2025 年 12 月 17 日 工业硅：逢高做空为主 多晶硅：部分企业报价抬升，关注实际成交 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） | 8,365 | 15 | 25 | -655 | | | | Si2605成交量（手） | 219,672 | -84,238 | -103,838 | -73,538 | | | | Si2605持仓量（手） | 202,263 | 1,514 | 16,992 | -49,039 | | | 工业硅、多晶硅期货市场 | PS2605收盘价（元/吨） | 58,600 | 570 | 2,990 | - | | | | PS2605成交量（手） | 276,948 | -37,191 | 118,210 | - | | | | PS2605持仓量（手） | 148,018 | 5,17 ...

（央视财经《正点财经》）记者15日从全国能源工作会议上了解到，今年，全国电力供应保持安全稳定，全年全社会用电量预计将超过10万亿千瓦 时。 国家能源局最新预测数据显示，2025年，全国发电总装机将超过38亿千瓦，同比增长14%，全社会用电量预计将首超10万亿千瓦时。从纵向比，这是 我国2015年全年全社会用电量的约两倍；从横向看，高于欧盟、俄罗斯、印度、日本全年全社会用电量的总和。 10万亿千瓦时的背后，显示中国经济的澎湃活力。今年以来，高技术及装备制造业用电增速持续领跑，据预测，1到11月新能源车整车制造用电量、 风能原动设备制造用电量同比增速分别超过20%和30%。1到11月，互联网和相关服务业用电量同比增速超30%，充换电服务业用电量同比增速近 50%。 转载请注明央视财经 编辑：潘煦 ...

10万亿千瓦时的背后，显示中国经济的澎湃活力。今年以来，高技术及装备制造业用电增速持续领跑，据预测，1—11月新能源车整车制 造、风能原动设备制造等细分领域同比增速分别超过20%和30%。1—11月，互联网和相关服务业用电量同比增速超30%，充换电服务业用电量 同比增速近50%。 央视网消息：记者15日从全国能源工作会议上了解到，今年，全国电力供应保持安全稳定，全年全社会用电量预计将超过10万亿千瓦时。 国家能源局最新预测数据显示，2025年，全国发电总装机将超过38亿千瓦，同比增长14%，全社会用电量预计将首超10万亿千瓦时。从纵 向比，这是我国2015年全年全社会用电量的约两倍；从横向看，高于欧盟、俄罗斯、印度、日本全年全社会用电量的总和。 ...

Group 1 - The Ministry of Defense firmly opposes the revival of Japanese militarism [1] Group 2 - The National Bureau of Statistics reports that the national economy continues to develop steadily with progress in November [2] - The National Healthcare Security Administration announces that the settlement cycle for cross-regional medical expenses will gradually shorten [2] - A new record is set as the national total electricity consumption is expected to exceed 10 trillion kilowatt-hours for the first time in 2025 [2] - In 2025, China's oil and gas production is projected to reach historical highs [2] - The State Council's Food Safety Office emphasizes the need to strengthen food safety measures during the New Year, Spring Festival, and the National Two Sessions [2] Group 3 - The 12th National Games for Persons with Disabilities and the 9th Special Olympics concluded in Shenzhen on the evening of the 15th [4] Group 4 - In November, natural disasters affected 172,300 people across the country, resulting in direct economic losses of 433 million yuan [5] Group 5 - The 27th Harbin Ice and Snow World is set to open on the 17th [6] Group 6 - The formal uniform for the People's Police in 2025 has been officially issued [8] Group 7 - A joint statement from leaders of Germany, France, the UK, Italy, Poland, Finland, Norway, Sweden, the Netherlands, and EU institutions announces the formation of a multinational force to support Ukraine [9] - The Hungarian Prime Minister states that the EU's use of frozen Russian assets is tantamount to a declaration of war [9]

记者12月15日从2026年全国能源工作会议获悉，2025年全国全社会用电量预计首超10万亿千瓦时。（新 华社） 记者12月15日从2026年全国能源工作会议获悉，2025年全国全社会用电量预计首超10万亿千瓦时。（新 华社） ...

Core Insights - The National Energy Administration reported that as of October 2023, the total installed power generation capacity in China reached 3.75 billion kilowatts, marking a year-on-year increase of 17.3% [1] - Solar power generation capacity reached 1.14 billion kilowatts, with a significant year-on-year growth of 43.8%, while wind power capacity reached 590 million kilowatts, growing by 21.4% [1] - Total electricity consumption in China for the first ten months of 2023 was 86,246 billion kilowatt-hours, reflecting a year-on-year increase of 5.1% [1] Installed Capacity - Total installed power generation capacity: 3.75 billion kilowatts, up 17.3% year-on-year [1] - Solar power capacity: 1.14 billion kilowatts, up 43.8% year-on-year [1] - Wind power capacity: 590 million kilowatts, up 21.4% year-on-year [1] Electricity Consumption - Total electricity consumption: 86,246 billion kilowatt-hours, up 5.1% year-on-year [1] - Electricity consumption by primary industry: 1,262 billion kilowatt-hours, up 10.5% year-on-year [1] - Electricity consumption by secondary industry: 54,781 billion kilowatt-hours, up 3.7% year-on-year, with industrial electricity consumption increasing by 3.9% [1] - Electricity consumption by tertiary industry: 16,671 billion kilowatt-hours, up 8.4% year-on-year, with rapid growth in electric vehicle charging services and information technology services [1] Sector-Specific Insights - The third industry continues to show strong growth in electricity consumption, particularly in the electric vehicle charging sector [2] - Internet data services within the information transmission and software sector saw a year-on-year increase in electricity consumption of 43.2% [2] - The wholesale and retail sector's electric vehicle charging services experienced a year-on-year growth of 47.0% [2]

Core Insights - The National Energy Administration reported that as of the end of October, the total installed power generation capacity in China reached 3.75 billion kilowatts, representing a year-on-year growth of 17.3% [1] - Solar power generation capacity reached 1.14 billion kilowatts, with a significant year-on-year increase of 43.8%, while wind power capacity reached 590 million kilowatts, growing by 21.4% [1] - Total electricity consumption in China for the first ten months was 86,246 billion kilowatt-hours, reflecting a year-on-year increase of 5.1% [1] Installed Capacity - Total installed power generation capacity: 3.75 billion kilowatts, up 17.3% year-on-year [1] - Solar power capacity: 1.14 billion kilowatts, up 43.8% year-on-year [1] - Wind power capacity: 590 million kilowatts, up 21.4% year-on-year [1] Electricity Consumption - Total electricity consumption: 86,246 billion kilowatt-hours, up 5.1% year-on-year [1] - Electricity consumption by the primary industry: 1,262 billion kilowatt-hours, up 10.5% year-on-year [1] - Electricity consumption by the secondary industry: 54,781 billion kilowatt-hours, up 3.7% year-on-year, with industrial electricity consumption increasing by 3.9% [1] - Electricity consumption by the tertiary industry: 16,671 billion kilowatt-hours, up 8.4% year-on-year, with rapid growth in the charging and swapping service industry and information transmission, software, and IT services [1] Sector-Specific Insights - The charging and swapping service industry experienced a significant increase in electricity consumption, with the internet data service sector growing by 43.2% year-on-year [2] - The wholesale and retail sector's charging and swapping service industry saw a year-on-year increase of 47.0% in electricity consumption [2]

Group 1: Government Policies and Regulations - The Ministry of Finance announced that starting from June 2026, personal pension savings bonds (electronic) will be included in the range of personal pension products, allowing pension investors to purchase these bonds through designated institutions [1] - The China Securities Regulatory Commission (CSRC) stated that H-share accounting firms will undergo comprehensive evaluations annually, and those failing to meet basic requirements will have their recommendations withdrawn [1] Group 2: Company News - Chaozhuo Aerospace announced that due to significant matters being planned by its controlling shareholders, the company's stock will be suspended from trading starting November 24, with an expected suspension period of no more than two trading days [3] - Shandong Road and Bridge announced plans for its subsidiaries to participate in the bidding for a highway construction project with an estimated contract value of 10.2 billion yuan, with a maximum investment commitment of 1.457 billion yuan from its subsidiaries [3] - Hesheng New Materials disclosed a share transfer agreement where its controlling shareholders will transfer 44.66 million shares (18% of total shares) to Shanghai Moer Zhixin at a price of 33.71 yuan per share, resulting in a change of control [4] - *ST Zhongzhuang announced a restructuring plan involving a capital increase of approximately 990 million shares, with 740 million shares allocated for introducing restructuring investors and 250 million shares for debt repayment [5] - *ST Sansheng received court approval for its restructuring plan, which will enter the execution phase, potentially improving its financial structure and operational sustainability [5] - Tiandi Online decided to terminate its asset acquisition and fundraising plans due to market conditions, ensuring no significant adverse impact on its main business [6] - Saiwei Electronics reported abnormal stock trading due to a cumulative price increase exceeding 30% over three trading days, linked to a proposed acquisition of shares in Beijing Xindonglai Semiconductor Technology [6][7] - Dajin Heavy Industry announced a contract worth approximately 1.339 billion yuan for exclusive supply related to an offshore wind farm project, representing 35.41% of its audited revenue for 2024 [8]

Core Insights - In October, the total electricity consumption reached 857.2 billion kilowatt-hours, marking a year-on-year growth of 10.4%, the highest monthly growth rate this year [1] Industry Breakdown - The primary industry consumed 12 billion kilowatt-hours, with a year-on-year increase of 13.2% [1] - The secondary industry consumed 568.8 billion kilowatt-hours, showing a year-on-year growth of 6.2%, with industrial electricity consumption increasing by 6.4% [1] - The tertiary industry consumed 160.9 billion kilowatt-hours, reflecting a year-on-year growth of 17.1% [1] - Urban and rural residential electricity consumption reached 115.5 billion kilowatt-hours, with a significant year-on-year increase of 23.9% [1] Sector Highlights - Within the secondary industry, high-tech and equipment manufacturing saw a year-on-year electricity consumption increase of 11.0% [1] - In the tertiary industry, the wholesale and retail sector, as well as the information transmission/software and IT services sector, experienced year-on-year growth rates of 24.4% and 21.0%, respectively [1] Year-to-Date Performance - From January to October, total electricity consumption accumulated to 8,624.6 billion kilowatt-hours, with a year-on-year growth of 5.1% [1] - By industry, the primary, secondary, and tertiary sectors saw year-on-year growth rates of 10.5%, 3.7%, and 8.4%, respectively, while urban and rural residential electricity consumption grew by 6.9% [1]

Core Insights - In October, the total electricity consumption in China reached 8,572 billion kilowatt-hours, marking a year-on-year growth of 10.4%, the highest monthly growth rate of the year [1] Industry Breakdown - The primary industry consumed 120 billion kilowatt-hours, with a year-on-year increase of 13.2% [1] - The secondary industry consumed 5,688 billion kilowatt-hours, showing a year-on-year growth of 6.2%, with industrial electricity consumption increasing by 6.4% [1] - The tertiary industry consumed 1,609 billion kilowatt-hours, reflecting a year-on-year growth of 17.1% [1] - Urban and rural residential electricity consumption reached 1,155 billion kilowatt-hours, with a significant year-on-year increase of 23.9% [1] Sector Highlights - Within the secondary industry, high-tech and equipment manufacturing saw a year-on-year electricity consumption increase of 11.0% [1] - In the tertiary industry, the wholesale and retail sector, as well as the information transmission/software and IT services sector, experienced year-on-year growth rates of 24.4% and 21.0%, respectively [1] Cumulative Data - From January to October, the total electricity consumption accumulated to 86,246 billion kilowatt-hours, representing a year-on-year growth of 5.1% [1] - By industry, the first, second, and third industries saw year-on-year growth rates of 10.5%, 3.7%, and 8.4%, respectively, while urban and rural residential electricity consumption grew by 6.9% [1]