Order旺, expanding production busy. A-share companies show a booming operational momentum in the first quarter.

In Q1 2026, A-share listed companies frequently made moves in both orders and investment. According to Choice data, in Q1 alone, the number of companies that only disclosed bid-winning announcements exceeded 100, and combined with the frequent signing of large contracts, this reflects a strong momentum in economic recovery.

From traditional infrastructure to emerging industries, from the domestic market to the global stage, A-share companies are speeding up market expansion and actively seizing orders. For example, leading companies such as China Energy Engineering Group (China Power Construction) won multiple large orders; overseas market performance is particularly prominent in areas such as infrastructure and high-end equipment. Companies such as Penger Ding Holding have also rolled out investments on the scale of tens of billions, precisely positioning themselves in the new energy and artificial intelligence tracks, demonstrating firm confidence in medium- to long-term development.

Overall, this round of order and investment upsurge reflects that capital is accelerating its concentration into sectors aligned with national strategic direction and supported by long-term growth logic. While the “big-ticket” deployments by leading enterprises consolidate their core position in their respective industrial chains, they are also expected to further strengthen China’s global competitiveness in related fields.

Orders roll out in bulk

High-end manufacturing and energy infrastructure lead

On the evening of March 31, Pinggao Electric announced that it had won multiple projects for State Grid, with a total bid-winning amount of RMB 1.223 billion. The winning products include switchgear and circuit breakers, among others. On the evening of March 30, Moore Threads announced that the company has signed a RMB 660 million sales contract with a certain customer; the subject is the company’s Kua’ei (KUAE) intelligent computing cluster……In Q1 2026, A-share companies’ major orders showed “more quantity and better quality,” with individual contract values often reaching several hundred million yuan, or even tens of billions of yuan, and disclosure frequency was particularly high.

Taking the computing power sector as an example, from chips to system integration, the order transmission effects across the computing power industry chain are continuing to become evident. In addition to Moore Threads, in mid-January, Pingzhi Information became the first preferred bidder for Bid Segment 1: equipment leasing services and maintenance and repair services, for a smart computing service project of Zhejiang Ling-AI Future Technology Co., Ltd., with a bid value of RMB 489 million.

Chengdi Shanhaiguang’s wholly owned subsidiary, Xiangjiang Systems, has also won multiple data center projects in Q1. As a consortium member, it won the EPC project for M&E (electrical and mechanical) for Data Center D Area D03 Machine Building of China Mobile Ningxia, with a corresponding amount of about RMB 897 million. As the lead party, it was selected as a preferred bidder for the EPC general contracting procurement project for Phase II of China Mobile Zhejiang’s 2026 Yangtze River Delta (Jia Shan) Data Center—M&E engineering (Bid Package 1), with a bid price of about RMB 405 million.

Overseas markets have also become an important growth driver for A-share companies. From traditional infrastructure engineering to emerging green energy, from core equipment to operating services, A-share companies are deeply integrating into global industrial chains.

Taking China Energy Engineering Group as an example, it signed three major overseas projects in March consecutively, with its footprint spanning Southeast Asia, Europe, and the Middle East. The total contract value exceeded RMB 20 billion, demonstrating the integrated service capability as a global energy infrastructure leader and making it a benchmark for Chinese companies “going global.”

On the evening of March 13, the company disclosed that its subsidiary signed a construction general contracting contract for the Indonesian TMS nickel ore mining project with an Indonesian company, valued at about RMB 5.456 billion, marking a successful extension of its business from traditional infrastructure general contracting to resource development engineering general contracting. Two days earlier, China Energy Engineering Group had also announced that its consortium successively won the design-construction general contracting contract for the Montenegro Matësevo–Andrijevica–Visevica highway project worth RMB 5.636 billion, as well as the EPC contract for the UAE Abu Dhabi “2.1GW solar + 7.75GWh energy storage” mega solar-plus-storage project valued at RMB 13.962 billion.

The “going global” pace in high-end manufacturing is equally steady. In mid-February, an offshore engineering joint venture formed by Haiyou Engineering and Saipem won a Qatar LNG project of about USD 4 billion. The company’s share exceeded USD 800 million, further consolidating its position in the global offshore engineering equipment market. In early March, the Thailand company under Shenghui Integration won an M&E engineering project of about RMB 242 million. Samsung Medison’s wholly owned subsidiary signed a transformer framework contract with the Netherlands’ power utility for about RMB 949 million, achieving a new breakthrough in expanding the European market.

In shipbuilding, *ST Songfa disclosed 15 major contract announcements in Q1, mostly relating to the construction contracts for ultra-large crude oil tankers (VLCCs) of 306,000 DWT undertaken by its subsidiary Hengli Shipbuilding. The value of each vessel is in the hundreds of millions of dollars, highlighting China’s leading global advantages in high-end equipment manufacturing.

Investment expansion and capacity build-out accelerate

Get a head start in new energy and AI tracks

While orders are being released in large volume, in Q1 A-share companies also frequently took action in capacity expansion and strategic investments. These investments generally focus on new productive forces related areas such as new energy, high-end manufacturing, and supporting artificial intelligence, and feature characteristics including large investment scale, high technical content, and strong industrial chain synergy.

The new energy industry chain represented by energy storage and wind power has become the “main battlefield” for A-share companies’ investment. From upstream materials to downstream applications, multiple points of growth are emerging.

In the energy storage sector, EVE Energy disclosed on March 28 that it plans to invest about RMB 6 billion to build a 60GWh energy storage battery production and manufacturing project, to better capture market opportunities for power energy storage batteries. In January, Fulin Precision disclosed that, through a subsidiary, it established Inner Mongolia Fulin Times New Materials Co., Ltd. in Ordos (abbreviated as “Fulin Times”), with an investment of RMB 6 billion to build a high-end energy storage lithium iron phosphate project with an annual output of 500,000 tons. The latest progress in March shows that the company plans to introduce strategic investors to jointly increase capital, raising Fulin Times’ registered capital from RMB 1 million to RMB 1.005 billion, in order to accelerate the optimization of capacity layout.

In the wind power equipment sector, Hai Li Wind Power signed sales contracts in mid-March totaling RMB 1.085 billion with customers for items including wind turbine foundation jacket structures and related components. By this point, for the same deep-sea series project signed by the company and this customer within 12 months, the cumulative order amount reached RMB 1.692 billion. Delijia disclosed in late January that it plans to invest RMB 5 billion to build a research, development, and manufacturing project for gearboxes used in wind power of more than 10 MW, to align with the trend toward larger wind turbines and meet strong market demand for wind turbine gearboxes.

Meanwhile, the rapid development of the artificial intelligence industry has also driven the high-end manufacturing industry chain to usher in new investment opportunities. As a core supporting industry, PCB (printed circuit boards) leading companies are ramping up investment in high-end capacity and seizing the market first-mover advantage.

On the evening of March 17, Penger Ding Holding announced that its wholly owned subsidiary, Qingding Precision, plans to invest RMB 11 billion to build a production base for high-end PCBs in Huai’an, Jiangsu. “The company is seizing the wave of AI technology development and accelerating the advancement of high-end PCB product production and layout.” Penger Ding Holding stated that this round of AI wave has opened up a brand-new high-growth track for the PCB industry. The widespread adoption of agent application and technical innovation in smart terminals will directly drive demand for computing power boards, high-end HDI, and substrates-like products. Under this trend, the company will seize AI opportunities, optimize capacity layout, and precisely match demand in both the computing power and edge-side domains.

From orders roll out in bulk to investment accelerating in layout, A-share companies are proactively seizing industry transformation and market opportunities. Through forward-looking strategic deployments to capture development opportunities first and reinforce competitive barriers, they inject strong momentum into full-year economic growth and high-quality industrial transformation.