A recent research report by Shanxi Securities highlights that the coal market fundamentals exhibited robust performance in July, marked by a moderate uptick in steam coal prices and an even more vigorous surge in coking coal prices, both of which remained within market forecasts. However, towards the end of July, the market revised its outlook for summer coal prices upwards, prompting a notable spike in coal stock prices. As we transition into August, market focus intensifies on policy implementation and supply-demand dynamics, with both the industry and financial sectors becoming increasingly receptive to positive news. The accelerated price surge has garnered significant attention, and it is anticipated that coal prices have already bottomed out for the year, with little likelihood of a reversal in the second half. Furthermore, the anti-involution trend within the coal industry should not be conflated with supply-side reform, and its impact is expected to be more subdued.