2025年2月美国行业库存数据点评：美国下游或仍有“抢进口”需求

Overall Inventory Cycle - In February, the total inventory in the U.S. increased by 2.45% year-on-year, compared to a previous value of 2.25%[1] - Total sales in February rose by 3.45% year-on-year, down from 3.69% previously[1] - The inventory cycle is transitioning from passive replenishment to active destocking, driven by "import grabbing"[1] - In Q1, U.S. net imports increased by $359.26 billion year-on-year, with over one-third ($129.71 billion) converted into inventory[1] Industry Inventory Cycle - Among 14 major industries in February, 8 are in passive replenishment, including chemicals, building materials, electrical equipment, and consumer goods[15] - The historical percentile for total inventory year-on-year is 30.5%, with building materials at 71.5%, automotive parts at 67.8%, and paper products at 53.8%[15] - The upstream sector shows a split: half in passive replenishment and half in active destocking[16] - The downstream sector indicates prolonged passive replenishment, suggesting ongoing "import grabbing" demand[18]