4月用电增长，关注设备制造业产能

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report The report presents an overview of the mid - view events, industry trends, and market pricing in April and May 2025, covering production, service, upstream, mid - stream, downstream industries, and credit spreads [1][2][3][4][5]. 3. Summary by Related Catalogs 3.1 Mid - view Events - Production Industry: In April, the total social electricity consumption was 772.1 billion kWh, a year - on - year increase of 4.7%. From January to April, the cumulative total social electricity consumption was 3156.6 billion kWh, a year - on - year increase of 3.1%. The power consumption of the primary, secondary, tertiary industries and urban and rural residents' living all increased year - on - year [1]. - Service Industry: On May 20, 2025, the 1 - year LPR was 3.00% and the 5 - year LPR was 3.50%, both down 10 basis points from the previous period [1]. 3.2 Industry Overview - Upstream: Egg prices decreased year - on - year, and glass prices dropped in the short term [2]. - Mid - stream: The PTA operating rate rebounded, while the PX operating rate declined recently. The asphalt operating rate in infrastructure has been rising [3]. - Downstream: The sales of commercial housing in first - and second - tier cities decreased seasonally, reaching a near - three - year low. The number of domestic flights decreased cyclically [4]. 3.3 Market Pricing - Bank credit spreads rebounded, while credit spreads in other industries declined [5]. - The table shows the credit spreads of various industries from last year to this week, with most industries showing a downward trend in credit spreads this week compared to last week [47]. 3.4 Key Industry Price Indicators - The table presents the price indicators of multiple industries, including agriculture, non - ferrous metals, energy, chemicals, and real estate. Most prices have small year - on - year changes, with some increasing and some decreasing [48].