In December p>222, pure bond funds will continue to fall. In November, PMI fell back to a low of 48.%, and the downward pressure on the economy rose again. At the same time, high-frequency data show that the economic fundamentals are relatively weak. In November, the average daily subway trips in 1 major cities dropped significantly, reaching only 2.14 million by the end of the month, which was even lower than the low point in early May this year, and was reduced by more than half compared with the same period last year, indicating that the intensity of economic activities in cities has shrunk significantly.