洪灏：上次民间信贷萎缩发生在2005年，随后迎来一轮大牛市

Group 1 - The relative performance of small-cap stocks in the A-share market has approached or reached previous highs, facing resistance at these levels [1] - The Chinese stock market may still rise, depending on how macro policies respond [1] - The contraction of private lending is not a positive sign for the Chinese economy, but the central bank's intention to maintain an upward market trend is evident [1] Group 2 - There are no signs of recovery in the real estate sector, but a rising stock market could alleviate some downward pressure from the real estate decline [1] - The last occurrence of private lending contraction was in 2005, which was followed by a significant bull market [1]