Weekly structural research · SHH · Utilities

600635 Stage Analysis

Shanghai Dazhong Public Utilities(Group) Co.,Ltd.

Week ending 9 Oct 2026Close CNY 4.49Tenure NewBenchmark 000001.SS

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 -56−100 bearish to +100 bullish

Energy 51/100directional strength

Maturity 10/100lifecycle context

Confidence 91/100evidence agreement

Trend gate Downstructural direction

Activity structure Moderateexpanding separation

Price acceptance -50.0%position within the Activity structure

Fair Value context +6.0%CNY 4.24 · 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	4.49	4.88	-17.71	55608672	Downward Expansion	-56	51
2026-10-02	4.45	4.94	-19.41	54964968	Downward Expansion	-52	40
2026-09-25	4.43	5.02	-20.92	96456141	Deceleration	-55	35
2026-09-18	4.52	5.08	-19.99	122888429	Downward Expansion	-37	21
2026-09-11	4.70	5.14	-16.25	150816263	Downward Expansion	-35	21
2026-09-04	4.72	5.19	-16.64	45097284	Downward Expansion	-38	25
2026-08-28	4.72	5.24	-16.97	34444699	Downward Expansion	-39	27
2026-08-21	4.49	5.31	-19.97	22329528	Downward Expansion	-44	29
2026-08-14	4.62	5.38	-18.07	27201185	Downward Expansion	-43	32
2026-08-07	4.71	5.47	-16.69	43172930	Downward Expansion	-48	41
2026-07-31	4.70	5.53	-14.46	53086443	Downward Expansion	-63	55
2026-07-24	4.36	5.59	-20.17	41510849	Downward Expansion	-67	65
2026-07-17	4.29	5.66	-20.59	51271632	Downward Expansion	-73	85
2026-07-10	4.30	5.75	-24.90	43565684	Downward Expansion	-76	90
2026-07-03	4.49	5.85	-22.60	60305754	Downward Expansion	-71	88
2026-06-26	4.25	5.98	-26.51	36010129	Downward Expansion	-87	93
2026-06-19	4.60	6.08	-21.76	123880215	Downward Expansion	-82	84
2026-06-12	4.78	6.16	-17.51	45326956	Downward Expansion	-78	58
2026-06-05	5.01	6.22	-13.40	41420303	Downward Expansion	-72	50
2026-05-29	5.25	6.30	-10.04	800517466	Downward Expansion	-62	41
2026-05-22	5.64	6.37	-4.18	447646842	Downward Expansion	-50	41
2026-05-15	5.20	6.39	-11.84	229148158	Downward Expansion	-70	58
2026-05-08	5.38	6.45	-9.61	122427277	Downward Expansion	-65	70
2026-05-01	5.29	6.47	-9.44	182193883	Downward Expansion	-69	77
2026-04-24	5.33	6.46	-7.80	225032940	Downward Expansion	-70	82
2026-04-17	5.38	6.45	-5.98	140491931	Downward Expansion	-71	81
2026-04-10	5.42	6.42	-3.41	164017278	Rotation Down	-72	79
2026-04-03	5.24	6.37	-3.76	234477669	Rotation Down	-56	67
2026-03-27	5.86	6.34	7.03	299501729	Rotation Down	-40	39
2026-03-20	5.88	6.28	6.73	335759976	Deceleration	-42	29
2026-03-13	6.28	6.22	10.65	622372453	Deceleration	-2	12
2026-03-06	6.68	6.15	17.45	1240804056	Deceleration	4	14
2026-02-27	6.30	6.06	10.39	182436934	Deceleration	0	21
2026-02-13	6.21	6.00	11.41	155761655	Deceleration	1	12
2026-02-06	6.27	5.93	13.48	203627344	Deceleration	5	9
2026-01-30	6.41	5.86	15.11	454604918	Deceleration	18	12
2026-01-23	6.78	5.77	21.95	414941743	Deceleration	23	15
2026-01-16	6.63	5.68	21.10	565380053	Deceleration	32	17
2026-01-09	7.06	5.58	29.19	601353132	Deceleration	35	22
2026-01-02	6.54	5.47	25.27	369801249	Deceleration	32	23
2025-12-26	6.63	5.38	28.03	462602733	Deceleration	39	22
2025-12-19	6.42	5.29	27.01	499605096	Upward Expansion	44	34
2025-12-12	6.92	5.20	37.74	816658595	Upward Expansion	58	47
2025-12-05	7.42	5.10	48.20	1409473623	Upward Expansion	61	52
2025-11-28	8.23	4.98	66.39	1689691205	Upward Expansion	78	60
2025-11-21	7.47	4.82	55.16	1559221498	Upward Expansion	72	60
2025-11-14	6.91	4.69	39.40	1008763960	Upward Expansion	65	61
2025-11-07	6.60	4.58	33.86	1221740561	Upward Expansion	67	66
2025-10-31	7.47	4.48	53.94	1535503877	Upward Expansion	84	91
2025-10-24	7.20	4.35	49.58	1881827539	Upward Expansion	88	95
2025-10-17	6.24	4.24	34.82	1865769684	Upward Expansion	72	89
2025-10-10	7.11	4.16	52.79	351483616	Upward Expansion	97	99
2025-10-03	5.87	4.06	28.23	717213473	Upward Expansion	93	95
2025-09-26	5.15	3.99	14.93	1648932022	Upward Expansion	86	83
2025-09-19	5.01	3.95	12.58	978111941	Upward Expansion	91	81
2025-09-12	4.33	3.92	-3.53	285410396	Upward Expansion	70	45
2025-09-05	4.10	3.91	-7.14	222697302	Upward Expansion	53	35
2025-08-29	4.16	3.91	-7.11	244487594	Upward Expansion	57	39
2025-08-22	4.21	3.89	-5.16	205685834	Upward Expansion	64	43
2025-08-15	4.11	3.88	-4.09	183420705	Upward Expansion	59	51
2025-08-08	4.08	3.87	-3.12	138371948	Upward Expansion	62	66
2025-08-01	4.09	3.85	-0.81	179094945	Upward Expansion	64	73
2025-07-25	4.30	3.84	3.26	315026385	Rotation Up	81	79
2025-07-18	4.08	3.85	-0.34	172422330	Rotation Up	40	58
2025-07-11	4.16	3.85	2.64	250238103	Balance	40	50
2025-07-04	3.93	3.86	-1.76	179135069	Balance	18	15
2025-06-27	3.89	3.88	-0.99	156038385	Balance	-4	8
2025-06-20	3.78	3.89	-1.52	269277363	Balance	-15	11
2025-06-13	3.80	3.90	-1.11	122412646	Balance	-24	16
2025-06-06	3.84	3.92	0.08	85663074	Balance	-22	18
2025-05-30	3.82	3.94	1.07	149189882	Downward Expansion	-28	21
2025-05-23	3.76	3.97	-0.15	117583535	Downward Expansion	-34	19
2025-05-16	3.79	3.97	0.40	111452518	Downward Expansion	-38	22
2025-05-09	3.79	3.96	1.51	174085349	Downward Expansion	-54	36
2025-05-02	3.65	3.94	0.03	91509910	Downward Expansion	-60	63
2025-04-25	3.60	3.94	-1.48	93803890	Downward Expansion	-62	69
2025-04-18	3.51	3.93	-3.10	108117494	Rotation Down	-72	72
2025-04-11	3.52	3.91	-1.43	203152885	Rotation Down	-46	56
2025-04-04	3.77	3.88	2.44	80416269	Deceleration	-29	36
2025-03-28	3.78	3.87	2.76	117993981	Deceleration	-6	11
2025-03-21	3.87	3.84	5.12	146511518	Deceleration	20	8
2025-03-14	3.96	3.81	6.19	169738707	Deceleration	30	17
2025-03-07	3.97	3.79	8.61	196988251	Deceleration	29	19
2025-02-28	3.97	3.76	10.78	304397781	Deceleration	28	19
2025-02-21	4.15	3.74	14.27	440144472	Deceleration	32	17
2025-02-14	3.97	3.72	10.69	325063573	Deceleration	7	10
2025-02-07	3.94	3.68	11.66	196938028	Deceleration	4	13
2025-01-31	3.69	3.65	6.74	33012740	Deceleration	-0	19
2025-01-24	3.75	3.61	8.63	152353128	Deceleration	5	17
2025-01-17	3.81	3.57	11.02	203668005	Deceleration	21	18
2025-01-10	3.65	3.53	9.16	243467045	Deceleration	23	17
2025-01-03	3.80	3.50	12.40	436519867	Upward Expansion	38	24
2024-12-27	4.41	3.47	23.76	427120688	Upward Expansion	58	41
2024-12-20	4.24	3.42	20.80	235208457	Upward Expansion	56	41
2024-12-13	4.46	3.37	26.61	514685388	Upward Expansion	63	46
2024-12-06	4.55	3.32	29.39	784260695	Upward Expansion	68	49
2024-11-29	4.17	3.26	22.20	420256867	Upward Expansion	60	50
2024-11-22	4.12	3.22	23.52	353829564	Upward Expansion	65	78
2024-11-15	4.24	3.18	25.22	734399978	Upward Expansion	66	81
2024-11-08	4.55	3.13	30.25	892172702	Upward Expansion	84	88
2024-11-01	4.74	3.08	44.03	1396268387	Upward Expansion	92	85
2024-10-25	3.77	3.02	14.41	217744081	Upward Expansion	71	67
2024-10-18	3.38	2.99	4.09	227467835	Upward Expansion	53	51
2024-10-11	3.34	2.97	4.33	393289092	Upward Expansion	52	38
2024-10-04	3.58	2.95	7.80	132502965	Balance	63	30
2024-09-27	3.26	2.93	6.24	266973532	Balance	41	18
2024-09-20	2.84	2.92	4.19	85766738	Balance	18	12
2024-09-13	2.81	2.92	4.36	374300493	Balance	20	12
2024-09-06	3.37	2.92	22.60	374192012	Upward Expansion	53	26
2024-08-30	2.98	2.90	5.90	174878607	Upward Expansion	37	18
2024-08-23	2.97	2.90	5.06	272934388	Upward Expansion	55	38
2024-08-16	3.10	2.89	8.66	372951320	Upward Expansion	60	65
2024-08-09	3.17	2.89	11.82	694742803	Upward Expansion	59	57
2024-08-02	3.49	2.88	21.46	976024461	Rotation Up	80	61
2024-07-26	3.47	2.86	21.74	328860775	Rotation Up	45	43
2024-07-19	2.85	2.84	-2.63	121998499	Downward Expansion	-33	24
2024-07-12	2.79	2.85	-4.72	96069005	Downward Expansion	-61	59
2024-07-05	2.63	2.86	-9.56	36683315	Downward Expansion	-72	80
2024-06-28	2.63	2.87	-10.23	50270655	Downward Expansion	-78	80
2024-06-21	2.66	2.89	-10.30	49847505	Downward Expansion	-75	74
2024-06-14	2.70	2.90	-10.18	43084339	Balance	-70	62
2024-06-07	2.78	2.91	-8.35	75173730	Balance	-59	38
2024-05-31	2.83	2.92	-7.97	51185788	Balance	-42	17
2024-05-24	2.87	2.93	-6.57	81386941	Balance	-21	9
2024-05-17	2.92	2.94	-7.12	147626082	Balance	-12	7
2024-05-10	2.90	2.94	-7.82	99494822	Downward Expansion	-31	16
2024-05-03	2.85	2.95	-7.85	37254777	Downward Expansion	-36	17
2024-04-26	2.85	2.97	-7.29	69732731	Downward Expansion	-44	19
2024-04-19	2.85	2.98	-6.50	104547519	Downward Expansion	-35	16
2024-04-12	2.93	2.99	-2.39	121276191	Downward Expansion	-30	13
2024-04-05	2.88	3.00	-5.44	42765651	Downward Expansion	-34	17
2024-03-29	2.84	3.02	-5.85	65223755	Downward Expansion	-39	20
2024-03-22	2.90	3.03	-4.11	74164749	Downward Expansion	-35	19
2024-03-15	2.89	3.05	-4.59	71614182	Downward Expansion	-38	23
2024-03-08	2.84	3.07	-5.91	57784434	Downward Expansion	-50	31
2024-03-01	2.86	3.09	-4.67	84442825	Downward Expansion	-54	39
2024-02-23	2.86	3.10	-3.95	82989125	Downward Expansion	-56	41
2024-02-09	2.86	3.11	0.73	115901871	Downward Expansion	-58	44
2024-02-02	2.68	3.13	-1.01	82015450	Downward Expansion	-82	67
2024-01-26	2.95	3.14	2.50	94911819	Downward Expansion	-59	46
2024-01-19	2.84	3.15	1.34	59892925	Downward Expansion	-73	64
2024-01-12	2.95	3.16	3.90	52813992	Downward Expansion	-61	56
2024-01-05	2.93	3.17	1.73	44508475	Downward Expansion	-65	52
2023-12-29	2.96	3.18	1.29	54606268	Downward Expansion	-64	48
2023-12-22	2.95	3.19	3.13	100882940	Downward Expansion	-67	46
2023-12-15	3.08	3.20	6.72	165061043	Downward Expansion	-54	34
2023-12-08	3.03	3.21	4.25	87014611	Downward Expansion	-60	36
2023-12-01	3.04	3.21	2.57	81319266	Downward Expansion	-57	36
2023-11-24	3.05	3.21	2.70	163667187	Downward Expansion	-58	45
2023-11-17	3.13	3.20	4.98	149105188	Rotation Down	-56	41
2023-11-10	3.02	3.20	2.04	110334007	Rotation Down	-39	53
2023-11-03	2.98	3.20	1.04	142762780	Rotation Down	-46	56
2023-10-27	3.18	3.19	8.20	81842462	Rotation Down	-18	36
2023-10-20	3.07	3.19	5.91	73917275	Deceleration	-32	40
2023-10-13	3.11	3.19	3.76	66314436	Deceleration	-8	15
2023-09-29	3.21	3.18	6.33	47220078	Deceleration	6	11

Price vs TrendBelow-8.1%

Trend directionFalling-11.6%

Price vs current Fair ValuePremium+6.0%

Fair Value directionClosing upward+1.8%

Relative Strength vs benchmarkLagging-17.7%

Relative strength directionImproving+7.2%

Price momentumNegative-17.2%

Volume balanceSupply-led0.60×

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

-56 / ±100

-21.0 points since 2026-09-11

Energy

51 /100

+29.9 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.

600635 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance34

Rotation Up17

Upward Expansion8

Deceleration44

Rotation Down58

Downward Expansion79

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 10%Rotation Up 3%Upward Expansion 25%Deceleration 19%Rotation Down 6%Downward Expansion 39%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-10-02	2026-10-09	New	+0.9%
Deceleration	2026-09-25	2026-09-25	New	+0.0%
Downward Expansion	2026-04-17	2026-09-18	Established	-16.0%
Rotation Down	2026-03-27	2026-04-10	New	-7.5%
Deceleration	2025-12-26	2026-03-20	Developing	-11.3%
Upward Expansion	2025-08-01	2025-12-19	Established	+57.0%
Rotation Up	2025-07-18	2025-07-25	New	+5.3%
Balance	2025-06-06	2025-07-11	Developing	+8.5%
Downward Expansion	2025-04-25	2025-05-30	Developing	+6.1%
Rotation Down	2025-04-11	2025-04-18	New	-0.3%
Deceleration	2025-01-10	2025-04-04	Established	+3.3%
Upward Expansion	2024-10-11	2025-01-03	Established	+13.6%
Balance	2024-09-13	2024-10-04	New	+27.6%
Upward Expansion	2024-08-09	2024-09-06	Developing	+6.2%

Classic Stage Analysis comparison

Stage 1 · Basing55

Stage 2 · Advancing0

Stage 3 · Distribution18

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 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

Lagging benchmark

Architecture confirmation: 94/100
Current Relative Strength: -17.71
Relative Strength direction: Improving
Price momentum: -17.2%
Excess performance vs benchmark: -12.8%
Utilities regime cohort: 70th percentile43 in cohort

Test 600635 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume0.57×

Latest completed volume relative to typical participation.

Up/down volume0.60×

Participation balance between advancing and declining observations.

Accumulation / distribution0 / 2

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+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 600635 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CNY 4.49falling

Slow Activity CNY 4.67falling

Trend Reference CNY 4.88-8.1% close margin

Current Fair Value CNY 4.24+6.0% close margin

Structural low CNY 4.17shock / 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 +4.4%

Annualized volatility +28.5%

From structural high -46.5%

From structural low +7.8%

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	28	-0.5%-9.9% to +19.8%	+50.0%	+50.0%	-1.0%	+78.6%	Usable descriptive sample
Intermediate	10	-2.5%-20.3% to +19.6%	+40.0%	+60.0%	-3.0%	+40.0%	Usable descriptive sample
Extended	6	+2.6%-14.7% to +100.1%	+50.0%	+50.0%	+0.9%	+0.0%	Usable descriptive sample
Full cycle	4	+22.9%-5.2% to +47.0%	+75.0%	+25.0%	+15.3%	+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.

600635 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