德银-中国-制造业-中国工业自动化：2017年强劲结束;2018年前景乐观-20180202-16页

2February2018ManufacturingChinaIndustrialAutomationIndustrialsManufacturingIndustryUpdateAsiaChinaIndustryChinaIndustrialAutomationDate2February2018DeutscheBankMarketsResearchAstrongfinishfor2017;afavorableoutlookfor20182017endedonastrongnote;BuyHOLIandInovanceThefinal4QgrowthrateforChinasindustrialautomation(IA)demandcameinat17%YoY,afurtheraccelerationfrom3Qs15%.Inlightofthetoughercomp,suchrobustgrowthagainsubstantiallybeatmarketexpectations.Moreencouragingly,becauseofthebetter-than-expectedorderintakesin9M17,ourchannelcheckssuggestthatsomeindustryplayersintentionallypushedsome4Qordersinto2018.WebelieveChinasIAdemandgrowthcouldbesustainedatahighlevelinto2018,likelywithintherangeof10-15%.Risinggovernmentsupportin2018;SMEsmightstarttobenefitOurchannelcheckssuggestthatcentralgovernmentislikelytodelegatemoredecision-makingpower