庫存周期跟蹤報(bào)告：“主動(dòng)補(bǔ)”擴(kuò)散至下游

內(nèi)容目錄庫存期覽 3庫存期覽分業(yè)） 8風(fēng)險(xiǎn)示 9圖表目錄圖表1：工企產(chǎn)存貨比升0.7百點(diǎn)至9.5_2026.06 3圖表2：庫周的段論 3圖表3：全工行：“主動(dòng)庫存”_2026.06 4圖表：上行（礦業(yè)僅全庫的：動(dòng)庫存_02606 5圖表：中行（上游造，全庫的54：動(dòng)庫_226.06 6圖表：下行（游制業(yè)水氣占部存43：動(dòng)庫_202606 7圖表7：電：“主補(bǔ)存”_2026.06 8圖表8：電機(jī)：“主補(bǔ)庫存”_2026.06 8圖表9：化：“被去存”_2026.06 8圖表10：造：“動(dòng)庫存”_2026.06 8圖表11：汽：“動(dòng)庫存”_2026.06 9圖表12：有：“動(dòng)庫存”_2026.06 9圖表13：儀儀：“動(dòng)補(bǔ)存”_2026.06 9圖表14：通設(shè)：“動(dòng)補(bǔ)存”_2026.06 91.庫存周期概覽1.庫存周期概覽2026年6月工企成品貨比升0.7百分至9.5。圖表1：工業(yè)企業(yè)產(chǎn)成品存同比上升0.7個(gè)百分點(diǎn)至9.5 _2026.06% 工業(yè)企業(yè)::2008.092005.012011.112008.092005.012011.112014.092021.092018.092001.079.50129M234534M649M740M8302520151050-5-1001 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26注：灰色虛線部分為將21年同比數(shù)據(jù)轉(zhuǎn)化為兩年平均圖表2：庫存周期的四階段論來源：國金證券研究所整理全工業(yè)行業(yè)“主動(dòng)補(bǔ)庫存”力度放緩。本月“主動(dòng)補(bǔ)庫”范圍擴(kuò)散至下游，但總體補(bǔ)庫力度放緩。2016-07主動(dòng)補(bǔ)庫存2016-08主動(dòng)補(bǔ)庫存2016-09主動(dòng)補(bǔ)庫存2016-102016-112016-07主動(dòng)補(bǔ)庫存2016-08主動(dòng)補(bǔ)庫存2016-09主動(dòng)補(bǔ)庫存2016-102016-11主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)2016-12主動(dòng)補(bǔ)庫存2017-02主動(dòng)補(bǔ)庫存2017-03 主動(dòng)補(bǔ)庫存 2017-04被動(dòng)補(bǔ)庫存2017-05被動(dòng)去庫存2017-062017-07主動(dòng)去庫存2017-08主動(dòng)去庫存2017-09被動(dòng)補(bǔ)庫存2017-10主動(dòng)去庫存2017-12被動(dòng)補(bǔ)2018-02被動(dòng)補(bǔ)庫存2018-03被動(dòng)去庫存2018-042018-05被動(dòng)補(bǔ)庫存2018-06被動(dòng)補(bǔ)庫存2018-07被動(dòng)補(bǔ)庫存2018-08 被動(dòng)補(bǔ)庫存 2018-09主動(dòng)去庫存主動(dòng)去被動(dòng)補(bǔ)庫存2018-102018-11主動(dòng)去庫存2018-12主動(dòng)去庫存2019-02被動(dòng)去庫存2019-03被動(dòng)補(bǔ)庫存2019-04被動(dòng)去庫存2019-05主動(dòng)去庫存2019-06被動(dòng)去庫存2019-072019-08主動(dòng)去庫存2019-09主動(dòng)去庫存2019-10被動(dòng)去庫存2019-112019-12被動(dòng)補(bǔ)庫存2020-02主動(dòng)補(bǔ)庫存2020-032020-04被動(dòng)去庫存被動(dòng)去2020-05被動(dòng)去庫存2020-06被動(dòng)去庫存2020-07被動(dòng)去庫存2020-08主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)2020-09被動(dòng)去庫存2020-102020-11主動(dòng)補(bǔ)庫存2020-12主動(dòng)補(bǔ)庫存2021-02被動(dòng)補(bǔ)庫存2021-03被動(dòng)去庫存2021-042021-05主動(dòng)補(bǔ)庫存2021-06主動(dòng)補(bǔ)庫存2021-07被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)2021-08被動(dòng)補(bǔ)庫存2021-09主動(dòng)去庫存主動(dòng)去2021-10主動(dòng)補(bǔ)庫存2021-112021-12主動(dòng)去庫存2022-022022-03被動(dòng)補(bǔ)庫存2022-042022-05主動(dòng)去庫存2022-06主動(dòng)去庫存2022-07主動(dòng)去庫存2022-08主動(dòng)去庫存2022-09主動(dòng)去庫存2022-10主動(dòng)去庫存2022-11主動(dòng)去庫存2022-12被動(dòng)補(bǔ)庫存2023-022023-03被動(dòng)去庫存被動(dòng)去2023-042023-05主動(dòng)去庫存2023-06主動(dòng)去庫存2023-072023-08主動(dòng)補(bǔ)庫存2023-092023-10被動(dòng)去庫存2023-11被動(dòng)去庫存2023-12主動(dòng)補(bǔ)庫存2024-022024-03主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)被動(dòng)補(bǔ)庫存2024-04主動(dòng)補(bǔ)庫存2024-05主動(dòng)補(bǔ)庫存2024-06被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)2024-07被動(dòng)補(bǔ)庫存2024-08主動(dòng)去庫存主動(dòng)去2024-09主動(dòng)去庫存2024-10主動(dòng)去庫存2024-11被動(dòng)去庫存2024-122025-02主動(dòng)補(bǔ)庫存2025-032025-04主動(dòng)去庫存2025-05主動(dòng)去庫存2025-06主動(dòng)去庫存2025-07主動(dòng)去庫存2025-082025-09主動(dòng)補(bǔ)庫存2025-10被動(dòng)補(bǔ)庫存2025-11主動(dòng)去庫存2025-12主動(dòng)補(bǔ)庫存2026-02主動(dòng)去庫存2026-032026-04主動(dòng)補(bǔ)庫存2026-05主動(dòng)補(bǔ)庫存2026-06主動(dòng)補(bǔ)庫存月份 庫存階段上游行業(yè)轉(zhuǎn)向“被動(dòng)去庫存”。圖表4：上游行業(yè)（2_2026.06上游行業(yè)主動(dòng)補(bǔ)庫存 被動(dòng)補(bǔ)庫存 主動(dòng)去庫存 被動(dòng)去庫

庫存階段（按百分比孰高）2017-042017-052017-062017-072017-082017-092017-102017-112017-122018-0229% 43% 14% 14%17% 0% 67% 17%0% 14% 43% 43%0% 50% 33% 17%17% 33% 50% 0%0% 29% 29% 43%0% 50% 50% 0%0% 57% 43% 0%0% 29% 57% 14%17% 0% 67% 17%被動(dòng)補(bǔ)庫存主動(dòng)去主動(dòng)去庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存被動(dòng)去庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)去庫存2018-032018-042018-052018-062018-072018-082018-0950% 0% 33% 17%17% 17% 17% 50%20% 60% 0% 20%100% 0% 0% 0%50% 17% 17% 17%43% 14% 29% 14%50% 17% 33% 0%主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)被動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存2018-102018-112018-122019-022019-032019-042019-052019-062019-072019-082019-092019-102019-110% 14% 29% 57%29% 14% 29% 29%0% 29% 57% 14%14% 43% 14% 29%33% 0% 17% 50%0% 83% 0% 17%29% 14% 0% 57%33% 17% 50% 0%67% 0% 33% 0%29% 29% 29% 14%29% 14% 43% 14%14% 57% 0% 29%14% 29% 43% 14%被動(dòng)去庫存被動(dòng)去庫存主動(dòng)去主動(dòng)去庫存被動(dòng)補(bǔ)庫存被動(dòng)去庫存被動(dòng)補(bǔ)庫存被動(dòng)去庫存主動(dòng)去庫存主動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存2019-122020-022020-032020-042020-052020-062020-072020-082020-092020-102020-112020-122021-022021-032021-042021-052021-062021-0714% 43% 29% 14%14% 43% 43% 0%86% 0% 14% 0%14% 14% 14% 57%14% 57% 14% 14%14% 14% 43% 29%0% 17% 17% 67%29% 14% 14% 43%29% 14% 29% 29%17% 33% 33% 17%33% 17% 17% 33%57% 0% 0% 43%43% 0% 0% 57%43% 43% 0% 14%14% 0% 29% 57%29% 43% 14% 14%14% 14% 29% 43%14% 0% 14% 71%被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存被動(dòng)去主動(dòng)補(bǔ)庫存被動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存被動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存被動(dòng)去庫存被動(dòng)補(bǔ)庫存被動(dòng)去庫存被動(dòng)補(bǔ)庫存被動(dòng)去庫存被動(dòng)去庫存2021-082021-092021-102021-112021-122022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-1214% 29% 43% 14%43% 29% 14% 14%29% 14% 57% 0%57% 14% 29% 0%29% 14% 14% 43%43% 14% 14% 29%33% 50% 0% 17%50% 50% 0% 0%0% 20% 40% 40%33% 50% 17% 0%0% 57% 43% 0%17% 67% 17% 0%0% 17% 83% 0%33% 17% 50% 0%0% 50% 33% 17%17% 50% 0% 33%主動(dòng)去庫存被動(dòng)補(bǔ)主動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)補(bǔ)庫存被動(dòng)去庫存主動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存2023-022023-032023-042023-052023-062023-0717% 17% 50% 17%0% 33% 50% 17%0% 0% 100% 0%0% 50% 50% 0%17% 1767% 0%0% 40% 40% 20%主動(dòng)去庫存主動(dòng)去2023-082023-092023-1017% 0% 17% 67%57% 14% 14% 14%17% 17% 0% 67%被動(dòng)去庫存被動(dòng)去主動(dòng)補(bǔ)庫存被動(dòng)去庫存2023-112023-122024-022024-032024-042024-052024-062024-072024-082024-092024-102024-112024-122025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-122026-022026-032026-042026-052026-0660% 0% 20% 20%29% 14% 43% 14%43% 29% 0% 29%29% 43% 0% 29%14% 0% 43% 43%0% 0% 57% 43%50% 50% 0% 0%14% 14% 43% 29%14% 14% 57% 14%0% 50% 0% 50%14% 14% 57% 14%29% 14% 29% 29%43% 29% 29% 0%33% 67% 0% 0%43% 29% 14% 14%33% 33% 17% 17%17% 50% 33% 0%0% 29% 57% 14%33% 33% 33% 0%17% 33% 17% 33%20% 20% 0% 60%17% 17% 17% 50%50% 17% 0% 33%40% 20% 20% 20%29% 0% 29% 43%29% 43% 14% 14%20% 40% 20% 20%33% 33% 17% 17%17% 0% 33% 50%主動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存被動(dòng)去庫存主動(dòng)去庫存主動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)去庫存被動(dòng)去庫存主動(dòng)去庫存主動(dòng)去庫存主動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)去庫存被動(dòng)去庫存主動(dòng)補(bǔ)庫存被動(dòng)去庫存主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存被動(dòng)去庫存被動(dòng)補(bǔ)庫存被動(dòng)去庫存中游行業(yè)繼續(xù)“主動(dòng)補(bǔ)庫存”。圖表5：中游行業(yè)（54_2026.06中游行業(yè)主動(dòng)補(bǔ)庫存 被動(dòng)補(bǔ)庫存 主動(dòng)去庫存 被動(dòng)去庫

庫存階段（按百分比孰高）2017-042017-052017-062017-072017-082017-092017-102017-112017-1214% 64% 7% 14%20% 13% 33% 33%25% 6% 19% 50%13% 31% 50% 6%7% 33% 47% 13%25% 25% 19% 31%44% 31% 0% 25%0% 50% 44% 6%18% 35% 47% 0%被動(dòng)補(bǔ)庫存主動(dòng)去主動(dòng)去庫存被動(dòng)去庫存主動(dòng)去庫存主動(dòng)去庫存被動(dòng)去庫存主動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)去庫存2018-022018-032018-042018-052018-062018-072018-0828% 33% 33% 6%18% 35% 18% 29%11% 11% 11% 67%24% 53% 12% 12%29% 47% 12% 12%53% 35% 12% 0%29% 35% 18% 18%被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)被動(dòng)去庫存被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存2018-092018-102018-112018-122019-022019-032019-042019-052019-062019-072019-082019-092019-102019-116% 33% 50% 11%22% 39% 22% 17%6% 31% 25% 38%12% 6% 65% 18%6% 39% 50% 6%11% 0% 0% 89%0% 83% 17% 0%13% 19% 44% 25%12% 35% 53% 0%0% 13% 20% 67%13% 31% 44% 13%6% 19% 63% 13%13% 6% 63% 19%19% 6% 25% 50%主動(dòng)去庫存主動(dòng)去被動(dòng)補(bǔ)庫存被動(dòng)去庫存主動(dòng)去庫存主動(dòng)去庫存被動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)去庫存被動(dòng)去庫存主動(dòng)去庫存被動(dòng)去庫存2019-122020-022020-032020-042020-052020-062020-076% 61% 11% 22%0% 94% 6% 0%89% 0% 6% 6%11% 0% 6% 83%17% 0% 6% 78%17% 11% 0% 72%24% 0% 6% 71%被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存被動(dòng)去主動(dòng)補(bǔ)庫存被動(dòng)去庫存2020-082020-092020-102020-112020-122021-022021-032021-042021-052021-062021-072021-0853% 6% 6% 35%53% 0% 0% 47%28% 0% 11% 61%56% 6% 0% 38%44% 11% 6% 39%61% 0% 0% 39%17% 72% 11% 0%11% 0% 0% 89%56% 6% 17% 22%28% 28% 11% 33%22% 44% 28% 6%44% 33% 17% 6%主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)被動(dòng)去庫存主動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存被動(dòng)去庫存主動(dòng)補(bǔ)庫存被動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存2021-092021-102021-112021-122022-022022-032022-0422% 22% 50% 6%22% 56% 0% 22%33% 56% 11% 0%17% 28% 56% 0%6% 39% 44% 11%6% 65% 24% 6%0% 61% 39% 0%主動(dòng)去庫存被動(dòng)補(bǔ)被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存2022-052022-062022-072022-082022-092022-102022-112022-122023-022023-032023-042023-052023-062023-070% 24% 53% 24%11% 28% 33% 28%6% 17% 50% 28%6% 6% 67% 22%22% 33% 28% 17%0% 29% 47% 24%0% 24% 65% 12%6% 13% 75% 6%11% 67% 22% 0%18% 0% 24% 59%0% 0% 29% 71%6% 12% 47% 35%11% 22% 39% 28%18% 24% 35% 24%主動(dòng)去庫存主動(dòng)去被動(dòng)補(bǔ)庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存被動(dòng)去庫存被動(dòng)去庫存主動(dòng)去庫存2023-082023-092023-102023-112023-122024-022024-032024-042024-052024-0644% 31% 6% 19%44% 6% 33% 17%28% 11% 22% 39%50% 6% 6% 39%56% 17% 6% 22%53% 0% 6% 41%0% 50% 44% 6%62% 23% 15% 0%50% 21% 7% 21%41% 24% 29% 6%主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)被動(dòng)去庫存主動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存2024-07048%2024-102024-112024-122025-0229% 35% 6% 29%39% 50% 11%29% 47% 7% 20% 47% 27%11% 33% 28% 28%47% 0% 18% 35%29% 35% 12% 24%被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)主動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)庫存2025-032025-042025-052025-062025-072025-082025-0944% 17% 11% 28%6% 13% 69% 13%0% 17% 72% 11%0% 50% 39% 11%12% 18% 47% 24%22% 22% 33% 22%25% 31% 31% 13%主動(dòng)補(bǔ)庫存主動(dòng)去主動(dòng)去庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)去庫存2025-102025-112025-122026-022026-032026-042026-052026-066%56% 39%0%6%被動(dòng)補(bǔ)庫存38% 31% 25%主動(dòng)補(bǔ)庫存11% 50% 28% 11% 83% 0% 6% 6% 22% 61% 11%29% 47% 18% 50% 39% 6% 56% 11% 6% 28%被動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存主動(dòng)去庫存被動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存主動(dòng)補(bǔ)庫存下游行業(yè)自春節(jié)后首現(xiàn)“主動(dòng)補(bǔ)庫存”。圖表6：下游行業(yè)（43“主動(dòng)補(bǔ)庫存”_202606下游行業(yè)主動(dòng)補(bǔ)庫存 被動(dòng)補(bǔ)庫存 主動(dòng)去庫存 被動(dòng)去庫

庫存階段（按百分比孰高）2017-0429%57%0%14%被動(dòng)補(bǔ)庫存2017-0538%13%25%25%主動(dòng)補(bǔ)庫存2017-0624%18%0%59%被動(dòng)去庫存2017-0721%21%50%7%主動(dòng)去庫存2017-0817%39%39%6%主動(dòng)去庫存主動(dòng)去2017-096%22%28%44%被動(dòng)去庫存2017-1024%35%24%18%被動(dòng)補(bǔ)庫存2017-116%44%44%6%被動(dòng)補(bǔ)庫存2017-1214%14%71%0%主動(dòng)去庫存2018-0233%11%22%33%被動(dòng)去庫存2018-0322%28%22%28%被動(dòng)去庫存2018-0411%22%17%50%被動(dòng)去庫存2018-0511%61%22%6%被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)2018-066%50%31%13%被動(dòng)補(bǔ)庫存2018-0717%39%22%22%被動(dòng)補(bǔ)庫存2018-0818%35%29%18%被動(dòng)補(bǔ)庫存2018-097%36%43%14%主動(dòng)去庫存2018-1025%25%50%0%主動(dòng)去庫存2018-110%33%33%33%主動(dòng)去庫存2018-1219%44%19%19%被動(dòng)補(bǔ)庫存2019-0225%44%25%6%被動(dòng)補(bǔ)庫存2019-0313%0%13%75%被動(dòng)去庫存2019-042019-0513%0%63%29%13%43%13%29%被動(dòng)補(bǔ)庫存主動(dòng)去主動(dòng)去庫存2019-0613%31%31%25%主動(dòng)去庫存2019-0733%0%33%33%主動(dòng)去庫存2019-0821%29%36%14%主動(dòng)去庫存2019-097%29%43%21%主動(dòng)去庫存2019-1027%13%53%7%主動(dòng)去庫存2019-1138%8%38%15%主動(dòng)去庫存2019-126%44%44%6%主動(dòng)去庫存2020-020%81%13%6%被動(dòng)補(bǔ)庫存2020-0363%13%6%19%主動(dòng)補(bǔ)庫存2020-0440%0%0%60%被動(dòng)去庫存2020-0550%0%6%44%主動(dòng)補(bǔ)庫存2020-0613%0%7%80%被動(dòng)去庫存被動(dòng)去2020-0719%0%13%69%被動(dòng)去庫存2020-0850%6%0%44%主動(dòng)補(bǔ)庫存2020-0933%0%0%67%被動(dòng)去庫存2020-1013%13%6%69%被動(dòng)去庫存2020-1136%14%0%50%被動(dòng)去庫存2020-1244%13%13%31%主動(dòng)補(bǔ)庫存2021-0263%0%0%38%主動(dòng)補(bǔ)庫存2021-0338%44%6%13%被動(dòng)補(bǔ)庫存2021-0419%0%31%50%被動(dòng)去庫存2021-0525%44%13%19%被動(dòng)補(bǔ)庫存2021-0625%13%38%25%主動(dòng)去庫存2021-0719%38%38%6%被動(dòng)補(bǔ)庫存2021-0819%69%13%0%被動(dòng)補(bǔ)庫存被動(dòng)補(bǔ)2021-0931%6%38%25%主動(dòng)去庫存2021-1019%38%19%25%被動(dòng)補(bǔ)庫存2021-1150%13%19%19%主動(dòng)補(bǔ)庫存2021-1225%25%13%38%被動(dòng)去庫存2022-0227%33%20%20%被動(dòng)補(bǔ)庫存2022-0313%44%13%31%被動(dòng)補(bǔ)庫存2022-0413%44%44%0%被動(dòng)補(bǔ)庫存2022-0519%19%44%19%主動(dòng)去庫存2022-0625%25%38%13%主動(dòng)去庫存2022-0714%21%43%21%主動(dòng)去庫存2022-082022-0913%7%13%40%63%33%13%20%主動(dòng)去庫存主動(dòng)去被動(dòng)補(bǔ)庫存2022-1013%38%38%13%主動(dòng)去庫存2022-117%40%47%7%主動(dòng)去庫存2022-120%31%50%19%主動(dòng)去庫存2023-0219%44%38%0%被動(dòng)補(bǔ)庫存2023-0313%33%13%40%被動(dòng)去庫存2023-046%13%31%50%被動(dòng)去庫存2023-0525%13%31%31%被動(dòng)去庫存2023-0613%20%27%40%被動(dòng)去庫存2023-077%13%53%27%主動(dòng)去庫存被動(dòng)去2023-0821%36%29%14%被動(dòng)補(bǔ)庫存2023-0921%29%7%43%被動(dòng)去庫存2023-1020%0%27%53%被動(dòng)去庫存2023-1136%0%7%57%被動(dòng)去庫存2023-1221%7%21%50%被動(dòng)去庫存2024-0256%13%19%13%主動(dòng)補(bǔ)庫存2024-036%50%31%13%被動(dòng)補(bǔ)庫存2024-0420%33%27%20%被動(dòng)補(bǔ)庫存2024-0525%19%38%19%主動(dòng)去庫存2024-0613%25%50%13%主動(dòng)去庫存2024-0719%38%31%13%被動(dòng)補(bǔ)庫存2024-087%57%21%14%被動(dòng)補(bǔ)庫存2024-0921%21%43%14%主動(dòng)去庫存2024-1021%29%29%21%被動(dòng)補(bǔ)庫存2024-117%36%14%43%被動(dòng)去庫存2024-1250%25%17%8%主動(dòng)補(bǔ)庫存2025-0220%47%20%13%被動(dòng)補(bǔ)庫存2025-0331%6%31%31%主動(dòng)補(bǔ)庫存2025-0420%13%40%27%主動(dòng)去庫存2025-0525%19%38%19%主動(dòng)去庫存2025-0613%27%33%27%主動(dòng)去庫存2025-070%20%60%20%主動(dòng)去庫存2025-080%9%91%0%主動(dòng)去庫存2025-097%21%50%21%主動(dòng)去庫存2025-1013%13%67%7%主動(dòng)去庫存2025-1120%33%33%13%被動(dòng)補(bǔ)庫存2025-120%47%53%0%主動(dòng)去庫存2026-0256%25%6%13%主動(dòng)補(bǔ)庫存2026-036%25%56%13%主動(dòng)去庫存2026-0419%19%38%25%主動(dòng)去庫存2026-0519%38%25%19%被動(dòng)補(bǔ)庫存2026-064