中观看实体之五：发电量为什么和工业增加值_脱节”？

Group 1: Power Generation and Industrial Value Added Discrepancy - Since the beginning of the year, the growth rate of power generation has consistently lagged behind the growth rate of industrial value added, with industrial value added increasing by 6.3% from January to May, while power generation only grew by 0.3%[7] - The power generation data used refers only to large-scale industrial power generation enterprises, which excludes smaller enterprises that contribute less than 8% to total electricity consumption, thus limiting their impact on overall power generation growth[3] - The divergence between power generation and industrial value added is particularly pronounced in sectors such as electrical machinery, chemicals, non-metallic minerals, and general equipment, where power consumption growth is significantly lower than industrial value added growth[23] Group 2: Economic Conditions and Industry Performance - The current economic environment shows a clear differentiation in performance between large and small enterprises, with large enterprises experiencing better profitability compared to smaller ones in the electrical machinery, chemical, non-metallic mineral, and general equipment sectors[35] - Many manufacturing sectors are facing overcapacity, with capacity utilization rates historically low, indicating a potential shift towards more efficient and advanced enterprises as less efficient capacities are phased out[28] - The ongoing divergence between power generation and industrial value added is expected to persist, reflecting weak demand and overcapacity in the industry, similar to conditions observed during the supply-side structural reforms in 2015[36]