Zhongyuan Securities·2026-01-28 12:46National Economic Overview - In 2025, China's GDP reached 1401879 billion yuan, growing by 5.0% year-on-year, successfully meeting the growth target[6] - The contribution of the tertiary industry to GDP growth increased, with a structure adjustment to 6.7:35.6:57.7[13] - National fixed asset investment (excluding rural households) decreased by 3.8%, marking the first negative growth in five years[14] - The total retail sales of consumer goods reached 501202 billion yuan, growing by 3.7% year-on-year[24] Provincial Economic Performance (Henan) - Henan's GDP in 2025 was 66632.79 billion yuan, with a year-on-year growth of 5.6%, exceeding the initial target of 5.5%[37] - The province's industrial added value grew by 8.4%, surpassing the national average by 2.5 percentage points[39] - Social retail sales in Henan increased by 5.6%, higher than the national average by 1.9 percentage points[44] - Fixed asset investment in Henan rose by 4.0%, significantly exceeding the national decline[39] Sectoral Insights - The contribution of the service sector to GDP growth reached 61.4%, driven by strong performance in accommodation, catering, and IT services[13] - In Henan, the primary industry added value was 5538.08 billion yuan, growing by 3.6%, while the secondary and tertiary industries grew by 5.5% and 6.0% respectively[39] - High-tech manufacturing in Henan saw a significant increase, with growth rates of 29.3% in optical electronics and 26.7% in aerospace[43] Investment and Trade - Nationally, exports grew by 6.1% to 26990 billion yuan, while imports increased by 0.5%[34] - In Henan, the fixed asset investment growth was primarily driven by manufacturing, which saw a 0.6% increase[29] - The real estate sector in Henan faced challenges, with a 17.2% decline in development investment, although sales showed signs of recovery[33]