Positives—export growth; rising concerns mainly from material price hike We present key industrial data in our monthly China Industrials Chartbook. The positives for December 2025/January 2026 include resilient construction machinery/HDT sales, mild automation orders and a pick up in shipbuilding orders, largely in line with 2026 full-year guidance (GCC takeaways) from various management. We note some progress in new fields. Negatives include soft infrastructure FAI, rising raw material prices pressuring in ...