They reduced both the number of MR SAMs and the illuminators. Do you see that as downgrade in medium range air defense? Or are the HQ-16 significantly superior to the SA-N-7 and can compensate the lack in numbers?
Depends how good the HQ-16 vs. the Shtil-1 is. Also the Chinese vs the Russian MR-90s. The HQ-16 features TVC while the Shtil doesn't. The HQ-16 in its land based form was ahead over the Buks in using phased array while the Buks are using an inverse cassegrain. That can be passed over to the naval side. If you put pics of the Chinese vs the Russian illuminators together, the differences become apparent like the shape of the dome.
Then you also have the firing rate of the VLS vs the arm launchers.
By the time the other two Sovremennies get their refit their illuminators can be changed to the AESAs used by the newest 054A.
In exchange the refitted Sovremennies gets vastly improved close in and electronic warfare capabilities. Compared to ships like the Kresta and the Slava, the Sovremennies are devoid of electronic warfare other than a basic decoy launcher. After the refit, they get the full Type 726 EW suite used by the 052C/D. This includes the 726-1 ESM for threat signal analysis, the 726-2 ESM for directional finding, the 726-3 for ECM jamming and the 726-4 decoy launch system that can launch a variety of chaff and possibly might have active decoys. The ships are topped with a tall ESM mast used by the 052D.
You also gain the HQ-10 that puts 24 close range missiles on board.
The radar changes from the Mineral-M radar to the Type 366 adds the ability to detect low flying objects over the horizon.
The Type 382 radar over the Fregat increases the rotational rate of the search radar from 12 rpm to 30.
The Type 364 radar is added and this is a radar that is dedicated in detecting and tracking sea skimmers. This radar is optimized against sea clutter. The Type 364 is used to coordinate the HQ-10 and the CIWS radars. It can possibly be used in combination with the the Type 382 to track airborne targets for engagement with the HQ-16. Given its 60 rpm, you can potentially combine the tracks of both radars for a much higher update rate.
The Type 364 only has its equivalent with the Russian Pozitiv radar set, which are not available with the Sovremennies until the last two ships that China ordered.
Then you have the question how well the Chinese gun fire control radars are, the Type 344 vs the MR-184 for the AK-130 and the Type 349 vs the MR-123 for the AK-630.