Weekly structural research · SHH · Consumer Cyclical

600694 Stage Analysis

Dashang Co., Ltd.

Week ending 9 Oct 2026Close CNY 14.80Tenure DevelopingBenchmark 000001.SS

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: improving.
Activity structure: compressed and expanding.

Direction -2−100 bearish to +100 bullish

Energy 5/100directional strength

Maturity 14/100lifecycle context

Confidence 81/100evidence agreement

Trend gate Downstructural direction

Activity structure Compressedexpanding separation

Price acceptance +0.0%position within the Activity structure

Fair Value context +2.4%CNY 14.45 · improving

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	14.80	14.51	3.94	8523427	Balance	-2	5
2026-10-02	14.40	14.52	0.38	5862378	Balance	-31	18
2026-09-25	14.34	14.54	-1.32	8531969	Balance	-30	13
2026-09-18	14.42	14.58	-1.58	18838927	Balance	-17	9
2026-09-11	14.15	14.60	-3.07	32979120	Balance	-27	13
2026-09-04	14.90	14.65	0.67	9052770	Balance	2	7
2026-08-28	14.56	14.67	-2.39	3123108	Downward Expansion	-27	12
2026-08-21	14.36	14.73	-2.96	3480271	Downward Expansion	-31	16
2026-08-14	14.28	14.79	-4.47	2696913	Downward Expansion	-33	15
2026-08-07	14.43	14.83	-4.27	4686737	Downward Expansion	-30	18
2026-07-31	14.71	14.85	-0.16	3950102	Downward Expansion	-30	15
2026-07-24	14.03	14.89	-4.74	3201383	Downward Expansion	-57	33
2026-07-17	14.62	14.96	0.14	4699550	Downward Expansion	-55	45
2026-07-10	14.04	14.97	-9.76	2946383	Downward Expansion	-61	68
2026-07-03	14.15	14.99	-10.61	5093489	Downward Expansion	-60	68
2026-06-26	13.33	15.02	-15.94	3629704	Downward Expansion	-84	77
2026-06-19	14.12	15.07	-12.89	12184665	Balance	-56	46
2026-06-12	14.66	15.12	-8.86	4313115	Balance	-39	24
2026-06-05	14.64	15.15	-9.57	4531311	Balance	-37	17
2026-05-29	15.06	15.16	-8.59	24061444	Balance	-10	11
2026-05-22	14.87	15.16	-11.36	24465736	Rotation Up	-1	15
2026-05-15	15.29	15.16	-10.13	34963382	Rotation Up	6	24
2026-05-08	15.29	15.16	-11.87	11841119	Downward Expansion	3	20
2026-05-01	15.48	15.15	-10.09	25606592	Downward Expansion	-16	16
2026-04-24	15.34	15.14	-11.09	22107843	Downward Expansion	-34	28
2026-04-17	14.45	15.15	-16.43	11377605	Downward Expansion	-63	69
2026-04-10	14.18	15.21	-17.49	8487098	Downward Expansion	-66	74
2026-04-03	13.93	15.27	-17.46	10404072	Downward Expansion	-78	77
2026-03-27	14.03	15.35	-18.20	16577925	Downward Expansion	-79	72
2026-03-20	14.56	15.45	-16.72	13069462	Balance	-66	54
2026-03-13	15.06	15.53	-17.42	14273380	Balance	-43	29
2026-03-06	14.95	15.59	-19.22	20859835	Balance	-35	23
2026-02-27	15.43	15.64	-17.99	13390574	Balance	-21	15
2026-02-13	15.14	15.69	-18.41	20953854	Balance	-33	13
2026-02-06	15.59	15.73	-16.36	33236607	Balance	9	13
2026-01-30	15.48	15.75	-18.54	49808179	Balance	12	20
2026-01-23	16.37	15.77	-15.05	37255068	Balance	28	33
2026-01-16	16.07	15.76	-16.57	116404946	Balance	2	11
2026-01-09	15.51	15.74	-20.35	38318270	Balance	-12	17
2026-01-02	15.25	15.77	-19.19	20889056	Balance	-18	17
2025-12-26	15.65	15.85	-17.60	46394992	Balance	-15	12
2025-12-19	16.29	15.90	-13.17	93322828	Downward Expansion	-13	11
2025-12-12	14.99	15.95	-20.40	51300115	Downward Expansion	-58	45
2025-12-05	14.68	16.05	-22.96	16378458	Downward Expansion	-73	50
2025-11-28	15.04	16.19	-21.08	14505918	Downward Expansion	-50	36
2025-11-21	14.79	16.30	-21.64	20471842	Downward Expansion	-60	39
2025-11-14	15.63	16.45	-20.58	27106339	Downward Expansion	-46	35
2025-11-07	15.41	16.56	-21.92	26143413	Downward Expansion	-61	50
2025-10-31	14.97	16.69	-23.42	17522918	Downward Expansion	-67	62
2025-10-24	15.11	16.80	-22.73	19157169	Downward Expansion	-66	74
2025-10-17	14.92	16.89	-21.57	23872278	Downward Expansion	-73	81
2025-10-10	15.14	17.00	-21.69	9583558	Downward Expansion	-71	81
2025-10-03	15.11	17.12	-21.68	6821174	Downward Expansion	-77	82
2025-09-26	15.03	17.23	-21.06	22822308	Downward Expansion	-82	80
2025-09-19	15.72	17.33	-17.38	29572698	Downward Expansion	-70	63
2025-09-12	16.11	17.37	-16.42	40172598	Downward Expansion	-59	38
2025-09-05	16.20	17.46	-14.64	41311568	Downward Expansion	-56	30
2025-08-29	16.23	17.53	-15.46	50892183	Downward Expansion	-45	21
2025-08-22	17.10	17.64	-10.13	26399551	Downward Expansion	-31	20
2025-08-15	16.87	17.71	-8.05	30206552	Downward Expansion	-34	22
2025-08-08	16.89	17.73	-6.21	23854990	Downward Expansion	-39	25
2025-08-01	16.51	17.74	-6.23	24591677	Downward Expansion	-44	32
2025-07-25	16.96	17.79	-4.30	47674404	Downward Expansion	-48	38
2025-07-18	16.12	17.86	-7.29	35725554	Downward Expansion	-63	68
2025-07-11	16.32	17.91	-5.32	24734204	Downward Expansion	-65	77
2025-07-04	16.05	18.05	-5.66	40795360	Downward Expansion	-66	74
2025-06-27	16.07	18.04	-4.12	23422816	Downward Expansion	-68	73
2025-06-20	15.54	18.04	-5.35	21758310	Balance	-80	75
2025-06-13	16.45	18.01	-0.06	27944964	Balance	-43	52
2025-06-06	17.46	17.92	6.08	17556260	Balance	-19	25
2025-05-30	17.40	17.83	7.38	18228443	Balance	1	11
2025-05-23	17.63	17.70	9.21	24248971	Balance	16	11
2025-05-16	18.15	17.56	12.31	22492072	Upward Expansion	32	16
2025-05-09	18.71	17.40	17.23	18283434	Upward Expansion	48	26
2025-05-02	18.46	17.24	18.53	20065820	Upward Expansion	50	29
2025-04-25	19.33	17.10	24.25	28076292	Upward Expansion	57	37
2025-04-18	18.80	16.89	22.45	37248415	Upward Expansion	51	28
2025-04-11	19.18	16.64	27.33	66818024	Upward Expansion	57	29
2025-04-04	18.29	16.36	18.64	11519905	Upward Expansion	48	26
2025-03-28	17.85	16.14	16.28	15176096	Upward Expansion	37	24
2025-03-21	18.19	15.92	18.89	26484853	Upward Expansion	40	25
2025-03-14	18.88	15.69	22.42	24453655	Upward Expansion	45	24
2025-03-07	18.42	15.45	22.16	42973234	Upward Expansion	40	21
2025-02-28	17.87	15.24	21.45	38714050	Upward Expansion	38	21
2025-02-21	17.12	15.03	15.40	39726635	Upward Expansion	42	28
2025-02-14	18.81	14.85	28.95	39939719	Upward Expansion	57	41
2025-02-07	18.21	14.63	27.60	18082827	Upward Expansion	55	41
2025-01-31	19.46	14.43	39.82	3902867	Upward Expansion	66	45
2025-01-24	19.19	14.21	39.21	35243341	Upward Expansion	65	44
2025-01-17	17.67	13.98	29.76	31378102	Upward Expansion	56	43
2025-01-10	16.94	13.80	28.23	51635964	Upward Expansion	60	49
2025-01-03	18.10	13.66	36.09	77939738	Upward Expansion	65	66
2024-12-27	19.16	13.47	37.38	92426166	Upward Expansion	76	80
2024-12-20	17.45	13.26	27.49	176821870	Upward Expansion	65	76
2024-12-13	20.49	13.11	49.65	178132904	Upward Expansion	94	92
2024-12-06	15.90	12.87	17.06	85714681	Upward Expansion	73	70
2024-11-29	16.20	12.78	22.68	48921545	Upward Expansion	84	75
2024-11-22	14.45	12.67	12.09	52091389	Upward Expansion	65	49
2024-11-15	13.91	12.60	6.24	25285314	Upward Expansion	58	46
2024-11-08	14.63	12.54	8.16	43365704	Upward Expansion	76	57
2024-11-01	13.45	12.45	5.28	33865599	Upward Expansion	60	63
2024-10-25	13.52	12.39	5.21	30023600	Upward Expansion	61	74
2024-10-18	13.37	12.30	5.48	29211499	Rotation Up	51	57
2024-10-11	14.03	12.21	12.51	52985654	Rotation Up	67	60
2024-10-04	14.08	12.10	9.27	16109094	Rotation Up	49	39
2024-09-27	13.15	11.96	10.60	38947945	Rotation Down	18	11
2024-09-20	11.18	11.86	6.38	8517308	Rotation Down	-36	47
2024-09-13	10.84	11.83	4.57	19926689	Rotation Down	-49	56
2024-09-06	11.66	11.81	10.17	22220065	Rotation Down	-30	34
2024-08-30	11.44	11.74	5.49	14728859	Rotation Down	-25	38
2024-08-23	11.21	11.73	3.06	11620604	Deceleration	-36	49
2024-08-16	11.68	11.72	6.49	9800896	Deceleration	-5	29
2024-08-09	11.96	11.71	9.87	15611648	Deceleration	3	20
2024-08-02	11.71	11.68	6.20	15752749	Deceleration	-3	18
2024-07-26	11.74	11.65	7.17	13047350	Deceleration	2	10
2024-07-19	12.04	11.61	6.74	11021643	Deceleration	30	16
2024-07-12	12.39	11.58	10.47	14182085	Deceleration	36	21
2024-07-05	12.77	11.52	15.11	16609459	Deceleration	42	26
2024-06-28	12.40	11.47	11.62	13218196	Deceleration	36	22
2024-06-21	12.29	11.42	9.84	14774909	Deceleration	41	29
2024-06-14	12.70	11.37	12.40	18634705	Upward Expansion	47	39
2024-06-07	12.41	11.31	9.49	21336185	Upward Expansion	61	53
2024-05-31	12.86	11.25	12.37	14425912	Upward Expansion	66	83
2024-05-24	12.90	11.19	12.88	17004373	Upward Expansion	68	87
2024-05-17	13.19	11.12	13.25	22275590	Upward Expansion	77	91
2024-05-10	13.33	11.05	14.68	24969658	Upward Expansion	87	93
2024-05-03	12.93	10.99	13.29	15260181	Upward Expansion	84	87
2024-04-26	12.33	10.94	9.03	23409915	Rotation Up	76	78
2024-04-19	12.06	10.91	7.74	31641027	Rotation Up	45	60
2024-04-12	11.98	10.89	8.96	22716224	Balance	36	43
2024-04-05	11.52	10.87	3.25	11216261	Balance	17	21
2024-03-29	10.90	10.86	-1.28	9737060	Downward Expansion	-21	13
2024-03-22	10.74	10.90	-2.92	11678015	Downward Expansion	-35	19
2024-03-15	10.48	10.94	-5.45	12780150	Downward Expansion	-52	31
2024-03-08	10.13	11.00	-8.32	10351311	Downward Expansion	-56	47
2024-03-01	10.10	11.07	-8.01	16810098	Downward Expansion	-60	62
2024-02-23	10.29	11.14	-5.66	16963515	Downward Expansion	-54	56
2024-02-09	10.15	11.19	-2.39	25428950	Downward Expansion	-60	54
2024-02-02	9.74	11.23	-1.57	20350619	Balance	-73	39
2024-01-26	11.00	11.28	4.44	25220933	Balance	-20	13
2024-01-19	10.94	11.29	7.00	20803325	Downward Expansion	-32	15
2024-01-12	11.29	11.31	8.84	36917802	Downward Expansion	-25	15
2024-01-05	11.09	11.33	5.34	16318693	Downward Expansion	-50	30
2023-12-29	10.69	11.36	0.17	11697476	Downward Expansion	-61	42
2023-12-22	10.63	11.40	1.77	16873068	Downward Expansion	-66	40
2023-12-15	11.10	11.46	5.40	16098310	Downward Expansion	-41	26
2023-12-08	10.74	11.50	1.25	16018554	Downward Expansion	-57	38
2023-12-01	11.05	11.56	2.16	13772232	Downward Expansion	-46	33
2023-11-24	11.08	11.60	2.29	14956448	Downward Expansion	-59	45
2023-11-17	10.90	11.62	0.32	12082038	Downward Expansion	-63	65
2023-11-10	10.78	11.64	-0.14	15635183	Downward Expansion	-68	76
2023-11-03	10.70	11.66	-0.54	20391421	Downward Expansion	-74	77
2023-10-27	10.98	11.70	2.59	16172908	Downward Expansion	-64	66
2023-10-20	10.75	11.72	1.82	10193563	Downward Expansion	-77	66
2023-10-13	11.11	11.73	1.80	10084530	Downward Expansion	-66	48
2023-09-29	11.43	11.74	4.07	9518830	Rotation Down	-54	46

Price vs TrendAbove+2.0%

Trend directionFalling-2.3%

Price vs current Fair ValuePremium+2.4%

Fair Value directionClosing upward+3.7%

Relative Strength vs benchmarkLeading+3.9%

Relative strength directionImproving+13.7%

Price momentumPositive+4.4%

Volume balanceDemand-led1.10×

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

-2 / ±100

+25.4 points since 2026-09-11

Energy

5 /100

-7.3 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.

600694 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance65

Rotation Up23

Upward Expansion32

Deceleration34

Rotation Down29

Downward Expansion45

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 20%Rotation Up 5%Upward Expansion 24%Deceleration 6%Rotation Down 4%Downward Expansion 42%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Balance	2026-09-04	2026-10-09	Developing	-0.7%
Downward Expansion	2026-06-26	2026-08-28	Developing	+9.2%
Balance	2026-05-29	2026-06-19	New	-6.2%
Rotation Up	2026-05-15	2026-05-22	New	-2.7%
Downward Expansion	2026-03-27	2026-05-08	Developing	+9.0%
Balance	2025-12-26	2026-03-20	Developing	-7.0%
Downward Expansion	2025-06-27	2025-12-19	Established	+1.4%
Balance	2025-05-23	2025-06-20	Developing	-11.9%
Upward Expansion	2024-10-25	2025-05-16	Extended	+34.3%
Rotation Up	2024-10-04	2024-10-18	New	-5.1%
Rotation Down	2024-08-30	2024-09-27	Developing	+15.0%
Deceleration	2024-06-21	2024-08-23	Developing	-8.8%
Upward Expansion	2024-05-03	2024-06-14	Developing	-1.8%
Rotation Up	2024-04-19	2024-04-26	New	+2.3%

Classic Stage Analysis comparison

Stage 1 · Basing65

Stage 2 · Advancing44

Stage 3 · Distribution39

Stage 4 · Declining48

Legacy result: Stage 1 · Stage 1C · Breakout watch. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus 000001.SS

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

Leading benchmark

Architecture confirmation: 64/100
Current Relative Strength: 3.94
Relative Strength direction: Improving
Price momentum: +4.4%
Excess performance vs benchmark: +8.7%
Consumer Cyclical regime cohort: 68th percentile79 in cohort

Test 600694 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.02×

Latest completed volume relative to typical participation.

Up/down volume1.10×

Participation balance between advancing and declining observations.

Accumulation / distribution3 / 2

Recent participation evidence classified by demand and supply.

Activity alignment+50.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationImproving

Current relationship between Fast Activity and Slow Activity.

Structure stability+37.5%

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 600694 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CNY 14.51rising

Slow Activity CNY 14.47falling

Trend Reference CNY 14.51+2.0% close margin

Current Fair Value CNY 14.45+2.4% close margin

Structural low CNY 13.30shock / 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 +3.4%

Annualized volatility +22.3%

From structural high -14.3%

From structural low +11.3%

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 000001.SS	Regime survived	Read
Near term	20	-1.4%-11.9% to +12.2%	+45.0%	+45.0%	-0.5%	+35.0%	Usable descriptive sample
Intermediate	10	-3.2%-11.0% to +17.6%	+40.0%	+40.0%	-0.4%	+30.0%	Usable descriptive sample
Extended	7	-3.1%-16.1% to +22.2%	+28.6%	+28.6%	-0.2%	+14.3%	Usable descriptive sample
Full cycle	4	-3.0%-14.6% to +77.0%	+25.0%	+25.0%	+5.3%	+25.0%	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.

600694 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

Leading 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 ?

Leading 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