库存周期跟踪报告：转向“主动去库存”

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - In April 2025, the inventory cycle of the entire industrial sector shifted to "active destocking" [2][15][16] - The upstream, mid - stream, and downstream industries all entered the "active destocking" phase in April 2025 [2][17][18] 3. Summary by Relevant Catalogs 3.1 Inventory Cycle Overview - In April 2025, the year - on - year growth rate of finished product inventory of industrial enterprises decreased by 0.3 percentage points to 3.9% [7][8][9] 3.2 Inventory Cycle Overview (by Industry) - Upstream Industry: It accounts for only 2% of the total inventory and returned to "active destocking" in April 2025 after three months [17] - Mid - stream Industry: It accounts for 54% of the total inventory, and most of it was in the "active destocking" phase in April 2025 [18] - Downstream Industry: It accounts for 43% of the total inventory and was in the "active destocking" phase in April 2025 [19] - Specific Industries: In April 2025, electronics was in "passive restocking", electrical machinery was in "active restocking", chemical was in "passive restocking", paper - making, automotive, non - ferrous metals, instrument and meter, and general equipment were in "active destocking" [7]