石油ETF（561360）涨超1%，市场关注央国企资产整合与资本开支周期变化

Core Viewpoint - The article highlights the potential investment opportunities in the state-owned enterprise (SOE) sector, particularly in the petrochemical industry, as capital expenditure is expected to stabilize after peaks in 2021 and 2023, with a projected capital expenditure of 248.5 billion yuan in 2024, close to the 242 billion yuan level in 2019 [1] Group 1: Industry Insights - The local state-owned assets supervision and administration commission emphasizes the need for restructuring and optimizing the allocation of state-owned capital, suggesting a focus on investment opportunities in the integration of central SOE assets [1] - The petrochemical central SOEs have increased their R&D investment, with the R&D expense ratio rising from 0.55% in 2019 to 0.77% in 2024 for central enterprises, and from 1.44% to 2.49% for local enterprises, indicating a commitment to developing new productive forces and addressing critical technologies [1] Group 2: Policy and Market Trends - The central government has been vocal about "anti-involution" since 2024, with a new "Stabilizing Growth Work Plan" for the petrochemical industry expected to be released by the Ministry of Industry and Information Technology, aiming to adjust industry structure and promote supply-side optimization [1] - Supply-side reforms are anticipated to deepen in sub-industries such as refining, PTA/PX, fertilizers, pigments and dyes, organic silicon/industrial silicon, soda ash, and chlor-alkali/PVC, which could benefit relevant central SOEs [1]