No.

Bond market trends in November: First, the expected economic recovery brought about by the optimization and adjustment of epidemic prevention and control policies and the landmark real estate rescue policy; second, the tightening of funding; third, rising interest rates have triggered the decline of public funds, wealth management products and other net-worth assets

Concentrated redemptions of tube products amplify market fluctuations.

The recent fluctuations in the bond market have caused a general retracement of bond fund net values, causing fund investors to demand redemption of their shares. In response to redemptions, fund managers were forced to sell bonds at low prices, causing further retracement of net values.

The market once entered a negative feedback loop of "bonds continue to fall → investors redeem → fund managers passively sell bonds → bonds continue to fall".