2025年1—11月，全国累计完成电力市场交易电量60300亿千瓦时，同比增长7.6%，占全社会用电量比 重63.7%，同比提高1.3个百分点。从交易范围看，省内交易电量45830亿千瓦时，同比增长6.3%；跨省 跨区交易电量14470亿千瓦时，同比增长12.1%。从交易品种看，中长期交易电量57687亿千瓦时；现货 交易电量2613亿千瓦时。绿电交易电量2967亿千瓦时，同比增长41.3%。 央视网消息：据国家能源局微信公众号消息，2025年11月，全国完成电力市场交易电量5484亿千瓦时， 同比增长7.0%。从交易范围看，省内交易电量4243亿千瓦时，同比增长5.7%；跨省跨区交易电量1241 亿千瓦时，同比增长11.8%。从交易品种看，中长期交易电量5206亿千瓦时；现货交易电量278亿千瓦 时。绿电交易电量336亿千瓦时，同比增长42.8%。 ...

北京商报讯（记者 和岳）12月25日，国家能源局发布数据显示，11月，全国完成电力市场交易电量 5484亿千瓦时，同比增长7.0%。从交易范围看，省内交易电量4243亿千瓦时，同比增长5.7%；跨省跨 区交易电量1241亿千瓦时，同比增长11.8%。从交易品种看，中长期交易电量5206亿千瓦时；现货交易 电量278亿千瓦时。绿电交易电量336亿千瓦时，同比增长42.8%。 1-11月，全国累计完成电力市场交易电量60300亿千瓦时，同比增长7.6%，占全社会用电量比重63.7%， 同比提高1.3个百分点。从交易范围看，省内交易电量45830亿千瓦时，同比增长6.3%；跨省跨区交易电 量14470亿千瓦时，同比增长12.1%。从交易品种看，中长期交易电量57687亿千瓦时；现货交易电量 2613亿千瓦时。绿电交易电量2967亿千瓦时，同比增长41.3%。 ...

2025年1—11月，全国累计完成电力市场交易电量60300亿千瓦时，同比增长7.6%，占全社会用电量比 重63.7%，同比提高1.3个百分点。从交易范围看，省内交易电量45830亿千瓦时，同比增长6.3%；跨省 跨区交易电量14470亿千瓦时，同比增长12.1%。从交易品种看，中长期交易电量57687亿千瓦时；现货 交易电量2613亿千瓦时。绿电交易电量2967亿千瓦时，同比增长41.3%。 人民财讯12月25日电，据国家能源局数据，2025年11月，全国完成电力市场交易电量5484亿千瓦时，同 比增长7.0%。从交易范围看，省内交易电量4243亿千瓦时，同比增长5.7%；跨省跨区交易电量1241亿 千瓦时，同比增长11.8%。从交易品种看，中长期交易电量5206亿千瓦时；现货交易电量278亿千瓦 时。绿电交易电量336亿千瓦时，同比增长42.8%。 ...

2025年1-11月，全国累计完成电力市场交易电量60300亿千瓦时，同比增长7.6%，占全社会用电量比重 63.7%，同比提高1.3个百分点。从交易范围看，省内交易电量45830亿千瓦时，同比增长6.3%；跨省跨 区交易电量14470亿千瓦时，同比增长12.1%。从交易品种看，中长期交易电量57687亿千瓦时；现货交 易电量2613亿千瓦时。绿电交易电量2967亿千瓦时，同比增长41.3%。 本文编选自"国家能源局"微信公众号，智通财经编辑：刘家殷。 智通财经APP获悉，12月25日，据国家能源局披露，2025年11月，全国完成电力市场交易电量5484亿千 瓦时，同比增长7.0%。从交易范围看，省内交易电量4243亿千瓦时，同比增长5.7%；跨省跨区交易电 量1241亿千瓦时，同比增长11.8%。从交易品种看，中长期交易电量5206亿千瓦时；现货交易电量278 亿千瓦时。绿电交易电量336亿千瓦时，同比增长42.8%。 ...

（鄂温克电厂-张智恒、马笛） 12月16日，北京电力交易平台公布11月综合电价结算结果，鄂温克电厂结算电价同比提高13.16%，位 列东北分部直调火电"三同"对标第一，创历史最高水平，较中长期多收入1910万元，为"大干五十天、 决胜收官战"行动取得扎实成效奠定坚实基础。 针对煤炭供应不确定性带来的挑战，该厂以稳发电为根基，主动对接煤炭供应及运输单位，高效推进煤 炭采购与接卸工作，稳步提升煤炭库存保障能力。结合负荷变化，该厂联动运行、燃料等部门，精准配 比高低热值煤炭，优化机组运行方式，在保障能源稳定供应的基础上，精准捕捉高价交易窗口，抢抓创 效机遇，确保边际正贡献电量应发尽发。为精准把握市场脉搏、最大化挖掘交易创效潜力，该厂营销团 队深入钻研电力市场政策，密切跟踪"日清月结"结算方式变化及市场形势动态，基于对历史交易数据、 价格波动规律及峰平谷时段特性的深度分析，灵活运用滚动撮合、省间互济等交易方式，针对性选择不 同时段交易方向，在实现削峰填谷、保障电网平衡的同时，有效提升交易收益。同时，该厂营销团队以 效益最大化为原则，主动牵头搭建跨部门沟通桥梁，着力打通各部门协作壁垒，通过每日市场分析会、 交易复盘总结 ...

Core Viewpoint - The article highlights the growth in China's electricity market transactions and industrial profits, indicating a positive trend in the energy sector and overall industrial performance despite some challenges in specific industries [2][4][6]. Electricity Market Transactions - From January to October 2025, the total electricity market transaction volume reached 54,920 billion kilowatt-hours, a year-on-year increase of 7.9%, accounting for 63.7% of total electricity consumption, up 1.5 percentage points [3]. - In October 2025, the electricity market transaction volume was 5,638 billion kilowatt-hours, showing a year-on-year growth of 15.6% [3]. - Green electricity transactions totaled 283 billion kilowatt-hours in October, marking a 28.4% increase year-on-year [3]. Industrial Profit Performance - In the first ten months of 2025, profits of large-scale industrial enterprises totaled 59,502.9 billion yuan, reflecting a year-on-year growth of 1.9% [6]. - The mining sector saw a profit decline of 27.8%, while the manufacturing sector experienced a profit increase of 7.7% [4]. - Notable profit growth was observed in the non-ferrous metal smelting and rolling processing industry (14.0%), and the electricity, heat, gas, and water production and supply industry (9.5%) [4]. Revenue and Cost Analysis - Large-scale industrial enterprises achieved operating revenue of 113.37 trillion yuan, a year-on-year increase of 1.8%, with operating costs rising by 2.0% to 97.00 trillion yuan [5]. - The operating profit margin was 5.25%, showing a slight increase of 0.01 percentage points year-on-year [5]. - By the end of October, total assets of these enterprises reached 187.23 trillion yuan, up 4.7% year-on-year, while liabilities increased by 5.0% to 108.59 trillion yuan [5]. Purchasing Managers' Index (PMI) Insights - In November 2025, the manufacturing PMI was recorded at 49.2%, indicating a slight improvement from the previous month [10]. - The production index stood at 50.0%, suggesting stability in manufacturing production levels [11]. - The new orders index was at 49.2%, reflecting a slight improvement in market demand [11].

文 | 四川省发展和改革委员 12月1日，四川省发展和改革委员官网发布了《四川2026年电力市场交易总体方案（征求意见稿）》及《四川电力市场规则体系V4.0 （征求意见稿）》在线意见征集情况，详情如下： 2025年11月20日至2 02 5年11月26日，通过省发展改革委门户网站面向社会公开征求《四川2026年电力市场交易总体方案（征求意见 稿）》及《四川电力市场规则体系V4.0（征求意见稿）》意见。意见征集期间，共收到反馈意见5条，建议内容均为分时电价政策方 面。经认真研究，已采纳相关意见建议， 对分时电价执行方式进行优化调整，零售用户非现货联动电量按照现行分时电价政策执行。 | | | | | | 便民日历 智能问答 无障碍 个人中心 繁體 | (网站支持ipv6 | | --- | --- | --- | --- | --- | --- | --- | | ( ** 12 | 四川省发展和改革委员会 SICHUAN PROVINCIAL DEVELOPMENT AND REFORM COMMISSION | | | | 请输入关键字查询 | Ｑ捜索 | | 首页 | 新闻中心 | 政府信息公开 | 政务 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The Shanghai copper main contract shows a volatile trend with increasing open interest, spot premium, and strengthening basis. The raw material supply of copper concentrate remains tight, and the high price of copper ore still supports the cost of refined copper. The supply of refined copper may converge due to the tight supply of copper ore and the concentrated maintenance of some smelters. The downstream demand is still weak as the downstream开工率 only slightly rebounds after the decline in October, and the downstream is cautious due to high copper prices. The option market sentiment is bullish with a slightly decreasing implied volatility. Technically, the 60 - minute MACD has double - lines above the 0 - axis with a shrinking red column. It is recommended to conduct light - position short - term long trades at low prices and control the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 86,590 yuan/ton, down 10 yuan; the LME 3 - month copper price is 10,893.50 dollars/ton, up 75.50 dollars. The main contract's inter - month spread is - 10 yuan/ton, down 10 yuan; the open interest of the Shanghai copper main contract is 204,728 hands, up 5,146 hands. The top 20 futures positions of Shanghai copper are - 22,921 hands, up 4,551 hands. The LME copper inventory is 156,575 tons, up 825 tons; the Shanghai Futures Exchange inventory of cathode copper is 110,603 tons, up 1,196 tons; the LME copper cancelled warrants are 5,625 tons, up 100 tons; the Shanghai Futures Exchange warrants of cathode copper are 39,825 tons, down 2,856 tons [2]. 3.2 Spot Market - The SMM 1 copper spot price is 86,655 yuan/ton, up 45 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 86,745 yuan/ton, up 150 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 48 dollars/ton, unchanged; the average premium of Yangshan copper is 31.50 dollars/ton, unchanged. The basis of the CU main contract is 65 yuan/ton, up 55 yuan; the LME copper premium (0 - 3) is 9.52 dollars/ton, down 15.36 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 245.15 million tons, down 13.56 million tons. The rough smelting fee (TC) of domestic copper smelters is - 42.32 dollars/kiloton, down 0.11 dollars. The price of copper concentrate in Jiangxi is 76,990 yuan/metal ton, up 140 yuan; the price of copper concentrate in Yunnan is 77,690 yuan/metal ton, up 140 yuan. The processing fee of blister copper in the south is 1,300 yuan/ton, unchanged; the processing fee of blister copper in the north is 900 yuan/ton, unchanged [2]. 3.4 Industry Situation - The output of refined copper is 120.40 million tons, down 6.20 million tons. The import volume of unwrought copper and copper products is 440,000 tons, down 50,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 59,290 yuan/ton, up 300 yuan; the price of 2 copper (94 - 96%) in Shanghai is 72,850 yuan/ton, up 50 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 870 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The output of copper products is 200.40 million tons, down 22.80 million tons. The cumulative completed investment in power grid infrastructure is 4,824 billion yuan, up 445.93 billion yuan. The cumulative completed investment in real estate development is 73,562.70 billion yuan, up 5,856.99 billion yuan. The monthly output of integrated circuits is 4,177,000 million pieces, down 194,236.10 million pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 11.36%, down 2.21%; the 40 - day historical volatility of Shanghai copper is 19.38%, down 0.03%. The implied volatility of the current - month at - the - money IV is 11.69%, down 0.0045; the call - put ratio of at - the - money options is 1.17, down 0.0042 [2]. 3.7 Industry News - The National Data Bureau launched the first batch of 12 state - owned enterprise data resource development and utilization pilots, covering traditional and emerging fields. The National Data Bureau will support data exchange and trading service system construction. In October, the national power market trading volume was 563.8 billion kWh, a year - on - year increase of 15.6%. From January to October, the cumulative power market trading volume was 5,492 billion kWh, accounting for 63.7% of the total social power consumption. In October, European car sales increased by 4.9% year - on - year to 1.09 million vehicles, with Tesla's new car registrations down 48%, BYD's up 195%, SAIC Group up 56%, and Toyota down 10.8%. A Fed governor said the current monetary policy hinders economic development and the US economy needs significant interest rate cuts. In September, the US PPI rose 0.3% month - on - month, the core PPI rose 0.1% month - on - month, and retail sales rose 0.2% month - on - month but significantly slowed down. The China - US presidential call was initiated by the US side with a positive atmosphere [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For alumina, the market presents a situation of relatively high supply and stable demand. It is recommended to conduct light - position oscillating trading and control the rhythm and trading risks [2]. - For electrolytic aluminum, the supply is stable while the demand weakens slightly due to the off - season. It is advisable to conduct light - position short - long trading at low prices and control the rhythm and trading risks [2]. - For cast aluminum alloy, the supply is contracting and the demand is slightly decreasing. It is suggested to conduct light - position short - long trading at low prices and control the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum - related Contracts**: The closing price of the Shanghai aluminum main contract was 21,455 yuan/ton, down 10 yuan; the closing price of the alumina futures main contract was 2,720 yuan/ton, down 7 yuan. The LME electrolytic aluminum three - month quote was 2,801 dollars/ton, down 12 dollars. The LME aluminum inventory was 543,725 tons, down 2,225 tons. The Shanghai - London ratio was 7.66, up 0.03 [2]. - **Other Aluminum Products**: The closing price of the cast aluminum alloy main contract was 20,695 yuan/ton, down 10 yuan. The main - second - contract spread of cast aluminum alloy was - 110 yuan/ton, down 55 yuan [2]. 3.2 Spot Market - **Prices**: The Shanghai Non - ferrous A00 aluminum price was 21,400 yuan/ton, down 40 yuan; the alumina spot price in Shanghai Non - ferrous was 2,770 yuan/ton, unchanged. The average price of ADC12 aluminum alloy ingots nationwide was 21,350 yuan/ton, unchanged [2]. - **Basis**: The basis of cast aluminum alloy was 655 yuan/ton, down 55 yuan; the basis of electrolytic aluminum was - 55 yuan/ton, down 30 yuan. The basis of alumina was 50 yuan/ton, up 7 yuan [2]. 3.3 Upstream Situation - **Raw Materials**: The average price of crushed primary aluminum in Foshan metal scrap was 16,900 yuan/ton, unchanged; the average price in Shandong metal scrap was 16,550 yuan/ton, unchanged. China's import volume of aluminum scrap was 158,360.01 tons, up 2,945.61 tons; the export volume was 32.46 tons, down 36.08 tons [2]. - **Alumina**: The alumina production was 786.50 million tons, down 13.40 million tons; the demand for alumina in the electrolytic aluminum part was 730.23 million tons, up 25.92 million tons. The export volume of alumina was 18.00 million tons, down 7.00 million tons; the import volume was 18.93 million tons, up 12.93 million tons [2]. 3.4 Industry Situation - **Electrolytic Aluminum**: The import volume of primary aluminum was 248,261.37 tons, up 4,462 tons; the export volume was 24,573.56 tons, down 4,396.36 tons. The electrolytic aluminum production capacity was 4,523.20 million tons, unchanged; the operating rate was 98.24%, down 0.12% [2]. - **Aluminum Products**: The aluminum product output was 569.40 million tons, down 20.60 million tons; the export volume of unwrought aluminum and aluminum products was 50.00 million tons, down 2.00 million tons. The output of recycled aluminum alloy ingots was 60.83 million tons, down 4.82 million tons; the export volume of aluminum alloy was 3.09 million tons, up 0.74 million tons [2]. 3.5 Downstream and Application - **Automobile**: The automobile production was 327.90 million vehicles, up 5.25 million vehicles [2]. - **Real Estate**: The National Housing Prosperity Index was 92.43, down 0.34 [2]. 3.6 Option Situation - **Volatility**: The 20 - day historical volatility of Shanghai aluminum was 11.23%, down 0.26%; the 40 - day historical volatility was 10.35%, down 0.04%. The implied volatility of the Shanghai aluminum main - contract at - the - money IV was 9.02%, down 0.0079% [2]. - **Ratio**: The call - put ratio of Shanghai aluminum options was 1.63, up 0.1021 [2]. 3.7 Industry News - **Data and Energy**: The National Data Bureau launched the first batch of 12 state - owned enterprise data resource development and utilization pilots. In October, the national power market trading volume was 563.8 billion kWh, a year - on - year increase of 15.6% [2]. - **Automobile Market**: In October, European car sales increased by 4.9% year - on - year to 1.09 million vehicles. Tesla's new car registrations decreased by 48%, BYD's increased by 195%, SAIC Group's increased by 56%, and Toyota's decreased by 10.8% [2]. - **Economic News**: A Fed governor called for significant interest rate cuts. US PPI and retail sales data showed inflation resurgence and a slowdown in consumption growth. The China - US presidential call had a positive atmosphere [2].

Group 1: Commercial Aerospace Development - The National Space Administration has issued an action plan to promote high-quality and safe development of the commercial aerospace industry, aiming to achieve significant growth in industry scale and innovation by 2027 [1] Group 2: Data Trading and Utilization - The National Bureau of Statistics supports the establishment of a comprehensive service system for data trading, emphasizing the importance of data exchanges in enhancing market positioning and service capabilities [1] Group 3: Renewable Energy Certificates - In the first ten months of the year, China issued a total of 2.478 billion green certificates, with 1.592 billion being tradable, indicating a robust growth in renewable energy projects [1] Group 4: Power Market Transactions - In October 2025, the total electricity market transaction volume reached 563.8 billion kilowatt-hours, a year-on-year increase of 15.6%, with a cumulative total of 5,492 billion kilowatt-hours for the first ten months, up 7.9% year-on-year [1] Group 5: Aviation Industry Growth - In October, China's international air passenger and cargo transport volumes both saw a year-on-year increase of over 20%, with cargo transport volume exceeding 900,000 tons for the first time in history [1] Group 6: Huawei's Product Launch - Huawei launched the Mate 80 series and Mate X7 foldable phone, with the number of Harmony OS devices surpassing 27 million, indicating steady growth in user adoption [1] Group 7: Alibaba's Financial Performance - Alibaba reported a total revenue of 247.795 billion yuan for Q2 of fiscal year 2026, a year-on-year increase of 5%, with its cloud intelligence group revenue growing by 34% [1] Group 8: NIO's Delivery and Revenue Growth - NIO's Q3 2025 vehicle deliveries reached 87,100 units, a year-on-year increase of 40.8%, with total revenue of 21.794 billion yuan, up 16.7% year-on-year [1]