
2025-09-05	5.71	4.86	15.72	10748500	Upward Expansion	46	37
2025-08-29	5.98	4.79	23.42	11923500	Upward Expansion	59	47
2025-08-22	6.18	4.70	27.10	10877000	Upward Expansion	62	53
2025-08-15	6.37	4.61	32.38	11663500	Upward Expansion	72	62
2025-08-08	5.98	4.51	27.15	10791500	Upward Expansion	65	62
2025-08-01	5.99	4.43	29.92	22382000	Upward Expansion	66	76
2025-07-25	6.38	4.34	34.41	52217000	Upward Expansion	83	88
2025-07-18	6.21	4.25	34.66	26551500	Upward Expansion	88	84
2025-07-11	5.67	4.16	27.41	14146000	Upward Expansion	81	66
2025-07-04	5.26	4.10	20.14	8625500	Upward Expansion	70	67
2025-06-27	5.07	4.05	14.89	13781000	Upward Expansion	65	72
2025-06-20	4.95	4.00	16.16	33920000	Upward Expansion	66	81
2025-06-13	5.58	3.96	29.64	32488000	Upward Expansion	95	95
2025-06-06	4.83	3.89	13.40	16017500	Upward Expansion	83	84
2025-05-30	4.82	3.86	16.10	17096000	Upward Expansion	88	82
2025-05-23	4.23	3.83	0.88	6384000	Upward Expansion	62	57
2025-05-16	4.25	3.82	2.57	5007000	Upward Expansion	60	36
2025-05-09	4.19	3.81	3.29	8393500	Upward Expansion	49	25
2025-05-02	4.04	3.81	1.49	2947000	Upward Expansion	38	19
2025-04-25	3.98	3.81	2.39	4327500	Upward Expansion	39	20
2025-04-18	3.89	3.79	3.00	4274500	Upward Expansion	43	26
2025-04-11	3.93	3.76	6.88	18218500	Upward Expansion	58	39
2025-04-04	4.15	3.73	3.64	20215000	Upward Expansion	65	50
2025-03-28	4.15	3.69	1.51	11456500	Upward Expansion	69	69
2025-03-21	4.14	3.66	0.44	14885500	Upward Expansion	71	77
2025-03-14	4.08	3.62	-2.01	12118000	Upward Expansion	69	78
2025-03-07	4.06	3.59	-3.36	14116000	Upward Expansion	70	73
2025-02-28	4.05	3.56	2.03	26567500	Rotation Up	73	52
2025-02-21	4.12	3.53	1.75	90830000	Rotation Up	65	41
2025-02-14	3.60	3.50	-7.64	4150500	Rotation Down	5	8
2025-02-07	3.54	3.48	-2.62	2757000	Rotation Down	-16	18
2025-01-31	3.44	3.46	-1.22	593500	Rotation Down	-21	49
2025-01-24	3.47	3.45	0.88	1630500	Rotation Down	-21	49
2025-01-17	3.37	3.43	0.61	1509000	Deceleration	-25	48
2025-01-10	3.30	3.42	1.25	2282000	Deceleration	-12	30
2025-01-03	3.43	3.41	1.36	1667000	Deceleration	5	8
2024-12-27	3.64	3.40	5.60	689236	Deceleration	30	14
2024-12-20	3.67	3.39	8.54	1963500	Deceleration	31	14
2024-12-13	3.73	3.37	8.64	3447000	Deceleration	31	17
2024-12-06	3.71	3.35	8.48	4521000	Deceleration	32	19
2024-11-29	3.64	3.34	8.76	1783000	Deceleration	36	20
2024-11-22	3.61	3.32	8.57	3851000	Upward Expansion	41	26
2024-11-15	3.72	3.29	10.59	5314000	Upward Expansion	56	40
2024-11-08	3.91	3.26	8.88	8094000	Upward Expansion	61	49
2024-11-01	3.86	3.21	8.62	8534000	Upward Expansion	65	63
2024-10-25	4.04	3.16	13.13	6057000	Upward Expansion	70	83
2024-10-18	3.88	3.11	7.33	6022000	Upward Expansion	63	79
2024-10-11	4.00	3.07	8.04	27863500	Upward Expansion	74	79
2024-10-04	4.24	3.02	6.93	8512000	Upward Expansion	86	79
2024-09-27	3.39	2.96	-6.04	6552078	Balance	63	28
2024-09-20	3.02	2.93	-5.91	839000	Balance	14	11
2024-09-13	2.94	2.92	-4.20	1232000	Balance	15	12
2024-09-06	3.08	2.91	-0.31	1634000	Upward Expansion	34	18
2024-08-30	3.12	2.88	-2.49	873500	Upward Expansion	48	26
2024-08-23	3.01	2.86	-4.18	1358500	Upward Expansion	50	33
2024-08-16	3.16	2.84	1.43	1256000	Upward Expansion	54	51
2024-08-09	3.15	2.81	2.57	2339000	Upward Expansion	54	46
2024-08-02	3.25	2.81	6.56	3058000	Deceleration	65	40
2024-07-26	3.13	2.80	2.15	2217000	Deceleration	54	26
2024-07-19	3.10	2.81	-1.20	17735000	Deceleration	39	21
2024-07-12	2.94	2.81	-11.08	2258000	Deceleration	30	22
2024-07-05	2.91	2.83	-9.85	463000	Deceleration	36	22
2024-06-28	2.96	2.84	-8.53	1984500	Rotation Up	40	25
2024-06-21	3.06	2.86	-7.17	985000	Rotation Up	19	26
2024-06-14	3.12	2.87	-5.38	1854000	Rotation Up	31	34
2024-06-07	3.03	2.88	-10.50	2171000	Rotation Up	36	43
2024-05-31	3.24	2.90	-3.25	2035500	Rotation Up	43	72
2024-05-24	3.09	2.91	-10.55	3196000	Rotation Up	30	69
2024-05-17	3.32	2.92	-9.09	4940000	Rotation Up	49	77
2024-05-10	3.19	2.93	-10.22	7109500	Downward Expansion	44	58
2024-05-03	3.13	2.95	-10.07	8114500	Downward Expansion	19	29
2024-04-26	2.87	2.96	-13.87	3680000	Downward Expansion	-9	11
2024-04-19	2.56	2.99	-17.24	2481500	Downward Expansion	-54	41
2024-04-12	2.55	3.03	-20.66	2838500	Downward Expansion	-56	41
2024-04-05	2.41	3.07	-25.57	1006500	Downward Expansion	-67	48
2024-03-29	2.52	3.12	-22.07	1297000	Deceleration	-48	42
2024-03-22	2.57	3.16	-20.84	3046386	Downward Expansion	-47	45
2024-03-15	2.57	3.19	-22.88	3719886	Downward Expansion	-49	48
2024-03-08	2.47	3.23	-24.62	1678000	Downward Expansion	-57	55
2024-03-01	2.54	3.27	-24.43	1597500	Downward Expansion	-63	61
2024-02-23	2.59	3.32	-24.08	2444500	Downward Expansion	-66	66
2024-02-16	2.57	3.36	-23.46	369000	Downward Expansion	-68	84
2024-02-09	2.42	3.41	-25.90	2711500	Downward Expansion	-71	90
2024-02-02	2.28	3.46	-29.96	3144000	Downward Expansion	-93	98
2024-01-26	2.45	3.51	-27.29	4714500	Downward Expansion	-94	98
2024-01-19	2.47	3.56	-23.92	6154000	Downward Expansion	-98	98
2024-01-12	2.93	3.60	-15.73	3121500	Downward Expansion	-89	93
2024-01-05	3.09	3.64	-13.02	1906000	Downward Expansion	-84	83
2023-12-29	3.25	3.67	-11.83	2409000	Downward Expansion	-74	64
2023-12-22	3.22	3.70	-9.22	2540500	Downward Expansion	-82	58
2023-12-15	3.42	3.73	-6.57	1526500	Downward Expansion	-64	47
2023-12-08	3.44	3.75	-3.93	1664500	Downward Expansion	-64	49
2023-12-01	3.43	3.77	-7.41	1760000	Downward Expansion	-68	54
2023-11-24	3.46	3.80	-10.72	2309000	Downward Expansion	-66	55
2023-11-17	3.44	3.84	-11.17	1359000	Downward Expansion	-70	55
2023-11-10	3.47	3.88	-9.62	1521000	Downward Expansion	-72	60
2023-11-03	3.51	3.93	-11.54	1898500	Downward Expansion	-71	54
2023-10-27	3.58	3.98	-9.01	894000	Downward Expansion	-65	52
2023-10-20	3.53	4.02	-9.99	1101500	Downward Expansion	-76	56

Price vs TrendBelow-6.7%

Trend directionFalling-7.3%

Price vs current Fair ValueBelow anchor-1.1%

Fair Value directionMoving away-5.4%

Relative Strength vs benchmarkLagging-8.8%

Relative strength directionImproving+3.1%

Price momentumNegative-17.4%

Volume balanceSupply-led0.95×

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

-63 / ±100

-33.1 points since 2026-09-11

Energy

72 /100

+55.0 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.

9989 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance19

Rotation Up9

Upward Expansion16

Deceleration37

Rotation Down77

Downward Expansion91

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

2023-10-20 to 2026-10-09 · 156 classified observations out of 156 shown.

Balance 9%Rotation Up 6%Upward Expansion 26%Deceleration 16%Rotation Down 4%Downward Expansion 40%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-09-25	2026-10-09	New	+7.0%
Balance	2026-08-21	2026-09-18	Developing	-13.0%
Downward Expansion	2026-03-27	2026-08-14	Established	-5.4%
Balance	2026-02-13	2026-03-20	Developing	-7.4%
Downward Expansion	2025-12-12	2026-02-06	Developing	+7.6%
Deceleration	2025-11-14	2025-12-05	New	-6.1%
Rotation Down	2025-10-31	2025-11-07	New	+1.9%
Deceleration	2025-09-12	2025-10-24	Developing	-9.9%
Upward Expansion	2025-03-07	2025-09-05	Extended	+40.5%
Rotation Up	2025-02-21	2025-02-28	New	-1.8%
Rotation Down	2025-01-24	2025-02-14	New	+3.7%
Deceleration	2024-11-29	2025-01-17	Developing	-7.5%
Upward Expansion	2024-10-04	2024-11-22	Developing	-15.0%
Balance	2024-09-13	2024-09-27	New	+15.4%

Classic Stage Analysis comparison

Stage 1 · Basing52

Stage 2 · Advancing0

Stage 3 · Distribution24

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 ^HSI

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: 79/100
Current Relative Strength: -8.78
Relative Strength direction: Improving
Price momentum: -17.4%
Excess performance vs benchmark: -10.9%
Healthcare regime cohort: 63th percentile132 in cohort

Test 9989 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.80×

Latest completed volume relative to typical participation.

Up/down volume0.95×

Participation balance between advancing and declining observations.

Accumulation / distribution2 / 3

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+25.0%

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 9989 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity HKD 3.90falling

Slow Activity HKD 4.18falling

Trend Reference HKD 4.32-6.7% close margin

Current Fair Value HKD 4.07-1.1% close margin

Structural low HKD 3.74shock / 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 +6.1%

Annualized volatility +28.6%

From structural high -27.5%

From structural low +7.6%

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 ^HSI	Regime survived	Read
Near term	31	-1.8%-24.6% to +29.8%	+35.5%	+64.5%	+0.7%	+83.9%	Usable descriptive sample
Intermediate	10	-4.8%-30.7% to +28.9%	+40.0%	+60.0%	-7.4%	+60.0%	Usable descriptive sample
Extended	5	-15.3%-21.9% to +2.4%	+20.0%	+80.0%	-13.7%	+40.0%	Usable descriptive sample
Full cycle	2	-24.5%-30.5% to -18.5%	+0.0%	+100.0%	-19.3%	+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.

9989 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 ↗

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

RMI Reversal Map