China Industrial Indicators

China's May industrial data signals a partial recovery marked by divergence; while semiconductor and automation sectors show resilience, conventional infrastructure and energy storage tenders have faced headwinds.

Key Takeaways

• 1.May economic data suggests a partial, uneven recovery in Chinese industrial activity within a soft macro environment.
• 2.High-tech manufacturing, specifically semiconductors and industrial automation, continues to demonstrate resilience.
• 3.Energy Storage System (ESS) tender activity saw a sharp monthly decline due to high base effects and lithium cost headwinds, despite structurally healthy year-to-date growth.

Table of Contents

• FA companies' monthly order trends in charts
• PA companies' revenue tracker in charts
• Industrial products monthly export trend in charts
• Industrial automation data points
• Macro: Manufacturing PMI, PPI, FAI
• Macro: Capex financing
• Macro: Profitability/ROE of industrial enterprises (with revenue size >Rmb20mn)
• Macro: Electricity, steel, and cement production
• Consumer: Smartphone and auto
• Consumer: Home appliances
• NEV & Renewables: China EV/battery/solar
• Energy Storage System (ESS)
• Semiconductors
• Property: China
• Property: US
• Infrastructure
• Construction Machinery
• Railway freight and passenger volumes
• Rolling stock
• Commodity & FX price trend (as of Jun 15, 2026)
• Appendix: Our coverage and industrial robot industry breakdown by end-market
• Appendix: 2025 revenue & COGS breakdown by company

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