Core Insights - In November, the total electricity consumption reached 835.6 billion kilowatt-hours, marking a year-on-year increase of 6.2% [1] Industry Breakdown - The primary industry consumed 11.3 billion kilowatt-hours, with a year-on-year growth of 7.9% [1] - The secondary industry consumed 565.4 billion kilowatt-hours, showing a year-on-year increase of 4.4%, with industrial electricity consumption growing by 4.6% and high-tech and equipment manufacturing sectors increasing by 6.7% [1] - The tertiary industry consumed 153.2 billion kilowatt-hours, reflecting a year-on-year growth of 10.3%, with the charging and swapping service industry and information transmission, software, and IT services growing by 60.2% and 18.9% respectively [1] - Urban and rural residential electricity consumption reached 105.7 billion kilowatt-hours, with a year-on-year increase of 9.8% [1] Cumulative Data - From January to November, total electricity consumption accumulated to 9460.2 billion kilowatt-hours, representing a year-on-year growth of 5.2% [1] - The primary industry accumulated 137.4 billion kilowatt-hours, with a year-on-year increase of 10.3% [1] - The secondary industry accumulated 6043.6 billion kilowatt-hours, showing a year-on-year growth of 3.7% [1] - The tertiary industry accumulated 1820.4 billion kilowatt-hours, reflecting a year-on-year increase of 8.5% [1]

（文章来源：证券时报） ...

1— 11 月 份 ，全社会用电量累计 94602 亿千瓦时，同比增长 5.2% ，其中规模以上 工业发电量为 88567 亿千瓦时。从分产业用电看，第一产业用电量 1374 亿千瓦时， 同比增长 10.3% ；第二产业用电量 60436 亿千瓦时，同比增长 3.7% ， 其中， 工 业 用电量同比增长 3.9 % ，高技术及装备制造业 用电量同比增长 6.4 % ；第三产业 用电量 18204 亿千瓦时，同比增长 8.5% ，其中，充换电服务业以及信息传输、软件 和 信 息 技 术 服 务 业 用 电 量 分 别 同 比 增 长 48.3% 、 16.8% ； 城 乡 居 民 生 活 用 电 量 14588 亿千瓦时，同比增长 7.1% 。 2 025年11月份全社会用电量同比增长6.2%。 12 月 24 日，国家能源局发布 11 月份全社会用电量等数据。 11 月份，全社会用电量 8356 亿千瓦时，同比增长 6.2% 。从分产业用电看，第一产 业用电量 11 3 亿千瓦时，同比增长 7.9% ；第二产业用电量 5654 亿千瓦时，同比增 长 4.4% ， 其中， 工业 用电量同比增长 4.6 % ，高 ...

Core Viewpoint - The National Energy Administration reported that in November, the total electricity consumption reached 835.6 billion kilowatt-hours, reflecting a year-on-year growth of 6.2% [1] Industry Breakdown - The first industry consumed 11.3 billion kilowatt-hours, with a year-on-year increase of 7.9% [1] - The second industry consumed 565.4 billion kilowatt-hours, showing a year-on-year growth of 4.4% [1] - The third industry consumed 153.2 billion kilowatt-hours, with a year-on-year increase of 10.3%, notably, the charging and swapping service sector saw a remarkable growth of 60.2% [1] - Urban and rural residential electricity consumption reached 105.7 billion kilowatt-hours, marking a year-on-year increase of 9.8% [1] Cumulative Data - For the first eleven months, the total electricity consumption accumulated to 9460.2 billion kilowatt-hours, representing a year-on-year growth of 5.2% [1]

Electricity Consumption Overview - In November, the total electricity consumption reached 835.6 billion kWh, representing a year-on-year growth of 6.2% [2] - From January to November, the cumulative electricity consumption was 9460.2 billion kWh, with a year-on-year increase of 5.2% [3] Sectoral Breakdown - The primary sector consumed 113 billion kWh in November, showing a year-on-year increase of 7.9% [2] - The secondary sector's electricity consumption was 565.4 billion kWh in November, with a year-on-year growth of 4.4%, and industrial electricity consumption increased by 4.6% [2] - The high-tech and equipment manufacturing industries saw a 6.7% increase in electricity consumption year-on-year [2] - The tertiary sector consumed 153.2 billion kWh in November, with a significant year-on-year growth of 10.3% [2] - Within the tertiary sector, the charging and swapping service industry experienced a remarkable growth of 60.2%, while the information transmission, software, and IT services sector grew by 18.9% [2] Residential Electricity Consumption - Urban and rural residents consumed 105.7 billion kWh in November, reflecting a year-on-year increase of 9.8% [2] - From January to November, residential electricity consumption totaled 1458.8 billion kWh, with a year-on-year growth of 7.1% [3]

Group 1: Report Industry Investment Ratings - The investment strategy for industrial silicon is to short on rallies [1] - For polysilicon, some companies have raised their quotes, and attention should be paid to actual transactions [2] Group 2: Core Views of the Report - The report provides detailed fundamental data of industrial silicon and polysilicon, including futures market prices, trading volumes, open interests, basis, spot prices, profits, inventories, and raw material costs [2] - It also presents macro and industry news, such as the power supply situation and electricity consumption forecasts [2][4] - The trend intensities of industrial silicon and polysilicon are given, with -1 for industrial silicon and 1 for polysilicon [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Data - **Futures Market**: Si2605 closing price is 8,365 yuan/ton, with a change of -655 compared to T - 22; PS2605 closing price is 58,600 yuan/ton, up 570 from T - 1 [2] - **Basis**: Industrial silicon spot has different premiums or discounts against different benchmarks, and polysilicon spot has a discount against N - type re - investment material [2] - **Prices**: The price of Xinjiang 99 silicon is 8750 yuan/ton, and the price of polysilicon - N - type re - investment material is 52300 yuan/ton [2] - **Profits**: Silicon factory profits for Xinjiang and Yunnan new - standard 553 are - 2919.5 yuan/ton and - 5344 yuan/ton respectively; polysilicon enterprise profit is 8.0 yuan/kg [2] - **Inventories**: Industrial silicon social inventory is 56.1 tons, enterprise inventory is 18.7 tons, and industry inventory is 74.8 tons; polysilicon factory inventory is 29.3 tons [2] - **Raw Material Costs**: The prices of silicon ore, washed coal, petroleum coke, electrodes, etc. are provided, with little change in most cases [2] 2. Macro and Industry News - This year, the national power supply has remained safe and stable, and the annual social electricity consumption is expected to exceed 10 trillion kWh [2][4] - In 2025, the national total power generation installed capacity will exceed 3.8 billion kilowatts, a 14% year - on - year increase, and the social electricity consumption is expected to exceed 10 trillion kWh for the first time [4] 3. Trend Intensities - Industrial silicon trend intensity is - 1, indicating a bearish view; polysilicon trend intensity is 1, indicating a bullish view [4]

Core Insights - The national electricity supply in China remains safe and stable, with total electricity consumption expected to exceed 10 trillion kilowatt-hours this year [1][3] Group 1: Electricity Supply and Demand - The total installed power generation capacity in China is projected to exceed 3.8 billion kilowatts by 2025, representing a year-on-year growth of 14% [3] - The anticipated electricity consumption of over 10 trillion kilowatt-hours this year is approximately double the total electricity consumption in 2015 [3] Group 2: Sector Performance - High-tech and equipment manufacturing sectors are leading in electricity consumption growth, with predicted year-on-year increases of over 20% for new energy vehicle manufacturing and over 30% for wind energy equipment manufacturing from January to November [5] - The internet and related services sector is expected to see a year-on-year electricity consumption growth of over 30%, while the charging and swapping service sector is projected to grow nearly 50% [5]

Core Insights - The national electricity supply in China remains safe and stable, with total electricity consumption expected to exceed 10 trillion kilowatt-hours this year [1][3] Group 1: Electricity Supply and Demand - The total installed power generation capacity in China is projected to exceed 3.8 billion kilowatts by 2025, representing a year-on-year growth of 14% [3] - The anticipated total electricity consumption of over 10 trillion kilowatt-hours will be approximately double the total consumption in 2015 [3] Group 2: Sector Performance - High-tech and equipment manufacturing sectors are leading in electricity consumption growth, with specific segments like new energy vehicle manufacturing and wind energy equipment manufacturing expected to see year-on-year growth rates exceeding 20% and 30%, respectively [6] - The internet and related services sector is also experiencing significant growth, with electricity consumption increasing by over 30% year-on-year, while the charging and swapping service sector is seeing nearly 50% growth [6]

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） ...