1-2月经济数据点评：政策效应渐进显现

Group 1: Economic Performance - China's industrial added value grew by 5.9% year-on-year in January-February 2025, slightly down from 6.2% in December 2024[2] - The manufacturing sector, as the main engine of economic growth, saw a year-on-year increase of 6.9%, outperforming mining (4.3%) and utilities (1.1%) sectors[2] - The service production index increased by 5.6% year-on-year, up 0.4 percentage points from the entire year of 2024[2] Group 2: Consumer Market - Social retail sales rose by 4.0% year-on-year in January-February 2025, compared to 3.7% in December 2024[2] - Retail sales of consumer goods excluding automobiles increased by 4.8% year-on-year, driven by the "old-for-new" policy[2] - Categories such as communication equipment and home appliances saw significant growth, with retail sales increasing by 26.2% and 10.9% respectively[2] Group 3: Investment Trends - Fixed asset investment (excluding rural households) grew by 4.1% year-on-year, accelerating by 0.9 percentage points compared to the entire year of 2024[4] - Infrastructure investment rose by 5.6% year-on-year, while manufacturing investment increased by 9.0%[4] - Real estate development investment decreased by 9.8%, but the decline was less severe than the previous month's drop of 11.5%[4] Group 4: Policy Impact - The government announced a consumption stimulus plan, doubling the funding for the "old-for-new" policy from 150 billion RMB to 300 billion RMB[4] - Policies aimed at boosting consumer confidence, such as childcare subsidies, are expected to gradually take effect, enhancing market sentiment[4]