What are the highlights of the macro "transcript" in the first quarter? According to data released by the National Bureau of Statistics, gross domestic product (GDP) grew 4.8% in the first quarter of 2022 compared with the same period last year, up 1.3% from the fourth quarter of last year. Judging from the main economic indicators, the scale of investment in fixed assets has expanded and industrial production has maintained steady growth. However, under the influence of the epidemic and other factors, the overall consumption data is in a slow state, and the real estate sales area and amount still maintain negative growth compared with the same period last year. Industry insiders pointed out that China's economy as a whole remained stable in the first quarter.