Weekly structural research · SHH · Industrials

600843 Stage Analysis

Shang Gong Group Co., Ltd.

Week ending 9 Oct 2026Close CNY 8.18Tenure ExtendedBenchmark 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 11−100 bearish to +100 bullish

Energy 26/100directional strength

Maturity 100/100lifecycle context

Confidence 48/100evidence agreement

Trend gate Downstructural direction

Activity structure Moderatecontracting separation

Price acceptance +0.0%position within the Activity structure

Fair Value context -12.8%CNY 9.38 · 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	8.18	7.99	-10.33	56733919	Downward Expansion	11	26
2026-10-02	7.58	8.07	-18.13	119702798	Downward Expansion	-17	16
2026-09-25	8.37	8.19	-11.53	91751726	Downward Expansion	-8	12
2026-09-18	6.88	8.30	-28.23	22053794	Downward Expansion	-51	38
2026-09-11	6.99	8.44	-27.46	23283874	Downward Expansion	-45	36
2026-09-04	7.18	8.58	-27.21	6520700	Downward Expansion	-43	34
2026-08-28	7.11	8.71	-29.04	5659900	Downward Expansion	-46	38
2026-08-21	6.92	8.86	-30.78	4630956	Downward Expansion	-60	48
2026-08-14	7.13	9.01	-29.78	6381200	Downward Expansion	-62	64
2026-08-07	7.08	9.18	-31.18	6948877	Downward Expansion	-64	79
2026-07-31	6.85	9.37	-32.20	7864482	Downward Expansion	-64	82
2026-07-24	6.31	9.54	-37.89	5705700	Downward Expansion	-83	80
2026-07-17	6.45	9.71	-36.40	10673775	Downward Expansion	-81	56
2026-07-10	7.36	9.89	-32.36	13065169	Downward Expansion	-74	47
2026-07-03	8.78	10.01	-20.99	16268313	Downward Expansion	-45	34
2026-06-26	8.47	10.10	-24.05	19040606	Downward Expansion	-61	51
2026-06-19	7.56	10.17	-33.72	93675989	Downward Expansion	-77	66
2026-06-12	8.63	10.31	-23.95	40960908	Downward Expansion	-64	60
2026-06-05	7.53	10.42	-34.11	10289891	Downward Expansion	-83	77
2026-05-29	7.70	10.57	-34.01	47779363	Downward Expansion	-85	69
2026-05-22	8.53	10.72	-28.39	42901560	Downward Expansion	-70	63
2026-05-15	8.71	10.85	-27.93	51671139	Downward Expansion	-69	66
2026-05-08	9.04	10.98	-26.67	31051581	Downward Expansion	-66	69
2026-05-01	8.72	11.07	-28.65	39856538	Downward Expansion	-74	84
2026-04-24	8.35	11.19	-31.69	69907099	Downward Expansion	-89	94
2026-04-17	9.56	11.30	-21.87	33433080	Downward Expansion	-68	87
2026-04-10	9.43	11.40	-22.16	23319235	Downward Expansion	-70	88
2026-04-03	9.09	11.52	-23.49	30515228	Downward Expansion	-83	90
2026-03-27	9.39	11.62	-22.26	41833878	Downward Expansion	-85	83
2026-03-20	9.69	11.70	-21.36	43982467	Downward Expansion	-83	70
2026-03-13	10.81	11.76	-15.98	41151894	Downward Expansion	-62	42
2026-03-06	11.16	11.78	-14.68	51985600	Downward Expansion	-55	44
2026-02-27	11.44	11.78	-14.09	39734324	Downward Expansion	-53	48
2026-02-13	11.21	11.78	-15.09	53798217	Balance	-53	47
2026-02-06	11.06	11.79	-16.81	42885343	Balance	-55	39
2026-01-30	11.11	11.80	-17.95	71124194	Balance	-25	15
2026-01-23	11.66	11.79	-14.61	76327284	Balance	28	15
2026-01-16	11.62	11.77	-14.53	205983668	Balance	22	17
2026-01-09	12.22	11.73	-10.95	189942991	Balance	39	25
2026-01-02	12.54	11.69	-5.36	147850935	Balance	45	26
2025-12-26	11.99	11.64	-9.51	139377291	Balance	10	6
2025-12-19	11.57	11.63	-11.64	114039702	Balance	-11	11
2025-12-12	11.85	11.62	-10.05	158317240	Balance	-12	27
2025-12-05	10.93	11.61	-17.93	55629050	Balance	-23	36
2025-11-28	11.37	11.64	-15.09	67566726	Balance	-13	21
2025-11-21	10.70	11.63	-19.76	69705898	Balance	-23	20
2025-11-14	11.67	11.64	-16.67	92953774	Balance	25	12
2025-11-07	12.08	11.61	-14.28	103293138	Balance	34	17
2025-10-31	11.90	11.57	-15.15	124248884	Balance	38	21
2025-10-24	12.28	11.57	-13.22	197089736	Balance	49	26
2025-10-17	12.49	11.56	-9.53	364958779	Rotation Up	56	29
2025-10-10	12.39	11.57	-11.26	72201236	Rotation Up	45	22
2025-10-03	11.91	11.60	-14.03	55127408	Rotation Up	49	24
2025-09-26	12.24	11.68	-10.14	178230397	Rotation Up	29	32
2025-09-19	11.65	11.73	-14.00	150877573	Rotation Up	29	43
2025-09-12	12.40	11.86	-9.42	205403076	Rotation Up	32	53
2025-09-05	13.10	11.96	-2.56	307040359	Balance	41	54
2025-08-29	12.16	11.92	-10.25	207756241	Balance	6	21
2025-08-22	11.84	11.89	-11.61	148851718	Balance	-3	8
2025-08-15	11.41	11.87	-11.68	76266638	Balance	-19	11
2025-08-08	11.44	11.89	-9.86	73269967	Downward Expansion	-20	13
2025-08-01	11.12	11.86	-10.37	80587989	Downward Expansion	-32	17
2025-07-25	11.45	11.86	-8.46	145656854	Downward Expansion	-31	16
2025-07-18	11.49	11.95	-6.14	206414984	Downward Expansion	-36	19
2025-07-11	11.27	12.03	-6.77	56550357	Downward Expansion	-53	35
2025-07-04	10.97	12.14	-7.77	61260799	Downward Expansion	-54	40
2025-06-27	11.14	12.28	-4.55	85819360	Downward Expansion	-56	40
2025-06-20	10.46	12.43	-8.26	48229016	Downward Expansion	-67	51
2025-06-13	10.87	12.56	-4.98	61952576	Downward Expansion	-61	39
2025-06-06	11.19	12.62	-2.16	54451877	Downward Expansion	-46	27
2025-05-30	11.64	12.72	3.50	84925802	Downward Expansion	-41	24
2025-05-23	11.25	12.86	0.53	190773560	Downward Expansion	-46	29
2025-05-16	11.56	12.91	3.01	67252710	Downward Expansion	-55	34
2025-05-09	11.71	12.80	5.65	112331845	Downward Expansion	-58	47
2025-05-02	10.98	12.67	1.74	47537300	Rotation Down	-62	64
2025-04-25	11.08	12.59	3.10	135326320	Rotation Down	-36	57
2025-04-18	10.83	12.48	2.24	62319816	Rotation Down	-40	57
2025-04-11	10.80	12.36	4.05	121248900	Balance	-40	34
2025-04-04	11.87	12.24	11.71	84041812	Balance	7	17
2025-03-28	12.10	12.09	14.69	74365722	Balance	14	10
2025-03-21	12.89	11.93	22.88	89218775	Upward Expansion	42	21
2025-03-14	13.32	11.76	26.36	138511683	Upward Expansion	51	46
2025-03-07	14.14	11.60	37.94	191143595	Upward Expansion	53	57
2025-02-28	13.70	11.40	38.10	391539544	Upward Expansion	41	44
2025-02-21	15.49	11.22	56.10	536390785	Deceleration	56	51
2025-02-14	15.44	10.92	60.36	430916591	Deceleration	51	26
2025-02-07	12.10	10.63	30.12	111927300	Deceleration	6	12
2025-01-31	11.01	10.45	22.05	19637042	Deceleration	1	17
2025-01-24	11.36	10.31	27.14	153295769	Deceleration	6	18
2025-01-17	11.92	10.17	35.44	206129625	Deceleration	22	20
2025-01-10	10.73	10.06	26.30	152020448	Deceleration	20	19
2025-01-03	10.89	9.98	27.81	166126305	Upward Expansion	33	20
2024-12-27	14.29	9.85	60.12	276554949	Upward Expansion	57	42
2024-12-20	13.78	9.64	58.52	193834014	Upward Expansion	60	48
2024-12-13	14.76	9.47	71.26	349524083	Upward Expansion	63	56
2024-12-06	15.08	9.25	77.61	551845083	Upward Expansion	69	59
2024-11-29	15.57	8.98	91.30	572991582	Upward Expansion	78	70
2024-11-22	14.55	8.65	85.95	396356065	Upward Expansion	74	88
2024-11-15	12.47	8.36	59.54	313204909	Upward Expansion	66	87
2024-11-08	14.26	8.13	78.66	590883392	Upward Expansion	82	93
2024-11-01	15.93	7.86	114.58	455487642	Upward Expansion	95	94
2024-10-25	12.55	7.52	72.04	522951227	Upward Expansion	88	80
2024-10-18	8.45	7.31	19.26	261696404	Balance	54	42
2024-10-11	7.74	7.23	11.53	243033188	Balance	42	25
2024-10-04	8.54	7.14	19.24	82441206	Balance	56	26
2024-09-27	7.95	7.01	20.75	230948751	Balance	33	15
2024-09-20	7.02	6.90	21.11	83338136	Balance	17	14
2024-09-13	7.17	6.81	26.05	206296107	Balance	26	13
2024-09-06	7.46	6.70	29.20	191464859	Upward Expansion	46	24
2024-08-30	7.37	6.60	25.39	262047235	Upward Expansion	48	37
2024-08-23	7.84	6.54	33.84	430617478	Upward Expansion	50	49
2024-08-16	8.38	6.45	43.27	411212449	Deceleration	55	41
2024-08-09	8.10	6.36	40.96	477496317	Deceleration	50	26
2024-08-02	8.41	6.28	45.76	436048124	Deceleration	44	19
2024-07-26	6.62	6.18	16.65	161799830	Deceleration	21	19
2024-07-19	6.61	6.15	13.47	261661732	Deceleration	27	21
2024-07-12	6.74	6.13	16.63	175184569	Upward Expansion	35	19
2024-07-05	6.67	6.09	16.83	150372105	Upward Expansion	42	28
2024-06-28	7.37	6.07	28.91	271777239	Upward Expansion	56	37
2024-06-21	8.40	6.02	46.63	394700440	Upward Expansion	66	47
2024-06-14	8.35	5.94	45.85	358464094	Upward Expansion	69	57
2024-06-07	7.07	5.86	24.14	286090821	Upward Expansion	62	69
2024-05-31	7.96	5.82	39.14	441113000	Upward Expansion	64	77
2024-05-24	8.84	5.74	55.87	561953916	Upward Expansion	82	81
2024-05-17	8.17	5.62	43.11	537235471	Upward Expansion	82	69
2024-05-10	6.91	5.53	22.35	382789368	Balance	70	38
2024-05-03	5.60	5.50	1.49	60869619	Balance	12	13
2024-04-26	5.78	5.50	5.68	141906895	Rotation Up	16	18
2024-04-19	5.77	5.50	6.74	194197979	Rotation Up	18	28
2024-04-12	6.00	5.49	13.12	272278110	Rotation Up	22	31
2024-04-05	5.88	5.48	9.58	256339754	Rotation Up	20	30
2024-03-29	6.18	5.46	16.59	271651428	Downward Expansion	18	25
2024-03-22	6.13	5.44	15.95	377160589	Downward Expansion	-8	12
2024-03-15	5.05	5.41	-4.14	283296927	Downward Expansion	-56	38
2024-03-08	4.49	5.43	-14.59	38615502	Downward Expansion	-63	74
2024-03-01	4.53	5.46	-13.46	71280195	Downward Expansion	-65	79
2024-02-23	4.46	5.50	-14.30	55427330	Downward Expansion	-68	80
2024-02-09	3.93	5.54	-20.87	81951809	Downward Expansion	-90	87
2024-02-02	4.39	5.60	-7.51	119059617	Rotation Down	-86	75
2024-01-26	5.59	5.64	10.60	77017578	Rotation Down	-18	28
2024-01-19	5.16	5.64	5.43	38063101	Balance	-38	43
2024-01-12	5.55	5.65	11.74	31373100	Balance	-17	18
2024-01-05	5.66	5.64	12.54	21794858	Upward Expansion	22	14
2023-12-29	5.68	5.63	11.66	28710902	Upward Expansion	28	17
2023-12-22	5.63	5.62	13.36	34737989	Upward Expansion	31	15
2023-12-15	5.90	5.61	18.07	54547922	Upward Expansion	57	37
2023-12-08	5.71	5.58	13.71	38288801	Upward Expansion	58	56
2023-12-01	5.96	5.56	16.61	58117323	Upward Expansion	61	65
2023-11-24	6.04	5.53	18.21	55002982	Upward Expansion	66	64
2023-11-17	5.94	5.49	16.20	58109471	Upward Expansion	60	51
2023-11-10	5.90	5.46	16.39	126355581	Upward Expansion	58	28
2023-11-03	5.72	5.43	13.57	31481463	Upward Expansion	38	19
2023-10-27	5.58	5.41	11.66	21802100	Upward Expansion	30	13
2023-10-20	5.40	5.40	9.73	26814512	Upward Expansion	25	14
2023-10-13	5.47	5.39	7.72	32229200	Upward Expansion	49	39
2023-09-29	5.84	5.38	14.41	23640343	Upward Expansion	65	63

Price vs TrendAbove+2.4%

Trend directionFalling-14.7%

Price vs current Fair ValueBelow anchor-12.8%

Fair Value directionClosing upward+7.6%

Relative Strength vs benchmarkLagging-10.3%

Relative strength directionImproving+22.0%

Price momentumNegative-13.3%

Volume balanceSupply-led0.98×

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

11 / ±100

+56.1 points since 2026-09-11

Energy

26 /100

-9.8 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.

600843 Directional State ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance44

Rotation Up46

Upward Expansion34

Deceleration45

Rotation Down19

Downward Expansion47

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 22%Rotation Up 6%Upward Expansion 26%Deceleration 8%Rotation Down 3%Downward Expansion 35%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-02-27	2026-10-09	Extended	-28.5%
Balance	2025-10-24	2026-02-13	Established	-8.7%
Rotation Up	2025-09-12	2025-10-17	Developing	+0.7%
Balance	2025-08-15	2025-09-05	New	+14.8%
Downward Expansion	2025-05-09	2025-08-08	Established	-2.3%
Rotation Down	2025-04-18	2025-05-02	New	+1.4%
Balance	2025-03-28	2025-04-11	New	-10.7%
Upward Expansion	2025-02-28	2025-03-21	New	-5.9%
Deceleration	2025-01-10	2025-02-21	Developing	+44.4%
Upward Expansion	2024-10-25	2025-01-03	Developing	-13.2%
Balance	2024-09-13	2024-10-18	Developing	+17.9%
Upward Expansion	2024-08-23	2024-09-06	New	-4.8%
Deceleration	2024-07-19	2024-08-16	Developing	+26.7%
Upward Expansion	2024-05-17	2024-07-12	Developing	-17.5%

Classic Stage Analysis comparison

Stage 1 · Basing71

Stage 2 · Advancing15

Stage 3 · Distribution13

Stage 4 · Declining85

Legacy result: Stage 4 · Stage 4C · Repair 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

Lagging benchmark

Architecture confirmation: 39/100
Current Relative Strength: -10.33
Relative Strength direction: Improving
Price momentum: -13.3%
Excess performance vs benchmark: -8.9%
Industrials regime cohort: 3th percentile314 in cohort

Test 600843 trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.86×

Latest completed volume relative to typical participation.

Up/down volume0.98×

Participation balance between advancing and declining observations.

Accumulation / distribution2 / 1

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+25.0%

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 600843 Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CNY 7.81rising

Slow Activity CNY 7.59falling

Trend Reference CNY 7.99+2.4% close margin

Current Fair Value CNY 9.38-12.8% close margin

Structural low CNY 6.26shock / 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 +6.6%

Annualized volatility +62.9%

From structural high -41.8%

From structural low +30.7%

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	+1.4%-17.9% to +28.5%	+57.9%	+42.1%	-1.0%	+78.9%	Usable descriptive sample
Intermediate	8	-1.9%-32.7% to +107.8%	+25.0%	+75.0%	-4.6%	+50.0%	Usable descriptive sample
Extended	5	+3.2%-37.8% to +113.1%	+60.0%	+40.0%	-0.6%	+20.0%	Usable descriptive sample
Full cycle	3	-0.2%-25.6% to +292.7%	+33.3%	+66.7%	-0.9%	+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.

600843 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