Market Insights | Markets | Interest Rates 市场洞察 | 市场动态 | 利率走势 China: Will "anti-involution" ഭജ്ഞpaign move markets more ? | dS EM MarketStrats {内卷"行动会如何影响市场? 由于行业整合效应及龙头企业盈利改善预期，这轮行情可能继续推升 A 股走势。我们注意到近几个月境内 散户情绪持续回暖（图 1），且当前 A 股估值仍处于历史低位（图 2）。 ■ On rates, we continue to like curve steepener, seeing 1s5s repo may steepen to 15bp from current 7bp (Figure 3). The implication on bonds and rates market is secondary, in our view, due to lack of large demand-side stimulus and property market is in a very different ...