中银国际-1~2月经济数据点评：稳增长多管齐下，促消费恰逢其时

Investment Rating - The industry investment rating is set to "stronger than the market" indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [54]. Core Insights - The economic data for January-February 2025 shows an overall improvement compared to 2024, with industrial added value growing by 5.9%, fixed asset investment increasing by 4.1%, and retail sales growing by 4.0%, although the latter was below expectations [45][46]. - The macroeconomic policies are expected to have a significant impact on stabilizing growth, with a focus on infrastructure investment, manufacturing fixed asset investment, and consumer spending [46]. - The report highlights the resilience of high-tech industries and the positive impact of cultural products on service consumption, indicating a structural shift in the economy [45][46]. Summary by Sections Industrial Added Value - In January-February 2025, industrial added value increased by 5.9% year-on-year, supported by manufacturing and high-tech industries [7][11]. - The mining industry saw a year-on-year growth of 4.3%, while manufacturing grew by 6.9% and high-tech industries by 9.1% [5][11]. Retail Sales - Retail sales grew by 4.0% year-on-year, with non-automotive consumer goods retail sales increasing by 4.8% [5][18]. - Service consumption showed strong performance, with a year-on-year growth of 4.9% [5][22]. Fixed Asset Investment - Fixed asset investment increased by 4.1% year-on-year, with manufacturing investment growing by 9.0% and infrastructure investment by 5.6% [30][34]. - Real estate investment saw a decline of 9.8%, but the rate of decline has narrowed compared to 2024 [38][41]. Economic Outlook - The economic growth target for 2025 remains at 5%, with a need for multi-faceted efforts to stabilize growth [46]. - The report emphasizes the importance of macroeconomic policies in supporting growth, particularly in infrastructure and consumer spending [46].