According to the latest data released by the National Bureau of statistics, the Manufacturing Purchasing Manager Index (PMI) was 47.7% in April, down 2.1 percentage points from the previous month, the lowest since March 2020. Insiders said that the PMI data in April may have touched the low point of this round, and there is a high probability of recovery in May. From the high-frequency data, the biggest impact of the epidemic on the economy is in the past. The bottom of economic growth under the impact of the current round of epidemic may appear in April. From May, the domestic economy began to enter an upward repair period.