衝 carries the sense of a current meeting an obstruction — a surge, a crossroads, a thoroughfare. As a vessel name it is usually transliterated as Chong; this site keeps “surge” because the chapter is using the word’s ordinary sense: the vessel flourishes (盛) and then declines (衰少).
The parallelism is exact. Where the heavenly water arrives, the surge flourishes; where the heavenly water is exhausted, the surge declines. Two names for one event.