能源继续狂奔！产业上游原料需求旺盛

Core Insights - In October, the total electricity consumption in China increased by over 10%, reaching a new high for the year, indicating robust economic activity and demand for both traditional and renewable energy sources [1] Group 1: Coal Market Dynamics - Coal prices in major production areas are on the rise, with prices in Shanxi, Shaanxi, and Inner Mongolia showing weekly increases, reflecting strong demand and supply constraints [2] - The current market for thermal coal is expected to remain high due to tightening supply, rising costs, and seasonal demand, with port prices fluctuating between 800 and 860 yuan per ton [2] - The Daqin Railway is operating at high capacity, transporting over 1.2 million tons of coal daily, while coal imports and exports have seen significant declines [3] Group 2: Nuclear Energy Growth - The nuclear power sector in China is experiencing rapid growth, with over 10 new units approved annually since 2019, and a record 11 units expected in 2024 [4] - The completion of the world's largest "Hualong One" nuclear power unit marks a significant milestone in China's nuclear energy capabilities [4] - Investment in nuclear power has also seen substantial growth, with a 23.3% year-on-year increase in investment completed in the first nine months of 2025 [4] Group 3: Upstream Raw Material Demand - The demand for upstream materials in the nuclear power sector, particularly uranium, is increasing, with prices expected to rise due to a tightening supply-demand balance [5] - The lithium battery industry is witnessing a surge in investment, with over 183 projects initiated in the first eight months of the year, leading to significant price increases for lithium carbonate [5] - Lithium carbonate prices have rebounded sharply, with futures contracts reaching over 100,000 yuan per ton, reflecting strong market sentiment and demand expectations [5]