FromthefirstOpiumWar(1839-1842)totheWWII,theChinesenationalconsciousnesshadbecomeincreasinglystrong.MostAsiancountriesthathadbeenoccupiedbyJapanduringtheWWIIdidnothavethesamefeelingbecausetheyhadeitherbeencolonizedbyWesternpowerssuchasBritain,France,theNetherlandsortheUnitedStatesforalongtimeortheirpeoplestilllivedindifferentethnicandreligiousgroupswithoutconsciousnessofaunifiedcountry.

但长期来看，随着经济去杠杆IlnM开启，融资需求回落带来利率26lx期下行，债市重回基本面驱动JhrC逻辑LD4y