内需市场“开门稳”，政策组合拳护航开局

Group 1: Domestic Demand Overview - In January-February 2026, China's domestic demand market showed a stable start, with retail sales of consumer goods reaching 8.61 trillion yuan, a year-on-year growth of 2.8%, accelerating by 1.9 percentage points from December 2025[4] - Fixed asset investment (excluding rural households) grew by 1.8% year-on-year, marking a turnaround from a decline of 3.8% in the previous year[8] - The growth in infrastructure investment was significant at 11.4%, serving as a stabilizing force for overall investment[8] Group 2: Policy Support and Economic Strategy - The government has introduced a policy package including 250 billion yuan in special long-term bonds to support the replacement of consumer goods and an additional 100 billion yuan in financial collaboration funds to boost domestic demand[10] - The focus of policies is shifting from "investment in objects" to "investment in people," aiming to enhance consumer confidence and reduce precautionary savings[11] - The emphasis on effective investment is reflected in the "14th Five-Year Plan," which includes 109 major projects to drive new productive forces and modern infrastructure[11] Group 3: Consumer Behavior and Market Trends - Service consumption has accelerated, with restaurant revenue growing by 4.8%, outpacing the 2.5% growth in goods retail[4] - Upgraded goods showed strong recovery, with communication equipment sales increasing by 17.8% and gold and jewelry sales rising by 13.0%[6] - Despite positive trends, automotive retail sales fell by 7.3% year-on-year, and real estate investment saw a significant decline of 11.1%, indicating that the recovery of domestic demand still requires consolidation[10][12]