2025年2月经济数据点评：经济数据“开门红”的动力来自哪

Economic Performance - In the first two months of 2025, industrial added value increased by 5.9% year-on-year, supported by improved consumption and investment growth[1] - Export delivery value rose by 6.2% year-on-year, surpassing the 5.1% growth of 2024[1] - Fixed asset investment grew by 4.1% year-on-year, up 0.9 percentage points from 2024[3] Sector Analysis - Manufacturing production increased by 6.9% year-on-year, while the production and supply of electricity, gas, and water only grew by 1.1%[2] - The service sector's production index grew by 5.6%, but this was a slowdown from the 6.3% average in Q4 2024[2] - Real estate investment saw a decline of 9.8% year-on-year, although this was an improvement from a 13.4% decline in December 2024[3] Consumer Trends - Retail sales of consumer goods increased by 4% year-on-year, up from 3.7% in December 2024[4] - Essential consumer goods like food and daily necessities showed strong growth, with food items increasing by 11.5% year-on-year[4] Investment Insights - Infrastructure investment grew by 10% year-on-year, exceeding the 9.2% growth of 2024[3] - Government bond net financing reached 871.6 billion yuan, significantly higher than previous years[1] Risks and Challenges - The service sector is experiencing a slowdown, and consumer confidence remains fragile[5] - Future uncertainties in exports and the sustainability of the real estate market recovery need to be monitored closely[5]