Massive data are generated and collected by devices in the industrial Internet of Things. Data sources would encrypt the data and send them to the data center through the gateway. For some supervision purpose, the gateway needs to observe the encrypted data stream and label the suspicious data. Instead of decrypting ciphertext at the gateway, which is not efficient, this paper presents a Φ-searchable functional encryption scheme that supports inner product evaluations on encrypted data. Based on this scheme, an approach enabling various queries on the encrypted industrial data stream is proposed. The adaptive security of our proposed underlying functional encryption scheme can be proven under general subgroup decision assumptions, and our scheme has the smaller public key, the smaller secret key, and the smaller ciphertext size compared to the related schemes. In addition, the experimental results show that our proposed scheme is efficient. Especially for the gateway, querying on the encrypted data only needs less than 20ms, which is practical for industrial data stream auditing scenario.