中国2025年4月经济数据图景：经济压力持续改善

Report Industry Investment Rating - No relevant information provided Core Views - In April 2025, the economy continued to improve. GDP in Q1 grew 5.4% year-on-year, higher than the full-year 2024 and Q1 2024. The PPI in April decreased 2.7% year-on-year, and CPI turned from a 0.4% decline in March to a 0.1% increase [3]. - Manufacturing investment drove fixed - asset investment expansion. As of April 2025, fixed - asset investment (excluding rural households) grew 4.0% year - on - year. Consumption showed a strong rebound, while real estate investment remained negative [4]. - Economic pressure continued to improve in April, but external uncertainties were still large, and price changes in upstream raw material industries needed continuous attention [5]. Summary by Directory Growth:回升 - In Q1 2025, China's GDP exceeded 31.8 trillion yuan, growing 5.4% year - on - year. The proportion of the tertiary industry increased to 61.2%, up 0.5 percentage points year - on - year. However, due to the Sino - US tariff conflict, the growth rates of private, foreign and state - owned enterprises declined [10]. Inflation:承压 - In April 2025, PPI decreased 2.7% year - on - year, mainly due to international input pressure and seasonal weakening of domestic energy demand. Although PPI continued to decline, there were signs of structural improvement, and it was expected to gradually stabilize and rebound [18][19]. Investment:企稳 - As of April 2025, fixed - asset investment (excluding rural households) grew 4.0% year - on - year. Manufacturing investment was the core driver, and infrastructure investment also accelerated. Equipment purchase investment increased significantly, contributing 64.5% to total investment growth [50]. Production:上游原材料增长乏力 - From January to April 2025, the added value of large - scale industries increased 6.4% year - on - year. The performance of different industries was differentiated, with downstream demand driving growth, but upstream raw materials had weak growth [57]. Consumption:持续改善 - In April 2025, the total retail sales of consumer goods reached 37174 billion yuan, a year - on - year increase of 5.1%. Online sales also grew well. Consumption was driven by policies and a stable economic environment [68][69]. Real Estate:去化压力较大 - From January to April 2025, real estate development investment decreased 10.3% year - on - year. Sales showed regional differentiation and structural adjustment, and the market was in the adjustment and transformation stage with large destocking pressure in some areas [81][82][83].