绿电ETF（159669）涨1.5%，用电需求增长引关注

Core Viewpoint - The overall electricity consumption in September 2025 is projected to increase by 4.5% year-on-year, with significant growth in the electricity demand from the secondary and tertiary industries [1] Group 1: Electricity Consumption - The electricity consumption in the secondary industry is expected to grow by 5.7% year-on-year [1] - The electricity consumption in the tertiary industry is expected to grow by 6.3% year-on-year [1] Group 2: Power Generation - The power generation from large-scale industrial sources is projected to increase by 1.5% year-on-year [1] - The thermal power generation is expected to decline by 5.4% year-on-year, primarily due to the pressure from renewable energy output and improved water inflow compared to the previous year [1] - Hydropower generation is anticipated to see a significant increase of 31.9% year-on-year [1] Group 3: Coal Market - Recent trends indicate a rebound in thermal coal prices; however, the potential for significant price increases within the year is limited due to energy supply policies [1] - The output of raw coal from large-scale industrial sources decreased by 1.8% year-on-year, with the decline narrowing by 1.4 percentage points compared to the previous month [1] Group 4: Green Energy ETF - The Green Energy ETF (159669) tracks the Green Power Index (399438), which selects listed companies involved in hydropower, wind power, solar energy, and nuclear power from the CSI All Share Index [1] - The index aims to reflect the overall performance of listed companies in the green power sector, focusing on low-carbon attributes, strong policy support, significant industry growth potential, and robust market defensiveness [1]