Core Insights - In April, the industrial added value of enterprises above designated size increased by 6.1% year-on-year, with a month-on-month growth of 0.22% [1]. - From January to April, the industrial added value grew by 6.4% year-on-year [1]. Group 1: Industrial Growth by Sector - In April, the mining industry saw a year-on-year increase of 5.7%, manufacturing grew by 6.6%, and the production and supply of electricity, heat, gas, and water increased by 2.1% [3]. - Among 41 major industries, 36 reported year-on-year growth in added value in April [4]. Group 2: Economic Type Performance - In April, state-controlled enterprises' added value grew by 2.9%, while joint-stock enterprises increased by 6.6%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 3.9%, and private enterprises by 6.7% [4][7]. - High-tech manufacturing within the manufacturing sector experienced a growth rate of 10.0% in April [7]. Group 3: Key Industry Performance - Notable growth in specific industries includes coal mining and washing at 6.3%, petroleum and natural gas extraction at 4.3%, and food processing at 7.3% [4]. - The automotive manufacturing sector grew by 9.2%, with a significant increase in new energy vehicles at 38.9% [5][10]. Group 4: Product Output and Sales - In April, out of 623 industrial products, 341 saw a year-on-year increase in output, including steel at 12,509 million tons (up 6.6%) and cement at 16,530 million tons (down 5.3%) [5][10]. - The product sales rate for industrial enterprises above designated size was 97.2%, a decrease of 0.2 percentage points year-on-year [6][10]. Group 5: Export Performance - The export delivery value of industrial enterprises reached 12,469 billion yuan, reflecting a nominal year-on-year growth of 0.9% [6][10].

国家统计局：4月份全国规模以上工业增加值同比增长6.1%，环比增长0.22%。 ...

Economic Overview - In the first quarter of 2025, the GDP of Zhongshan reached 97.309 billion yuan, with a year-on-year growth of 4.2% [2] - The primary industry added value was 1.423 billion yuan, growing by 4.3%; the secondary industry added value was 47.405 billion yuan, growing by 5.1%; and the tertiary industry added value was 48.482 billion yuan, growing by 3.4% [2] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery was 3.233 billion yuan, increasing by 7.0% [2] - Agricultural output value reached 1.238 billion yuan, growing by 4.7%; total vegetable and edible fungus output was 99,300 tons, increasing by 4.1%; and total fruit output was 23,900 tons, growing by 6.8% [2] Industrial Production - The industrial added value above designated size grew by 5.6% year-on-year [3] - Manufacturing sector increased by 6.2%, while the electricity, heat, gas, and water production and supply sector decreased by 5.9% [3] - High-tech manufacturing grew by 14.3%, accounting for 18.0% of the industrial output [3] Service Sector - The added value of the service industry increased by 3.4% year-on-year [3] - Information transmission, software, and IT services grew by 9.0%, while leasing and business services increased by 7.5% [3] Fixed Asset Investment - Fixed asset investment decreased by 16.7% year-on-year [4] - Infrastructure investment fell by 23.5%, and real estate development investment decreased by 24.4% [4] Consumer Market - The total retail sales of consumer goods grew by 0.4% year-on-year [4] - Retail sales of home appliances and audio-visual equipment increased by 62.2%, while communication equipment sales grew by 56.5% [4] Price Levels and Income - The Consumer Price Index (CPI) increased by 0.1% year-on-year, with service prices down by 0.7% and consumer goods prices up by 0.5% [5] - The per capita disposable income reached 19,214 yuan, growing by 2.5% year-on-year [5]

分析师：郝一凡 2、4月16日，国家统计局数据显示，3月份，社会消费品零售总额40940亿元，同比增 长5.9%。其中，除汽车以外的消费品零售额36610亿元，增长6.0%。 3月份，规模以 上工业增加值同比实际增长7.7%（增加值增速均为扣除价格因素的实际增长率）。从环 比看，3月份，规模以上工业增加值比上月增长0.44%。1—3月份，规模以上工业增加值 同比增长6.5%。 3、以美元计，1-3月，中国进出口总值14343.7亿美元，同比增长0.2%。1-3月，出口 总值8536.7亿美元，同比增长5.8%；其中，3月同比增长12.4%。1-3月，进口总值 5807亿美元，同比下降7.0%；其中，3月同比下降4.3%。 报告正文共计2979字 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 01 重要事件回顾与点评 (4.14-4.20) 1、4月17日，国家统计局公布一季度相关经济数据。初步核算，一季度国内生产总值 318758亿元，按不变价格计算，同比增长5.4%，比上年四季度环比增长1.2%。 链接报告 阅读全文（长按上方二维码） 您也可点击下方"阅读原 ...

Foreign Investment - In January-February 2025, 7,574 new foreign-invested enterprises were established, a year-on-year increase of 5.8%, while the actual use of foreign capital amounted to 171.21 billion RMB, a year-on-year decrease of 20.4% [2] - The manufacturing sector attracted 47.82 billion RMB in foreign investment, while the service sector attracted 120.49 billion RMB. High-tech industries received 52.49 billion RMB, with significant growth in e-commerce services (33.5%), biopharmaceutical manufacturing (22.9%), and smart consumer equipment manufacturing (40.7%) [2] Retail Sales - The total retail sales of consumer goods reached 837.31 billion RMB in January-February, with a year-on-year growth of 4.0%. Excluding automobiles, retail sales amounted to 768.38 billion RMB, growing by 4.8% [3] - Urban retail sales were 724.62 billion RMB, up 3.8%, while rural retail sales reached 112.69 billion RMB, growing by 4.6% [3] - Online retail sales totaled 227.63 billion RMB, with a year-on-year increase of 7.3%. Physical goods online retail sales were 186.33 billion RMB, growing by 5.0%, accounting for 22.3% of total retail sales [3] Industrial Production - The industrial added value for large-scale enterprises grew by 5.9% year-on-year in January-February, with a month-on-month increase of 0.51% in February [4] - The mining industry saw a 4.3% increase, manufacturing grew by 6.9%, and the electricity, heat, gas, and water production and supply industry increased by 1.1% [4] - Among 41 major industries, 36 experienced year-on-year growth, with notable increases in coal mining (5.4%), food processing (8.3%), and automotive manufacturing (12.0%) [5] Fixed Asset Investment - Fixed asset investment (excluding rural households) reached 526.19 billion RMB in January-February, with a year-on-year growth of 4.1%, accelerating by 0.9 percentage points compared to the full year of 2024 [7] - Investment in the primary industry grew by 12.2%, the secondary industry by 11.4%, and the tertiary industry by 0.7% [7] - In the secondary industry, industrial investment increased by 11.5%, with manufacturing investment rising by 9.0% and electricity, heat, gas, and water production and supply investment growing by 25.4% [8]