2026年1-2月经济数据：投资升、生产强、消费稳

Economic Overview - In January-February 2026, the total retail sales of consumer goods increased by 2.8% year-on-year, up from 0.9% in the previous period[2] - Fixed asset investment (FAI) showed a cumulative year-on-year increase of 1.8%, reversing from a decline of 3.8% previously[2] - The industrial added value of enterprises above designated size grew by 6.3% year-on-year, surpassing the previous value of 5.2%[2] Investment Insights - The rebound in investment growth is a key highlight, supported by policies from the last quarter of the previous year and early implementation of this year's policies[2] - Infrastructure investment surged to 11.4% growth, driven by major projects and fiscal policies[3] - Manufacturing investment returned to positive growth at 3.1%, with equipment updates and high-tech manufacturing leading the way[3] Consumption Trends - Service consumption showed strong performance with a cumulative year-on-year growth of 5.6%, benefiting from the Spring Festival effect[2] - Excluding automobiles, retail sales of consumer goods showed resilience, with significant growth in categories like communication equipment (17.8%) and office supplies (5.8%)[2] - The retail growth of gold and jewelry reached 13.0%, indicating a recovery in luxury consumption[2] Risks and Considerations - Potential risks include the possibility of policy implementation falling short of expectations and geopolitical tensions affecting market stability[3]