Group 1 - The steel sector experienced a rebound, with Liugang Co. hitting the daily limit and achieving five consecutive trading limits in six days, while other stocks like Taigang Stainless and Hualing Steel also rose [1] - The Central Financial Committee's sixth meeting emphasized the need to advance the construction of a unified national market and to govern low-price disorderly competition, which could lead to an orderly exit of backward production capacity, benefiting industry profit recovery [1] - The comprehensive gross profit of the steel industry is expected to increase by 52.45% year-on-year to 281 yuan/ton in the first half of 2025, driven by the implementation of capacity exit policies [1] Group 2 - Longjiang Securities believes that the end of 2025 will be a critical node for the implementation of capacity reduction policies, with small and medium-sized private enterprises facing significant challenges to meet standards [1] - The "anti-involution" trend aims to clear out not only backward production capacity but also manufacturing and platforms with significant private enterprise participation, which are crucial for local employment and tax revenue [1] - The capital market exhibits a strong learning effect, with stock price reactions becoming increasingly anticipatory based on past supply-side reform experiences, suggesting that investors should seize policy opportunities early [2]