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  事件要点:

  2025年一季度GDP同比增长5.4%,预期5.1%,前值5.4%,大幅高于市场预期;环比1.2%,预期1.4%,前值1.6%。一季度经济增速保持强劲且高于市场预期。3月份,社会消费品零售总额同比增长5.9%,预期4.2%,前值4.0%,较前值上升1.9个百分点。全国规模以上工业增加值同比增长7.7%,预期5.8%,前值5.9%,较前值上升1.8个百分点,远高于市场预期。1-3月固定资产投资4.2%,预期4.1%,前值4.1%,小幅上升0.1%且但略高于预期;其中,3月基建(全口径)投资当月同比12.6%,前值9.9%,较前值上升2.7%;制造业投资当月同比9.2%,前值9.0%,较前值上升0.2%;房地产开发投资当月同比增长-10.3%,降幅较前值扩大0.8个百分点,商品房销售面积同比增长-1.6%,较前值缩窄3.9个百分点,商品房销售额同比增长-2.3%,较前值缩窄0.6个百分点。

  摘要:

  Ø一季度GDP增长加快,且高于市场预期。一季度GDP同比增长5.4%,预期5.1%,前值5.4%,GDP同比增长持平但大幅好于市场预期;环比1.2%,预期1.4%,前值1.6%,GDP环比回升,低于市场预期。3月经济数据整体回升,且好于市场预期。中国3月消费同比增长5.9%、工业增加值同比增长7.7%、固定资产投资4.2%,3月经济数据整体较好,其中投资小幅上升且略高于市场预期,消费增速大幅回升且高于市场预期,工业生产短期大幅加快。目前需求端,短期投资端小幅上升。目前房地产政策刺激加码出台且落地显效,市场有望继续止跌企稳,但房地产投资端由于严控增量政策仍旧偏弱;国家加快专项债使用进度、以及政策靠前发力,基建投资大幅加快;制造业投资在国家政策支持下继续保持高速增长。国内需求整体小幅回升但好于市场预期。供给端,短期由于国内外需求有所回升、企业抢出口、工业企业开工率有所上升,工业生产整体有所加快。短期国内商品供需端呈供需回暖但供给仍旧偏充裕的状态,对内需型大宗商品价格支撑不强。此次公布数据整体回升且高于市场预期,短期利多大宗商品市场;但地产投资仍旧偏弱,因此地产链条相关商品偏弱运行;从政策方面来看,两会强调实施更加积极的财政政策和适度宽松的货币政策,在外部冲击加大的情况下,2025年“两新”政策支持力度加大,且可能继续出台增量刺激政策,短期和中长期利好国内市场的回暖。海外方面由于美国贸易政策可能导致冲击美国乃至全球经济以及推升美国通胀,美联储降息预期整体升温,美元短期持续走弱,对贵金属支撑增强;但需求预期减弱对有色、能源等外需型商品有一定的压制。

  Ø工业生产增速大幅回升。3月份,全国规模以上工业增加值同比增长7.7%,预期5.8%,前值5.9%,较前值上升1.8个百分点,远高于市场预期;主要由于内外需求回升,以及抢出口效应,工业企业开工率普遍上升,增速大幅回升且高于市场预期。分三大门类看,3月份,采矿业增加值同比增长9.3%,制造业增长7.9%,电力、热力、燃气及水生产和供应业增长3.5%。由于季节性需求回升,煤炭等采矿业生产继续上升;制造业由于国内外需求回升以及在外部冲击落地前抢出口效应,制造业等工业生产增速进一步加快;汽车制造业,铁路、船舶、航空航天和其他运输设备制造业,以及电气机械和器材制造业同比录得11.5%、19%和13%的大幅增长。二季度随着外部冲击落地,国内工业生产增速整体可能有所回落但有望整体保持较高增速。

  Ø国内消费增速同比回升且高于市场预期。3月份,社会消费品零售总额同比增长5.9%,预期4.2%,前值4.0%,较前值上升1.9个百分点,高于市场预期。消费品以旧换新政策持续加力显效,限额以上单位家用电器和音像器材类、家具类、汽车类、体育、娱乐用品类商品零售额分别增长35.1%、29.5%、5.5%、26.2%,继续保持高速增长或大幅回升。目前来看,消费复苏方向不变,短期由于基数效应较低以及消费品以旧换新政策持续加力显效等因素导致消费增速回升且高于市场预期;后期随着国内消费刺激政策继续落地显效以及居民财富效应的回升,国内消费将继续保持恢复回升态势。

  Ø固定资产投资增速小幅上升。1-3月固定资产投资4.2%,预期4.1%,前值4.1%,小幅上升0.1%且但略高于预期。其中,制造业小幅上升且继续保持高位,基建投资大幅加快,地产投资仍旧偏弱。

  Ø房地产销售继续修复但投资仍旧偏弱。3月房地产开发投资当月同比增长-10.3%,降幅较前值扩大0.8个百分点,商品房销售面积同比增长-1.6%,较前值缩窄3.9个百分点,商品房销售额同比增长-2.3%,较前值缩窄0.6个百分点,由于低基数效应以及政策刺激力度加强且逐步落地显效,住房市场成交活跃度提升,销售有所好转,但投资由于需要严控增量、整体仍旧偏弱。房地产开发资金来源方面,3月当月同比增长-3.6%,收窄0.2%,资金来源压力大幅缓解。房地产新开工面积同比增长-18.7%,降幅较前值缩窄11.1个百分点;施工面积同比增长-33.3%,降幅扩大24.2个百分点;竣工面积同比增长-11.7%,降幅较前值缩窄4.0个百分点。目前房地产资金来源方面,由于销售端整体有所回升,销售回款大幅改善,虽房企偿债压力较大,但房地产企业加大融资、自筹资金力度,房地产资金来源压力大幅改善;新开工、施工端和竣工受房企资金问题仍旧较重和企业拿地情况不佳以及严控增量政策等原因整体仍然偏弱。目前房地产市场继续修复回升,房地产景气度仍旧不高,但继续小幅回升。随着国内地产支持政策陆续加码出台且落地显效,对房地产市场的支撑作用进一步增强。

  Ø基建投资大幅加快。3月基建(全口径)投资当月同比12.6%,前值9.9%,较前值上升2.7%,基建投资增速大幅加快。随着专项债使用进度加快,以及政策超前发力,基建投资增速大幅回升。

  Ø制造业投资小幅回升且保持高速增长。3月制造业投资当月同比9.2%,前值9.0%,较前值上升0.2%,整体小幅回升且继续保持高速增长。目前国家大力发展投资高科技行业,高科技行业整体维持高景气水平,专用设备、汽车业、计算机、通信等高技术产业投资依旧保持较高增速;而且大规模设备更新政策继续落地显效,制造业投资支撑较强。未来一方面随着制造业企业利润逐步筑底回暖以及大规模设备更新政策继续施行落地,未来企业资本开支意愿可能上升,对制造业投资有一定的支撑;另一方面,目前由于外部冲击加大预计冲击外需,国内外将补库过程可能受阻,短期制造业投资动力有所减弱。

  Ø对大宗商品的影响。目前需求端,短期投资端小幅上升。目前房地产政策刺激加码出台且落地显效,市场有望继续止跌企稳,但房地产投资端由于严控增量政策仍旧偏弱;国家加快专项债使用进度、以及政策靠前发力,基建投资大幅加快;制造业投资在国家政策支持下继续保持高速增长。国内需求整体小幅回升但好于市场预期。供给端,短期由于国内外需求有所回升、企业抢出口、工业企业开工率有所上升,工业生产整体有所加快。短期国内商品供需端呈供需回暖但供给仍旧偏充裕的状态,对内需型大宗商品价格支撑不强。此次公布数据整体回升且高于市场预期,短期利多大宗商品市场;但地产投资仍旧偏弱,因此地产链条相关商品偏弱运行;从政策方面来看,两会强调实施更加积极的财政政策和适度宽松的货币政策,在外部冲击加大的情况下,2025年“两新”政策支持力度加大,且可能继续出台增量刺激政策,短期和中长期利好国内市场的回暖。海外方面由于美国贸易政策可能导致冲击美国乃至全球经济以及推升美国通胀,美联储降息预期整体升温,美元短期持续走弱,对贵金属支撑增强;但需求预期减弱对有色、能源等外需型商品有一定的压制。

  以上文中涉及数据来自:Wind、同花顺iFind,东海期货研究所整理。

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