兴业证券：各行业库存周期到什么阶段了？

兴业证券11-18

截至24Q3，本轮全A主动去库周期已持续9个季度，远超历史平均水平。随着经济动能持续复苏，当前在全A整体或处于主动去库末期，库存周期相对领先的行业有望成为后续景气来源的线索。根据最新三季报数据来看，消费板块中的食饮、美护，周期板块中的煤炭、化工、建材，以及电子或已率先进入主动补库阶段。从存货同比分位数（自2008年以来）的边际变化来看，2024Q3石油、钢铁、建筑、电力设备、传媒等行业实现快速去库...

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