据Wind数据统计显示，8月8日，养老金现身容知日新、果麦文化2只个股前十大流通股东，持股数量分 别为0.04亿股、0.02亿股，持股市值分别为1.55亿元、0.79亿元。截至8月8日，养老金二季度共现身6只 个股前十大流通股东，合计持股5122.81万股，合计持股市值达13.44亿元。其中，1只个股持股数量超千 万，宏发股份、杰瑞股份、东睦股份持股数量居前，养老金分别持有0.28亿股、0.07亿股、0.06亿股。 从养老金持股行业分布来看，主要集中在媒体Ⅲ、家庭耐用消费品、机械，分别有1只、1只、1只。 ...

从持股市值来看，截至8月7日，4只个股持股市值超亿元，宏发股份、杰瑞股份、东睦股份持股市值居 前，分别为6.30亿元、2.35亿元、1.27亿元。 截至8月7日，养老金二季度共现身4只个股前十大流通股东，合计持股4580.3万股，合计持股市值达11.1 亿元。其中，1只个股持股数量超千万，宏发股份、杰瑞股份、东睦股份持股数量居前，养老金分别持 有0.28亿股、0.07亿股、0.06亿股。从养老金持股行业分布来看，主要集中在家庭耐用消费品、机械、 能源设备与服务，分别有1只、1只、1只。 据Wind数据统计显示，8月7日，养老金现身杰瑞股份前十大流通股东，合计持股671.79万股，合计持股 市值达2.35亿元。 ...

据Wind数据统计显示，8月6日，养老金现身东睦股份前十大流通股东，合计持股626.64万股，合计持股 市值达1.27亿元。截至8月6日，养老金二季度共现身3只个股前十大流通股东，合计持股3908.52万股， 合计持股市值达8.75亿元。其中，1只个股持股数量超千万，宏发股份、东睦股份、海信家电持股数量 居前，养老金分别持有0.28亿股、0.06亿股、0.05亿股。从养老金持股行业分布来看，主要集中在家庭 耐用消费品、机械、电气设备，分别有1只、1只、1只。从持股市值来看，截至8月6日，3只个股持股市 值超亿元，宏发股份、东睦股份、海信家电持股市值居前，分别为6.30亿元、1.27亿元、1.18亿元。 ...

截至8月6日，社保基金二季度共现身18只个股前十大流通股东，合计持股1.96亿股，合计持股市值达 45.52亿元。其中，7只个股持股数量超千万，东方雨虹、海大集团、藏格矿业持股数量居前，社保基金 分别持有0.38亿股、0.21亿股、0.18亿股。从社保基金持股行业分布来看，主要集中在制药、家庭耐用 消费品、机械，分别有2只、2只、2只。 从持股市值来看，截至8月6日，12只个股持股市值超亿元，海大集团、藏格矿业、海信家电持股市值居 前，分别为12.32亿元、7.73亿元、4.60亿元。 据Wind数据统计显示，8月6日，社保基金现身3只个股前十大流通股东，合计持股2083.59万股，合计持 股市值达2.82亿元。具体来看，九洲药业、长虹华意、思维列控持股数量分别为0.10亿股、0.08亿股、 0.03亿股，持股市值分别为1.50亿元、0.58亿元、0.74亿元。 ...

Overall Inventory Cycle - In April, the total inventory in the U.S. increased by 3.37% year-on-year, compared to a previous value of 3.43%[1] - The total sales in April rose by 3.74% year-on-year, down from 4.04% previously[1] - The data indicates a preliminary shift towards active destocking in the U.S. inventory cycle[1] Industry Inventory Cycle - Among 14 major industries in April, 10 were in passive restocking, including construction materials, metals, and consumer goods[12] - The historical percentile for overall inventory in April was 39.2%, with chemical products at 85.7% and construction materials at 83.2%[12] - Oil and chemical sectors are likely transitioning to active destocking, while construction and metal inventories remain high[12] Future Outlook - Despite uncertainties regarding tariffs, the U.S. inventory cycle is expected to lean towards active destocking in Q2 due to previous overstocking[1] - The "panic import" demand has extended the passive restocking cycle for downstream industries[14] - Active destocking is anticipated for automotive and automotive parts as of December 2024, with a continued trend into April 2025[14]

Overall Inventory Cycle - In March 2025, the total inventory in the U.S. increased by 3.47% year-on-year, compared to a previous value of 2.54%[1] - Sales in March 2025 rose by 4.05% year-on-year, up from 3.21% previously[1] - The U.S. was expected to enter an active destocking phase by late 2024, but tariff expectations led to a surge in imports, particularly in industrial and consumer goods, exceeding seasonal norms and potentially overextending future demand[1] Industry Inventory Cycle - As of March 2025, 10 out of 14 major industries were in a passive restocking phase, including chemicals, building materials, and metals[19] - The historical percentile for overall inventory growth in March was 40.8%, with chemicals at 87.1%, building materials at 68.9%, and automotive parts at 55.1%, indicating high inventory levels relative to historical data[19] - The oil and gas sector has been in an active destocking phase since March 2025, while other sectors remain in passive restocking[20] - The transportation sector is currently in an active destocking phase, while machinery manufacturing is in a passive destocking phase[21] - Consumer goods, including durable goods and textiles, are also in a passive restocking phase as of March 2025[22]

Core Viewpoint - The overall inventory cycle in the U.S. is likely transitioning towards an active destocking phase by 2025, with significant implications for various industries [1][2][3]. Overall Inventory Cycle - In February, U.S. total inventory increased by 2.45% year-on-year, compared to a previous value of 2.25%. Sales increased by 3.45% year-on-year, down from 3.69% [2][3]. - The inventory cycle remains in a passive restocking phase due to "import grabbing," with Q1 net imports increasing by $359.26 billion year-on-year, of which over one-third ($129.71 billion) converted into inventory [2][3]. Industry Inventory Cycle - Among 14 major industry categories, 8 are in a passive restocking phase, including upstream chemical products, building materials, midstream electrical equipment, and downstream durable consumer goods [4]. - Historical inventory percentiles show that total inventory is at a historical percentile of 30.5%, with building materials at 71.5%, automotive parts at 67.8%, and paper and forestry products at 53.8% [4]. Upstream Inventory Status - Half of the upstream industries are in passive restocking, while the other half are in active destocking [5][6][7][8]. - Specific sectors like oil, natural gas, and consumer fuels are in active destocking as of February 2025 [5]. Midstream Inventory Status - Inventory status is mixed, with paper and forestry products in active restocking, while electrical equipment and transportation are in passive restocking [9][10]. - Mechanical manufacturing is currently in passive destocking [9]. Downstream Inventory Status - The current passive restocking phase is prolonged, indicating potential "import grabbing" demand [11]. - Automotive parts are transitioning to active destocking as of February 2025, while other sectors like household durable goods and textiles remain in passive restocking [11].