1~2月经济数据点评：政策显效下的经济”开门红”

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The economic data for January-February shows a positive trend, with industrial production continuing to grow, driven by technology and policy effects [4][14] - Fixed asset investment has increased, supported by manufacturing and infrastructure investments, while real estate investment remains a drag [32][41] - Employment conditions are stable, with a seasonal adjustment in the urban unemployment rate [50][51] Summary by Sections 1. Industrial Production Growth - The industrial production value for January-February increased by 5.9% year-on-year, exceeding market expectations [9][10] - Manufacturing sector growth was particularly strong at 6.9%, with high-tech manufacturing increasing by 9.1% [20][37] - The mining sector grew by 4.3%, while the electricity, heat, gas, and water production sector saw a slower growth of 1.1% [20] 2. Consumer Spending Recovery - The total retail sales of consumer goods increased by 4.0% year-on-year, showing a mild recovery [24][29] - Durable goods, such as communication equipment and furniture, saw significant growth, with increases of 26.2% and 11.7% respectively [29][30] - Service consumption related to sports and entertainment also grew by 25.0% [29] 3. Fixed Asset Investment - Fixed asset investment rose by 4.1% year-on-year, with manufacturing investment growing by 9.0% and broad infrastructure investment by 9.9% [32][41] - Real estate investment continued to decline, with a year-on-year decrease of 9.8% [32][41] - The report highlights that manufacturing investment is supported by technological innovation and policy measures [37][41] 4. Employment Stability - The average urban unemployment rate for January-February was 5.3%, with a slight increase from the previous year [51][52] - Seasonal factors contributed to the rise in unemployment, which is expected to stabilize as economic activities resume [51]