hmm, I kind of expect 054B to be the CODOG frigate that Richard Fisher was mentionning, possibly using 2 QC-185. As for torpedo, Yu-7 is good enough I think. The best Mk-46 that China got was mod 2, Yu-7 should be significantly upgraded compared to that. If we look at some of the rumoured performance level of Yu-6 compared to say MK-48 Adcap, I wouldn't be surprised if the current Yu-7 is at the level of mod 5 MK-46.
As for sensors, I don't think the important part here is whether it uses AESA radar or not (although it will from the look of the naval development), the more important part is finding a cost effective system with integrated sensors.