7月全社会用电大增

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - In July, the total social electricity consumption increased significantly, reaching 1.02 trillion kilowatt - hours, a year - on - year increase of 8.6% and breaking through the one - trillion - kilowatt - hour mark for the first time globally. The pork price dropped slightly, and the national development and reform commission will carry out central frozen pork reserve purchases. The Hong Kong Stock Exchange is cautious about the suggestion of extending trading hours [1][2] 3. Summary by Directory 3.1. Mid - view Event Overview 3.1.1. Production Industry - The total social electricity consumption in July reached 1.02 trillion kilowatt - hours, a year - on - year increase of 8.6%, doubling compared to ten years ago. The pork price dropped slightly due to factors such as hot weather, weak seasonal consumption, and the release of second - fattened pigs. The national average pig - grain ratio fell below 6:1, entering the third - level warning range, and the government will conduct central frozen pork reserve purchases [1] 3.1.2. Service Industry - At the HKEX's 2025 interim results meeting, there was a suggestion to extend trading hours. The HKEX is cautious about this and needs to consult all market participants as it has a significant impact on the market [2] 3.2. Industry Overview 3.2.1. Upstream - Black: The glass price dropped significantly. Agriculture: The egg price increased. Energy: The price of liquefied natural gas declined [3] 3.2.2. Mid - stream - Chemical: The PX operating rate increased. Energy: The coal consumption of power plants rose. Agriculture: The operating rate of pig products increased [3] 3.2.3. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities declined seasonally. Service: The number of domestic flights remained stable at a high level [3] 3.3. Key Industry Price Index Tracking - On August 21, the prices of various products showed different trends. For example, the egg price increased by 4.22%, while the glass price decreased by 3.80% [38]