Over the past week, we met with onshore clients in Beijing and Shanghai, including mutual funds, private equity firms, and asset managers from banks and insurers. Compared with two months ago, local clients appeared more cautious on China's near-term growth momentum, reflecting weaker April-May activity data and a more bifurcated growth mix. Policy easing expectations also remain subdued, with investors generally expecting support to stay reactive rather than proactive unless downside risks intensify. Beyon ...