According to the CITIC Construction Investment Research Report, the credit growth and structure in January both exceeded expectations, and the bank started well and had plenty of credit reserves. Looking ahead to 2024, the central bank makes it clear that a positive economic recovery requires stable and continuous credit support. Credit growth for the whole year is expected to be basically the same as 2023 or only slightly smaller. Structurally, the infrastructure sector, etc. can still contribute a solid increase in public, medium and long-term loans, while credit resources are gradually being skewed towards key areas such as high-end manufacturing. Demand for retail credit is expected to gradually improve as residents' income levels improve. In terms of pace, credit investment in 2024 will return to normal seasonal patterns, so credit may increase less year-on-year in the first quarter in February and March. It is expected that in 2024, credit investment will gradually enter a new stage of stable quantity and quality, which will help unify the market's expectations for economic recovery and benefit the bank's big beta market.