20251201-国金证券-库存周期跟踪报告_中游大面积_被动补库_10页_1mb

Inventory Summary for Industrial Enterprises (2025 Oct)

• In October 2025, industrial enterprises' finished goods inventory increased by 0.9 percentage points year-on-year to 3.7%.
• The overall industrial sector is in a "passive replenishment" phase of the inventory cycle.
• Upstream industries (mining, 2% of total inventory): In "passive inventory reduction".
• Midstream industries (upstream manufacturing, 54% of total inventory): "Passive replenishment".
• Downstream industries (downstream manufacturing and water/electricity, 44% of total inventory): "Active inventory reduction".
• Risk noted: Data based on sampling may vary from actual conditions.