德意志银行-xx工业自动化：17年1季度跨国公司解读-20170601-deutschebank.pdfVIP

Deutsche Bank Markets Research Asia Industry Date China China Industrial 1 June 2017 Industrials Manufacturing Automation Industry Update Sky Hong, CFA Nick Zheng, CFA Read-across from MNCs - 1Q17 Research Analyst Research Analyst (+852 ) 2203 6131 (+852 ) 2203 6198 sky.hong@ nick.zheng@ Robust growth in 1Q; strong momentum in 2Q Top picks In order to better gauge the China industrial automation (IA) market, we launch Hollysys Automation Technol Buy quarterly read-across from Multinational Corporations (MNCs) by taking a close (HOLI.OQ),USD15.99 look at MNCs IA business development in China and management comments. Shenzhen Inovance Technolog Buy This, along with our existing quarterly IA monitor, aims to provide investors (300124.SZ),CNY22.90 with a comprehensive review of the China IA market. For 1Q17, datapoints and Source: Deutsche Bank management comments from major MNCs were positive, with channel