"And in this way all Israel will be saved"

What does "all Israel" mean? From the context it seems "Israel" means non-Gentiles (c.f. Romans 11:25). Does he mean all elect within Israel will be saved (which is certainly true by the definition of elect!)? Or does he mean all Israel without exception will be saved at a certain point in the future (national conversion)?

Thanks in advance.

Blessings,

__________________
Polo
Layman, Chinese Evangelical Church/Independent
San Diego

For from him and through him and to him are all things. To him be glory forever. (Romans 11:36)