2024年4月经济数据点评：经济平稳向好，投资有待平稳发力

Economic Performance - In April, the industrial added value grew by 6.7% year-on-year, rebounding from a decline in March, indicating resilience in China's economy[21] - Fixed asset investment (excluding rural households) for January to April reached 14,340.1 billion yuan, with a year-on-year growth of 4.2%, showing a slight decline of 0.3 percentage points[9][27] - Real estate investment for January to April was 3,092.8 billion yuan, down 9.8% year-on-year, with signs of improvement in some related data[51] Investment Trends - Investment in infrastructure and manufacturing showed a slight decline after high growth at the beginning of the year, indicating a need for stable investment momentum moving forward[27] - Private fixed asset investment was 73,913 billion yuan, with a year-on-year growth of only 0.3%, reflecting a cautious investment environment[9] Consumer Behavior - Social retail sales totaled 35,699 billion yuan in April, growing by 2.3% year-on-year, continuing a downward trend influenced by high base effects from the previous year[46] - Retail sales excluding automobiles reached 32,196 billion yuan, with a growth of 3.2%, indicating a mixed consumer sentiment[46] Policy and Market Outlook - The macroeconomic environment is expected to stabilize and improve, supported by policy incentives and economic resilience, leading to a dual recovery in both the economy and capital markets in 2024[3][58] - The monetary environment remains accommodative, with expectations for potential interest rate cuts or reserve requirement ratio reductions in the future[4][36]