I was reading a decent analysis in Chinese from Lu Gang, who heads a national Central Asia research body here which ended on the same point when interviewer was asking him if the US was going to be the big winner as the swivel-eyed commentary here often has it.
His current position (think interview was a couple of days ago) is first attack has clearly failed as no major cities fallen but he expects a second round in April and thinks at best there might be compromise deal come May. As has been said on here IIRC, the state of play in the field sets the parameters for what can be demanded round the peace talks table and he doesn't think Russia's put itself in a position to enforce too strong demands.
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Was interesting to read a sensible take from someone with the ear of central government here.