1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - Black varieties, especially coking coal, are experiencing a backlash from last month's overvaluation as delivery pressure is fully manifested; the downside space for rebar and hot - rolled coils is limited, but upward movement requires policy and sentiment fermentation; the focus of iron ore is on the impact of long - term agreement negotiations on the market, showing significant box - like characteristics; the downside space for glass spot is limited, but the futures far - month prices are high, and the near - month is mainly centered around delivery, and cash - and - carry arbitrage can be considered [2]. - Total demand remains insufficient. The era of real estate has passed, infrastructure growth is restricted by various factors, and although exports are booming, they are highly uncertain due to factors like anti - dumping; anti - involution is different from supply - side reform, especially the 2016 supply - side reform in the black industry; iron ore faces significant long - term pressure, and current long - term agreement negotiations are intense; many near - month varieties are not overvalued currently, but the previous overvaluation has led to the current backlash; there are many cold repairs in the glass industry, and although there are seasonal factors, the downside space for spot is limited, but the far - month prices are still overvalued [2]. 3. Summary by Relevant Catalogs Strategy Viewpoints - Black varieties, especially coking coal, are facing a backlash from overvaluation, with delivery pressure fully shown [2]. - The downside space for rebar and hot - rolled coils is small, and upward movement depends on policy and sentiment [2]. - The key for iron ore is the impact of long - term agreement negotiations on the market, presenting box - like features [2]. - The glass spot has limited downside space, the futures far - month prices are high, near - month trading is centered around delivery, and cash - and - carry arbitrage can be considered [2]. Operating Logic - Total demand is insufficient, real estate's heyday is over, infrastructure growth is restricted, and export uncertainty is high due to anti - dumping [2]. - Anti - involution is different from supply - side reform, especially the 2016 reform in the black industry [2]. - Iron ore has significant long - term pressure, and long - term agreement negotiations are tense [2]. - Many near - month varieties are not overvalued now, but previous overvaluation causes the current backlash [2]. - There are many cold repairs in the glass industry, the spot's downside is limited due to seasonality, but far - month prices are still overvalued [2].