the macro-environment is complex and changeable

In 2022, the macro-environment is complex and changeable. In the first half of the year, the energy price rose sharply under the outbreak of Russia-Ukraine conflict, resulting in the continuous fermentation of overseas inflation problems. In the second half of the year, under the aggressive interest rate increase policy of the Federal Reserve, the economic recession expectation continued to heat up, which made the bulk commodities under downward pressure. In addition, the domestic real estate market continued to be depressed, while under the epidemic control measures in various regions, the end-user demand environment deteriorated significantly.