Core Viewpoint - The report from Huatai Securities indicates that the A-share mid-term performance has been disclosed, showing a continuation of the bottoming characteristics observed in the first quarter, with significant sector differentiation [1] Group 1: Performance Trends - Short-cycle sectors continue to bottom out but show initial signs of improvement, with a recovery in overall inventory replenishment efforts; however, the transmission of balance sheet and order recovery to revenue repair will take time [1] - Structural differentiation remains evident, with advanced manufacturing and TMT sectors expected to continue experiencing dual improvements in supply and demand, while the income inflection point for the infrastructure chain is approaching [1] - Mid-cycle sectors continue to decline, but there is an increase in the number of cleared and "quasi-cleared" subcategories [1] Group 2: Dividend and Investment Recommendations - A-share mid-term dividend efforts have reached a historical high [1] - Investment recommendations suggest focusing on industries with new dual improvements in supply and demand, such as power grid equipment, engineering machinery, and basic chemicals, as well as steel [1] - Given the resilience of high-frequency economic data, sectors identified in the first quarter, including lithium batteries, communication equipment, minor metals, and packaging printing, remain worthy of continued attention [1]