Guotai Junan Research Report said that with the continued release of real estate policies, real estate expectations are expected to reverse. Meanwhile, on the infrastructure side, whether it is the accelerated release of special bonds after the May 1st holiday or the marked increase in demand for Zhongguan steel and building materials and cement, indicates an accelerated implementation of physical work; driven by 3.9 trillion yuan special bonds and possible subsequent special treasury bonds, demand in the second half of 2024 is likely to be more optimistic. For coal, which has proven to be at a bottom in the context of extreme demand values in March-April, higher elasticity can be expected in the second half of the year, driven by demand.