CHINA INDUSTRIAL INDICATORS: Stable trend in Sept with strength in semi/ESS while weakness in consumer verticals

September industrial data points largely maintained stable, with industrial robots, machine tools, semiconductor production and ESS tenders holding up, while autos and appliance demand stayed weak. Inovance's industrial automation order growth was likely high teens yoy in September with 3Q26 at c.20% yoy, and AirTAC September sales rose 27% yoy, while Haitian Intl's domestic and overseas orders turned negative, down low single-digit percent yoy. Semiconductors remained the key high-growth segment: China IC import value grew 75% yoy in September and domestic IC production rose 18% yoy. ESS tender activity picked up, with monthly tendered capacity of 43.5GWh (+55% yoy) and cumulative January-September capacity of 289.3GWh (+40% yoy). Traditional consumer demand stayed weak, with passenger vehicle retail sales/production at -28%/-9% yoy and residential air-conditioner production/sales at -10%/-9% yoy. Looking ahead, we see potential 4Q sequential improvement for FA as continued raw-materi