中国工业指标：5月数据点：工业机器人生产依然强劲，而订单趋势增长明显放缓

Research | Equity Jacqueline Du +86(21)2401-8948 | jacqueline.du@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Zhou Li +86(21)2401-8648 | zhou.li@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Hao Chen +86(21)2401-8812 | hao.z.chen@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Zhihan Ye +86(21)2411-8029 | zhihan.ye@goldmansachs.cn Goldman Sachs (China) Securities Company Limitedimproving order trend into May while 5 names saw deterioration: Yiheda’s May order growth (+HSD% yoy) was mainly driven by strong lithium battery growth (+99% yoy) but offset by weaker-than-expected consumer electronics (-9% yoy); Inovance’s order growth trend stayed at +HSD% yoy in May as the company continued to see some impact on downstream capex appetite from ongoing trade uncertainties. OPT and Hangke saw an improving order trend thanks to a strong battery end-market, especially Hangke started to regain market share in a Tier-1 customer. Per Supcon, eq