The cyclical commodity market in the past six months is evident to all, and its underlying logic is the event catalysis of supply side reform, industry automatic clearance, and environmental supervision. At present, the elasticity of cyclical sectors tends to weaken, and the market has formed a consistent expectation. The rise in futures prices of cyclical products such as coking coal, coke, and rebar has slowed down. The cyclical stock market is coming to an end, but the direction driven by the logic of supply side reform has added new recruits, which are the agricultural and pharmaceutical sectors.