In February, the monthly operating rate of the main products of construction machinery was 44.6%, an increase of 12.3 percentage points year-on-year. The amount of machinery and equipment purchased by enterprises nationwide increased by 5.9% year-on-year, and the amount of digital equipment purchased increased by 15.4% year-on-year. In March, the China Retail Industry Prosperity Index was 50.2%, an increase of 0.1 percentage points month on month. By industry, the leasing operation index was 51.4%, up 0.3 percentage points month on month. In February, the total e-commerce logistics business volume index was 123.3 points, up 1.1 points from the same period last year. Among the sub indicators of the manufacturing PMI, the production index in February was 52.5%, up 2.7 percentage points from January. In the second half of February, the key statistics showed that the average daily production of crude steel by steel enterprises increased by 5.0% month on month, and the production index of consumer goods manufacturing in February increased by 1 percentage point from January to over 51%. Recently, multiple high-frequency indicators and leading indicators have shown that the economic "heat" is rising and vitality continues to be released. According to expert analysis, the macroeconomic situation in the first quarter of this year is expected to continue the positive trend seen at the end of last year. The investment in major infrastructure projects is accelerating, the potential for domestic consumption is released, the resilience of the manufacturing industry is highlighted, and the foundation for economic stabilization and recovery will be further consolidated. Expanding effective investment is one of the key levers for stabilizing growth. Multiple leading indicators show that infrastructure projects are booming and enterprise equipment updates are steadily advancing. The operating rate of construction machinery and other indicators reflect the heat of investment. According to statistics from the China Construction Machinery Industry Association, the monthly operating rate of major construction machinery products in February was 44.6%, an increase of 12.3 percentage points year-on-year. During the same period, the business activity index of the civil engineering and construction industry was 65.1%, indicating an accelerated progress in infrastructure project construction after the holiday. With the successive launch of major infrastructure projects, infrastructure investment in the first quarter will promote the concentrated release of physical workload in infrastructure construction, thereby better playing the role of investment in stabilizing growth China Logistics Information Center analyst Wu Wei said. The policy of large-scale equipment updates has injected new momentum into investment. The latest data from the State Administration of Taxation shows that since the implementation of the "two new" policies, as of February this year, the amount of machinery and equipment purchased by enterprises nationwide has increased by 5.9% year-on-year, and the amount of digital equipment purchased has increased by 15.4% year-on-year, reflecting the steady progress of enterprise equipment updates. The first quarter investment is the indicator of the whole year and also the "first stick" to sprint towards the annual target tasks. Guangdong, Jiangsu, Shandong and other places have sparked a wave of concentrated construction of major projects, focusing on areas such as new energy, digital economy, and high-end manufacturing, using major projects to drive effective investment and effective investment to boost domestic demand. Boosted by policies such as increasing local debt funds and prioritizing fiscal expenditure progress, investment is expected to receive solid support at the beginning of this year Zhang Wenlang, Chief Macro Analyst of the Research Department of China International Capital Corporation, stated. Consumption shows vitality. Consumption is the primary driving force for economic growth. This year, the policy of exchanging old for new has been strengthened and expanded, and multiple high-frequency indicators such as China's retail industry prosperity index and express delivery index show that the vitality of the consumer market continues to emerge. Recently, the retail industry has entered a peak period for new spring product launches. According to data from the China Chamber of Commerce, the retail industry sentiment index in China was 50.2% in March, an increase of 0.1 percentage points compared to the previous month. By industry, the leasing operation index was 51.4%, an increase of 0.3 percentage points compared to the previous period. After the beginning of the year, the policy of exchanging old for new has expanded the scope of subsidy categories, and household appliances have increased from the "8+N" category to the "12+N" category. According to data from the Ministry of Commerce, as of March 5th, over 9.4 million consumers have purchased more than 12 million units of 12 major categories of home appliances for trade in, and over 34 million consumers have applied for over 42 million subsidies for purchasing new digital products such as mobile phones. The new forms and models of consumption represented by online shopping have been popularized. The latest data jointly released by the China Federation of Logistics and Purchasing and JD Group in early March showed that in February, the total e-commerce logistics business volume index was 123.3 points, an increase of 1.1 points from the same period last year. The online shopping business model is constantly innovating and iterating, and new online retail models such as live streaming sales are developing rapidly. The deep application of technologies such as artificial intelligence and big data has greatly enriched consumer content. The expansion of new scenarios such as instant retail and remote healthcare is accelerating Qi Yunlan, a researcher at the Market Economy Research Institute of the Development Research Center of the State Council, said. The production intensity is driven by the recovery of market demand, and the production activities of manufacturing enterprises are also very active. The manufacturing PMI, steel enterprise blast furnace operating rate and other indicators show a steady recovery and improvement in production after the Spring Festival. In the sub indicators of the manufacturing PMI, the production index in February was 52.5%, an increase of 2.7 percentage points from January; According to the latest data from the China Iron and Steel Association, in late February, the average daily production of crude steel by key steel enterprises increased by 5.0% month on month; According to monitoring data from Lange Steel Network, the blast furnace operating rate of major steel enterprises is 75.12% by volume... "Resumption of work and production, as well as investment release, have driven a rapid recovery in basic raw material production. In February, the production index of consumer goods manufacturing industry increased by 1 percentage point compared to January to over 51%, and consumer goods production has steadily grown," said Wen Tao, an analyst at China Logistics Information Center. The government work report has released a signal of "positive and proactive" macro policies. The setting of economic growth targets for 2025 and the overall arrangement of macro policies are positive and in line with expectations. Macro policies have determination, contingency plans, and consensus, which will provide strong support for the stable and long-term development of the Chinese economy, "said Zhong Zhengsheng, Chief Economist of Ping An Securities. Liu Xiangdong, Deputy Director of the Economic Research Department of the China Center for International Economic Exchange, believes that with more active and powerful macro policy support, a package of stock increment policies will be implemented and effective. The economy is expected to continue the growth trend of the fourth quarter of 2024 in the first quarter of 2025, and the momentum of industrial development will be strengthened. The trend of economic recovery and improvement will continue to consolidate. (New Society)