【国寿安保定盘星】系列之二：一季度经济迎来开门红

Economic Performance Overview - In Q1 2025, China's GDP grew by 5.4% year-on-year, with production, consumption, and investment data exceeding market expectations [1] - The industrial added value for large-scale enterprises increased by 6.5% year-on-year, accelerating by 0.7 percentage points compared to the previous year [1] - Social retail sales rose by 4.6% year-on-year in Q1, with a notable increase of 5.9% in March [1] - Fixed asset investment grew by 4.2% year-on-year in Q1, with manufacturing investment up by 9.1% and infrastructure investment up by 11.5% [1] Export and Domestic Demand - Q1 exports remained resilient, with net export levels reaching new highs, supported by a "rush to export" factor [2] - The positive economic performance in Q1 was attributed to the release of domestic demand and the effects of previous policy measures [2] - The "old-for-new" consumption policy launched in early 2025 allocated 300 billion yuan to support consumer goods replacement, significantly up from 150 billion yuan in 2024 [2] Manufacturing and Investment Trends - Manufacturing investment saw a cumulative year-on-year growth of 9.1% in March, supported by equipment upgrading policies [3] - High-tech industry investments grew by 6.5%, with significant increases in information services, aerospace manufacturing, and computer equipment sectors [3] - Local government debt resolution efforts have positively impacted economic growth, particularly in major economic provinces [3] Overall Economic Outlook - Despite external uncertainties, China's large economic scale and domestic market provide significant resilience and flexibility [4] - The effectiveness of previous growth stabilization policies has contributed to a strong economic performance in Q1 2025 [4] - The focus on domestic stability in response to international uncertainties is seen as a unique advantage for China's economic growth [4]