Shanghai, Feb 2, 2026, 08:01 CST — Premarket
- Sungrow Power Supply ended Friday up 3.2%, gaining ground heading into the weekend
- Weak China PMI figures have refocused attention on domestic demand and the need for policy support
- Monday’s private-sector PMI is on traders’ radar as they look for fresh clues on activity
Sungrow Power Supply Co., Ltd. shares look poised to open higher Monday, following gains in the last session. Investors are digesting weak China factory data and its possible impact on demand for new energy equipment.
On Friday, the Shenzhen-listed stock ended at 151.00 yuan, rising 4.72 yuan, or 3.23%, per market data from Barron’s.
This matters now as macro signals increasingly drive prices, overshadowing company news. For cyclicals and capital goods stocks, the key question is whether demand is holding steady or slipping once more, with Beijing pushing consumption cautiously to avoid sparking new bubbles.
China’s official manufacturing PMI slipped to 49.3 in January, down from 50.1 in December, according to a National Bureau of Statistics survey released Saturday. The reading fell below the crucial 50-point mark that divides expansion from contraction.
The release also revealed the non-manufacturing PMI fell to 49.4, marking its lowest point since December 2022, the survey indicated. This points to a wider slowdown hitting both services and construction sectors.
Ting Lu, Nomura’s chief China economist, warned that Beijing “will have to do much more” in the months ahead to lift annual growth beyond 4.5% in 2026, citing diminishing returns from earlier efforts. Reuters
Sungrow, which produces photovoltaic inverters and energy storage systems, often sees sentiment move in line with expectations around grid spending and new installations. These can swing rapidly as policy cues or financing conditions change.
Investors are jittery over signs of sluggish domestic demand highlighted in the PMI report, particularly weaker new orders — a red flag for manufacturers tied to China’s industrial supply chain.
The next move might stem from data, not policy orders. A Reuters poll out this week flagged a private-sector PMI release scheduled for Monday. Traders lean on this as a reality check against the official survey and as a first hint at earnings trends among exporters and manufacturers.
The downside is clear: if demand remains uneven and price wars heat up across industrial supply chains, equipment manufacturers could see orders slow and margins squeeze, despite ongoing political support for “green” investment.
Investors will turn their attention later Monday to the private PMI data and watch for any momentum in Shenzhen growth stocks once mainland markets resume trading after the weekend.
