4月经济数据点评：内需偏弱延续，外需冲击显现

Economic Performance - In April, industrial added value increased by 6.1% year-on-year, exceeding the consensus expectation of 5.2%[3] - Fixed asset investment growth for January-April was 4.0%, with real estate investment declining by 10.3%[20] - Retail sales grew by 5.1% year-on-year in April, lower than expected, with significant declines in certain sectors[12] Sector Analysis - Manufacturing sector maintained a strong performance with a cumulative year-on-year growth of 7.1% in industrial added value from January to April[6] - High-tech industries showed robust growth, with a year-on-year increase of 9.8% in industrial added value[6] - Real estate investment continues to face challenges, with new construction area down by 23.8% year-on-year[24] External Factors - The impact of external demand shocks is becoming evident, particularly from U.S. tariffs affecting industries like textiles and general equipment[31] - The "export grabbing" trend continues, particularly in the electrical equipment sector, which saw a slight increase in industrial added value in April[31] Future Outlook - Economic expectations for Q2 are improving due to recent financial policy adjustments, including interest rate cuts[32] - However, uncertainties remain regarding U.S. tariff policies and their potential impact on external demand later in the year[32] - The most effective measure for stabilizing growth is to expand domestic demand, with a focus on the efficiency of fiscal policy implementation[32]