Equity Research Report | 17 September 2025 China Automation Equities Out of the woods We expect China's industrial automation market to resume growth in 2026-27. We see major capex turnarounds in key discrete industries such as PCB, consumer electronics, auto & auto parts, and LIB, driven by downstream product iterations and rising factory utilisation. We maintain our 2025 and 2026 industrial automation market growth forecast at 0% and 2%, respectively, and introduce our 2027 growth forecast at 3% to reflec ...