Group 1 - Recent policies aimed at reducing "involution" in the industry have been introduced, with a focus on supply-side reforms [1] - Approximately half of the steel companies in Tangshan have received notifications regarding emission reduction and production limits from July 4 to July 15 [1] - Historical data indicates that core industries like steel and coal have outperformed the CSI 300 index in the year following previous reforms, suggesting potential rebound opportunities in these sectors [1] Group 2 - The current downward risk in related industries appears limited, while the upward potential remains constrained by unclear policy effectiveness and demand elasticity [1] - The shift in policy focus from "quantity" to "price" indicates a strategic change by policymakers, aiming to end the negative feedback loop in pricing through supply-side reforms [1] - Investors are encouraged to actively position themselves in previously oversold sectors, as the timing for cyclical industry investments may be approaching [1]