4月经济数据点评：经济分化延续，关注未来需求端变化

Economic Performance - In April 2024, the industrial added value year-on-year growth rate increased by 2.2 percentage points to 6.7%, with a month-on-month increase of 0.97%[19] - Fixed asset investment cumulative year-on-year growth rate for January-April 2024 was 4.2%, down from 4.5%[19] - Manufacturing investment growth rate was 9.7%, while real estate investment fell to -9.8%[19] Industrial Sector Insights - High-tech industries led the growth, with a year-on-year increase of 11.3% in April, outperforming the overall manufacturing growth[20] - Industrial product exports continued to rise, with a year-on-year growth rate of 7.3% in April, up from 1.4% in March[11] - Downstream high-end manufacturing sectors, such as automotive manufacturing, saw significant growth, with a year-on-year increase of 16.3%[21] Real Estate Market Trends - Real estate investment continued to decline, with new construction and sales showing negative growth, although the rate of decline is narrowing[36] - The cumulative year-on-year decline in commodity housing sales area increased to -20.2%[31] - Policies to relax purchase restrictions and lower mortgage costs were implemented to stabilize the real estate market[38] Consumer Behavior - Social retail sales growth slowed to 2.3% in April, down from 3.1% in March, with high base effects impacting performance[44] - Consumer confidence is gradually recovering, but daily consumption remains subdued, particularly in dining and retail sectors[44] - Online retail sales growth has decreased, but the proportion of online goods and services in total retail sales is increasing[59] Employment and Labor Market - The urban unemployment rate fell by 0.2 percentage points to 5.0% in April, indicating seasonal recovery[54] - The employment outlook among businesses improved, with the hiring expectation index rising to 57.8%[54]