智库·数据 | 读懂电表里的“中国密码”

Core Insights - The overall electricity consumption in China reached 48,418 billion kilowatt-hours in the first half of 2025, marking a year-on-year growth of 3.7% [1][16] - The data reflects the resilience of the Chinese economy, structural upgrades, and the effectiveness of green transformation [16][18] Electricity Consumption Growth - Total electricity consumption increased by 3.7% year-on-year, with industrial electricity generation accounting for 45,371 billion kilowatt-hours [6][16] - The first industry consumed 676 billion kilowatt-hours, showing an 8.7% increase, while the second industry consumed 31,485 billion kilowatt-hours, growing by 2.4% [6][16] Sector-Specific Electricity Usage - High-tech and equipment manufacturing sectors saw a combined electricity usage growth of 3.8%, surpassing the average manufacturing growth rate by 1.7 percentage points [7] - The new energy vehicle manufacturing sector experienced a significant electricity consumption increase of 28.7% [7] - The third industry consumed 9,164 billion kilowatt-hours, with a year-on-year growth of 7.1%, driven by strong demand in information technology and internet services [7][17] Renewable Energy Development - The installed capacity of renewable energy reached 2.68 million kilowatts in the first half of 2025, representing a 99.3% year-on-year increase [11] - Renewable energy accounted for 59.2% of the total installed capacity, with significant contributions from solar, wind, and hydropower [12][13] - Renewable energy generation reached 17,993 billion kilowatt-hours, a 15.6% increase, constituting 39.7% of total electricity generation [13] Green Certificate Market - The number of green certificates issued reached 1.371 billion, with tradable certificates increasing by 149% year-on-year [15] - The average price of green certificates rose to 5 yuan per certificate in the first half of 2025, with a significant increase to 6.5 yuan in June [15] Economic Resilience and Structural Upgrades - The ability to meet a historical peak load of 15.08 million kilowatts without implementing controlled electricity usage indicates strong energy supply chain resilience [16] - The data suggests a shift towards high-end manufacturing as a key driver of industrial growth, alongside a dual-driven service consumption upgrade [17][18]