中山证券-宏观经济数据点评：2月外贸增速和价格指数整体偏弱

Investment Rating - The report does not provide a specific investment rating for the industry [29] Core Insights - The overall trade value of China's goods imports and exports in the first two months of 2025 was 6.54 trillion RMB, a year-on-year decrease of 1.2%. Adjusting for fewer working days, the growth rate was 1.7% [2][7] - In February 2025, the Producer Price Index (PPI) for industrial producers decreased by 2.2% year-on-year, while the Purchasing Price Index fell by 2.3% [3][9] - The Consumer Price Index (CPI) in February 2025 showed a year-on-year decline of 0.7%, with food prices dropping by 3.3% [3][14] - The weak performance in trade growth, industrial prices, and consumer prices indicates a slow recovery in the domestic macroeconomic environment [18][23] Summary by Sections 1. Major Economic Data Analysis - The total value of imports and exports in the first two months of 2025 was 6.54 trillion RMB, with exports at 3.88 trillion RMB (up 3.4%) and imports at 2.66 trillion RMB (down 7.3%) [7] - The PPI for industrial producers decreased by 2.2% year-on-year in February, with production material prices down by 2.5% [9][3] - The CPI showed a year-on-year decline of 0.7% in February, with significant drops in food prices impacting overall consumer prices [14][15] 2. Significant Economic Events - The government work report outlined key economic targets for the year, including a GDP growth target of around 5% and a focus on boosting domestic consumption and investment [24][25]