产业经济周观点：中国信用结构性扩张有望延续，看好顺周期核心资产和央国企

Group 1 - The report indicates that there is a policy window period ahead, but existing policies are expected to continue impacting the economy positively [1] - China's credit expansion relies on government and household sectors, while the corporate sector remains relatively stable, which may drive continuous improvement in corporate profits [1][20] - Financial data may reflect the activation of monetary policy, serving as an important indicator for the economy to transition from a debt cycle to a positive loop [1][20] Group 2 - The report highlights a significant adjustment in the ChiNext 50 index, with the broad market indices mostly declining, indicating a potential style shift in the market [21][30] - From an industry perspective, the report notes that consumer sectors are leading the gains, while financial real estate, advanced manufacturing, and healthcare sectors are experiencing declines [30][34] - The report emphasizes that the expansion of domestic demand is outperforming other sectors, with retail, leisure food, and entertainment products leading the relative performance against the Shanghai Composite Index [34][36] Group 3 - The report discusses the structural credit expansion in China, noting that the growth in social financing has slowed, with policy-driven financing outpacing spontaneous financing [20] - The report also mentions that the M1 growth rate has improved while M2 continues to decline, indicating a potential activation of monetary policy [20] - The report points out that foreign capital index futures positions are showing divergence, with net short positions in IC and IH converging, while IF's net short position is widening [39]