Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In Q1 2025, China's GDP grew by 5.4% year-on-year at constant prices, with a 1.2% quarter-on-quarter increase compared to Q4 2024. The added value of the primary, secondary, and tertiary industries increased by 3.5%, 5.9%, and 5.3% respectively [4]. - The added value of large-scale industrial enterprises increased by 6.5% year-on-year in Q1 2025, accelerating by 0.7 percentage points compared to the whole of last year. In March, it increased by 7.7% year-on-year, accelerating by 1.8 percentage points compared to January - February [4]. - The added value of the service industry increased by 5.3% year-on-year in Q1 2025, accelerating by 0.3 percentage points compared to the whole of last year. In March, the service industry production index increased by 6.3% year-on-year, accelerating by 0.7 percentage points compared to January - February [4]. - In Q1 2025, fixed asset investment (excluding rural households) increased by 4.2% year-on-year, accelerating by 1.0 percentage point compared to the whole of last year. Excluding real estate development investment, it increased by 8.3% [4]. - In Q1 2025, total retail sales of consumer goods increased by 4.6% year-on-year, accelerating by 1.1 percentage points compared to the whole of last year. In March, it increased by 5.9% year-on-year, accelerating by 1.9 percentage points compared to January - February [5]. - In Q1 2025, the national surveyed urban unemployment rate averaged 5.3%. In March, it was 5.2%, a 0.2 percentage point decrease from the previous month [5]. - In Q1 2025, the per capita disposable income of national residents was 12,179 yuan, a nominal increase of 5.5% year-on-year, and a real increase of 5.6% after deducting price factors [5]. - In Q1 2025, the total volume of goods imports and exports was 10.3013 trillion yuan, a 1.3% year-on-year increase. Exports were 6.1314 trillion yuan, a 6.9% increase, while imports were 4.17 trillion yuan, a 6.0% decrease [5]. Summary by Relevant Catalogs National Economic Accounting - GDP quarterly growth rates from 2022 - 2025 are presented, showing trends in different industries such as agriculture, forestry, animal husbandry, and fishery, industry, construction, and services [7]. - Contribution rates of different industries to GDP growth are provided, including agriculture, forestry, animal husbandry, and fishery, industry, construction, and various service - related sectors [13]. Industry Industrial Growth Rate - The added value of large - scale industrial enterprises showed different growth rates in different industries and time periods. For example, in March 2025, it increased by 7.7% year-on-year [4][21]. - Different industries such as coal mining, oil and gas extraction, and农副食品 processing had varying year-on-year growth rates of added value in different months [21]. Main Output of Large - Scale Industry - Output data of various industrial products from 2024 - 2025 are presented, including energy products (e.g., crude oil, coal), industrial raw materials (e.g., ethylene, chemical fiber), and finished products (e.g., automobiles, smartphones) [23]. Industry Electricity Consumption - Electricity consumption growth rates of different industries from 2023 - 2024 are provided, such as agriculture, forestry, animal husbandry, and fishery, mining, and manufacturing [31]. Industrial Enterprise Profits - In January - February 2025, the total profit of large - scale industrial enterprises was 910.99 billion yuan, a 0.3% year-on-year decrease. Different industries had different profit growth or decline situations [34]. - The profit situation of different industrial categories (mining, manufacturing, and production and supply of electricity, heat, gas, and water) in January - February 2025 is presented, with mining showing a decline, manufacturing an increase, and the production and supply of electricity, heat, gas, and water a significant increase [38]. Industrial Enterprise Inventory - As of the end of February 2025, the finished - product inventory of large - scale industrial enterprises was 6.37 trillion yuan, a 4.2% increase, with an improvement in the inventory situation compared to December last year [43]. - Inventory data of large - scale industrial enterprises in different industries and time periods from 2024 - 2025 are provided, showing trends in different industrial chains [45]. Price Index CPI - In March 2025, the national consumer price index (CPI) decreased by 0.1% year-on-year and 0.4% month-on-month. Different categories of consumer goods had different price changes [48]. - CPI data of different consumer goods categories from 2024 - 2025 are presented, including food, clothing, housing, and transportation [49]. PPI - In March 2025, the national industrial producer price index (PPI) decreased by 2.5% year-on-year and 0.4% month-on-month, with different price changes in production and living materials [55]. - PPI data of different industries from 2024 - 2025 are provided, such as mining, raw materials, and processing industries [55][58]. Real Estate - Data on the price indices (year - on - year and month - on - month) of newly built commercial residential buildings in 70 large and medium - sized cities from 2015 - 2025 are presented, showing different trends in first - tier, second - tier, and third - tier cities [62][64].
宏观周报：一季度GDP增长5.4%，工业增长加速-20250420
Hua Lian Qi Huo·2025-04-20 14:30