策略点评：Q2景气或持续回升，核心资产或逐步回归

Group 1 - The report indicates that since May, dividend assets have continued to rise, while small-cap and thematic stocks have relatively declined, reflecting a pessimistic market outlook on economic expectations [2][9]. - The most significant change in the market is the recovery of economic effectiveness, with a gradual transition from dividend strategies to core assets. Although short-term macro data has declined, the second quarter is expected to show continued improvement in economic conditions [2][14]. - The PMI levels, when smoothed quarterly, continue to rise, suggesting that the second quarter is likely to maintain an upward trend in economic conditions, although marginal declines in orders indicate potential fluctuations in the third quarter [2][45]. Group 2 - The report highlights that if economic conditions do not sustain an upward trajectory, attention should be paid to industries at the bottom of the three financial statements. If demand lacks elasticity, improvements in the competitive landscape can still support profit growth for leading companies within those industries [2][48]. - The analysis shows that cyclical industries are gradually declining, and foreign capital is also reducing holdings in these sectors, indicating a continued pessimistic outlook on economic expectations [9][37]. - The report emphasizes that when overall demand lacks elasticity, improvements in the competitive landscape become crucial, as companies may experience unexpected profit growth despite weak overall demand [33].