The market trend of cyclical products in the past six months is evident to all. The underlying logic is driven by supply-side reforms, automatic industry clearance, and environmental protection inspections. Currently, the resilience of the cyclical sector is weakening, and the market has formed a consensus expectation. The upward trend of futures prices for cyclical products such as coking coal, coke, and rebar has slowed down. The market trend of cyclical stocks is coming to an end, but new sectors have emerged driven by the logic of supply-side reforms, namely the agricultural and pharmaceutical sectors.