亚洲工业科技：晴雨表（2025年12月/1月）

Asian Industrial Tech: The Barometer (December/January 2025) In December and January, China continued to show near-peak growth in FA. In the RoW,especially the U.S. and EU, the recovery continued to accelerate. Readers can download the Jay Huang, Ph.D.+852 2123 2631jay.huang@bernsteinsg.com We highlight three datasets for China: 1)In January, the official manufacturing PMI, PMIfor production, and PMI for new orders moderately declined to 49.3 (was 50.1, Exhibit2), 50.6 (was 51.7), and 49.2 (was 50.8, Exhibit 4). By end-industry, the PMI for high-techmanufacturing and equipment manufacturing remained at expansion range (52.0 and50.1). 2) In December, Japan’s machine tool orders from China moderately declined YoY(-2.2% YoY in Dec. vs. +26.8% YoY in Nov., excluding FX effects, Exhibit 17). Demands fromindustrial machinery and electrical & precision machinery remained robust (Exhibit 18). 3) Weibin Liang, Ph.D.+852 2123 2666weibin.liang@bernsteinsg.com Dien Wang, Ph.D.+852 2123 2622dien.wang@bernsteinsg.com Global: 1) In December, Japan's machine tool orders increased 10.9% YoY and 15.8% MoM(Exhibit 37). Both North America and EU continued to grow YoY strongly (+28.0% and+30.7%, excluding FX effects), while domestic demand in Japan remained weak (flat YoY,Exhibit 38). 2) In December, the manufacturing PMI in the U.S. remained in the expansionrange (51.9, Exhibit 34), in Japan further improved to 51.5 (was 50.0, Exhibit 36), and inEurope slightly improved to 49.4 (was 48.8, Exhibit 35). 3) In December, Japan's robotshipments maintained strong, growing 15.4% YoY (was 46.3% YoY, Exhibit 45). While DETAILS CHINA Note: The EPMI includes 280 sample companies in seven industries including energy conservation and environmental protection, new generation informationtechnology, biotechnology, high-end equipment manufacturing, new energy, new materials, and new energy automobile industry. The EPMI survey is a monthly Equipment sales and production EXHIBIT 17:Japan machine tool orders from China and Y/Y growth. Note: The published year-to-year percent changes of the monthly YTD volumeseries are not always the same as the calculated year-to-year percent changesbecause the monthly YTD volume data come from enterprises that are not the Note: The published year-to-year percent changes of the monthly YTD volumeseries are not always the same as the calculated year-to-year percent changesbecause the monthly YTD volume data come from enterprises that are not the EXHIBIT 27:Multiple Unit: Industrial output YTD growth Note: The published year-to-year percent changes of the monthly YTD volumeseries are not always the same as the calculated year-to-year percent changesbecause the monthly YTD volume data come from enterprises that are not the Source: Haver, Bernstein analysis Note: The latest available data point is Oct. 2025Source: Haver, Bernstein analysis WORLD Jan-26Source: Bloomberg, IHS Markit, Bernstein analysis Source: Bloomberg, IHS Markit, Bernstein analysis Source: Bloomberg, IHS Markit, Bernstein analysis. Source: Ministry of Economy, Trade, and Industry (METI) of Japan, Bernsteinanalysis. Source: METI, Bernstein analysis. Source: METI, Bernstein analysis. INVESTMENT IMPLICATIONS Reiterate Outperform for Keyence, FANUC, Inovance, SMC, AirTAC, Cognex, Hikvision, Han’s Laser, IPG Photonics, andHarmonic Drive; Market-Perform for Estun. BERNSTEIN TICKER TABLE DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社). Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective VALUATION METHODOLOGY This research publication covers six or more companies. For valuation methodology and other company disclosures:Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167. RISKS This research publication covers six or more companies. For risks and other company disclosures:Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTI