CITIC believes that social integration in April was lower than expected, with a growth rate of 10.2%, down 0.4 percentage points from the previous month. RMB loans are a major drag on social finance, due to the impact of the recent epidemic, shortage of factors and rising cost of raw materials. The characteristics of RMB loan structure are similar to those in previous months, with a low proportion of medium-and long-term loans for enterprises and a significant decrease in the number of household loans compared with the same period last year. We expect LPR to be downgraded in May, which is expected to reduce corporate financing costs. In addition, the central bank said that the "macro leverage ratio will rise" in the future, corresponding to the social integration peak in the second half of the year may be higher than previously expected.