Report Summary 1) Report Industry Investment Rating No information provided in the content. 2) Core View of the Report The report concludes that the rebound of industrial products in June 2025 can be attributed to three main factors: the seasonal bullish trend of coal (a major contradiction in this year's commodity market) from June to September, the significantly low valuation of commodities in June offering good cost - effectiveness for capital entry, and the improving sentiment in the capital and commodity markets. The accidental events in July provided strong impetus for the upward rebound. The overall rebound could be anticipated to some extent, but the magnitude of the rebound was a combination of market volatility and accidental events, which was unpredictable [1][31][32]. 3) Summary by Related Sections Market Review - The price of commodities showed a clear divide around June 3, 2025. Before June 3, prices continued the downward trend since 2024, while after that date, the sentiment improved and prices started to rise, officially breaking away from the downward trend on the week of July 21 [4]. - Most industrial products, excluding some strong - macro and oil - related products, had their price inflection points in June [4]. Role of Coal in the Market - Coal, especially coking coal, has been a major contradiction and a main line in the commodity market since October 2024. It is either the direct upstream raw material or a major cost component for other sample products [13][14]. - The market has traded two main themes this year: "excess" or "deflation" trading and "anti - involution" sentiment - driven supply - side 2.0 expected trading. The market was dominated by sentiment and capital behavior from late April to early June [14]. - From June to September, coal has a seasonal bullish characteristic. June is the safety production month, and July - September is the traditional demand peak season. There are potential marginal changes in supply contraction and demand expansion during this period [15][19]. Reasons for the June Rebound - Coal's seasonal bullish trend from June to September provides market expectations and a narrative basis [1][31]. - In June, the overall commodity valuation reached a significantly low level, offering good cost - effectiveness for capital to enter the market. For example, coking coal had a high cost - effectiveness ratio of 4:1 or 5:1 [27][28][31]. - The improving sentiment in the capital and commodity markets in late June provided a good environment for the rebound. The accidental events in July, such as the "anti - involution" policy, further boosted the upward trend [31]. Trading Suggestions and Lessons - Based on the above reasons, a suggestion to close short positions profitably in June could be made. However, large - scale long - position entry should be considered after the "anti - involution" policy on July 1 [37]. - Many short - position holders increased their positions instead of closing them, resulting in huge losses and even forced liquidation. They failed to recognize the objective development of the market [38].