国内观察：2024年12月经济数据及全年GDP数据：Q4GDP超预期，第三产业支撑明显

Economic Overview - Q4 2024 GDP growth rate at 5.4% YoY, up from 4.6% in Q3 2024, indicating a recovery driven by policy measures[2] - Full-year GDP growth for 2024 achieved at 5.0%, meeting the target of around 5%[2] - Nominal GDP growth in Q4 2024 surged to 7.43%, a significant increase from 4.04% in the previous quarter[2] Sector Performance - The tertiary sector's growth rate improved to 5.8%, the highest among all sectors, contributing significantly to overall GDP growth[2] - December retail sales rose by 3.7% YoY, surpassing the previous month's 3.0%[2] - Industrial output in December increased by 6.2% YoY, marking the highest growth in eight months, influenced by export demand[2] Investment Trends - Fixed asset investment growth slightly declined to 3.2% YoY in December, with manufacturing and infrastructure investments showing minor decreases[4] - Real estate sales maintained positive growth at 0.3% in December, but full-year sales dropped by 12.9% YoY[4] - Manufacturing investment growth remained robust at 8.4%, with significant contributions from equipment manufacturing[4] Policy Implications - Continued focus on domestic demand expansion is necessary, with potential policy adjustments expected during the upcoming Two Sessions[2] - The impact of monetary policy adjustments, particularly in response to the Federal Reserve's interest rate changes, will be crucial for economic stability[2] - Risks include potential underperformance of policy implementation and ongoing challenges in the real estate sector[4]