【宏观快评】3月经济数据点评：超预期的政策效果

Group 1: Economic Performance - The GDP growth rate for Q1 is 5.4%, consistent with the previous value, while nominal GDP growth is 4.6%[3] - Fixed asset investment growth for Q1 is 4.2%, up from 2.6% in the previous quarter[3] - Retail sales growth in March is 5.9%, an increase from 4.0% in February, with cumulative growth for Q1 at 4.6%[4] Group 2: Policy Effects and Consumer Behavior - The "old-for-new" policy has significantly boosted durable goods sales, with March growth at 12.8%, up from 3.4%[11] - Consumer spending inclination in Q1 is 63.1%, slightly down from 63.3% in the same period last year[20] - Rural migrant workers' average monthly income increased by 3.3%, lower than the urban disposable income growth of 4.9%[27] Group 3: Investment and Real Estate - Equipment investment grew by 19% in Q1, contributing 64.6% to total investment growth[11] - Real estate investment decreased by 9.9% in Q1, with a significant inventory of unsold properties remaining[13] - The housing price index in first-tier cities has stabilized, with a year-on-year decline narrowing from -10.7% to -4.1%[11]