Economic Performance - In April, the industrial added value above designated size increased by 6.1% year-on-year, and the service production index grew by 6.0% year-on-year, indicating stable and rapid growth in major economic indicators [1][2] - The retail sales of consumer goods increased by 5.1% year-on-year, with significant growth in the sales of home appliances and audio-visual equipment, which rose by 38.8% [2] - Fixed asset investment saw a month-on-month increase of 0.10%, reflecting a stable investment environment [1] Investment and Trade - The investment in equipment and tools from January to April increased by 18.2% year-on-year, contributing 64.5% to total investment growth [2] - Despite external shocks, China's total goods import and export volume grew by 2.4% year-on-year from January to April, accelerating by 1.1 percentage points compared to the first quarter [2] High-tech and New Energy Sectors - The added value of high-tech manufacturing increased by 10% year-on-year in April, with aerospace equipment and integrated circuit manufacturing growing by 21.4% and 21.3%, respectively [3] - Production of new energy products, such as electric vehicles and charging piles, surged by 38.9% and 43.1%, respectively, highlighting the rapid development of the green low-carbon transition [3] Policy and Future Outlook - Recent policy measures, including interest rate cuts and the establishment of new financial tools, aim to support technological innovation and expand consumption [4] - Analysts expect that as policy effects continue to manifest, consumption will strengthen, further supporting investment growth [4] - The economic operation is anticipated to improve moderately in May and June, with a focus on effectively utilizing existing policies [4]

Group 1 - In April, the Producer Price Index (PPI) decreased by 2.7% year-on-year, with the decline expanding by 0.2 percentage points compared to the previous month, influenced by falling international energy prices and domestic price drops in certain industries [1] - Despite the ongoing decline in PPI, macroeconomic policies are showing effectiveness, leading to a recovery in market demand and growth in new economic drivers, resulting in price improvements in some sectors [1] Group 2 - Demand in the high-end manufacturing sector has strengthened, with prices for wearable smart devices increasing by 3% and aircraft manufacturing prices rising by 1.3% in April, driven by economic restructuring and expanding demand for high-tech products [1] - The "Two New" policies are showing effects, with a narrowing decline in prices for household washing machines and new energy passenger vehicles by 0.3 and 0.2 percentage points respectively compared to the previous month [1] - In traditional industries, there has been an improvement in supply and demand, with price declines in the black metal smelting and rolling industry and non-metallic mineral products narrowing by 1.4 and 1 percentage points respectively compared to the previous month [2] Group 3 - The continuous decline in PPI indicates that some industries are experiencing significant price drops, which negatively impacts the profitability of industrial enterprises [2] - There is a need to continue expanding domestic demand, promote technological and industrial innovation, and optimize capacity structure to achieve a high-level dynamic balance between supply and demand, thereby improving industrial product prices and enhancing business confidence [2]

以下文章来源于申万宏源宏观 ，作者赵伟 屠强等 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 作者： 赵伟 申万宏源证券首席经济学家 屠强 资深高级宏观分析师 贾东旭 高级宏观分析师 联系人： 屠强、耿佩璇 摘要 事 件： 2025年一季度GDP同比5.4%、预期5.2%、前值5.4%。3月，社零当月同比5.9%、预期4.4%、前值 4%；固定资产投资累计同比4.2%、预期4%、前值4.1%；房地产开发投资累计同比-9.9%、预期-10.2%、 前值-9.8%；新建商品房销售面积累计同比-3%、前值-5.1%；工业增加值当月同比7.7%、预期5.9%、前值 5.9%。 核心观点：2024年表现强劲的"旧结构"继续发力，但"新结构"也在蓄势恢复。 一季度经济超预期，主要源于2024年强势领域的支撑延续，但"新动能"的贡献也在提速。 一季度实际 GDP同比5.4%，高基数下仍持平2024年Q4。结构上，二产增加值增速大幅反弹构成主要支撑（+0.7pct至 5.9%），主因出口走强、制造业投资保持高位、消费提速的影响。但2024年表现较弱的消费当前明显提 速，是新的积极变化。此外，服务业投资增速（4.8%） ...