2月经济数据点评

Economic Overview - In January-February 2025, fixed asset investment (excluding rural households) reached 52,619 billion yuan, with a year-on-year growth of 4.1%, an increase of 0.9 percentage points from the previous value, exceeding market expectations[3][4] - The industrial added value for large-scale enterprises grew by 5.9% year-on-year in January-February 2025, with a month-on-month increase of 0.51% in February[3][13] - The total retail sales of consumer goods increased by 4% year-on-year in January-February 2025, slightly below market expectations[3][15] Sector Performance - Infrastructure investment saw a year-on-year growth rate of 5.6%, while manufacturing investment grew by 9%, indicating a resilient manufacturing sector[3][10][12] - Real estate investment declined by 9.8% year-on-year, but the rate of decline narrowed by 0.8 percentage points compared to the previous value, suggesting some stabilization in the sector[3][8] - High-tech industry investment maintained a strong growth rate of 9.7%, up 1.7 percentage points from the previous value, driven by external demand and policy support[12] Market Trends - The construction area for real estate projects showed a year-on-year decline of 29.6%, with the decline in completed area narrowing to 15.6%[8] - The number of cities with rising residential sales prices decreased in February, indicating a potential cooling in the housing market[8] - The construction industry PMI rose to 52.7 in February, reflecting an acceleration in infrastructure project construction[10]