Deutsche Bank 1月17日报告。
　　The recovery in China＇s industrial automation（IA）market has been reaffirmed with a strong finish to 2016 driven by better-than-expected 4Q.We expect demand recovery to continue and import substitutions to speed up in 2017 with accelerating rollout of demonstration projects.IA listcos also remain positive on their IA growth but downside to earnings may come from non-IA business.We downgrade HOLI to Hold on prolonged delays in ATP orders.We recommend to Buy Inovance to play the IA recovery theme.We continue to like FPI given its unique exposure to environmental PPP projects.