内需全面发力，年初宏观经济保持较强增长动能

Investment Rating - The report indicates a strong growth momentum in the macro economy for early 2025, with a positive outlook on domestic demand driving economic performance [2][16]. Core Insights - The macroeconomic data for January-February 2025 shows a year-on-year industrial value-added growth of 5.9%, a slight decrease from December 2024's 6.2% [1][4]. - Social retail sales increased by 4.0% year-on-year in January-February 2025, reflecting a strengthening consumer confidence and consumption growth [2][10]. - Fixed asset investment grew by 4.1% year-on-year in January-February 2025, significantly up from the 3.2% growth in 2024, driven by accelerated infrastructure investment and a narrowing decline in real estate investment [2][12]. Summary by Sections Industrial Production - Industrial value-added growth for January-February 2025 was 5.9%, down 0.3 percentage points from December 2024, primarily due to fewer calendar and working days [4][5]. - Manufacturing value-added growth slowed to 6.9%, impacted by external factors such as increased tariffs from the U.S. [4][6]. - Despite the slowdown, the manufacturing sector showed resilience with a 10.6% growth in equipment manufacturing and a 9.1% growth in high-tech manufacturing [5][6]. Consumption - Retail sales growth accelerated to 4.0% in January-February 2025, with notable increases in optional consumer goods, supported by policies promoting consumption [7][10]. - The consumer confidence index rose by 0.9 percentage points, indicating a recovery in consumer sentiment [9][10]. - Specific categories like communication equipment and cultural office supplies saw significant retail growth, with increases of 26.2% and 21.8% respectively [9][10]. Investment - Fixed asset investment growth reached 4.1%, with infrastructure investment increasing by 5.6% year-on-year, reflecting proactive macroeconomic policies [12][13]. - Real estate investment saw a decline of 9.8%, but the rate of decline narrowed compared to the previous year, indicating potential stabilization in the sector [14][15]. - Manufacturing investment maintained a high growth rate of 9.0%, supported by ongoing policies for equipment upgrades and transformation [15][16].