The investment landscape of listed companies in the first quarter shows a focus on two major sectors: new energy and computing power, with 5 billion yuan-level projects appearing frequently.

From early January, when Fu Linjing Gong issued a total ¥8.7 billion investment plan for the lithium iron phosphate (LFP) industry chain, to the recent news that EVE Energy (rights protection) plans to投入 ¥6.0 billion to roll out energy storage battery projects, in the first quarter of 2026, major investment moves by A-share listed companies continued to land at a rapid pace. Projects with a single deal size exceeding ¥5.0 billion have been far from rare.

A reporter from China Securities Journal reviewed the announcements and found that, in the first quarter, the investment directions of listed companies were highly concentrated on the new energy full industry chain as well as AI/compute-power hardware and related support fields—reflecting firms’ unwavering confidence in highly optimistic, high-growth sectors. In terms of investment rationale, besides boosting supply capacity, extending and filling in upstream and downstream links, technological breakthroughs, and building industry ecosystems have become the core considerations.

● By Meng Peijia, a reporter

Major projects have clustered in and investment intensity continues to increase

On March 27, EVE Energy announced that it plans to sign an agreement with the Administration Committee of the Huizhou Zhongkai High-tech Industrial Development Zone to invest in and construct the “EVE Energy 60GWh energy storage (traction) battery production and manufacturing project,” with a total investment of approximately ¥6.0 billion. “This cooperation will help all parties fully leverage their respective resources and advantages, better seize market opportunities for energy storage and traction power batteries, further expand production capacity, optimize the company’s industrial structure, and promote the company’s development in the lithium-ion traction battery market,” EVE Energy stated.

EVE Energy’s expansion is a snapshot of how major corporate investment by A-share listed companies accelerated in the first quarter. The reporter’s review found that, within the year, multiple companies have already disclosed investment plans on the scale of ¥5.0 billion or more, and projects on the scale of ¥500k have also appeared one after another.

Earlier this year, Fu Linjing Gong simultaneously announced that it intends to sign two investment agreements. Among them, its subsidiary Jiangxi Shenghua plans to invest in the construction of a 500k-ton-per-year high-end LFP project for energy storage in the Mungsu Economic Development Zone, Yijinhuoluo County, Ordos City, Inner Mongolia Autonomous Region, with an estimated total investment of ¥6.0 billion.

At the same time, to meet upstream raw material supply for this project and optimize costs, Fu Linjing Gong also plans to build the “400k-ton-per-year new LFP precursor—oxalic acid project” and the “600k-ton-per-year new LFP precursor—oxalic acid ferrous iron project,” with estimated total investments of ¥1.2 billion and ¥1.5 billion, respectively. “This is based on the incremental demand from the energy storage market for high-performance LFP batteries,” a relevant person in charge at Fu Linjing Gong told the reporter. The related investments, it said, will help further optimize the company’s capacity layout for LFP cathode materials, and broaden the scale of both product markets and production capacity.

Delijia, meanwhile, in early January signed the “Delijia 10MW+ Wind Power Gearbox Research, Development and Manufacturing Project Investment Cooperation Agreement” with relevant parties to move forward with expanding its capacity for wind power gearboxes. The project’s total investment is ¥5.0 billion, mainly targeting the 10MW and above high-power wind power equipment market, providing support for the company’s business development in large-scale, high-performance wind power gearbox areas.

On March 17, Pengding Holding announced that its wholly owned subsidiary Qingding Precision signed a project investment agreement with the Administration Committee of the Huaian Economic and Technological Development Zone. It plans to invest ¥11.0 billion to build a production base for a high-end PCB project. “This investment is based on the company’s overall strategic planning—seizing the wave of AI technology development to accelerate the production and layout of high-end PCB products. It will help expand the company’s operating scale and promote technology upgrades and product iterations across its various product lines,” Pengding Holding said.

Industry-chain collaboration boosts momentum, and the heat in high-growth sectors stands out

With leading enterprises guiding the way and upstream and downstream players moving in sync, investment by A-share listed companies in the first quarter showed a distinct expansion characteristic driven by coordinated industry-chain efforts, with the buoyancy in multiple industries continuing to rise.

Taking the PCB industry as an example, besides Pengding Holding,沪电股份 also unveiled a ¥5.5 billion investment and capacity-expansion plan in March, adding capacity for high-layer-count, high-frequency high-speed, high-density interconnect, and high-throughput printed circuit boards. “This project will further expand the company’s capacity for high-end products, enabling it to match and meet customers’ long-term incremental demand for high-end PCBs in areas such as high-speed computing servers and next-generation high-speed network switches. It has good prospects for market development,” relevant people at沪电股份 told the reporter.

Dingtai Hi-Tech, in a recent announcement, said it plans to invest in and construct a “Dingtai Hi-Tech Smart Manufacturing Headquarters Base Project” in the TOD zone of Houjie Town, Dongguan, with a total investment of ¥5.0 billion. It focuses on research, development, and production of small-diameter drill needles, high-end industrial cutting tools, and high-performance film materials, aiming to break through existing capacity bottlenecks, significantly enhance the supply capability for high-end core products, and solidify the company’s position in the PCB cutting-tool main business.

Shengyi Technology, meanwhile, announced at the beginning of the year that it plans to invest ¥4.5 billion to build a high-performance copper-clad laminate (CCL) project. It will quickly respond to the strong global growth demand for high-performance CCL—the key PCB base material—and continue to provide key support for important areas such as AI, cloud computing, 6G communications, and intelligent-automotive electronics.

Similarly, in the wind power industry, Changyuan Electric, in its early-year announcement, said it plans to set up a project company to invest in and build a 100MW wind farm project, with a planned installed capacity of 100k kW. The static total investment is ¥562 million, and the dynamic total investment is ¥572 million (both include supporting energy storage and grid-connection transmission projects). Jiuding New Materials (rights protection), through its wholly owned subsidiary, decided to invest ¥246 million to build a “Large Megawatt-Class Wind Turbine Blade Production Line Project.” After completion, it can produce 320 sets of 10–12MW wind turbine blades per year.

In the power and energy storage battery sector, the pattern is also that investment in terminal products and upstream materials is advancing in parallel. On the terminal products side, besides EVE Energy, Jinlongyu plans to promote a solid-state battery mass-production line project with an annual output of 2GWh through its controlling subsidiary, with an estimated total investment of approximately ¥1.2 billion, to advance the industrialization and commercialization of research results related to solid-state batteries and their key materials.

On the upstream materials side, Dongfang Zirconia plans to invest ¥300 million through its wholly owned subsidiary to build a 10k-ton-per-year high-purity zirconia composite oxide project for new energy batteries to meet market demand for high-performance batteries. Wanrun New Energy plans to invest ¥1.08 billion through its wholly owned subsidiary to build a “70k-ton-per-year high-pressure solid-density LFP project.”

Investment logic evolves into diversification and strategic orientation becomes clear

“The company is implementing a transformation from a single-equipment manufacturer of filter press machines into a manufacturer of integrated filtration equipment, providing customers with integrated filtration equipment and end-to-end solutions.” Jingjin Equipment said recently. To meet the needs of this future development plan, it plans to invest in and construct a third phase of an integrated filtration equipment industrialization project in Tianqu New District, Dezhou, with a total investment of approximately ¥581 million.

The reporter’s review found that, in the first quarter, investments by listed companies are no longer limited to increasing a single type of capacity. Instead, they are carried out around multiple goals, including strategic transformation, technology R&D, service upgrades, regional development, and supply-chain security within the industry chain.

Tongfei Co., Ltd. also plans to invest in Suzhou Science and Technology City to build a Southern Headquarters and a project for cooling equipment and components in the industrial sector. “Through this investment, it will help the company enhance its product supply and service capabilities and achieve the goal of ‘production and services close to customers,’ thereby increasing customer stickiness,” the relevant person in charge of the company said.

Rena Intelligent plans to invest in Hefei, Anhui, to build a modern, intelligent and efficient heat pump R&D and production base that integrates core component manufacturing, complete unit assembly, and technology demonstrations. “This project is not a single manufacturing factory; it is a comprehensive industrial base that integrates efficient intelligent manufacturing, frontier technology R&D, real-scenario demonstrations, and deep customer experience.” Rena Intelligent stated. By building its own R&D production base, the company will fully master the complete technology chain and supply chain for heat pump units, from core components to complete-unit integration. It will not only improve product competitiveness and profit margins, but also ensure industry-chain security.

Hongda Electronics plans to invest ¥1.0 billion in Wuxi to carry out businesses including semiconductor special device chip research, design, production, and assembly/testing, fully leveraging local location advantages. “Wuxi High-tech Development Zone, as a core economic and technological hub in the Yangtze River Delta, sits on top of a high-quality industrial ecosystem, abundant talent resources, and well-developed infrastructure. We will rely on the policy support and industrial-resource endowments we can obtain here to deepen synergistic innovation with upstream and downstream players in the industry chain, and accelerate the expansion and localization of diverse application scenarios,” the company said.

Overall, in the first quarter of 2026, the investment and deployment of listed companies is clear-cut and highlights key priorities. The two major high-visibility sectors—new energy and compute-power hardware—have become the primary destinations for funds. Large-scale projects have clustered in, and coordinated efforts across upstream and downstream in the industry chain have been intensified. This not only reflects companies’ firm confidence in long-term industry development, but also highlights a clear direction of industrial upgrading and structural optimization in China. From expanding supply to extending and strengthening industry links, from technological breakthroughs to strategic transformation, listed companies are using a more precise, diversified, and long-term investment logic to solidify core competitiveness and lay a solid foundation for high-quality development throughout the year.

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