Weekly structural research · SHH · Communication Services

600986 Stage Analysis

Zhewen Interactive Group Co., Ltd.

Week ending 2 Oct 2026Close CNY 6.89Tenure EstablishedBenchmark 000001.SS

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Downward Expansion · Established 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: improving.
Activity structure: moderate and contracting.

Direction -64−100 bearish to +100 bullish

Energy 47/100directional strength

Maturity 55/100lifecycle context

Confidence 92/100evidence agreement

Trend gate Downstructural direction

Activity structure Moderatecontracting separation

Price acceptance -83.3%position within the Activity structure

Fair Value context -4.0%CNY 7.18 · 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	6.89	8.46	-20.17	96556983	Downward Expansion	-64	47
2026-09-25	6.88	8.59	-21.48	213188224	Downward Expansion	-67	47
2026-09-18	7.10	8.77	-19.79	132542999	Downward Expansion	-62	44
2026-09-11	7.26	8.95	-17.78	234905517	Downward Expansion	-59	45
2026-09-04	7.56	9.18	-15.57	407779714	Downward Expansion	-45	38
2026-08-28	7.15	9.36	-20.97	49020641	Downward Expansion	-51	38
2026-08-21	7.06	9.52	-21.52	37599371	Downward Expansion	-51	34
2026-08-14	7.87	9.62	-13.61	110449106	Downward Expansion	-45	35
2026-08-07	8.06	9.69	-12.09	116373378	Downward Expansion	-52	50
2026-07-31	7.82	9.68	-12.61	147139672	Downward Expansion	-66	71
2026-07-24	6.51	9.67	-27.14	57429222	Downward Expansion	-72	86
2026-07-17	6.40	9.70	-27.84	96374413	Downward Expansion	-78	86
2026-07-10	7.00	9.76	-26.13	142900601	Downward Expansion	-71	83
2026-07-03	6.84	9.82	-28.98	61156702	Downward Expansion	-78	86
2026-06-26	7.07	9.91	-26.69	62225935	Rotation Down	-80	84
2026-06-19	8.02	9.98	-18.46	196614082	Rotation Down	-42	69
2026-06-12	7.77	10.01	-20.12	51541901	Rotation Down	-48	69
2026-06-05	8.21	10.06	-15.92	73573015	Rotation Down	-46	58
2026-05-29	8.84	10.07	-10.74	372725157	Deceleration	-27	38
2026-05-22	9.43	10.08	-6.03	446523403	Deceleration	-1	8
2026-05-15	10.51	10.03	4.05	692785803	Deceleration	34	21
2026-05-08	11.01	9.94	7.89	476835860	Deceleration	35	23
2026-05-01	9.99	9.85	-0.35	840634286	Deceleration	23	17
2026-04-24	12.30	9.79	23.88	1266515674	Deceleration	47	22
2026-04-17	10.78	9.67	10.03	925061370	Deceleration	13	14
2026-04-10	10.34	9.60	7.54	606116772	Deceleration	7	17
2026-04-03	9.11	9.54	-2.59	298966784	Deceleration	7	21
2026-03-27	9.71	9.55	2.73	333655598	Deceleration	16	23
2026-03-20	9.93	9.56	3.43	398990394	Deceleration	29	23
2026-03-13	10.33	9.55	3.76	474960818	Upward Expansion	41	27
2026-03-06	10.92	9.50	8.60	613457746	Upward Expansion	60	48
2026-02-27	12.18	9.42	20.08	732272917	Upward Expansion	64	75
2026-02-13	12.56	9.31	26.25	1799948595	Upward Expansion	67	82
2026-02-06	14.00	9.18	41.76	2464993416	Upward Expansion	85	90
2026-01-30	13.11	9.00	32.32	2402191417	Upward Expansion	86	86
2026-01-23	12.05	8.83	22.23	1760169503	Balance	81	66
2026-01-16	10.04	8.70	3.54	732018970	Balance	33	21
2026-01-09	9.76	8.62	0.74	629186287	Balance	-25	24
2026-01-02	7.82	8.56	-15.74	140972501	Balance	-58	62
2025-12-26	7.52	8.58	-18.70	167717246	Balance	-41	45
2025-12-19	7.36	8.62	-18.90	317468711	Balance	-41	26
2025-12-12	8.42	8.65	-7.41	219737414	Balance	22	12
2025-12-05	8.70	8.64	-4.73	328354189	Balance	48	39
2025-11-28	9.61	8.63	5.80	510794874	Balance	69	58
2025-11-21	8.96	8.57	0.56	246824751	Balance	41	32
2025-11-14	9.08	8.52	-1.67	340672434	Balance	44	33
2025-11-07	9.11	8.46	-1.12	272644136	Balance	42	23
2025-10-31	8.72	8.41	-3.87	243583241	Balance	22	13
2025-10-24	8.93	8.40	-0.96	306069174	Rotation Down	-3	15
2025-10-17	7.95	8.39	-8.71	196523599	Rotation Down	-25	42
2025-10-10	7.87	8.47	-10.51	96579930	Balance	-30	36
2025-10-03	8.24	8.52	-5.48	72802455	Balance	-7	19
2025-09-26	8.26	8.57	-3.40	246480605	Balance	12	20
2025-09-19	8.64	8.58	1.84	246227673	Upward Expansion	33	19
2025-09-12	8.69	8.62	1.76	324196253	Upward Expansion	41	27
2025-09-05	8.56	8.63	2.45	355511712	Upward Expansion	28	44
2025-08-29	9.60	8.59	14.33	497998857	Upward Expansion	67	74
2025-08-22	9.79	8.49	18.68	435694597	Upward Expansion	78	76
2025-08-15	9.79	8.37	24.14	559166974	Upward Expansion	81	70
2025-08-08	8.67	8.24	13.05	308501148	Upward Expansion	45	49
2025-08-01	8.75	8.13	17.55	327647297	Balance	49	48
2025-07-25	8.74	8.02	17.44	314305714	Balance	46	37
2025-07-18	8.52	7.94	17.56	365185143	Balance	38	21
2025-07-11	8.74	7.90	22.68	452062813	Balance	43	17
2025-07-04	8.00	7.86	14.77	192223782	Balance	13	13
2025-06-27	8.08	7.82	18.61	219317508	Balance	15	10
2025-06-20	7.63	7.76	15.22	190036635	Balance	5	5
2025-06-13	8.06	7.70	22.14	292640873	Deceleration	32	20
2025-06-06	8.53	7.63	30.15	266447983	Deceleration	39	30
2025-05-30	8.57	7.54	33.75	529688406	Deceleration	38	23
2025-05-23	8.26	7.44	30.34	481535978	Deceleration	28	17
2025-05-16	8.18	7.33	29.69	257729038	Deceleration	14	8
2025-05-09	8.30	7.21	33.85	562284376	Deceleration	14	13
2025-05-02	8.02	7.09	33.10	197142699	Deceleration	17	20
2025-04-25	7.28	6.99	21.31	304078335	Deceleration	14	21
2025-04-18	7.28	6.90	22.82	275026628	Deceleration	21	22
2025-04-11	7.54	6.80	29.72	443756580	Upward Expansion	38	23
2025-04-04	8.39	6.68	40.67	276795748	Upward Expansion	48	39
2025-03-28	8.71	6.54	47.05	661203433	Upward Expansion	62	52
2025-03-21	10.29	6.38	74.75	925789511	Upward Expansion	76	65
2025-03-14	9.40	6.17	58.93	872842596	Upward Expansion	66	74
2025-03-07	9.79	5.99	69.95	836921910	Upward Expansion	76	84
2025-02-28	8.50	5.80	52.10	895226533	Upward Expansion	65	80
2025-02-21	9.99	5.65	77.52	2177521994	Upward Expansion	88	88
2025-02-14	8.91	5.45	62.32	1439783238	Upward Expansion	82	75
2025-02-07	7.39	5.29	38.20	618989654	Deceleration	70	43
2025-01-31	6.56	5.17	25.74	136046400	Deceleration	40	21
2025-01-24	6.16	5.09	18.49	275279328	Deceleration	27	24
2025-01-17	5.81	5.02	12.39	354983776	Deceleration	29	27
2025-01-10	5.39	4.97	6.75	256538347	Upward Expansion	36	22
2025-01-03	5.50	4.93	7.40	273979821	Upward Expansion	60	45
2024-12-27	6.33	4.89	16.59	511122149	Upward Expansion	66	60
2024-12-20	7.32	4.83	35.84	1150503869	Upward Expansion	76	70
2024-12-13	7.64	4.73	40.57	558003949	Upward Expansion	92	87
2024-12-06	6.89	4.64	26.38	790645177	Upward Expansion	88	88
2024-11-29	6.05	4.57	13.18	327446784	Upward Expansion	72	84
2024-11-22	6.06	4.54	14.88	460873254	Upward Expansion	79	88
2024-11-15	5.95	4.49	10.14	392913195	Upward Expansion	83	90
2024-11-08	5.87	4.45	4.68	427970114	Rotation Up	89	87
2024-11-01	5.32	4.43	0.01	478641166	Rotation Up	54	63
2024-10-25	4.99	4.42	-6.98	211128551	Rotation Up	46	68
2024-10-18	4.82	4.43	-9.40	188074990	Rotation Up	30	56
2024-10-11	4.57	4.47	-13.12	261520036	Rotation Up	21	41
2024-10-04	5.08	4.48	-7.09	89483721	Rotation Up	48	54
2024-09-27	4.62	4.48	-9.09	138439611	Downward Expansion	10	15
2024-09-20	4.10	4.49	-9.21	40923340	Downward Expansion	-40	27
2024-09-13	4.00	4.52	-10.69	57382862	Deceleration	-55	38
2024-09-06	4.06	4.53	-11.86	70325012	Deceleration	-43	33
2024-08-30	4.06	4.53	-14.59	64930424	Downward Expansion	-45	35
2024-08-23	3.90	4.56	-18.61	91200410	Downward Expansion	-66	45
2024-08-16	4.09	4.59	-15.89	73126202	Downward Expansion	-48	39
2024-08-09	4.03	4.62	-17.01	71914747	Downward Expansion	-61	50
2024-08-02	4.13	4.66	-16.61	103577920	Downward Expansion	-64	68
2024-07-26	3.95	4.70	-20.24	62326766	Downward Expansion	-69	80
2024-07-19	3.94	4.77	-23.35	82656171	Downward Expansion	-71	81
2024-07-12	3.97	4.86	-22.98	94403914	Downward Expansion	-72	76
2024-07-05	4.03	4.95	-21.82	57836794	Downward Expansion	-69	66
2024-06-28	4.17	5.04	-20.26	102010323	Downward Expansion	-66	67
2024-06-21	4.16	5.13	-21.96	65828788	Downward Expansion	-67	64
2024-06-14	4.40	5.22	-19.12	79101080	Downward Expansion	-57	55
2024-06-07	4.21	5.27	-23.64	124032365	Downward Expansion	-66	58
2024-05-31	4.46	5.31	-20.57	90541699	Balance	-60	48
2024-05-24	4.48	5.33	-20.74	136921876	Balance	-60	40
2024-05-17	4.77	5.34	-18.10	151449996	Balance	-49	36
2024-05-10	4.91	5.36	-16.29	244074463	Balance	-37	32
2024-05-03	4.97	5.38	-14.45	121916508	Balance	-36	23
2024-04-26	4.83	5.40	-16.67	221592130	Balance	-38	24
2024-04-19	4.60	5.42	-20.40	479059633	Balance	-45	23
2024-04-12	5.41	5.46	-5.27	469154947	Balance	-10	13
2024-04-05	4.95	5.48	-15.04	182695990	Balance	-31	21
2024-03-29	5.15	5.50	-11.07	493690882	Balance	-24	20
2024-03-22	6.09	5.52	4.59	578007597	Downward Expansion	-5	15
2024-03-15	4.98	5.51	-14.52	259781100	Downward Expansion	-41	24
2024-03-08	4.85	5.55	-16.61	221969256	Downward Expansion	-47	35
2024-03-01	5.00	5.58	-13.41	329444321	Downward Expansion	-62	49
2024-02-23	4.95	5.62	-13.87	395560221	Downward Expansion	-65	65
2024-02-09	4.41	5.66	-19.57	253543111	Downward Expansion	-72	79
2024-02-02	4.17	5.71	-20.27	201152845	Downward Expansion	-85	86
2024-01-26	4.88	5.79	-12.62	203560490	Downward Expansion	-70	77
2024-01-19	4.82	5.85	-11.25	141716567	Downward Expansion	-76	74
2024-01-12	5.01	5.93	-9.11	135754718	Rotation Up	-54	49
2024-01-05	5.14	6.00	-8.14	194279501	Rotation Up	-31	33
2023-12-29	5.42	6.06	-4.52	228921823	Rotation Up	-15	13
2023-12-22	5.91	6.09	6.49	199707504	Rotation Up	25	30
2023-12-15	6.65	6.11	19.33	273902991	Rotation Up	37	67
2023-12-08	6.73	6.14	20.38	231452998	Rotation Up	30	66
2023-12-01	6.83	6.16	20.44	232067137	Rotation Up	37	50
2023-11-24	6.72	6.17	18.83	572808593	Rotation Up	37	44
2023-11-17	6.86	6.15	21.44	635548686	Rotation Up	5	20
2023-11-10	5.82	6.15	4.23	276653120	Downward Expansion	-48	37
2023-11-03	5.56	6.17	0.28	244892434	Downward Expansion	-64	60
2023-10-27	5.04	6.20	-8.37	106774519	Downward Expansion	-73	86
2023-10-20	4.89	6.26	-10.13	81753948	Downward Expansion	-87	90
2023-10-13	5.23	6.30	-6.87	79469378	Downward Expansion	-78	81
2023-09-29	5.42	6.32	-4.05	76810799	Downward Expansion	-73	70
2023-09-22	5.56	6.34	-2.06	84672397	Downward Expansion	-66	46

Price vs TrendBelow-18.5%

Trend directionFalling-12.5%

Price vs current Fair ValueBelow anchor-4.0%

Fair Value directionMoving away-0.7%

Relative Strength vs benchmarkLagging-20.2%

Relative strength directionImproving+8.8%

Price momentumNegative-24.4%

Volume balanceDemand-led1.23×

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

-64 / ±100

-18.6 points since 2026-09-04

Energy

47 /100

+9.4 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.

600986 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance16

Rotation Up23

Upward Expansion6

Deceleration55

Rotation Down57

Downward Expansion82

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 21%Rotation Up 10%Upward Expansion 20%Deceleration 17%Rotation Down 4%Downward Expansion 29%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-07-03	2026-10-02	Established	+0.7%
Rotation Down	2026-06-05	2026-06-26	New	-13.9%
Deceleration	2026-03-20	2026-05-29	Developing	-11.0%
Upward Expansion	2026-01-30	2026-03-13	Developing	-21.2%
Balance	2025-10-31	2026-01-23	Established	+38.2%
Rotation Down	2025-10-17	2025-10-24	New	+12.3%
Balance	2025-09-26	2025-10-10	New	-4.7%
Upward Expansion	2025-08-08	2025-09-19	Developing	-0.3%
Balance	2025-06-20	2025-08-01	Developing	+14.7%
Deceleration	2025-04-18	2025-06-13	Developing	+10.7%
Upward Expansion	2025-02-14	2025-04-11	Developing	-15.4%
Deceleration	2025-01-17	2025-02-07	New	+27.2%
Upward Expansion	2024-11-15	2025-01-10	Developing	-9.4%
Rotation Up	2024-10-04	2024-11-08	Developing	+15.4%

Classic Stage Analysis comparison

Stage 1 · Basing58

Stage 2 · Advancing0

Stage 3 · Distribution12

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: 80/100
Current Relative Strength: -20.17
Relative Strength direction: Improving
Price momentum: -24.4%
Excess performance vs benchmark: -23.4%
Communication Services regime cohort: 79th percentile14 in cohort

Test 600986 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume0.62×

Latest completed volume relative to typical participation.

Up/down volume1.23×

Participation balance between advancing and declining observations.

Accumulation / distribution1 / 2

Recent participation evidence classified by demand and supply.

Activity alignment+0.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationImproving

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 600986 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CNY 7.02falling

Slow Activity CNY 7.75falling

Trend Reference CNY 8.46-18.5% close margin

Current Fair Value CNY 7.18-4.0% close margin

Structural low CNY 6.37shock / 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 +9.6%

Annualized volatility +61.9%

From structural high -58.2%

From structural low +8.2%

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	18	+1.4%-24.5% to +23.1%	+55.6%	+44.4%	-0.2%	+72.2%	Usable descriptive sample
Intermediate	7	+0.7%-14.7% to +78.5%	+71.4%	+28.6%	+5.7%	+14.3%	Usable descriptive sample
Extended	4	-6.0%-32.6% to +150.9%	+50.0%	+50.0%	-3.1%	+50.0%	Too little matched history
Full cycle	3	+13.2%-28.5% to +110.7%	+66.7%	+33.3%	+15.9%	+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.

600986 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