Key investment points:
Event: on April 18, 2022, the National Bureau of statistics released the economic data for March 2022: according to preliminary accounting, China's GDP in the first quarter was 270178 billion yuan, a year-on-year increase of 4.8% at constant prices, and a month-on-month increase of 1.3% over the fourth quarter of 2021. In the first quarter, the added value of industries above designated size increased by 6.5% year-on-year. In March, the added value of industries above designated size increased by 5.0% year-on-year, 2.5 percentage points lower than last month and 9.1 percentage points lower than the same period last year. In the first quarter, the national service industry production index increased by 2.5% year-on-year, including a year-on-year decrease of 0.9% in March. In the first quarter, the total retail sales of social consumer goods was 108659 billion yuan, a year-on-year increase of 3.3%. In March, the total retail sales of social consumer goods was 3423.3 billion yuan, a year-on-year decrease of 3.5% and 10.2 percentage points lower than that of the previous month. In the first quarter, the national fixed asset investment (excluding farmers) was 104872 billion yuan, a year-on-year increase of 9.3%.
In this regard, our comments: uncertain factors have a great impact on the economy, and we still need to pay attention to steady growth in the follow-up. At present, China's economy is still facing great downward pressure, and we still need to pay attention to the policy force in the follow-up. At the national standing committee meeting last week, it was proposed that "we should put steady growth in a more prominent position and effectively stabilize the macro-economic market", "we should deploy policies and measures to promote consumption to help stabilize the basic economic situation and ensure the improvement of people's livelihood; we decided to further increase policy support such as export tax rebate to promote the stable development of foreign trade; we decided to increase financial support for the real economy and guide market players to reduce financing costs." The steady growth policy in the second quarter will be further strengthened.
Risk warning: the data contained in this report are incomplete market statistics, which are intended to reflect the market trend rather than accurate quantity. Any suggestions, opinions and speculation contained only reflect the judgment of the company on the date of issuance of this report
