CCSC(SH:601375) Zhongyuan Securities·2025-04-25 08:30Economic Overview - In Q1 2025, China's GDP reached 318,758 billion yuan, growing by 5.4% year-on-year, continuing the recovery trend from Q4 2024[7] - The industrial added value for large-scale enterprises increased by 6.5% year-on-year, while retail sales of consumer goods rose by 4.6%[7] - Fixed asset investment (excluding rural households) grew by 4.2% year-on-year, with imports and exports increasing by 1.3%[7] Henan Province Economic Performance - Henan's GDP in Q1 2025 was 14,945.58 billion yuan, a 5.9% increase compared to the same period in 2024[37] - The industrial added value in Henan grew by 8.8%, with retail sales of consumer goods increasing by 7.0%[37] - Foreign trade in Henan surged by 28.0%, significantly outpacing the national growth rate[47] Sectoral Insights - The primary industry in Henan saw a 2.3% growth, while the secondary industry grew by 6.6%, and the tertiary industry increased by 5.8%[37] - High-tech manufacturing in Henan experienced a notable increase, with sectors like electrical machinery and equipment manufacturing growing by 22.3%[40] - Retail categories such as food and beverages saw significant growth, with retail sales increasing by 17.1% and 18.4% respectively[42] Investment and Trade - National fixed asset investment in Q1 2025 was 103,174 billion yuan, with infrastructure investment growing by 4.4%[25] - The real estate sector in Henan showed signs of recovery, with a decrease in development investment narrowing to 7.5%[46] - Exports of machinery and high-tech products from Henan increased by 64.1% and 132.1% respectively, indicating strong demand in these sectors[47]