中信证券：强烈推荐民营大炼化行业的重点公司

Group 1 - The petrochemical industry is currently at the bottom of costs, profits, and inventory levels, with potential catalysts from "anti-involution" policies and improving demand [1] - The report strongly recommends key companies in the private large-scale refining sector [1] - It is expected that the significant capital expenditure cycle for private large refineries is nearing its bottom, leading to a gradual decline in debt-to-asset ratios and enhanced dividend expectations [1]