12月经济数据点评：顺利完成5%增长目标

GDP Performance - The actual GDP growth rate for Q4 was 5.4%, exceeding market expectations, while the annual growth rate was 5.0%, achieving the set target[3] - The quarterly GDP growth rates were 5.3%, 4.7%, 4.6%, and 5.4%, indicating a "U"-shaped growth pattern throughout the year[12] - The trade surplus for 2024 reached $992.2 billion, the highest in nearly a decade, with the surplus accounting for approximately 23% of the annual GDP increase[13] Production Insights - The industrial capacity utilization rate rose significantly to 76.2% in Q4, the highest since March 2022[22] - Industrial value-added growth in December was 6.2%, returning to above 6% for the first time since April, driven by export demand[22] - Manufacturing value-added growth in December was 7.4%, an increase of 1.4 percentage points from the previous month[22] Investment Trends - Fixed asset investment growth for December was 2.2%, with an annual growth rate of 3.2%, slightly higher than the previous year[26] - Broad infrastructure investment growth slowed to 9.2%, while narrow infrastructure investment showed a slight recovery, indicating reduced fiscal pressure on local governments[26] - Real estate investment in December decreased by 13.3%, with an annual decline of 10.6%, reflecting ongoing challenges in the sector[29] Consumer Behavior - Retail sales growth in December rebounded to 3.7%, with a notable increase to 4.2% when excluding automobile sales[44] - The "old-for-new" policy significantly boosted consumption, particularly in household appliances, contributing to a 13.1% growth in essential consumption[45] - The early timing of the 2025 Spring Festival led to increased pre-holiday purchasing, further supporting retail growth[44]