
Core Insights - China's industrial and service sectors experienced rapid growth in January and February, but domestic demand remains weak and external demand has also declined, indicating a need for further optimization in the supply-demand structure [1] Production Sector - The industrial added value growth rate exceeded market expectations, driven primarily by transportation equipment, metal products, and equipment manufacturing [1] - The service sector maintained a high growth rate, with modern service industries showing particularly strong performance [1] Demand Side - Investment growth in January and February significantly surpassed market expectations, largely due to strong performance in infrastructure investment and resilient manufacturing investment, while the decline in real estate investment has narrowed [1] - Consumer data for January and February fell slightly below market expectations, with commodity consumption growth remaining flat compared to December of the previous year; however, restaurant consumption saw a rebound due to the Spring Festival [1] - In specific categories, consumption related to trade-in subsidies has shown a decline in consumer sentiment [1] Future Outlook - The degree of weakening in export chain conditions and the effectiveness of domestic demand, particularly in boosting consumption, are two key areas to watch moving forward [1]