Weekly structural research · SHZ · Communication Services

002517 Stage Analysis

Kingnet Network Co., Ltd.

Week ending 2 Oct 2026Close CNY 16.01Tenure DevelopingBenchmark 399001.SZ

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Balance · Balance after decline

Directional pressure has compressed into balance.

Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base.

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

Direction -41−100 bearish to +100 bullish

Energy 23/100directional strength

Maturity 25/100lifecycle context

Confidence 66/100evidence agreement

Trend gate Downstructural direction

Activity structure Compressedcontracting separation

Price acceptance -16.7%position within the Activity structure

Fair Value context +2.5%CNY 15.61 · 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	16.01	17.03	-12.10	69082481	Balance	-41	23
2026-09-25	16.17	17.22	-15.06	136237343	Balance	-35	16
2026-09-18	16.61	17.44	-15.77	263768349	Balance	-23	11
2026-09-11	17.71	17.70	-9.83	324039716	Balance	-0	4
2026-09-04	17.41	17.85	-12.23	329925445	Balance	-4	9
2026-08-28	16.60	18.10	-19.51	41359611	Balance	-9	16
2026-08-21	16.62	18.40	-20.80	54794294	Balance	-8	19
2026-08-14	18.30	18.73	-14.94	108115473	Downward Expansion	5	15
2026-08-07	17.93	18.96	-16.92	71147966	Downward Expansion	-19	13
2026-07-31	17.19	19.09	-16.48	128309018	Downward Expansion	-38	25
2026-07-24	14.88	19.26	-29.08	56770090	Downward Expansion	-58	36
2026-07-17	16.20	19.52	-22.98	108174177	Downward Expansion	-41	29
2026-07-10	16.92	19.72	-27.35	110242854	Downward Expansion	-47	39
2026-07-03	16.92	19.89	-30.54	90162613	Downward Expansion	-63	55
2026-06-26	15.60	20.07	-37.18	102114840	Downward Expansion	-67	83
2026-06-19	14.50	20.24	-43.00	164141507	Downward Expansion	-77	90
2026-06-12	14.73	20.46	-38.57	73525479	Downward Expansion	-79	90
2026-06-05	15.12	20.74	-38.90	54214444	Downward Expansion	-80	85
2026-05-29	15.93	21.03	-37.13	290431739	Downward Expansion	-76	72
2026-05-22	16.35	21.33	-35.97	220276506	Downward Expansion	-76	62
2026-05-15	17.53	21.55	-31.60	278116020	Downward Expansion	-65	50
2026-05-08	18.76	21.79	-27.24	204485873	Downward Expansion	-61	47
2026-05-01	17.86	22.10	-29.06	252210481	Downward Expansion	-63	50
2026-04-24	16.92	22.43	-32.36	260974738	Downward Expansion	-75	57
2026-04-17	17.85	22.76	-28.84	469571597	Downward Expansion	-71	61
2026-04-10	20.05	22.97	-17.19	246909844	Downward Expansion	-63	68
2026-04-03	18.39	23.06	-18.78	243655221	Downward Expansion	-70	79
2026-03-27	18.28	23.22	-21.79	216796970	Downward Expansion	-73	79
2026-03-20	18.26	23.32	-22.62	251930082	Downward Expansion	-78	75
2026-03-13	19.27	23.37	-20.98	417876679	Balance	-73	56
2026-03-06	21.76	23.38	-10.32	223444816	Balance	-19	21
2026-02-27	22.68	23.26	-8.49	225454270	Balance	11	10
2026-02-13	24.51	23.12	1.71	397286968	Upward Expansion	41	22
2026-02-06	22.26	22.91	-6.07	328640264	Upward Expansion	26	32
2026-01-30	24.92	22.83	3.06	213751014	Upward Expansion	57	63
2026-01-23	25.62	22.65	4.71	241034259	Upward Expansion	62	60
2026-01-16	26.33	22.38	9.34	458047773	Deceleration	69	50
2026-01-09	25.23	22.07	6.67	332880377	Deceleration	50	27
2026-01-02	21.87	21.81	-2.93	127295371	Deceleration	17	10
2025-12-26	22.35	21.64	-1.01	254010849	Deceleration	20	11
2025-12-19	22.53	21.42	3.72	195841017	Deceleration	9	9
2025-12-12	22.24	21.20	1.95	177042676	Deceleration	7	14
2025-12-05	22.04	20.99	2.31	177005433	Deceleration	6	18
2025-11-28	22.32	20.80	5.40	285576989	Deceleration	7	18
2025-11-21	20.86	20.62	2.55	188426838	Deceleration	-1	16
2025-11-14	21.08	20.46	-1.20	208686682	Deceleration	17	17
2025-11-07	23.00	20.30	6.74	200673335	Deceleration	34	24
2025-10-31	23.82	20.05	11.40	279717332	Upward Expansion	40	24
2025-10-24	25.01	19.80	18.49	196475188	Upward Expansion	48	39
2025-10-17	22.80	19.51	14.06	197231167	Upward Expansion	63	53
2025-10-10	24.93	19.28	19.36	134333645	Upward Expansion	67	66
2025-10-03	28.08	19.05	34.01	68363593	Upward Expansion	82	89
2025-09-26	27.59	18.68	36.45	239895535	Upward Expansion	85	87
2025-09-19	26.80	18.26	35.58	298388188	Upward Expansion	89	92
2025-09-12	24.09	17.93	24.70	257482929	Upward Expansion	83	91
2025-09-05	22.80	17.66	22.25	313496523	Upward Expansion	77	87
2025-08-29	23.27	17.43	24.77	255761872	Upward Expansion	88	87
2025-08-22	21.35	17.11	20.63	237144646	Upward Expansion	80	61
2025-08-15	19.72	16.86	17.63	235651036	Upward Expansion	67	46
2025-08-08	19.55	16.63	22.89	325111921	Upward Expansion	68	44
2025-08-01	18.19	16.40	16.81	257723616	Upward Expansion	58	45
2025-07-25	18.38	16.22	17.11	199764089	Upward Expansion	63	70
2025-07-18	18.30	16.07	20.35	326754818	Upward Expansion	65	74
2025-07-11	19.96	15.93	35.22	333039371	Upward Expansion	85	84
2025-07-04	19.48	15.74	35.95	420474324	Upward Expansion	85	78
2025-06-27	17.55	15.55	25.39	152111422	Upward Expansion	66	62
2025-06-20	16.85	15.42	26.02	184878701	Deceleration	53	47
2025-06-13	17.47	15.29	30.29	171059687	Deceleration	64	35
2025-06-06	16.83	15.15	25.84	160176720	Deceleration	36	16
2025-05-30	15.84	15.05	21.08	108336115	Deceleration	22	11
2025-05-23	15.68	14.96	19.56	131069505	Deceleration	36	20
2025-05-16	15.96	14.86	21.86	120973234	Deceleration	49	28
2025-05-09	16.57	14.75	28.02	116883117	Deceleration	53	32
2025-05-02	16.90	14.56	34.49	125598309	Deceleration	48	26
2025-04-25	16.10	14.39	28.85	142481311	Deceleration	37	22
2025-04-18	16.27	14.22	33.04	125660855	Deceleration	40	24
2025-04-11	15.46	13.98	26.84	198734488	Upward Expansion	41	26
2025-04-04	16.35	13.77	28.07	113227914	Upward Expansion	57	45
2025-03-28	16.22	13.55	24.98	155721531	Upward Expansion	60	50
2025-03-21	16.01	13.31	23.12	215356982	Upward Expansion	62	53
2025-03-14	17.84	13.06	34.02	207284363	Upward Expansion	83	80
2025-03-07	17.06	12.77	30.68	340287514	Upward Expansion	80	82
2025-02-28	15.09	12.51	18.84	195622982	Upward Expansion	66	81
2025-02-21	16.75	12.31	27.64	334045888	Upward Expansion	85	90
2025-02-14	15.98	12.04	25.04	297832217	Upward Expansion	81	82
2025-02-07	15.79	11.80	26.13	277763217	Deceleration	81	62
2025-01-31	13.79	11.57	15.22	31147787	Deceleration	47	28
2025-01-24	13.85	11.42	14.43	216770302	Deceleration	45	25
2025-01-17	12.82	11.28	7.57	177582373	Deceleration	36	22
2025-01-10	12.80	11.17	11.67	172774969	Upward Expansion	42	29
2025-01-03	12.79	11.10	10.75	214323207	Upward Expansion	48	37
2024-12-27	13.87	11.01	11.73	198772368	Upward Expansion	61	51
2024-12-20	14.01	10.90	13.26	220519971	Upward Expansion	65	53
2024-12-13	14.13	10.79	13.60	357046627	Upward Expansion	70	55
2024-12-06	13.88	10.69	10.91	308315406	Upward Expansion	70	56
2024-11-29	13.54	10.61	10.13	277738396	Upward Expansion	68	58
2024-11-22	13.05	10.54	8.06	254899535	Upward Expansion	66	64
2024-11-15	13.30	10.47	7.11	331407606	Upward Expansion	69	81
2024-11-08	13.72	10.36	6.46	339707731	Upward Expansion	81	89
2024-11-01	13.19	10.27	9.54	351840965	Rotation Up	80	86
2024-10-25	12.84	10.20	5.41	417417207	Rotation Up	54	76
2024-10-18	12.47	10.13	5.22	363730982	Rotation Up	47	69
2024-10-11	11.03	10.12	-3.94	375042415	Rotation Up	29	52
2024-10-04	11.82	10.14	-1.79	106333463	Rotation Up	46	50
2024-09-27	10.75	10.12	-1.28	356940034	Downward Expansion	11	18
2024-09-20	9.20	10.16	-0.57	104132824	Downward Expansion	-35	19
2024-09-13	9.29	10.23	1.41	232563499	Downward Expansion	-39	26
2024-09-06	9.52	10.28	1.84	322356659	Downward Expansion	-41	29
2024-08-30	9.12	10.29	-5.19	281380197	Downward Expansion	-55	40
2024-08-23	8.45	10.34	-10.70	194933812	Downward Expansion	-74	52
2024-08-16	9.18	10.42	-5.42	200584619	Downward Expansion	-59	47
2024-08-09	9.22	10.45	-5.86	343997650	Downward Expansion	-63	58
2024-08-02	9.06	10.49	-9.40	176632170	Downward Expansion	-66	78
2024-07-26	8.75	10.55	-13.34	158527897	Downward Expansion	-74	86
2024-07-19	8.81	10.61	-16.20	205352274	Downward Expansion	-77	85
2024-07-12	8.90	10.71	-15.40	219621495	Downward Expansion	-80	83
2024-07-05	9.38	10.82	-9.74	202081871	Downward Expansion	-74	76
2024-06-28	9.39	10.91	-11.69	185089047	Downward Expansion	-78	75
2024-06-21	9.72	10.99	-11.32	184152204	Downward Expansion	-69	63
2024-06-14	10.49	11.05	-6.97	135397377	Balance	-50	46
2024-06-07	10.21	11.10	-10.13	135203326	Balance	-55	42
2024-05-31	10.60	11.11	-8.26	116531325	Balance	-45	19
2024-05-24	10.71	11.10	-8.22	155446969	Balance	-4	6
2024-05-17	11.23	11.07	-6.92	197173252	Balance	41	20
2024-05-10	11.37	11.04	-6.31	219442871	Balance	30	13
2024-05-03	11.48	11.07	-4.38	104483698	Balance	-26	14
2024-04-26	10.94	11.09	-7.76	203312998	Balance	-37	24
2024-04-19	10.00	11.13	-13.94	260701233	Balance	-48	28
2024-04-12	10.97	11.21	-5.20	174735148	Balance	-12	6
2024-04-05	11.05	11.31	-7.34	158805065	Balance	-24	11
2024-03-29	10.73	11.38	-8.32	285947853	Balance	2	6
2024-03-22	12.25	11.48	3.42	397206434	Balance	23	22
2024-03-15	11.46	11.55	-2.87	335016434	Balance	-9	14
2024-03-08	11.23	11.67	-1.70	340232007	Balance	-22	17
2024-03-01	12.12	11.75	6.20	423947756	Balance	-10	8
2024-02-23	11.26	11.81	3.53	357042588	Downward Expansion	-34	19
2024-02-09	10.73	11.93	2.37	409610432	Downward Expansion	-51	31
2024-02-02	9.89	12.07	4.25	413535563	Downward Expansion	-64	42
2024-01-26	10.74	12.25	5.03	606963075	Downward Expansion	-56	44
2024-01-19	10.68	12.41	5.16	330620062	Downward Expansion	-58	58
2024-01-12	10.06	12.61	-2.36	238461140	Downward Expansion	-69	66
2024-01-05	10.37	12.84	0.25	351518674	Downward Expansion	-64	44
2023-12-29	10.88	13.08	1.59	514188014	Downward Expansion	-57	35
2023-12-22	10.65	13.23	3.80	200911377	Downward Expansion	-52	27
2023-12-15	11.93	13.39	15.35	299061906	Downward Expansion	-30	21
2023-12-08	12.00	13.48	15.28	307733322	Downward Expansion	-32	23
2023-12-01	12.02	13.61	14.80	203666938	Downward Expansion	-35	26
2023-11-24	11.83	13.75	12.90	262866272	Downward Expansion	-41	27
2023-11-17	11.55	13.82	9.93	186873620	Downward Expansion	-48	40
2023-11-10	11.92	13.88	14.73	328532914	Downward Expansion	-62	55
2023-11-03	10.76	13.94	6.19	316004897	Downward Expansion	-66	80
2023-10-27	10.05	13.97	1.03	201221004	Downward Expansion	-75	85
2023-10-20	9.84	13.99	1.85	206447813	Downward Expansion	-83	85
2023-10-13	10.45	13.96	3.72	331219472	Rotation Down	-81	79
2023-09-29	12.27	13.89	22.36	161314173	Rotation Down	-36	58
2023-09-22	12.03	13.77	20.47	197828341	Rotation Down	-41	56

Price vs TrendBelow-6.0%

Trend directionFalling-11.6%

Price vs current Fair ValuePremium+2.5%

Fair Value directionMoving away-7.4%

Relative Strength vs benchmarkLagging-12.1%

Relative strength directionImproving+18.4%

Price momentumNegative-12.9%

Volume balanceDemand-led1.32×

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

-41 / ±100

-37.2 points since 2026-09-04

Energy

23 /100

+13.7 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.

002517 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance39

Rotation Up16

Upward Expansion16

Deceleration55

Rotation Down52

Downward Expansion62

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 17%Rotation Up 3%Upward Expansion 27%Deceleration 16%Rotation Down 2%Downward Expansion 35%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Balance	2026-08-21	2026-10-02	Developing	-3.7%
Downward Expansion	2026-03-20	2026-08-14	Established	+0.2%
Balance	2026-02-27	2026-03-13	New	-15.0%
Upward Expansion	2026-01-23	2026-02-13	New	-4.3%
Deceleration	2025-11-07	2026-01-16	Developing	+14.5%
Upward Expansion	2025-06-27	2025-10-31	Established	+35.7%
Deceleration	2025-04-18	2025-06-20	Developing	+3.5%
Upward Expansion	2025-02-14	2025-04-11	Developing	-3.2%
Deceleration	2025-01-17	2025-02-07	New	+23.1%
Upward Expansion	2024-11-08	2025-01-10	Developing	-6.7%
Rotation Up	2024-10-04	2024-11-01	Developing	+11.6%
Downward Expansion	2024-06-21	2024-09-27	Established	+10.5%
Balance	2024-03-01	2024-06-14	Established	-13.5%
Downward Expansion	2023-10-20	2024-02-23	Established	+14.5%

Classic Stage Analysis comparison

Stage 1 · Basing50

Stage 2 · Advancing0

Stage 3 · Distribution25

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: 76/100
Current Relative Strength: -12.10
Relative Strength direction: Improving
Price momentum: -12.9%
Excess performance vs benchmark: -9.5%
Communication Services regime cohort: 90th percentile31 in cohort

Test 002517 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume0.49×

Latest completed volume relative to typical participation.

Up/down volume1.32×

Participation balance between advancing and declining observations.

Accumulation / distribution2 / 1

Recent participation evidence classified by demand and supply.

Activity alignment+25.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

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 002517 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CNY 16.49falling

Slow Activity CNY 16.71falling

Trend Reference CNY 17.03-6.0% close margin

Current Fair Value CNY 15.61+2.5% close margin

Structural low CNY 14.16shock / repair context

What changes the read?

Persistent fast/slow separation and fan expansion would end Balance; direction determines whether it becomes Rotation Up or Rotation Down.

Range context +8.2%

Annualized volatility +45.4%

From structural high -43.9%

From structural low +13.1%

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	12	-1.1%-19.4% to +24.9%	+41.7%	+41.7%	-2.3%	+50.0%	Usable descriptive sample
Intermediate	7	-7.2%-29.8% to +84.9%	+42.9%	+42.9%	-3.1%	+28.6%	Usable descriptive sample
Extended	5	+27.5%-26.8% to +140.3%	+60.0%	+60.0%	+33.0%	+20.0%	Usable descriptive sample
Full cycle	3	+33.2%+24.5% to +63.9%	+100.0%	+100.0%	+50.4%	+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.

002517 Stage Analysis

What the Activity Line geometry says now

Directional pressure has compressed into balance.

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

Directional pressure has compressed into balance.

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