1-2月经济数据点评：经济稳健开局，固定资产投资增速回暖

Investment Rating - The report assigns a low-risk rating to the industry, indicating a stable economic environment and manageable risks [2][9]. Core Insights - The economic data for January-February shows a steady start to the year, with industrial growth and manufacturing investment continuing to play a crucial role in overall economic recovery [9]. - The "old-for-new" policy has positively impacted consumer spending, with retail sales increasing by 4.0% year-on-year, reflecting a recovery in consumer confidence [2][9]. - Fixed asset investment has rebounded, with urban fixed asset investment growing by 4.1% year-on-year, supported mainly by manufacturing and infrastructure investments [7][9]. Summary by Sections Macroeconomic Overview - The report highlights a robust economic start, with fixed asset investment growth showing signs of recovery [1][9]. - Industrial value-added for January-February increased by 5.9%, surpassing expectations, with significant contributions from equipment manufacturing and high-tech sectors [7][9]. Consumer Market - Retail sales in January-February rose by 4.0% year-on-year, with notable growth in dining and specific consumer goods categories due to the "old-for-new" policy [2][9]. - The report notes a significant increase in sales for communication equipment (26.2%), cultural and office supplies (21.8%), and furniture (11.7%) [2]. Investment Trends - Urban fixed asset investment grew by 4.1%, with manufacturing investment increasing by 9.0%, indicating a strong focus on industrial upgrades despite a slight slowdown [7][9]. - Real estate investment showed signs of recovery, with a decline of 9.8% year-on-year, which is an improvement compared to previous months [7][9]. Future Outlook - The report anticipates a continuation of positive economic trends into March, driven by government policies aimed at stabilizing the economy and boosting consumer spending [9]. - The government has set a GDP growth target of around 5% for 2025, indicating a commitment to maintaining economic stability [9].