CCSC(SH:601375) Zhongyuan Securities·2026-03-30 09:17Economic Overview - In January-February 2026, China's industrial added value above designated size grew by 6.3% year-on-year, exceeding market expectations and showing a significant acceleration compared to the end of the previous year[11] - In Henan Province, the industrial added value above designated size increased by 7.8%, outperforming the national average by 1.5 percentage points, indicating strong industrial performance[13] Consumption Trends - Nationally, the total retail sales of consumer goods reached 86,079 billion yuan, growing by 2.8% year-on-year, but still below the 2025 full-year growth of 3.7%[17] - In Henan, the total retail sales of consumer goods surpassed 520 billion yuan, with a year-on-year growth of 3.6%, which is 0.8 percentage points higher than the national average[18] Investment Insights - National fixed asset investment (excluding rural households) was 52,721 billion yuan, with a year-on-year increase of 1.8%, marking a significant recovery from the -3.8% decline in 2025[21] - In Henan, fixed asset investment grew by 3.0%, higher than the national average, with industrial investment increasing by 10.2%[29] Real Estate Market - Nationally, real estate development investment fell by 11.1%, although this was an improvement from the -17.2% decline in 2025, indicating ongoing challenges in the sector[25] - In Henan, real estate development investment decreased by 6.6%, with sales and funding indicators still in a downward trend, reflecting a sluggish market[29] Economic Outlook - The economic performance in early 2026 is characterized by strong production, recovering consumption, and positive investment trends, but effective demand remains weak[34] - The Henan government plans to implement more proactive fiscal policies and moderately loose monetary policies to boost market confidence and vitality[34]