Weekly structural research · SHH · Utilities

601991 Stage Analysis

Datang International Power Generation Co., Ltd.

Week ending 9 Oct 2026Close CNY 5.34Tenure NewBenchmark 000001.SS

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Rotation Down · Supply rotation

The Activity Line structure is rotating downward.

Fast Activity is weakening relative to Slow Activity and price acceptance is deteriorating. Persistent negative Trend confirmation would establish Downward Expansion.

The Trend gate is mixed within the current regime.
Fast Activity versus Slow Activity: weakening.
Activity structure: wide and expanding.

Direction -41−100 bearish to +100 bullish

Energy 63/100directional strength

Maturity 14/100lifecycle context

Confidence 39/100evidence agreement

Trend gate Mixedstructural direction

Activity structure Wideexpanding separation

Price acceptance -100.0%position within the Activity structure

Fair Value context +50.8%CNY 3.54 · 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	5.34	5.94	11.59	258581779	Rotation Down	-41	63
2026-10-02	5.31	5.92	11.06	345190190	Rotation Down	-42	53
2026-09-25	5.36	5.88	11.67	606532037	Rotation Down	-35	48
2026-09-18	5.58	5.84	16.44	1004023658	Deceleration	-27	44
2026-09-11	5.78	5.77	22.31	1431721014	Deceleration	-3	33
2026-09-04	5.58	5.70	17.83	169438805	Deceleration	-10	35
2026-08-28	5.89	5.64	24.73	152359130	Deceleration	0	20
2026-08-21	5.82	5.58	25.92	213121991	Deceleration	-1	13
2026-08-14	6.38	5.51	38.69	877965402	Deceleration	9	16
2026-08-07	6.29	5.42	37.94	404078667	Deceleration	9	19
2026-07-31	5.82	5.32	32.66	343219565	Deceleration	15	23
2026-07-24	6.19	5.25	43.27	623932619	Deceleration	29	25
2026-07-17	5.80	5.16	37.68	654538616	Deceleration	33	24
2026-07-10	6.64	5.09	50.01	653578547	Upward Expansion	48	40
2026-07-03	7.67	4.98	73.44	647830411	Upward Expansion	63	57
2026-06-26	7.32	4.84	69.20	697807880	Upward Expansion	66	63
2026-06-19	8.22	4.71	90.10	3305481091	Upward Expansion	72	81
2026-06-12	8.09	4.56	93.58	524268077	Upward Expansion	72	88
2026-06-05	7.93	4.42	93.85	800570459	Upward Expansion	74	91
2026-05-29	8.63	4.27	113.07	4846259074	Upward Expansion	94	98
2026-05-22	6.89	4.10	72.23	4789961608	Upward Expansion	83	93
2026-05-15	7.92	3.99	99.86	4586696359	Upward Expansion	94	96
2026-05-08	5.54	3.85	41.03	1879936344	Upward Expansion	83	69
2026-05-01	4.16	3.77	8.56	874107030	Upward Expansion	37	18
2026-04-24	4.07	3.75	7.30	1052208839	Upward Expansion	27	22
2026-04-17	3.89	3.72	3.56	561631898	Upward Expansion	29	19
2026-04-10	3.81	3.71	3.35	550229223	Upward Expansion	34	19
2026-04-03	3.71	3.71	3.59	1167502544	Upward Expansion	50	40
2026-03-27	4.48	3.70	24.36	1828346779	Upward Expansion	70	76
2026-03-20	4.20	3.66	16.01	2093043890	Upward Expansion	62	74
2026-03-13	4.74	3.63	27.19	1664360661	Upward Expansion	90	84
2026-03-06	4.11	3.58	10.37	901867528	Upward Expansion	77	59
2026-02-27	3.99	3.55	6.57	612710691	Upward Expansion	72	42
2026-02-13	3.63	3.53	-0.76	564338218	Upward Expansion	54	39
2026-02-06	3.72	3.52	2.32	665838578	Upward Expansion	56	56
2026-01-30	3.78	3.50	2.88	613419833	Upward Expansion	59	58
2026-01-23	3.92	3.48	6.46	909166225	Upward Expansion	71	55
2026-01-16	3.71	3.45	1.94	589588354	Upward Expansion	59	42
2026-01-09	3.63	3.43	-0.46	489669805	Upward Expansion	50	29
2026-01-02	3.49	3.42	-0.48	418750376	Upward Expansion	43	24
2025-12-26	3.74	3.41	6.93	529236035	Upward Expansion	63	33
2025-12-19	3.52	3.38	2.78	397811017	Upward Expansion	29	15
2025-12-12	3.55	3.37	3.88	454679141	Upward Expansion	30	19
2025-12-05	3.48	3.36	1.83	376460755	Upward Expansion	31	18
2025-11-28	3.48	3.35	2.06	438977823	Upward Expansion	38	23
2025-11-21	3.42	3.33	1.90	503075974	Upward Expansion	51	34
2025-11-14	3.62	3.32	3.98	553123064	Upward Expansion	61	61
2025-11-07	3.76	3.29	7.95	712266201	Upward Expansion	76	72
2025-10-31	3.58	3.26	4.19	915126503	Upward Expansion	63	64
2025-10-24	3.60	3.23	4.96	608144241	Upward Expansion	68	57
2025-10-17	3.54	3.20	6.37	646715443	Deceleration	59	32
2025-10-10	3.55	3.18	5.32	313726830	Deceleration	52	26
2025-10-03	3.34	3.15	-0.60	193712123	Upward Expansion	40	25
2025-09-26	3.32	3.13	0.22	516904590	Upward Expansion	56	39
2025-09-19	3.39	3.11	2.53	559987279	Upward Expansion	59	56
2025-09-12	3.60	3.09	7.70	680087072	Upward Expansion	73	70
2025-09-05	3.59	3.06	9.19	1042436717	Upward Expansion	74	52
2025-08-29	3.44	3.03	3.28	864456615	Upward Expansion	66	41
2025-08-22	3.33	3.00	0.79	629775049	Upward Expansion	58	36
2025-08-15	3.22	2.97	0.81	509426071	Upward Expansion	54	37
2025-08-08	3.30	2.95	4.74	585944563	Upward Expansion	58	42
2025-08-01	3.27	2.93	5.89	960822433	Upward Expansion	57	43
2025-07-25	3.35	2.91	7.56	3099182979	Upward Expansion	67	48
2025-07-18	3.21	2.89	4.49	638506267	Upward Expansion	58	44
2025-07-11	3.31	2.87	8.23	827417120	Upward Expansion	72	50
2025-07-04	3.24	2.86	7.02	564624254	Upward Expansion	68	46
2025-06-27	3.05	2.84	1.87	451210616	Upward Expansion	46	36
2025-06-20	3.11	2.83	5.93	415356888	Upward Expansion	58	44
2025-06-13	3.19	2.82	7.94	482607055	Upward Expansion	69	52
2025-06-06	3.10	2.80	4.65	290283508	Upward Expansion	61	50
2025-05-30	3.08	2.80	4.98	394880897	Upward Expansion	65	72
2025-05-23	3.12	2.79	6.21	502054652	Upward Expansion	69	80
2025-05-16	3.11	2.78	5.23	530289039	Upward Expansion	71	81
2025-05-09	3.19	2.76	8.66	556413722	Upward Expansion	86	83
2025-05-02	3.00	2.75	4.03	698976380	Rotation Up	71	56
2025-04-25	2.97	2.75	2.47	621195332	Rotation Up	47	45
2025-04-18	2.83	2.74	-1.77	525566626	Rotation Up	30	25
2025-04-11	2.72	2.72	-4.84	695075677	Upward Expansion	25	40
2025-04-04	2.88	2.71	-2.55	484750481	Upward Expansion	62	64
2025-03-28	2.76	2.69	-7.24	578138515	Upward Expansion	43	43
2025-03-21	2.88	2.69	-3.62	516388013	Balance	63	48
2025-03-14	2.76	2.68	-9.37	429111112	Balance	16	13
2025-03-07	2.67	2.68	-11.16	327063638	Balance	-3	6
2025-02-28	2.69	2.69	-9.31	394800110	Balance	-4	8
2025-02-21	2.66	2.69	-11.85	407769161	Downward Expansion	-35	17
2025-02-14	2.66	2.70	-11.09	318041941	Downward Expansion	-40	22
2025-02-07	2.68	2.71	-9.37	271009153	Downward Expansion	-45	40
2025-01-31	2.65	2.72	-8.93	121156787	Downward Expansion	-48	59
2025-01-24	2.58	2.73	-11.33	355671168	Downward Expansion	-51	62
2025-01-17	2.55	2.74	-12.03	354667573	Balance	-54	56
2025-01-10	2.55	2.75	-10.13	380430734	Balance	-52	37
2025-01-03	2.64	2.76	-8.39	451467328	Balance	-29	13
2024-12-27	2.83	2.78	-7.06	488655069	Balance	23	14
2024-12-20	2.76	2.78	-8.66	577358510	Balance	-23	10
2024-12-13	2.78	2.79	-8.33	548769622	Balance	-21	11
2024-12-06	2.81	2.79	-7.68	469732668	Balance	-18	11
2024-11-29	2.73	2.80	-8.39	375789685	Balance	-20	11
2024-11-22	2.72	2.80	-7.00	528370243	Balance	-8	13
2024-11-15	2.75	2.81	-7.73	582824659	Balance	14	19
2024-11-08	2.92	2.82	-5.32	800646130	Balance	26	26
2024-11-01	2.86	2.82	-2.05	670942861	Balance	2	15
2024-10-25	2.78	2.82	-5.42	571532794	Downward Expansion	-17	23
2024-10-18	2.70	2.82	-7.23	516771943	Downward Expansion	-27	27
2024-10-11	2.74	2.82	-4.58	795755131	Downward Expansion	-35	22
2024-10-04	2.87	2.82	-3.37	244926312	Downward Expansion	-32	31
2024-09-27	2.67	2.82	-2.91	553932879	Downward Expansion	-66	76
2024-09-20	2.38	2.81	-2.37	209814194	Downward Expansion	-79	91
2024-09-13	2.35	2.81	-2.40	366776910	Rotation Down	-89	91
2024-09-06	2.48	2.82	0.99	352219344	Rotation Down	-57	72
2024-08-30	2.63	2.81	4.05	291658901	Rotation Down	-45	62
2024-08-23	2.62	2.80	3.29	305210218	Deceleration	-39	53
2024-08-16	2.81	2.79	9.73	244981216	Deceleration	3	22
2024-08-09	2.74	2.78	7.89	352700003	Deceleration	-4	15
2024-08-02	2.82	2.77	9.79	390856615	Deceleration	11	9
2024-07-26	2.88	2.75	12.70	420408475	Deceleration	25	15
2024-07-19	2.89	2.73	9.74	452081759	Deceleration	36	21
2024-07-12	2.99	2.72	13.83	770431823	Deceleration	44	24
2024-07-05	2.98	2.70	14.33	428134318	Deceleration	43	25
2024-06-28	2.90	2.68	10.79	476435450	Deceleration	39	28
2024-06-21	2.86	2.66	8.27	508216429	Upward Expansion	42	31
2024-06-14	2.98	2.65	11.10	566890162	Upward Expansion	56	43
2024-06-07	3.06	2.63	13.11	612700013	Upward Expansion	68	48
2024-05-31	2.92	2.61	6.78	559206660	Upward Expansion	56	43
2024-05-24	2.94	2.60	7.39	516535413	Upward Expansion	58	47
2024-05-17	2.93	2.58	4.79	675050971	Upward Expansion	61	52
2024-05-10	3.02	2.57	7.83	579830120	Upward Expansion	72	59
2024-05-03	2.91	2.55	5.85	267975066	Upward Expansion	64	66
2024-04-26	2.95	2.54	7.92	485481734	Upward Expansion	68	76
2024-04-19	2.89	2.53	6.74	668752315	Upward Expansion	66	77
2024-04-12	3.00	2.53	12.59	670328518	Upward Expansion	81	85
2024-04-05	2.92	2.51	8.17	374578557	Rotation Up	80	81
2024-03-29	2.82	2.51	5.68	501761579	Rotation Up	50	69
2024-03-22	2.73	2.51	1.87	592724122	Rotation Up	44	61
2024-03-15	2.69	2.51	0.25	632876280	Rotation Up	32	46
2024-03-08	2.70	2.52	0.92	734989090	Balance	35	31
2024-03-01	2.48	2.53	-6.72	525082963	Balance	-11	8
2024-02-23	2.51	2.54	-5.04	473788566	Downward Expansion	-23	12
2024-02-09	2.42	2.56	-3.98	525377019	Downward Expansion	-51	34
2024-02-02	2.27	2.58	-5.63	507927096	Downward Expansion	-67	43
2024-01-26	2.41	2.61	-5.76	447905986	Downward Expansion	-42	28
2024-01-19	2.24	2.64	-10.09	485154631	Downward Expansion	-79	49
2024-01-12	2.47	2.67	-2.67	348485476	Downward Expansion	-47	36
2024-01-05	2.48	2.70	-3.87	437899612	Downward Expansion	-62	49
2023-12-29	2.33	2.73	-10.86	248127675	Downward Expansion	-71	64
2023-12-22	2.31	2.76	-9.94	300564097	Downward Expansion	-79	70
2023-12-15	2.38	2.79	-8.32	340143039	Downward Expansion	-71	67
2023-12-08	2.41	2.82	-8.22	329454467	Downward Expansion	-66	60
2023-12-01	2.41	2.84	-10.29	283269513	Downward Expansion	-67	60
2023-11-24	2.40	2.86	-11.02	351697735	Downward Expansion	-72	60
2023-11-17	2.44	2.88	-10.09	477690729	Downward Expansion	-68	58
2023-11-10	2.47	2.90	-8.67	302136477	Downward Expansion	-67	61
2023-11-03	2.52	2.91	-7.07	222279342	Downward Expansion	-65	68
2023-10-27	2.52	2.92	-7.40	291540467	Downward Expansion	-67	79
2023-10-20	2.41	2.94	-10.98	286006734	Downward Expansion	-83	89
2023-10-13	2.50	2.95	-11.36	289510200	Downward Expansion	-80	87
2023-09-29	2.56	2.97	-10.14	153797924	Downward Expansion	-76	79

Price vs TrendBelow-10.2%

Trend directionRising+11.6%

Price vs current Fair ValuePremium+50.8%

Fair Value directionMoving away-50.5%

Relative Strength vs benchmarkLeading+11.6%

Relative strength directionWeakening-38.4%

Price momentumPositive+40.2%

Volume balanceDemand-led1.12×

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

-38.3 points since 2026-09-11

Energy

63 /100

+29.5 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.

601991 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance11

Rotation Up23

Upward Expansion23

Deceleration44

Rotation Down67

Downward Expansion67

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 12%Rotation Up 5%Upward Expansion 47%Deceleration 14%Rotation Down 4%Downward Expansion 20%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Rotation Down	2026-09-25	2026-10-09	New	-0.4%
Deceleration	2026-07-17	2026-09-18	Developing	-3.8%
Upward Expansion	2025-10-24	2026-07-10	Extended	+84.3%
Deceleration	2025-10-10	2025-10-17	New	-0.3%
Upward Expansion	2025-05-09	2025-10-03	Established	+4.6%
Rotation Up	2025-04-18	2025-05-02	New	+5.8%
Upward Expansion	2025-03-28	2025-04-11	New	-1.4%
Balance	2025-02-28	2025-03-21	New	+7.2%
Downward Expansion	2025-01-24	2025-02-21	Developing	+3.0%
Balance	2024-11-01	2025-01-17	Developing	-10.8%
Downward Expansion	2024-09-20	2024-10-25	Developing	+17.1%
Rotation Down	2024-08-30	2024-09-13	New	-10.7%
Deceleration	2024-06-28	2024-08-23	Developing	-9.7%
Upward Expansion	2024-04-12	2024-06-21	Developing	-4.5%

Classic Stage Analysis comparison

Stage 1 · Basing13

Stage 2 · Advancing44

Stage 3 · Distribution59

Stage 4 · Declining26

Legacy result: Stage 3 · Stage 3A · Churning. 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: 16/100
Current Relative Strength: 11.59
Relative Strength direction: Weakening
Price momentum: +40.2%
Excess performance vs benchmark: +44.5%
Utilities regime cohort: 100th percentile3 in cohort

Test 601991 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume0.28×

Latest completed volume relative to typical participation.

Up/down volume1.12×

Participation balance between advancing and declining observations.

Accumulation / distribution1 / 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 601991 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CNY 5.40falling

Slow Activity CNY 6.11falling

Trend Reference CNY 5.94-10.2% close margin

Current Fair Value CNY 3.54+50.8% close margin

Structural low CNY 3.76shock / repair context

What changes the read?

Complete bearish ordering below the Trend Line confirms Downward Expansion; a repaired fast/slow cross and upside acceptance cancel the failure.

Range context +9.1%

Annualized volatility +86.2%

From structural high -43.0%

From structural low +59.5%

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	5	+1.5%-18.5% to +21.8%	+60.0%	+40.0%	-3.7%	+20.0%	Usable descriptive sample
Intermediate	4	+3.0%-14.4% to +12.0%	+75.0%	+25.0%	-2.0%	+0.0%	Too little matched history
Extended	3	+2.2%-11.7% to +8.7%	+66.7%	+33.3%	-8.3%	+0.0%	Too little matched history
Full cycle	3	+9.9%-6.3% to +30.7%	+66.7%	+33.3%	+3.0%	+33.3%	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.

601991 Stage Analysis

What the Activity Line geometry says now

The Activity Line structure is rotating 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

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

The Activity Line structure is rotating 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 ?

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