点评报告：政策效应释放，内需修复继续

Economic Growth - China's industrial added value increased by 5.9% year-on-year in January-February 2025, a decrease of 1.1 percentage points compared to the same period last year[8] - Fixed asset investment grew by 4.1% year-on-year in January-February 2025, up 0.9 percentage points from 2024[9] - Social retail sales rose by 4.0% year-on-year in January-February 2025, an increase of 0.5 percentage points from 2024[9] Inflation and Prices - The Consumer Price Index (CPI) fell by 0.7% year-on-year in February 2025, a decrease of 1.2 percentage points from January 2025, potentially marking the year's lowest point[12] - The Producer Price Index (PPI) dropped by 2.2% year-on-year in February 2025, narrowing by 0.1 percentage points from January 2025, indicating persistent economic pressure[12] Trade and Exports - In January-February 2025, China's total exports amounted to $539.94 billion, a year-on-year increase of 2.3%, down 3.6 percentage points from 2024[37] - Imports totaled $369.43 billion, showing a year-on-year decline of 8.4%, a drop of 9.5 percentage points compared to 2024[46] - The trade surplus reached $170.52 billion in January-February 2025[37] Monetary and Credit Conditions - New social financing in February 2025 was 22,333 billion yuan, a year-on-year increase of 49.3% compared to February 2024[13] - New RMB loans totaled 10,100 billion yuan in February 2025, a decrease of 30.3% from 14,500 billion yuan in February 2024[13] - M2 money supply grew by 7.0% year-on-year in February 2025, remaining stable compared to the previous month[15]