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

In Q1 2026, A-share listed companies took frequent actions on both orders and investment. According to Choice data, the number of companies that disclosed only winning bid announcements in Q1 alone has already exceeded 100. Coupled with the dense signing of large contracts, this reflects a strong momentum of economic recovery.

From traditional infrastructure to emerging industries, and from the domestic market to the global stage, A-share companies are accelerating market expansion and actively seizing orders. For example, leading companies such as China Energy Engineering have won multiple large orders. In sectors such as infrastructure and high-end equipment, overseas market performance is particularly outstanding. Companies such as Pingtai Holdings have also rolled out investments on the scale of billions of yuan, making precise arrangements for the new energy and artificial intelligence tracks, demonstrating firm confidence in medium- to long-term development.

Overall, this round of enthusiasm for orders and investment shows that capital is speeding up its aggregation into sectors that align with national strategic directions and have long-term growth logic. The “big-ticket” deployments by leading enterprises, while consolidating their core position in their own industry chains, are also expected to further strengthen China’s global competitiveness in relevant fields.

Orders roll out densely

High-end manufacturing and energy infrastructure lead the way

On the evening of March 31, Pinggao Electric announced it had won multiple projects from the State Grid Corporation of China, with total bid-winning amount of RMB 1.223 billion. The winning products include combination switchgear, circuit breakers, and so on. On the evening of March 30, Moore Threads announced that the company signed a RMB 660 million sales contract with a certain customer, with the subject being the company’s Ku’ao (KUAE) intelligent computing cluster… In Q1 2026, A-share companies’ major orders showed “more volume and better quality,” with deal size often in the hundreds of millions of yuan, and even tens of billions of yuan, and the disclosure frequency was dense.

Taking the computing power sector as an example, from chips to system integration, the order transmission effects of the computing power industry chain are continuing to become evident. In addition to Moore Threads, in mid-January, PZ Information became the first qualified candidate for the “Computing Service Project Segment 1: Equipment Leasing Service and Maintenance & Warranty Service” of Zhejiang Lingai Future Technology Co., Ltd. with RMB 489 million.

Chengdi Xiangjiang’s wholly owned subsidiary, Xiangjiang Systems, also won multiple data center projects in Q1. As a consortium member, it won the EPC project of MEP engineering for the D03 machinery building (D-area) of China Mobile’s Ningxia data center, with an amount of about RMB 897 million. As the lead party, it was selected as the winning candidate for the China Mobile Zhejiang Company 2026 Yangtze River Delta (Jiashan) Data Center Phase II MEP Engineering EPC general contracting procurement project (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, and from core equipment to operating services, A-share listed companies are deeply integrating into global industry chains.

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

On the evening of March 13, the company disclosed that its subsidiary signed a construction general contracting contract for Indonesia’s TMS nickel mining project worth approximately RMB 5.456 billion with an Indonesian company, indicating a successful extension of business from traditional infrastructure toward resource development engineering general contracting. Two days earlier, China Energy Engineering had also announced, successively, that its joint venture had secured a design-and-construction general contracting contract worth RMB 5.636 billion for the Montenegro Matesevo–Andrijevica highway project, and an EPC contract worth RMB 13.962 billion for the “2.1GW photovoltaic + 7.75GWh energy storage” mega PV-and-storage project in Abu Dhabi, United Arab Emirates.

The pace of “going global” for high-end manufacturing is also equally firm. In mid-February, a joint venture formed by CNOOC Engineering and the company Saipem won a liquefied natural gas project for Qatar Energy worth 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, Shenghui Integration’s Thailand company won an approximately RMB 242 million MEP engineering project. Samsung Medical’s wholly owned subsidiary signed a framework contract with the Dutch power authority for approximately RMB 949 million for transformers, marking a breakthrough in expanding the European market.

In shipbuilding, *ST Songfa disclosed 15 major contract announcements in Q1, most of which are construction contracts for 306,000-deadweight-ton super-large crude oil tankers (VLCC) undertaken by its subsidiary Hengli Shipbuilding. The value of each vessel is worth more than 100 million yuan, highlighting China’s global leading advantages in high-end equipment manufacturing.

Investment and capacity expansion accelerate

Get a head start in new energy and AI tracks

While orders are being released at high density, A-share listed companies in Q1 also frequently took action on capacity expansion and strategic investments. These investments generally focus on sectors related to new productive forces such as new energy, high-end manufacturing, and artificial intelligence supporting industries. They feature large investment scale, high technical content, and strong industry chain synergy.

The new energy industry chain represented by energy storage and wind power has become the “main battlefield” for A-share companies’ investment, showing a “blossoming at multiple points” pattern from upstream materials to end applications.

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

In the wind power equipment sector, HaiLi Wind Power signed sales contracts worth RMB 1.085 billion in mid-March with customers for wind turbine foundation jacket legs and related components. By this point, for the same deep-sea series project with this customer, within 12 months the cumulative order amount has reached RMB 1.692 billion. DeliJia disclosed at the end of January that it plans to invest RMB 5 billion to build a research, development, and manufacturing project for wind power gearboxes of more than 10 megawatts, to align with the trend of larger wind turbines and meet the strong market demand for wind turbine gearbox products.

Meanwhile, the rapid development of the artificial intelligence industry is also driving high-end manufacturing industry chains to usher in new investment opportunities. As a core supporting industry, PCB (printed circuit boards) leading enterprises are ramping up high-end capacity one after another to secure the initiative in the market.

On the evening of March 17, Pingtai Holdings announced that its wholly owned subsidiary, Qingding Precision, plans to invest RMB 11 billion to build a high-end PCB project production base in Huai’an, Jiangsu. “The company is closely seizing the wave of AI technology development, and accelerating the advancement of its production layout for high-end PCB products.” Pingtai Holdings said that this round of AI wave has opened a brand-new high-growth track for the PCB industry. The widespread adoption of agent applications and technological innovation in intelligent terminals will directly drive demand for products such as computing power boards, high-end HDI, and carrier-like boards. Under this trend, the company will seize AI opportunities, optimize its capacity layout, and precisely match the demand in two major areas: computing power and end devices.

From orders rolling out densely to investment accelerating into layout, A-share listed companies are actively capturing industrial changes and market opportunities. Through forward-looking strategic layouts to seize the development initiative and reinforce competitive barriers, they inject strong momentum into full-year economic growth and high-quality industrial transformation.