Group 1 - The policy for replacing old consumer goods with new ones remains unchanged, and the subsidy fund usage is on track, with central funds to be allocated in the third and fourth quarters [1] - The loan market quoted interest rates (LPR) for June show that the 5-year LPR remains at 3.5%, unchanged from the previous month, while the 1-year LPR also remains at 3% [1] - In May, the total electricity consumption reached 809.6 billion kilowatt-hours, reflecting a year-on-year growth of 4.4% [1] Group 2 - The wholesale reference price for liquor indicates that on June 20, the price of the 2025 Flying Moutai in original boxes decreased by 30 yuan to 1950 yuan per bottle, while the price for loose bottles also dropped by 30 yuan to 1900 yuan per bottle [1] - As of the midday close, the Shanghai Composite Index rose by 0.08%, while the Shenzhen Component Index fell by 0.19%, and the ChiNext Index decreased by 0.56%. The Hang Seng Index increased by 1.15%, and the Hang Seng Tech Index rose by 0.71% [1]

Summary of Key Points Core Viewpoint - The National Energy Administration reported that the total electricity consumption in the first five months reached 39,665 billion kilowatt-hours, reflecting a year-on-year growth of 3.4% [1] By Industry - The electricity consumption in the primary industry was 543 billion kilowatt-hours, showing a year-on-year increase of 9.6% [1] - The electricity consumption in the secondary industry amounted to 25,914 billion kilowatt-hours, with a year-on-year growth of 2.2% [1] - The electricity consumption in the tertiary industry reached 7,406 billion kilowatt-hours, marking a year-on-year increase of 6.8% [1] - The electricity consumption for urban and rural residents was 5,802 billion kilowatt-hours, reflecting a year-on-year growth of 3.7% [1]

Core Insights - In May, China's total electricity consumption reached 809.6 billion kilowatt-hours, an increase from the previous value of 772.1 billion kilowatt-hours [1] Group 1 - The total electricity consumption in May 2023 shows a significant increase, indicating a growing demand for energy in China [1]

中国5月全社会用电量同比 4.4%，前值4.7%。 ...

Group 1 - The core point of the article is that in May, the total electricity consumption in the country reached 809.6 billion kilowatt-hours, marking a year-on-year increase of 4.4% [1]

6 月 20 日，国家能源局发布 5 月份全社会用电量等数据。 1 -5 月，全社会用电量累计 39665 亿千瓦时，同比增长 3.4 % ，其中规模以上工业发电量为 37266 亿千瓦时。从分产业用电看，第一产业用电量 543 亿千瓦时，同比增长 9.6 % ；第二产 业用电量 25914 亿千瓦时，同比增长 2.2 % ；第三产业用电量 7406 亿千瓦时，同比增长 6.8 % ；城乡居民生活用电量 5802 亿千瓦时，同比增长 3.7 % 。 5 月份，全社会用电量 8096 亿千瓦时，同比增长 4.4 % 。从分产业用电看，第一产业用电量 119 亿千瓦时，同比增长 8.4 % ；第二产业用电量 5414 亿千瓦时，同比增长 2. 1 % ；第三产 业用电量 1550 亿千瓦时，同比增长 9. 4 % ；城乡居民生活用电量 1013 亿千瓦时，同比 增长 9.6 % 。 ...

点 击 蓝 字 关 注 我 们 国家能源局20日发布的信息显示，4月份全社会用电量7721亿千瓦时，同比增长4.7%。 4月份，分产业用电看， 第一产业用电量110亿千瓦时，同比增长13.8%；第二产业用电量5285亿千瓦时， 同比增长3%；第三产业用电量1390亿千瓦时，同比增长9%。城乡居民生活用电量936亿千瓦时，同比增长 7%。 前4月，全社会用电量累计31566亿千瓦时，同比增长3.1%，其中规模以上工业发电量为29840亿千瓦时。 分产业用电看，第一产业用电量424亿千瓦时，同比增长10%；第二产业用电量20497亿千瓦时，同比增长 2.3%；第三产业用电量5856亿千瓦时，同比增长6%。城乡居民生活用电量4789亿千瓦时，同比增长2.5%。 (来源:国家能源局 ) 前4个月我国全行业对外直接投资同比增长7.5% 本文全文共 976 字，阅读全文约 3 分钟 4月份全社会用电量同比增长4.7% 4月份全社会用电量同比增长4.7% 前4个月我国全行业对外直接投资同比增长7.5% 2025年1-4月全国吸收外资3207.8亿元人民币 (来源: 商务部 ) 2025年1-4月全国吸收外资3207.8亿元 ...

（来源： 央视网） 据国家能源局微信公众号消息，4月份，全社会用电量7721亿千瓦时，同比增长4.7%。从分产业 用电看，第一产业用电量110亿千瓦时，同比增长13.8%；第二产业用电量5285亿千瓦时，同比增 长3.0%；第三产业用电量1390亿千瓦时，同比增长9.0%；城乡居民生活用电量936亿千瓦时，同 比增长7.0%。 1～4月，全社会用电量累计31566亿千瓦时，同比增长3.1%，其中规模以上工业发电量为29840 亿千瓦时。从分产业用电看，第一产业用电量424亿千瓦时，同比增长10.0%；第二产业用电量 20497亿千瓦时，同比增长2.3%；第三产业用电量5856亿千瓦时，同比增长6.0%；城乡居民生活 用电量4789亿千瓦时，同比增长2.5%。 ...

Core Insights - The report highlights significant economic indicators, including a 2.1% year-on-year decline in China's tax revenue from January to April 2025, while non-tax revenue increased by 7.7% during the same period [4] - The report notes that the issuance of European bonds has surpassed €1 trillion at the fastest pace in history [4] - The Australian central bank has lowered the benchmark interest rate by 25 basis points to 3.85%, aligning with market expectations [4] Economic Data Summary - The Baltic Dry Index decreased by 2.95% to 1347.00, while the Nasdaq Index fell by 0.38% to 19142.71 [5] - The Dow Jones Industrial Average closed at 42677.24, down 0.27%, and the S&P 500 decreased by 0.39% to 5940.46 [5] - The Hang Seng Index rose by 1.49% to 23681.48, and the Hang Seng China Enterprises Index increased by 1.52% to 8589.08 [5] - The Shanghai Composite Index saw a slight increase of 0.38%, closing at 3380.48 [5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report The report presents an overview of the mid - view events, industry trends, and market pricing in April and May 2025, covering production, service, upstream, mid - stream, downstream industries, and credit spreads [1][2][3][4][5]. 3. Summary by Related Catalogs 3.1 Mid - view Events - **Production Industry**: In April, the total social electricity consumption was 772.1 billion kWh, a year - on - year increase of 4.7%. From January to April, the cumulative total social electricity consumption was 3156.6 billion kWh, a year - on - year increase of 3.1%. The power consumption of the primary, secondary, tertiary industries and urban and rural residents' living all increased year - on - year [1]. - **Service Industry**: On May 20, 2025, the 1 - year LPR was 3.00% and the 5 - year LPR was 3.50%, both down 10 basis points from the previous period [1]. 3.2 Industry Overview - **Upstream**: Egg prices decreased year - on - year, and glass prices dropped in the short term [2]. - **Mid - stream**: The PTA operating rate rebounded, while the PX operating rate declined recently. The asphalt operating rate in infrastructure has been rising [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities decreased seasonally, reaching a near - three - year low. The number of domestic flights decreased cyclically [4]. 3.3 Market Pricing - Bank credit spreads rebounded, while credit spreads in other industries declined [5]. - The table shows the credit spreads of various industries from last year to this week, with most industries showing a downward trend in credit spreads this week compared to last week [47]. 3.4 Key Industry Price Indicators - The table presents the price indicators of multiple industries, including agriculture, non - ferrous metals, energy, chemicals, and real estate. Most prices have small year - on - year changes, with some increasing and some decreasing [48].