CHINA INDUSTRIAL INDICATORS: Partial recovery amid still-weak macro, divergence remains

研报英文原文证据摘录

CHINA INDUSTRIAL INDICATORS: Partial recovery amid still-weak macro, divergence remains

Equity Research

16 June 2026 | 10:01PM HKT

CHINA INDUSTRIAL INDICATORS

Partial recovery amid still-weak macro, divergence remains

DuKey readings of the month Jan-May, still +36% yoy, and total tendered capacity at Jacqueline | +852-2978-1783

May’s economic data points to a partial recovery in 110.7GWh, +32% yoy). jacqueline.du@gs.comGoldman Sachs (Asia) L.L.C.

activity within a still-soft and uneven macro backdrop.

n Factory automation (FA) leaders continue to

Manufacturing FAI stayed in negative territory but modestly

demonstrate order strength: Inovance’s industrial

narrowed to -4.1% yoy in May (vs. -4.8% in April). High-tech

automation orders sustained growth of over 40% yoy in

manufacturing, on the other hand, continued to anchor

May. AirTAC sales accelerated further to +40%/+26%

resilience, with factory automation, industrial robots,

yoy/mom in May (vs. +25%/+21% yoy/mom in April). At

and semiconductors standing out as key pockets of

the industry data points level, this is supported by

resilience, although performance within high-tech

industrial robot production accelerating to +28%/+8%

became more differentiated: momentum strengthened

yoy/mom in May (vs. +15%/-2% yoy/mom in April);

further in semiconductors and industrial automation (e.g., IC

machine tool production continued growth at +11%

import value growth accelerated to +68% yoy in May from

yoy, and machine tool export orders from Japan to

+55% in April; industrial robot production rose to +28% yoy

China was strong at +57% yoy in Apr.

from +15%). On the other hand ESS, one of the strongest

n Process automation still lagging, and weaker thangrowth areas since late 2025, saw a sudden slowdown in