数据透视民营经济：多项核心指标回暖 向新动能十足

Core Insights - The recent private enterprise symposium and the implementation of the Private Economy Promotion Law signify strong support and recognition for the role of the private economy in China's development, aiming to boost confidence and market risk appetite [1][3] - In Q1 2025, key indicators of the private economy showed significant recovery, with private enterprises demonstrating resilience and growth potential [2][5] Economic Indicators - In Q1 2025, the added value of private enterprises in large-scale industrial sectors grew by 7.3% year-on-year, surpassing the overall growth rate of all large-scale industrial enterprises [2] - Private investment saw a positive turnaround, with a 0.4% year-on-year increase in Q1 2025, reversing the decline from the previous year; manufacturing and infrastructure investments grew by 9.7% and 9.3%, respectively [2] - Private enterprises' import and export volume increased by 5.8% year-on-year in Q1 2025, accounting for 56.8% of the total import and export volume, indicating strong competitiveness in international markets [2] Entrepreneurial Confidence - The overall confidence index for entrepreneurs reached 70.62 in Q1 2025, reflecting a 4.28 increase from the first half of 2024, with optimism across various industry dimensions [3] - The development index for small and medium-sized enterprises was 89.5 in Q1 2025, marking the highest level since Q1 2022 [3][4] Market Activity - In Q1 2025, 1.979 million new private enterprises were registered, a 7.1% year-on-year increase, with the total number of registered private enterprises exceeding 57 million, representing 92.3% of all enterprises [4] - The proportion of fully operational enterprises reached 50.4%, an 11 percentage point increase from the previous quarter, indicating a recovery in operational activity [4] Innovation and New Dynamics - The establishment of new "four new" economy private enterprises reached 836,000 in Q1 2025, accounting for over 40% of new private enterprises, with significant growth in internet and modern information technology services [6] - From 2022 to 2024, A-share private enterprises' R&D investment exceeded 650 billion, with R&D intensity reaching 4.31% in 2024, significantly higher than the overall societal R&D intensity [6][7]