半导体库存追踪：渠道库存更低，补库存力度有限

1. 供应链总览：DOI环比持平，仍高于历史中位数30天

事实：Total supply chain DOI was ~flat q/q, slightly better than seasonality, but rema；Strong COGS and revenue growth continues to pull distributor days lower.

2. 客户端：整体持平于60天，汽车链条与工业下降、消费电子累库

事实：Semi customer DOI was ~flat q/q at 60 days, in line with seasonality, and remain；Our Semi Customer Inventory Index increased 6.5% and trailing 4-quarters increas

3. 分销商：DOI降5天至56天，回到历史中位数

事实：Distributor DOI fell 5 days q/q, more than the seasonal decline of ~1 day, and i；WPG fell the most, down 6 days (inventory +26% vs. COGS +44%)；Distributor Inventory index increased 13.5% sequentially

4. 生产商（半导体公司）：DOI升至118天，Analog/MCU与设备改善

事实：Semiconductor company DOI rose 5 days q/q to 118 days, ~in-line with a seasonal；Analog/MCU and Semi Cap Equipment both fell 9 days, and Memory (−5), Components；Analog/MCU group DOI decreased 9 days q/q, now tracking 36 days above the histor

5. 投资判断：库存纪律延续，偏好供需趋紧领域

事实：The data point to continued inventory discipline rather than a broad restocking；We continue to favor areas where supply/demand is tightening or inventory risk i

• 生产商库存周期拉长推高整体库存：总DOI高于历史中位数30天，报告指出其中大部分来自更长的生产商生产周期（longer producer cycle times），这是结构性抬升库存水平的因素。
• 整体库存绝对水平仍显著偏高：客户DOI高于历史中位数6天，生产商高于24天，智能手机/网络组高出53天、Analog/MCU高出36天，多数终端市场库存仍高于历史中位数。
• 库存移动平均仍在上升：报告多次提示trailing 4Q平均库存上升：总供应链较上季升约1天，客户库存指数4季度平均升3.9%，分销商与生产商移动平均亦上升。