Core Insights - In October, the total electricity consumption reached 857.2 billion kWh, marking a year-on-year increase of 10.4% [2] - Cumulative electricity consumption from January to October was 8624.6 billion kWh, with a year-on-year growth of 5.1% [2] By Industry - The primary industry consumed 12 billion kWh in October, up 13.2% year-on-year [2] - The secondary industry consumed 568.8 billion kWh in October, with a year-on-year increase of 6.2%, and industrial electricity consumption rose by 6.4% [2] - The tertiary industry consumed 160.9 billion kWh in October, showing a significant year-on-year growth of 17.1%, particularly in the charging and battery swapping services, as well as information transmission, software, and IT services [2] - Cumulative electricity consumption in the primary industry from January to October was 126.2 billion kWh, up 10.5% year-on-year [2] - Cumulative electricity consumption in the secondary industry was 547.8 billion kWh, with a year-on-year growth of 3.7%, and industrial consumption increased by 3.9% [2] - Cumulative electricity consumption in the tertiary industry reached 166.71 billion kWh, growing by 8.4% year-on-year, with notable increases in the charging and battery swapping services, and IT services [2] - Cumulative electricity consumption for urban and rural residents was 135.32 billion kWh, reflecting a year-on-year increase of 6.9% [2] Residential Consumption - Urban and rural residents' electricity consumption in October was 115.5 billion kWh, with a remarkable year-on-year growth of 23.9% [2]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The industrial silicon has obvious bottom support with the depletion of warehouse receipts, while the market sentiment of polysilicon has cooled down, and there is a risk of a decline [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For industrial silicon, the Si2601 closing price was 8,965 yuan/ton, with a change of 45 yuan compared to T - 1, 400 yuan compared to T - 5, and 0 yuan compared to T - 22. The trading volume was 198,198 lots, and the open interest was 201,518 lots [2]. - For polysilicon, the PS2601 closing price was 54,500 yuan/ton, with a change of 2,195 yuan compared to T - 1 and 4,160 yuan compared to T - 5 [2]. 3.1.2 Basis - Industrial silicon's spot premium or discount varied depending on different benchmarks. For example, the spot premium or discount against East China Si5530 was +395 yuan/ton [2]. - Polysilicon's spot premium or discount against N - type re - investment was - 1,855 yuan/ton [2]. 3.1.3 Price - The price of Xinjiang 99 silicon was 8,700 yuan/ton, Yunnan Si4210 was 9,950 yuan/ton, and polysilicon - N - type re - feedstock was 52,980 yuan/ton [2]. 3.1.4 Profit - The profit of silicon plants in Xinjiang (new standard 553) was - 2,314.5 yuan/ton, and in Yunnan (new standard 553) was - 3,253 yuan/ton [2]. - The profit of polysilicon enterprises was 8.5 yuan/kg [2]. 3.1.5 Inventory - Industrial silicon's social inventory (including warehouse receipt inventory) was 55.9 million tons, enterprise inventory was 16.8 million tons, and the industry inventory was 72.7 million tons. The futures warehouse receipt inventory was 24.0 million tons [2]. - Polysilicon's manufacturer inventory was 25.8 million tons [2]. 3.2 Macro and Industry News - On October 23, the National Energy Administration released data on the country's electricity consumption in September. The total electricity consumption was 888.6 billion kWh, a year - on - year increase of 4.5%. From January to September, the cumulative total electricity consumption was 7,767.5 billion kWh, a year - on - year increase of 4.6% [2][4]. 3.3 Trend Intensity - The trend intensity of industrial silicon was 1, and that of polysilicon was - 1. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].

Electricity Consumption - In September 2025, the total electricity consumption reached 888.6 billion kWh, representing a year-on-year growth of 4.5% [5] - For the first nine months of 2025, total electricity consumption accumulated to 7,767.5 billion kWh, with a year-on-year increase of 4.6% [5] - Breakdown of electricity consumption by industry in September: - Primary industry: 12.9 billion kWh, up 7.3% - Secondary industry: 570.5 billion kWh, up 5.7% - Tertiary industry: 176.5 billion kWh, up 6.3% - Urban and rural residents' electricity consumption: 128.7 billion kWh, down 2.6% [5] Foreign Investment - From January to September 2025, the number of newly established foreign-invested enterprises was 48,921, a year-on-year increase of 16.2% [7] - Actual foreign investment utilized amounted to 573.75 billion RMB, a year-on-year decrease of 10.4% [7] - In September, actual foreign investment utilization grew by 11.2% year-on-year [7] - Breakdown of foreign investment by industry: - Manufacturing: 150.09 billion RMB - Services: 410.93 billion RMB - High-tech industries: 170.84 billion RMB, with significant growth in e-commerce services (155.2%), aerospace manufacturing (38.7%), and medical equipment manufacturing (17%) [8] Industrial Profit - From January to September 2025, profits of large-scale industrial enterprises totaled 53,732 billion RMB, reflecting a year-on-year growth of 3.2% [11] - Profit breakdown by ownership: - State-owned enterprises: 17,021.8 billion RMB, down 0.3% - Shareholding enterprises: 39,923.5 billion RMB, up 2.8% - Foreign and Hong Kong, Macao, Taiwan enterprises: 13,509.7 billion RMB, up 4.9% - Private enterprises: 15,131.7 billion RMB, up 5.1% [11] - Key industries with profit growth include: - Electricity, heat production and supply: up 14.4% - Non-ferrous metal smelting and rolling: up 14.0% - Agricultural and sideline food processing: up 12.5% [12] Industrial Revenue and Costs - From January to September 2025, large-scale industrial enterprises achieved total operating revenue of 10.208 trillion RMB, a year-on-year increase of 2.4% [13] - Operating costs amounted to 8.734 trillion RMB, up 2.6% [13] - The operating profit margin was 5.26%, an increase of 0.04 percentage points year-on-year [13] - As of the end of September, total assets of large-scale industrial enterprises reached 186.27 trillion RMB, up 5.0% year-on-year [13]

Core Insights - The report from the China Electricity Council indicates a stable and balanced power supply and demand situation in the first three quarters of 2025, with a total electricity consumption of 7.77 trillion kilowatt-hours, reflecting a year-on-year growth of 4.6% [1][2][3] Group 1: Electricity Consumption Trends - Total electricity consumption in the first three quarters showed a quarterly growth trend, with increases of 2.5%, 4.9%, and 6.1% respectively [1] - In the third quarter, monthly electricity consumption reached historical highs, with growth rates of 8.6%, 5.0%, and 4.5% [1] - The primary industry saw a significant increase in electricity consumption, with a total of 1.142 trillion kilowatt-hours, marking a year-on-year growth of 10.2% [1] Group 2: Sectoral Electricity Consumption - The secondary industry consumed 4.91 trillion kilowatt-hours, with a year-on-year growth of 3.4%, contributing 46.9% to the overall electricity consumption growth [2] - The manufacturing sector's electricity consumption grew by 3.2%, while high-tech and equipment manufacturing outpaced this with a growth of 5.9% [2] - The tertiary industry maintained a steady growth in electricity consumption, reaching 1.51 trillion kilowatt-hours, with a year-on-year increase of 7.5% [2] Group 3: Residential Electricity Consumption - Urban and rural residential electricity consumption reached 1.24 trillion kilowatt-hours, growing by 5.6% year-on-year, contributing 19.1% to the overall electricity consumption growth [3] - The third quarter saw residential electricity consumption exceed 500 billion kilowatt-hours, setting a new quarterly record due to high temperatures and humidity [3] - All 30 provinces reported positive growth in electricity consumption, with notable increases in Tibet (13.4%), Guizhou (7.8%), and Hebei (7.0%) [3]

Core Insights - In September, China's total electricity consumption reached 888.6 billion kWh, marking a year-on-year increase of 4.5% [1] - For the first three quarters, total electricity consumption accumulated to 7,767.5 billion kWh, with a year-on-year growth of 4.6% [1] - The second industry showed a significant recovery in electricity consumption growth in Q3, contributing 51% to the overall increase [1] Group 1: Electricity Consumption by Sector - In September, the first industry consumed 12.9 billion kWh (up 7.3%), the second industry consumed 570.5 billion kWh (up 5.7%), and the third industry consumed 176.5 billion kWh (up 6.3%) [1] - For the first three quarters, the first, second, and third industries saw year-on-year growth in electricity consumption of 10.2%, 3.4%, and 7.5% respectively [1] Group 2: Trends and Drivers - The electricity consumption growth rate showed a quarterly recovery, with increases of 2.5%, 4.9%, and 6.1% in Q1, Q2, and Q3 respectively [1] - High-tech and equipment manufacturing industries experienced a 9.5% increase in electricity consumption in Q3, surpassing the average growth rate of the manufacturing sector by 4.3 percentage points [2] - The service sector's electricity consumption grew by 8.3% in Q3, driven by the rapid development of new infrastructure such as electric vehicles and 5G [2]

Core Insights - The National Energy Administration reported that the total electricity consumption in China reached 7.77 trillion kilowatt-hours in the first three quarters, marking a historical high with a year-on-year growth of 4.6% [1][3] Group 1: Overall Electricity Consumption - In the first three quarters, electricity consumption grew by 2.5%, 4.9%, and 6.1% respectively, indicating a quarterly recovery trend in growth rates [1] - The total electricity consumption for the third quarter alone showed a significant increase compared to previous quarters [1] Group 2: Industrial Electricity Consumption - The second industry, which includes manufacturing, saw a year-on-year electricity consumption growth of 5.1% in the third quarter, contributing 51% to the overall electricity consumption growth [3] - High-tech and equipment manufacturing sectors experienced rapid expansion, with a combined electricity consumption growth of 9.5% in the third quarter [3] Group 3: Service Industry Electricity Consumption - The service industry maintained stable and rapid growth in electricity consumption, with an 8.3% year-on-year increase in the third quarter [5] - The internet and related services sector reported a remarkable 33.8% year-on-year growth in electricity consumption during the third quarter [5] - The charging and battery swapping service sector experienced a substantial year-on-year growth of 49.6% in electricity consumption [5]

Core Insights - In September, China's total electricity consumption reached 888.6 billion kilowatt-hours, marking a year-on-year increase of 4.5% [1] Summary by Category Total Electricity Consumption - From January to September, total electricity consumption accumulated to 7,767.5 billion kilowatt-hours, with a year-on-year growth of 4.6% [1] By Industry - **Primary Industry**: Electricity consumption was 12.9 billion kilowatt-hours, up 7.3% year-on-year in September; for the first nine months, it totaled 114.2 billion kilowatt-hours, reflecting a 10.2% increase [1] - **Secondary Industry**: In September, consumption was 570.5 billion kilowatt-hours, a 5.7% increase year-on-year; for January to September, it reached 49,093 billion kilowatt-hours, growing by 3.4% [1] - **Tertiary Industry**: September consumption was 176.5 billion kilowatt-hours, up 6.3% year-on-year; for the first nine months, it totaled 15,062 billion kilowatt-hours, with a 7.5% increase [1] Residential Electricity Consumption - Urban and rural residential electricity consumption in September was 128.7 billion kilowatt-hours, down 2.6% year-on-year; for January to September, it was 12,378 billion kilowatt-hours, showing a 5.6% increase [1]

Core Insights - In September, the total electricity consumption reached 888.6 billion kilowatt-hours, representing a year-on-year growth of 4.5% [3] - Cumulative electricity consumption from January to September was 7,767.5 billion kilowatt-hours, with a year-on-year increase of 4.6% [3] By Industry - The first industry consumed 12.9 billion kilowatt-hours in September, showing a year-on-year increase of 7.3% [3] - The second industry accounted for 5,705 billion kilowatt-hours in September, with a year-on-year growth of 5.7% [3] - The third industry used 1,765 billion kilowatt-hours in September, reflecting a year-on-year increase of 6.3% [3] - Urban and rural residents' electricity consumption was 128.7 billion kilowatt-hours in September, which is a year-on-year decrease of 2.6% [3] Cumulative Data - From January to September, the first industry consumed 114.2 billion kilowatt-hours, marking a year-on-year increase of 10.2% [3] - The second industry consumed 49,093 billion kilowatt-hours, with a year-on-year growth of 3.4% [3] - The third industry had a total consumption of 15,062 billion kilowatt-hours, reflecting a year-on-year increase of 7.5% [3] - Urban and rural residents' cumulative electricity consumption was 1,237.8 billion kilowatt-hours, showing a year-on-year increase of 5.6% [3]

Key Points - In September 2023, the total electricity consumption in the society reached 888.6 billion kilowatt-hours, showing a year-on-year growth of 4.5% [1] - For the first nine months of 2023, the cumulative electricity consumption was 7,767.5 billion kilowatt-hours, with a year-on-year increase of 4.6% [1] Breakdown by Industry - The first industry consumed 12.9 billion kilowatt-hours in September, with a year-on-year increase of 7.3% [1] - The second industry consumed 570.5 billion kilowatt-hours in September, reflecting a year-on-year growth of 5.7% [1] - The third industry consumed 176.5 billion kilowatt-hours in September, marking a year-on-year increase of 6.3% [1] - Urban and rural residential electricity consumption was 128.7 billion kilowatt-hours in September, showing a year-on-year decline of 2.6% [1] Cumulative Data for January to September - The first industry consumed 114.2 billion kilowatt-hours, with a year-on-year growth of 10.2% [1] - The second industry consumed 4,909.3 billion kilowatt-hours, reflecting a year-on-year increase of 3.4% [1] - The third industry consumed 150.62 billion kilowatt-hours, showing a year-on-year growth of 7.5% [1] - Urban and rural residential electricity consumption reached 1,237.8 billion kilowatt-hours, with a year-on-year increase of 5.6% [1]

Core Insights - In September, the total electricity consumption reached 888.6 billion kWh, marking a year-on-year increase of 4.5% [2] - Cumulative electricity consumption from January to September was 7,767.5 billion kWh, reflecting a growth of 4.6% compared to the previous year [2] By Sector - The primary sector consumed 12.9 billion kWh in September, with a year-on-year growth of 7.3% [2] - The secondary sector's electricity consumption was 570.5 billion kWh, showing a year-on-year increase of 5.7% [2] - The tertiary sector used 176.5 billion kWh, which is a 6.3% increase year-on-year [2] - Urban and rural residential electricity consumption was 128.7 billion kWh, experiencing a decline of 2.6% year-on-year [2] Cumulative Data - From January to September, the primary sector's electricity consumption totaled 114.2 billion kWh, with a year-on-year increase of 10.2% [2] - The secondary sector's cumulative consumption was 4,909.3 billion kWh, reflecting a growth of 3.4% [2] - The tertiary sector's cumulative electricity usage reached 150.62 billion kWh, marking a year-on-year increase of 7.5% [2] - Cumulative residential electricity consumption was 1,237.8 billion kWh, which is a 5.6% increase year-on-year [2]