Yicai Brand 100 Index rose 1.6% last week, with constituent stock China State Construction Engineering rising over 20% in a single week

Everyday Reporter Liu Mingtao, Edited by Xiao Ruidong

Recently, the market has shown a volatile pattern amid geopolitical disturbances and policy expectations, with risk appetite declining. Although external markets have experienced increased fluctuations due to the Middle East situation and crude oil prices, the overall A-share market still demonstrates strong resilience.

In this complex environment, the Everbright Brand 100 Index ended its adjustment and rebounded strongly last week, rising 1.6%, outperforming the two major indices of Shanghai and Shenzhen.

Everbright Brand 100 Index Rebounds

Last week, the major indices fluctuated with mixed results. As of March 13, the Shanghai Composite Index closed down 0.7% at 4,095.45 points; the Shenzhen Component Index and the ChiNext Index rose 0.76% and 2.51%, respectively, while the STAR 50 Index declined again, falling 2.88% last week. The Everbright Brand 100 Index ended its adjustment last week with a strong rebound, gaining 1.6%, closing at 1,078.89 points.

In terms of constituent stocks, China Power Construction and CATL both saw weekly gains of over 10%; Golden Dragon Fish, BYD, Geely Auto, and Tencent Holdings each increased by more than 5%, showing solid performance. Market capitalization growth saw Tencent Holdings and CATL both increasing around 200 billion yuan weekly; China National Offshore Oil Corporation (CNOOC) and BYD also saw weekly market cap increases of over 50 billion yuan each.

Regarding market environment, the Middle East situation remains unresolved, with some Gulf countries beginning to cut oil production. Crude oil prices are expected to continue rising, and concerns about stagflation continue to suppress global risk appetite.

Domestically, under the background of a new round of domestic demand expansion and “anti-involution” policies gradually taking effect, price indices are showing positive signs. Additionally, 800 billion yuan of new policy-based financial instruments are planned for 2026, an increase of 300 billion yuan compared to last year, which is expected to more effectively stabilize investment growth.

Some brokerage institutions pointed out that until there are clear signs of easing in the Middle East situation, market risk appetite will remain suppressed. The market is still in a high-volatility state driven by news, likely to continue fluctuating and consolidating in the short term.

Constituent Stocks: China Power Construction Leads in Gains

Looking at last week’s performance of the Everbright Brand 100 Index constituents, China Power Construction was the strongest, with a weekly increase of 20.64%, leading the list.

On March 11, China Power Construction released its main operational results for January and February, showing a total of 1,218 new projects signed. Regionally, domestic contracts amounted to 107.005 billion yuan, down 32.58% year-on-year; overseas contracts reached 40.888 billion yuan, up 19.92% year-on-year.

Notably, China Power Construction has recently signed large contracts. On March 11, it announced that it, along with its subsidiaries China Power Construction Municipal Construction Group and China Power Construction Group Chengdu Survey and Design Institute, formed a joint venture to sign a design and construction contract for a highway project in Montenegro, with a contract value of approximately 5.636 billion yuan RMB. On the evening of March 12, China Power Construction announced another major contract: its Abu Dhabi branch, together with its subsidiary China Power Construction Group East China Survey and Design Institute, signed an EPC contract for the Abu Dhabi RTC 2.1GW+7.75GWh solar storage project with Abu Dhabi Future Energy Company, with a contract value of about 13.962 billion yuan RMB.

Galaxy Securities analysts pointed out that China Power Construction closely aligns with the national “dual carbon” strategy, actively expanding into emerging fields such as new energy storage while maintaining its traditional business advantages. With the advancement of major national projects like the Yajiang Hydropower Station and integrated wind-solar projects, as well as the expansion into markets of countries involved in the Belt and Road Initiative, the company’s order backlog is expected to remain ample.

In fact, as a large-scale comprehensive enterprise in hydropower and water conservancy construction, China Power Construction possesses complete core technologies for surveying, design, construction, and operation of hydropower, thermal power, wind power, and solar power projects.

It is understood that China Power Construction continues to strengthen its leadership position in global clean energy and water conservancy construction. As a strategic core force ensuring the country’s green, low-carbon energy supply, water resources safety, and ecological environment security, it has undertaken over 80% of China’s river planning and large- and medium-sized hydropower station surveys and design tasks, completed over 65% of domestic large- and medium-sized hydropower station construction, and holds 90% of the domestic pumped storage survey and design market and 78% of the construction share. It also leads over 50% of the global large- and medium-sized hydropower construction market; simultaneously, it handles over 60% of domestic wind and solar power project planning, design, and construction.

Market insiders note that during the 2026 National Two Sessions, the promotion of “six networks” including water grid, power grid, and computing network will be emphasized. Supported by more proactive fiscal policies, funding for major projects and infrastructure is expected to be well-secured, maintaining stable infrastructure investment. Leading construction state-owned enterprises and companies with strong engineering capabilities are poised to benefit continuously.