Major Orders Surge for A-Shares Listed Companies in Q1

A wave of large-value orders has swept across A-share listed companies in the first quarter of 2026, with billions-of-yuan deals landing intensively in new energy, computing power, innovative pharmaceuticals and high-end manufacturing sectors.

Industry leaders, boasting technological barriers, scale advantages and global layouts, have become the main recipients of these major contracts. China State Construction Engineering Corporation (PowerChina) stood out in the infrastructure sector, securing three large overseas general contracting orders in the quarter.

On March 12, PowerChina announced the signing of a design and construction general contract for the Montenegro Matuševo-Andrijevica Highway Project, worth 5.636 billion yuan. A day later, its Abu Dhabi Branch, together with PowerChina Huadong Engineering Corporation, signed an EPC contract for the UAE Abu Dhabi RTC 2.1GW+7.75GWh PV-storage project, valued at 13.962 billion yuan. Another contract for the Indonesia TMS Nickel Mine Mining Project, worth 5.456 billion yuan, was inked on March 14.

The orders showed a distinct concentration in high-potential tracks. In the computing power sector, Xiangjiang System Engineering Co., Ltd., a wholly-owned subsidiary of Chengdi Xiangjiang, signed a contract for the electromechanical engineering of China Mobile’s (Ningxia Zhongwei) Data Center Zone D D03 Building, with a total tax-inclusive value of 1.126 billion yuan. Zhongbei Communications secured a three-year computing power service procurement contract worth 429 million yuan on March 9.

Innovative pharmaceutical firms also made remarkable progress in global cooperation. On January 13, Rongchang Biotech announced an exclusive licensing agreement with AbbVie for its PD-1/VEGF bispecific antibody RC148, under which it will receive an upfront payment of 650 million US dollars and is eligible for up to 4.95 billion US dollars in development, regulatory and commercial milestone payments.

Overseas expansion and long-term contracts emerged as two prominent features. CNOOC Engineering won a share of over 800 million US dollars in the Qatar Energy NFPS COMP5 project, with a total contract value of about 4 billion US dollars and a construction period of around five years. Jereh Group’s wholly-owned subsidiary signed a 341 million US dollars contract with a US client for gas turbine generator sets.

Long-term contracts have become an important trend, with many projects spanning three to 30 years. PowerChina’s Montenegro and Indonesia projects have a 60-month construction period, while Weiming Environmental Protection’s Indonesia project features a 30-year operation cooperation term. Such contracts have strengthened the long-term cooperation between upstream and downstream industrial chains, enhancing enterprises’ anti-cycle capabilities.

These intensive major orders have fully demonstrated the industrial competitiveness of China’s high-end manufacturing, new energy, computing power and innovative pharmaceutical sectors. The accelerated overseas layout and increased proportion of long-term orders have further boosted the profitability certainty of enterprises, laying a solid foundation for high-quality development throughout the year.