Economic Performance - In April, China's economy demonstrated resilience and stable growth despite external pressures and internal challenges, continuing a positive development trend [1] - The latest data from the National Bureau of Statistics indicates that the economy is showing signs of improvement, which helps to alleviate concerns and boost confidence [1] Domestic Demand - Domestic demand is steadily expanding, with retail sales of consumer goods in April increasing by 5.1% year-on-year, driven by policies encouraging the replacement of old goods [3] - The service retail sector also maintained stable growth, with a 5.1% year-on-year increase from January to April, marking two consecutive months of acceleration [3] - Fixed asset investment grew by 4% year-on-year from January to April, with investment in machinery and equipment rising by 18.2%, contributing 64.5% to total investment growth [3] Supply Side - The real economy is experiencing both quantity and quality improvements, with industrial added value for large enterprises increasing by 6.1% year-on-year in April, marking one of the fastest monthly growth rates since last year [4] - The equipment manufacturing sector saw a 9.8% year-on-year increase in added value, contributing 55.9% to the growth of large-scale industry [4] - High-tech manufacturing added value increased by 10% year-on-year in April, with significant growth in aerospace and integrated circuit manufacturing, which rose by 21.4% and 21.3% respectively [4] Foreign Trade - In April, China's total goods import and export value reached 38,391 billion yuan, a year-on-year increase of 5.6%, with exports growing by 9.3% and imports by 0.8% [5] - From January to April, the total goods import and export value increased by 2.4% year-on-year, accelerating by 1.1 percentage points compared to the first quarter [5] - The growth in foreign trade is attributed to China's robust manufacturing capabilities and a diversified export strategy, particularly with countries involved in the Belt and Road Initiative, which saw a 3.9% increase in trade [5] Economic Resilience - Despite the rapidly changing international environment and increased external pressures, China's economic fundamentals remain strong, with significant potential for long-term growth [5] - Recent high-level economic talks between China and the U.S. have led to substantial progress in reducing bilateral tariffs, laying the groundwork for further negotiations [5] - The focus remains on stabilizing employment, businesses, markets, and expectations to ensure high-quality development in response to external uncertainties [6]

Economic Growth and Achievements - The "14th Five-Year Plan" has seen 99% of its 102 major projects and over 5,000 specific projects completed ahead of schedule [1] - China's GDP reached 134.91 trillion yuan in 2024, an increase of 31.42 trillion yuan from 2020, with an expected economic increment exceeding 30 trillion yuan during the "14th Five-Year Plan" [3] - The average GDP growth rates from 2021 to 2024 were 8.6%, 3.1%, 5.4%, and 5.0%, consistently higher than the global average [2] Industrial Development - The modern industrial system has made significant progress, with the primary industry maintaining steady growth and the secondary and tertiary industries contributing the most to GDP [4] - The added value of the equipment manufacturing and high-tech manufacturing industries grew by 7.7% and 8.9% respectively in 2024, surpassing the overall industrial growth rates [4] Emerging Industries - The "Three New" economy (new industries, new business formats, and new models) accounted for over 18% of GDP in 2024, with China leading globally in several sectors, including electric vehicles and renewable energy installations [5][6] - The digital economy's core industries contributed approximately 10% to GDP, achieving the targets set in the "14th Five-Year Plan" ahead of schedule [5][6] Trade and Export Performance - In 2024, China's total goods import and export volume reached 43.85 trillion yuan, marking a historical high and maintaining its position as the world's largest goods trader for eight consecutive years [7] - The export of mechanical and electrical products amounted to 15.12 trillion yuan in 2024, accounting for 59.43% of total exports, with significant growth in high-end equipment exports [7] - Cross-border e-commerce saw explosive growth, with imports and exports reaching 2.63 trillion yuan in 2024, a 55% increase from 2020 [8] Regional Trade Dynamics - ASEAN has become China's largest trading partner, with a trade surplus of 190.71 billion USD in 2024, reflecting a shift in trade dynamics and alignment with the "14th Five-Year Plan" goals [8]

Group 1 - The core viewpoint of the article indicates that while the CPI in April showed a month-on-month increase driven by gold, travel, and imported beef prices, the year-on-year figure remains negative for the third consecutive month, highlighting persistent demand weakness [3][4][8]. - The April CPI increased by 0.1% month-on-month, outperforming the seasonal average of -0.1% over the past decade, primarily due to a 10.1% rise in gold jewelry prices, a 3.9% increase in beef prices, and a 3.1% rise in travel-related costs [4][10]. - The year-on-year CPI remained at -0.1% in April, with several price categories showing weakness, including a continued decline in pork prices and stagnant or falling prices in various consumer goods and services [4][6]. Group 2 - The PPI in April saw a year-on-year decline from -2.5% to -2.7%, with a month-on-month decrease of 0.4%, marking the fifth consecutive month of decline [5][6]. - A total of 22 out of 30 categories in the PPI showed no month-on-month growth, indicating widespread price weakness across industries [6][7]. - The article notes that the decline in international oil prices, influenced by tariffs and global economic conditions, has led to decreased prices in domestic oil and gas extraction and processing [7]. Group 3 - The article emphasizes that improving domestic demand is crucial for restoring price levels, as the central bank continues to focus on promoting reasonable price recovery through monetary policy [9][8]. - The transition to a demand-driven growth model is highlighted as essential, with a call for coordinated fiscal, monetary, and social policies to expand effective demand, particularly in consumption [9][8].

Economic Performance Overview - In the first quarter, nearly 90% of provinces in China reported an increase in GDP growth compared to the previous year, with 20 provinces exceeding the national average growth rate of 5.4% [1] - Hubei achieved a GDP growth of 6.3%, the highest in nearly 12 quarters, while Zhejiang and Shandong both reached 6.0% [2] - Guangdong's GDP growth was 4.1%, with a total economic output of 33,525.51 billion yuan, highlighting its significant role in the national economy [2] Sector Contributions - The service sector emerged as a key driver of Guangdong's economic growth, contributing 20,588.53 billion yuan, accounting for 65.3% of GDP, with a growth rate of 4.3% [3] - The industrial sector in Shandong saw a 6.0% increase in GDP, with industrial output growing by 8.2% [2][3] - High-tech manufacturing and advanced manufacturing in Guangdong showed significant growth, with high-tech products like new energy vehicles and industrial robots experiencing substantial increases in production [3][6] Consumption and Policy Measures - Various provinces implemented policies to boost consumption, with Hunan's retail sales growing by 5.6%, and Shandong's retail sales reaching 10,172.8 billion yuan, also growing by 5.6% [4][5] - Shanghai reported impressive growth in retail sales for specific categories, such as a 20% increase in furniture and a 90.6% increase in computer products [5] Innovation and New Productivity - Investment in technology and innovation is accelerating new productivity, with Zhejiang's high-tech manufacturing and digital economy sectors showing double-digit growth [6][7] - Guangdong's advanced manufacturing and high-tech sectors also reported growth, with new energy vehicles and lithium-ion batteries seeing production increases of 29.9% and 83.5%, respectively [6][7]

Core Viewpoint - The article emphasizes China's economic resilience and growth amidst external pressures, particularly from the U.S. trade policies, highlighting a strong first quarter performance in 2025 that instills confidence in the global economy [1][2]. Group 1: Economic Performance - China's GDP grew by 5.4% year-on-year in the first quarter of 2025, indicating a strong economic start and providing positive signals to the international community [1]. - High-tech manufacturing value added increased by 9.7% year-on-year in the first quarter, showcasing the dynamism and potential of China's economy [3]. - The number of overseas buyers at the 137th Canton Fair exceeded 64,000, setting a historical record for the same period, reflecting robust trade activity [3]. Group 2: Market Dynamics - China is recognized as both the "world's factory" and "world's market," with a solid development foundation supported by a population of over 1.4 billion and a per capita GDP surpassing $13,000 [2]. - China maintains a complete industrial system, leading in the production of over 220 out of 500 major industrial products globally, which enhances its attractiveness to foreign investors [2]. Group 3: Response to External Pressures - China has implemented a series of countermeasures against U.S. tariffs, demonstrating a commitment to stabilizing domestic market expectations and protecting national interests [4]. - The country is expanding investment and consumption through comprehensive policies, indicating a well-stocked toolbox to address current challenges [4]. - China's approach to diversifying export markets and maintaining significant holdings of U.S. debt and strategic minerals is seen as advantageous in navigating external pressures [4].

屠 强 资深高级宏观分析师 联系人： 屠强、耿佩璇 摘要 事件： 4月30日，国家统计局公布4月PMI指数，制造业PMI为49%、前值50.5%；非制造业PMI为50.4%、 前值50.8%。 核心观点：4月新出口订单已明显下滑，但内需如基建与消费品行业PMI仍维持韧性。 4月PMI整体与分项读数均有走弱，但相对来看新订单指数更弱，生产仍维持较高水平。 4月制造业PMI 边际下行1.5pct至49%；剔除供应商配货指数的PMI也回落1.5pct。结构上生产、新订单指数均有回落，边 际分别下行2.8、2.6pct。由于PMI为环比指标，反映本月制造业景气度较上月的边际变化；产需对比看， 新订单指数下行至49.2%，而生产指数仍在荣枯线附近（49.8%），反映本月需求偏弱，生产景气水平相 对较高。 需求内部呈现分化特征，其中新出口订单指数降幅较大，但内需订单更具韧性。 生产景气相对较高的情 况下，4月外贸货运量同比上行0.7pct至1.3%，主因前期订单在"抢出口"；而4月新出口订单指数大幅回落 4.3pct至44.7%，或意味着后续出口有较大压力。对比之下，内需订单指数本月下滑2.3pct，但绝对水平仍 在荣枯 ...

Group 1 - The manufacturing PMI for April dropped to 49.0%, down 1.5 percentage points from the previous month, indicating a contraction after two months of expansion [1] - The production activity expectation index remains optimistic at 52.1%, with certain industries like food and beverage, automotive, and aerospace showing strong confidence, all above 58.0% [1] - The new orders index fell to 49.2%, down 2.6 percentage points, while the new export orders index decreased to 44.7%, down 4.3 percentage points, reflecting a contraction in demand [4] Group 2 - The production index for April was 49.8%, a decline of 2.8 percentage points from the previous month, with decreases noted across major manufacturing sectors [3] - The purchasing price index for raw materials dropped to 47%, down 2.8 percentage points, indicating weakened support for raw material prices [4] - The government plans to implement measures to stabilize employment and the economy, focusing on effective investment and consumption promotion [5]

Economic Performance - In Q1 2025, Wuhan's GDP reached 475.941 billion yuan, growing by 5.4% [1] - The growth rate is higher than last year's 5.2% and aligns with the national growth rate, ranking Wuhan among the top in major sub-provincial cities [4] - Key economic indicators such as retail sales, fixed asset investment, and foreign trade all showed significant growth, with industrial investment increasing by 18.2% [4][6] Industrial Investment - Investment in the automotive manufacturing sector surged by nearly 40% year-on-year [1] - High-tech manufacturing saw a 20.1% increase in value added, contributing significantly to industrial growth [6] - Investment in computer communication and other electronic equipment manufacturing grew by 24.2%, while automotive manufacturing investment rose by 39.3% [4] Innovation and Technology - The production of industrial robots increased by 120%, reflecting a strong push in innovation [6] - High-tech industry investment grew by 19.6%, with high-tech manufacturing up by 17.4% and high-tech services by 32.9% [7] - The demand for computing power is rapidly increasing, as indicated by a 9.5% rise in electricity consumption in high-tech manufacturing [9] Consumer Market - Retail sales of social consumer goods reached 241.021 billion yuan, with a year-on-year growth of 7.3% [17] - Smart home appliance sales surged by 164.1%, indicating a shift towards intelligent consumption [18] - The tourism sector saw 88 million visitors in Q1, generating over 100 billion yuan in revenue, with cultural and artistic sectors experiencing over 80% growth [13][19] Future Outlook - Wuhan is focusing on transforming its economic structure and enhancing its competitive advantages to achieve sustainable growth [20] - The city aims to maintain strategic determination and confidence to tackle challenges in the second quarter, which is crucial for meeting annual targets [20]

金十图示：2025年04月22日（周二）新闻联播今日要点 早上8时许,在北京航天飞行控制中心的统一调 度下,酒泉卫星发射中心、西安卫星测控中心以 及任务各测控站点实施联调联控,全面模拟发射 准备、发射以及飞行过程中的各种技术状态和工 作过程。目前发射场区设施设备状态良好,后续 将按程序进行火箭推进剂加注和发射工作。 ● 教育部增设29种普通本科新专业 * 今天(4月22日),教育部发布2025年普通高等 学校本科专业目录,共增设29种本科新专业,纳 入2025年高老招生。 此次增设的29种本科新专业,进一步强化了专业 设置对国家战略急需和高质量发展的快速响应。 其中,围绕服务国家战略,增设了区域国别学、 碳中和科学与工程、海洋科学与技术等专业;面 向科技发展前沿,增设了智能分子工程、医疗器 械与装备工程、时空信息工程等专业;主动适应 市场需求,增设了国际邮轮管理、航空运动等专 业;聚焦人工智能赋能经济社会发展,增设了人 工智能教育、智能视听工程、数字戏剧等专业 业高端化稳步推进。一季度,高技术制造业增加 值同比增长9.7%。其中,光纤制造、航空航天 相关设备制造、集成电路制造等行业增加值均实 现20%以上增长 ...

Group 1 - The manufacturing PMI returned to the expansion zone, with February's PMI at 50.2%, an increase of 1.1% from the previous month, driven by the resumption of operations post-Spring Festival [4][6][11] - The production index and new orders index rose to 52.5% and 51.1%, respectively, indicating expansion, with significant improvements in industries such as non-ferrous metal smelting and processing, general equipment, and electrical machinery [6][11] - Large enterprises' PMI increased to 52.5%, while small and medium-sized enterprises' PMI remained below 50%, indicating a divergence in performance between different enterprise sizes [4][6] Group 2 - The cyclical sectors showed strong performance, with steel (+3.18%), real estate (+2.22%), food and beverage (+1.77%), and building materials (+1.63%) leading the gains, attributed to improved fundamental expectations and policy support for economic recovery [11][13] - The real estate sector showed signs of recovery, with the top 100 real estate companies' sales in February increasing by 17.3% year-on-year, indicating a positive trend in the industry [14][15] - Focus areas for investment include domestic demand sectors such as home appliances and automobiles, as well as the real estate chain and advanced manufacturing, with an emphasis on technology innovation and new economic drivers [14][15]