一季度经统数据良好，展望后续政策前置必要性增强

Economic Performance - In Q1 2025, GDP growth was +5.4% year-on-year, surpassing the market expectation of +5.2%[1] - The secondary and tertiary industries achieved GDP growth rates of +5.9% and +5.3% respectively, with manufacturing growing at +6.8%[1] - The real estate sector's value added in Q1 was only +1.0%, marking it as the slowest-growing industry in Q1 2025[1] Consumption and Investment Trends - Retail sales growth in December 2024, January, February, and March 2025 were +3.7%, +4.0%, and +5.9% respectively, indicating a continuous recovery[2] - Fixed asset investment growth rates for the same months were +3.2%, +4.1%, and +4.2%, with manufacturing investment at +9.2%, +9.0%, and +9.1%[2] - Infrastructure investment growth rates increased from +9.2% in December to +11.5% in March 2025, while real estate development investment showed a narrowing decline of -10.6% to -9.9%[2] Trade and External Factors - Export growth rates were +10.6%, +2.3%, and +12.4% for December, January, and March respectively, influenced by a "rush to export" effect due to tariff disputes[2] - The overall economic momentum in Q1 2025 was strong, but external demand pressures may lead to a downward trend in Q2 2025[3] Policy Recommendations - The necessity for proactive macroeconomic policies has increased, focusing on stable growth measures including loose monetary and fiscal policies[3] - The probability of implementing additional supportive policies has risen, especially in light of the recent trade disputes[3] Market Performance - As of April 18, 2025, the CSI REITs Index increased by +0.71%, while the CSI REITs total return rose by +0.84%[4] - The Shanghai Composite Index was up +1.19%, outperforming the CSI REITs indices[4] Liquidity Insights - Market liquidity showed a marginal decline, with average daily trading volume at 650 million CNY, down 11.08% from the previous week[11] - The average turnover rate decreased to 0.75%, indicating a slight reduction in market activity[11]