Weekly structural research · SHH · Utilities

600982 Stage Analysis

Ningbo Energy Group Co.,Ltd.

Week ending 9 Oct 2026Close CNY 5.31Tenure NewBenchmark 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: moderate and contracting.

Direction -7−100 bearish to +100 bullish

Energy 12/100directional strength

Maturity 19/100lifecycle context

Confidence 55/100evidence agreement

Trend gate Downstructural direction

Activity structure Moderatecontracting separation

Price acceptance +0.0%position within the Activity structure

Fair Value context +24.6%CNY 4.26 · 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	5.31	5.38	10.32	112193849	Balance	-7	12
2026-10-02	5.30	5.37	9.76	207646455	Downward Expansion	-14	15
2026-09-25	4.86	5.36	-0.17	99588597	Downward Expansion	-51	26
2026-09-18	5.20	5.36	6.32	226416703	Downward Expansion	-39	22
2026-09-11	5.23	5.34	7.82	173721245	Downward Expansion	-45	37
2026-09-04	4.88	5.31	-0.20	17651374	Downward Expansion	-59	58
2026-08-28	4.91	5.30	-0.02	19806250	Downward Expansion	-57	48
2026-08-21	4.79	5.29	-1.23	13704100	Deceleration	-25	23
2026-08-14	4.95	5.28	1.50	33515600	Deceleration	-18	20
2026-08-07	5.10	5.26	4.23	22822600	Deceleration	-25	20
2026-07-31	5.08	5.23	6.76	39538800	Rotation Down	-20	25
2026-07-24	4.82	5.20	1.79	52448300	Rotation Down	-26	48
2026-07-17	5.09	5.19	8.87	93847952	Rotation Down	-22	48
2026-07-10	4.65	5.16	-6.24	22538100	Rotation Down	-29	50
2026-07-03	4.88	5.15	-2.96	22152600	Upward Expansion	-23	32
2026-06-26	4.83	5.14	-3.64	36117340	Upward Expansion	7	15
2026-06-19	5.18	5.12	1.67	170138839	Upward Expansion	27	15
2026-06-12	5.51	5.11	9.71	39120488	Upward Expansion	52	30
2026-06-05	6.36	5.09	26.82	81919000	Upward Expansion	60	41
2026-05-29	6.59	5.03	30.60	394291512	Upward Expansion	69	48
2026-05-22	5.97	4.96	17.59	333637539	Upward Expansion	57	41
2026-05-15	6.12	4.91	19.91	582536613	Upward Expansion	62	46
2026-05-08	6.18	4.86	19.93	271280775	Upward Expansion	69	49
2026-05-01	5.89	4.80	16.59	264440495	Upward Expansion	65	41
2026-04-24	5.86	4.74	16.69	630967850	Upward Expansion	64	37
2026-04-17	5.47	4.70	9.92	497943581	Upward Expansion	60	48
2026-04-10	5.12	4.67	4.63	318599405	Upward Expansion	63	53
2026-04-03	5.05	4.65	5.94	753047412	Upward Expansion	66	71
2026-03-27	7.15	4.63	48.75	1052697953	Upward Expansion	98	99
2026-03-20	5.12	4.54	6.09	187965600	Upward Expansion	81	88
2026-03-13	5.03	4.52	0.68	260545656	Upward Expansion	83	85
2026-03-06	4.93	4.51	-1.87	160858095	Balance	84	80
2026-02-27	4.87	4.50	-3.95	107569450	Balance	56	61
2026-02-13	4.47	4.49	-10.07	75475300	Balance	14	22
2026-02-06	4.56	4.49	-8.09	77179825	Balance	7	20
2026-01-30	4.55	4.50	-9.50	88521903	Balance	-15	17
2026-01-23	4.61	4.49	-8.81	105243449	Downward Expansion	-17	10
2026-01-16	4.40	4.48	-12.36	109822004	Downward Expansion	-53	32
2026-01-09	4.34	4.48	-14.03	62024103	Downward Expansion	-57	48
2026-01-02	4.22	4.48	-13.26	31625079	Downward Expansion	-68	63
2025-12-26	4.33	4.49	-11.09	44954300	Rotation Down	-59	59
2025-12-19	4.32	4.49	-9.76	66630725	Rotation Down	-32	44
2025-12-12	4.31	4.50	-10.41	73741355	Balance	-33	33
2025-12-05	4.40	4.51	-9.00	74801408	Balance	-6	11
2025-11-28	4.37	4.52	-9.28	107459048	Upward Expansion	16	11
2025-11-21	4.39	4.52	-7.61	117114607	Upward Expansion	35	36
2025-11-14	4.85	4.53	-1.71	120887976	Upward Expansion	74	68
2025-11-07	4.80	4.51	-2.89	151159990	Balance	69	51
2025-10-31	4.53	4.49	-7.07	99774050	Balance	15	16
2025-10-24	4.62	4.49	-5.12	144165229	Balance	23	12
2025-10-17	4.51	4.48	-4.52	88187809	Balance	-13	17
2025-10-10	4.50	4.49	-5.97	37584900	Balance	-19	24
2025-10-03	4.33	4.49	-9.19	22504627	Balance	-32	33
2025-09-26	4.34	4.48	-7.67	65720056	Balance	-20	16
2025-09-19	4.44	4.46	-5.36	86399902	Upward Expansion	17	11
2025-09-12	4.59	4.45	-3.29	91331759	Upward Expansion	34	14
2025-09-05	4.47	4.43	-4.24	83789350	Upward Expansion	25	12
2025-08-29	4.46	4.41	-5.49	109913877	Upward Expansion	30	15
2025-08-22	4.61	4.38	-1.57	85504923	Upward Expansion	52	28
2025-08-15	4.51	4.35	-0.15	79146512	Upward Expansion	50	36
2025-08-08	4.61	4.33	3.83	72169941	Upward Expansion	53	48
2025-08-01	4.55	4.30	4.84	100156420	Upward Expansion	53	50
2025-07-25	4.73	4.27	8.04	169926201	Balance	62	53
2025-07-18	4.58	4.25	6.70	189092579	Balance	42	28
2025-07-11	4.57	4.26	7.50	228349934	Balance	30	13
2025-07-04	4.49	4.24	7.11	134322886	Balance	20	14
2025-06-27	4.32	4.21	4.64	80573926	Balance	13	13
2025-06-20	4.18	4.20	3.49	74835980	Balance	18	13
2025-06-13	4.32	4.18	6.53	101950919	Upward Expansion	33	16
2025-06-06	4.51	4.16	11.28	70465752	Upward Expansion	37	21
2025-05-30	4.44	4.13	10.91	116197803	Upward Expansion	50	29
2025-05-23	4.51	4.10	12.86	346297849	Upward Expansion	52	32
2025-05-16	4.70	4.07	17.36	458214612	Upward Expansion	60	44
2025-05-09	4.65	4.03	17.20	183163008	Upward Expansion	60	38
2025-05-02	4.40	3.99	13.47	179122242	Upward Expansion	51	32
2025-04-25	4.81	3.97	23.66	344619225	Upward Expansion	72	44
2025-04-18	4.28	3.92	11.21	256452626	Upward Expansion	53	34
2025-04-11	4.24	3.89	11.87	309673150	Upward Expansion	57	54
2025-04-04	4.53	3.85	16.11	248233488	Upward Expansion	69	76
2025-03-28	4.34	3.80	11.07	467038916	Upward Expansion	62	70
2025-03-21	4.53	3.76	15.94	423246875	Upward Expansion	76	73
2025-03-14	4.57	3.72	15.44	375586838	Balance	72	57
2025-03-07	3.96	3.68	1.69	114864569	Balance	38	28
2025-02-28	4.00	3.66	4.33	157206081	Balance	41	26
2025-02-21	3.98	3.64	2.21	164983346	Balance	39	22
2025-02-14	4.01	3.62	4.05	270135157	Balance	39	17
2025-02-07	3.83	3.60	0.84	72787151	Balance	25	15
2025-01-31	3.74	3.58	0.15	19599526	Balance	23	20
2025-01-24	3.72	3.57	-0.60	96435500	Upward Expansion	25	23
2025-01-17	3.77	3.56	0.83	126458053	Upward Expansion	31	22
2025-01-10	3.60	3.54	-1.73	138807053	Upward Expansion	39	31
2025-01-03	3.74	3.54	0.49	176430704	Upward Expansion	60	46
2024-12-27	4.05	3.53	2.66	416518632	Upward Expansion	62	66
2024-12-20	4.88	3.52	24.67	599927360	Upward Expansion	91	84
2024-12-13	3.98	3.48	1.00	109501539	Upward Expansion	75	64
2024-12-06	3.86	3.48	-2.61	69769358	Rotation Up	70	53
2024-11-29	3.74	3.48	-3.48	66785300	Rotation Up	37	40
2024-11-22	3.63	3.47	-4.90	77891696	Rotation Up	31	39
2024-11-15	3.67	3.47	-5.98	66958224	Rotation Up	33	48
2024-11-08	3.81	3.47	-6.04	79502195	Rotation Up	52	60
2024-11-01	3.63	3.46	-5.73	59455572	Rotation Up	31	49
2024-10-25	3.58	3.46	-7.97	41839403	Rotation Up	28	37
2024-10-18	3.49	3.46	-9.56	41588893	Rotation Up	18	32
2024-10-11	3.48	3.45	-8.81	88080662	Rotation Up	-3	21
2024-10-04	3.69	3.46	-7.07	26082242	Rotation Up	1	12
2024-09-27	3.41	3.45	-7.22	36120692	Downward Expansion	-52	43
2024-09-20	3.14	3.45	-3.96	11887128	Downward Expansion	-66	80
2024-09-13	3.07	3.45	-5.00	15533631	Downward Expansion	-81	87
2024-09-06	3.09	3.46	-6.76	23283353	Downward Expansion	-84	83
2024-08-30	3.26	3.46	-4.52	15633201	Downward Expansion	-64	62
2024-08-23	3.20	3.47	-7.05	16719270	Downward Expansion	-73	55
2024-08-16	3.36	3.49	-3.46	17018792	Downward Expansion	-56	35
2024-08-09	3.36	3.50	-3.05	20064582	Downward Expansion	-57	36
2024-08-02	3.38	3.52	-3.81	21445200	Downward Expansion	-55	36
2024-07-26	3.38	3.53	-3.52	20731700	Downward Expansion	-58	44
2024-07-19	3.37	3.54	-6.97	21273176	Downward Expansion	-51	53
2024-07-12	3.36	3.56	-7.21	30773826	Downward Expansion	-54	62
2024-07-05	3.36	3.57	-7.10	21193920	Rotation Down	-57	62
2024-06-28	3.36	3.59	-7.50	35457150	Rotation Down	-56	45
2024-06-21	3.36	3.60	-8.52	29174400	Rotation Up	-47	36
2024-06-14	3.50	3.62	-6.16	28702902	Rotation Up	-10	11
2024-06-07	3.53	3.63	-6.11	59413049	Rotation Up	14	16
2024-05-31	3.69	3.64	-3.06	97424600	Rotation Up	25	50
2024-05-24	3.81	3.64	-0.01	66287600	Rotation Up	30	57
2024-05-17	3.78	3.64	-2.61	78738527	Rotation Up	29	52
2024-05-10	3.84	3.64	-1.03	81970971	Balance	35	39
2024-05-03	3.64	3.64	-4.56	27431020	Balance	-5	10
2024-04-26	3.63	3.65	-4.21	88145858	Balance	-8	10
2024-04-19	3.46	3.66	-7.76	72658711	Downward Expansion	-31	17
2024-04-12	3.56	3.67	-3.64	77473178	Downward Expansion	-27	17
2024-04-05	3.59	3.69	-4.39	28044228	Downward Expansion	-29	19
2024-03-29	3.51	3.70	-5.67	36475479	Downward Expansion	-35	19
2024-03-22	3.46	3.71	-7.37	41717608	Downward Expansion	-39	25
2024-03-15	3.50	3.73	-6.47	53711832	Downward Expansion	-52	34
2024-03-08	3.43	3.76	-8.23	74191083	Downward Expansion	-59	47
2024-03-01	3.36	3.78	-9.73	51358415	Downward Expansion	-63	72
2024-02-23	3.35	3.80	-9.46	49238423	Downward Expansion	-63	73
2024-02-09	3.17	3.83	-10.13	74104032	Downward Expansion	-82	82
2024-02-02	3.27	3.87	-2.82	54574058	Downward Expansion	-83	75
2024-01-26	3.67	3.91	2.10	50237401	Downward Expansion	-56	47
2024-01-19	3.52	3.91	0.91	45830000	Downward Expansion	-73	60
2024-01-12	3.79	3.93	6.92	33677400	Downward Expansion	-48	30
2024-01-05	3.80	3.93	5.61	44849276	Downward Expansion	-45	24
2023-12-29	3.72	3.94	1.90	41820100	Downward Expansion	-58	31
2023-12-22	3.73	3.96	4.31	100775816	Downward Expansion	-48	22
2023-12-15	4.00	3.96	10.97	124633813	Downward Expansion	-14	11
2023-12-08	3.77	3.95	3.59	31370787	Downward Expansion	-48	28
2023-12-01	3.84	3.95	3.40	29706560	Downward Expansion	-37	21
2023-11-24	3.81	3.94	2.35	28590300	Downward Expansion	-41	26
2023-11-17	3.86	3.94	3.08	45317610	Downward Expansion	-53	32
2023-11-10	3.83	3.93	2.90	45306575	Rotation Down	-59	54
2023-11-03	3.76	3.93	1.25	41615356	Rotation Down	-37	56
2023-10-27	3.82	3.93	3.30	37166098	Rotation Down	-34	54
2023-10-20	3.67	3.93	0.47	28872384	Rotation Down	-52	62
2023-10-13	3.78	3.93	-0.17	30865349	Rotation Down	-32	43
2023-09-29	3.88	3.93	1.64	19586143	Balance	-20	32

Price vs TrendBelow-1.3%

Trend directionRising+2.9%

Price vs current Fair ValuePremium+24.6%

Fair Value directionClosing upward+13.4%

Relative Strength vs benchmarkLeading+10.3%

Relative strength directionImproving+16.6%

Price momentumPositive+3.8%

Volume balanceDemand-led1.51×

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

-7 / ±100

+38.8 points since 2026-09-11

Energy

12 /100

-25.1 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.

600982 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance60

Rotation Up35

Upward Expansion28

Deceleration46

Rotation Down22

Downward Expansion50

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 21%Rotation Up 10%Upward Expansion 31%Deceleration 2%Rotation Down 8%Downward Expansion 28%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Balance	2026-10-09	2026-10-09	New	+0.0%
Downward Expansion	2026-08-28	2026-10-02	Developing	+7.9%
Deceleration	2026-08-07	2026-08-21	New	-6.1%
Rotation Down	2026-07-10	2026-07-31	New	+9.2%
Upward Expansion	2026-03-13	2026-07-03	Established	-3.0%
Balance	2026-01-30	2026-03-06	Developing	+8.3%
Downward Expansion	2026-01-02	2026-01-23	New	+9.2%
Rotation Down	2025-12-19	2025-12-26	New	+0.2%
Balance	2025-12-05	2025-12-12	New	-2.0%
Upward Expansion	2025-11-14	2025-11-28	New	-10.0%
Balance	2025-09-26	2025-11-07	Developing	+10.5%
Upward Expansion	2025-08-01	2025-09-19	Developing	-2.6%
Balance	2025-06-20	2025-07-25	Developing	+13.0%
Upward Expansion	2025-03-21	2025-06-13	Established	-4.7%

Classic Stage Analysis comparison

Stage 1 · Basing58

Stage 2 · Advancing73

Stage 3 · Distribution44

Stage 4 · Declining27

Legacy result: Stage 2 · Stage 2A · Early advance. 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: 24/100
Current Relative Strength: 10.32
Relative Strength direction: Improving
Price momentum: +3.8%
Excess performance vs benchmark: +8.1%
Utilities regime cohort: 5th percentile21 in cohort

Test 600982 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.19×

Latest completed volume relative to typical participation.

Up/down volume1.51×

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+50.0%

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 600982 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CNY 5.20rising

Slow Activity CNY 5.21falling

Trend Reference CNY 5.38-1.3% close margin

Current Fair Value CNY 4.26+24.6% close margin

Structural low CNY 4.53shock / 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 +6.0%

Annualized volatility +42.0%

From structural high -28.8%

From structural low +27.5%

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	19	+2.2%-8.1% to +27.4%	+57.9%	+57.9%	+2.3%	+47.4%	Usable descriptive sample
Intermediate	9	+0.0%-12.6% to +35.7%	+55.6%	+55.6%	-0.3%	+0.0%	Usable descriptive sample
Extended	7	-0.4%-19.5% to +27.1%	+42.9%	+42.9%	+5.4%	+14.3%	Usable descriptive sample
Full cycle	4	+5.7%-20.6% to +59.6%	+50.0%	+50.0%	-7.9%	+50.0%	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.

600982 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