1—2月经济数据点评：供给韧性延续，需求修复仍待观察

Production - Industrial production maintained resilience with a year-on-year growth of 6.3% in January-February, and a month-on-month increase of 0.8% in February, significantly above historical seasonal levels[1] - The manufacturing value added grew by 6.6%, outperforming mining (6.1%) and utilities (4.7%), with high-end equipment and electronics manufacturing as key supports[1] - High-tech manufacturing products showed rapid growth, with industrial robots, integrated circuits, and power generation equipment increasing by 31.1%, 12.4%, and 21.6% respectively[1] Investment - Fixed asset investment rose by 1.8% year-on-year in January-February, recovering from negative growth in 2025[2] - Infrastructure investment surged, with narrow and broad infrastructure investments growing by 11.4% and 9.8% respectively, significantly improving from last year[2] - Manufacturing investment increased by 3.1%, a notable improvement from the 0.3% growth in 2025, driven by a 11.5% rise in equipment purchases[2][3] Real Estate - Real estate investment declined by 11.1%, but the drop was 6.1 percentage points less than the full-year decline in 2025, indicating some stabilization[4] - New construction area and completed area fell by 23.1% and 27.9% respectively, reflecting weak new construction intentions[4] - The amount of funds available for real estate decreased by 16.5%, with personal mortgage loans dropping by 41.9%, indicating weak leverage willingness among residents[4] Consumption - Overall retail sales grew by 2.8% year-on-year, slightly below the 3.7% growth in 2025, primarily due to a slowdown in automobile consumption[5] - Restaurant income increased by 4.8%, significantly higher than the previous year, driven by strong demand during the Spring Festival[5] - Essential and policy-related consumption performed relatively well, while some discretionary spending remained weak, particularly in real estate-related sectors[5]