[Citic Securities: maintaining the forecast growth rate of commercial housing sales for the whole year unchanged, raising the growth forecast for development investment]-- according to the Citic Securities Research report, the amount of commercial housing sales across the country increased by 6.3% in March compared with the same period last year. Since July 2021, sales increased by 4.1% in the first quarter compared with the same period last year. In the first three months, the cumulative development investment and new construction area decreased by 5.8% and 19.2% respectively compared with the same period last year, but the completed area increased significantly. There has been a hot sale of land in some regions, which shows that some non-operating resistance to investment is declining, and the policy of ensuring delivery has also been implemented. Overall, we believe that the frequency and magnitude of policy are negatively related to recovery, and that gradual recovery of fundamentals and sustained fine-tuning of policy exist at the same time. We basically keep the forecast growth rate of sales for the whole year unchanged, and raise our growth forecast for development investment. Although there has been a marked increase in push in the second quarter, and the year-on-year base is low, the sales speed may decline slightly.