Core Viewpoint - The article highlights the electricity consumption data for September and the cumulative data for the first nine months of the year, indicating growth in various sectors while noting a decline in residential electricity usage [2] Summary by Sections September Electricity Consumption - Total electricity consumption reached 888.6 billion kWh, representing a year-on-year increase of 4.5% [2] - Breakdown by sectors: - Primary industry consumed 12.9 billion kWh, up 7.3% year-on-year [2] - Secondary industry consumed 570.5 billion kWh, up 5.7% year-on-year [2] - Tertiary industry consumed 176.5 billion kWh, up 6.3% year-on-year [2] - Urban and rural residential electricity consumption was 128.7 billion kWh, down 2.6% year-on-year [2] Cumulative Electricity Consumption (January to September) - Total cumulative electricity consumption reached 7,767.5 billion kWh, with a year-on-year increase of 4.6% [2] - Breakdown by sectors: - Primary industry consumed 114.2 billion kWh, up 10.2% year-on-year [2] - Secondary industry consumed 4,909.3 billion kWh, up 3.4% year-on-year [2] - Tertiary industry consumed 150.6 billion kWh, up 7.5% year-on-year [2] - Urban and rural residential electricity consumption was 1,237.8 billion kWh, up 5.6% year-on-year [2]

Electricity Consumption Overview - In September, total electricity consumption reached 888.6 billion kWh, a 4.5% year-over-year increase [1] - From January to September, total electricity consumption cumulatively reached 7767.5 billion kWh, a 4.6% year-over-year increase [1] - In August, total electricity consumption reached 1015.4 billion kWh, a 5.0% year-over-year increase [1] Sectoral Electricity Consumption (September) - Primary industry electricity consumption was 12.9 billion kWh, a 7.3% year-over-year increase [1] - Secondary industry electricity consumption was 570.5 billion kWh, a 5.7% year-over-year increase [1] - Tertiary industry electricity consumption was 176.5 billion kWh, a 6.3% year-over-year increase [1] - Residential electricity consumption in urban and rural areas was 128.7 billion kWh, a 2.6% year-over-year decrease [1] Sectoral Electricity Consumption (August) - Primary industry electricity consumption was 16.4 billion kWh, a 9.7% year-over-year increase [1] - Secondary industry electricity consumption was 598.1 billion kWh, a 5.0% year-over-year increase [1] - Tertiary industry electricity consumption was 204.6 billion kWh, a 7.2% year-over-year increase [1] - Residential electricity consumption in urban and rural areas was 196.3 billion kWh, a 2.4% year-over-year increase [1]

Core Insights - The National Energy Administration reported that in September, the total electricity consumption reached 888.6 billion kilowatt-hours, representing a year-on-year increase of 4.5% [1] Electricity Consumption by Sector - The primary industry consumed 12.9 billion kilowatt-hours, with a year-on-year growth of 7.3% [1] - The secondary industry consumed 570.5 billion kilowatt-hours, showing a year-on-year increase of 5.7% [1] - The tertiary industry consumed 176.5 billion kilowatt-hours, reflecting a year-on-year growth of 6.3% [1] - Urban and rural residential electricity consumption was 128.7 billion kilowatt-hours, which marked a year-on-year decline of 2.6% [1] Cumulative Electricity Consumption - From January to September, the total electricity consumption accumulated to 7,767.5 billion kilowatt-hours, indicating a year-on-year increase of 4.6% [1]

Core Insights - In August, China's total electricity consumption reached 10,154 billion kilowatt-hours, marking a year-on-year increase of 5.0% [1] - The electricity consumption exceeded 10 trillion kilowatt-hours for two consecutive months (July and August), setting a global record [1][2] - The growth in electricity consumption is attributed to high summer temperatures and supportive government policies aimed at economic recovery [2] Group 1: Electricity Consumption Trends - The total electricity consumption for the first eight months of the year reached 68,788 billion kilowatt-hours, with a year-on-year growth of 4.6% [4] - The first industry saw a significant increase in electricity consumption, with 1,012 billion kilowatt-hours consumed, reflecting a growth of 10.6% compared to the previous year [5] - The second industry's electricity consumption was 43,386 billion kilowatt-hours, with a modest growth of 3.1% [6] Group 2: Sector-Specific Insights - The manufacturing sector, particularly high-tech and equipment manufacturing, demonstrated resilience with a 9.1% increase in electricity consumption, surpassing the average growth rate of the manufacturing sector by approximately 4.6 percentage points [3] - The new energy vehicle manufacturing sector continued to show robust growth, with an electricity consumption increase of 23.0% from January to August [6] - The third industry also maintained a strong growth trajectory, with electricity consumption reaching 13,297 billion kilowatt-hours, reflecting a year-on-year increase of 7.7% [7]

Group 1: Economic Data - In August, the total social electricity consumption reached 1015.4 billion kWh, a year-on-year increase of 5%. The national manufacturing electricity consumption in the same month increased by 5.5% year-on-year, the highest this year [2] - The OECD's mid-term outlook report predicts that the global economic growth rate in 2025 will be 3.2%, an upward revision of 0.3 percentage points from the June forecast, and the 2026 forecast remains at 2.9%. The economic growth forecasts of the US, Eurozone, Japan, and the UK for this year have been slightly raised [2] - The preliminary value of the US S&P Global Manufacturing PMI in September was 52, in line with expectations, and the final value in August was 53. The preliminary value of the Services PMI was 53.9, and the preliminary value of the Composite PMI was 53.6, both lower than expected and at a three-month low [2] - In September, the arrival volume of imported soybeans in China remained high. The soybean crushing volume of major oil mills in the country has remained above 2.3 million tons for four consecutive weeks, and this week's crushing volume is expected to be around 2.4 million tons. As of September 19, the soybean meal inventory of major oil mills has exceeded 1.2 million tons, and it is expected to rise above 1.25 million tons by the end of September [2] Group 2: Project News - The first-phase lithium carbonate project of Luopu Xihai New Energy Materials Co., Ltd. was put into operation. The total investment of the project is 4.6 billion yuan. After the first phase reaches full production, it can process 300,000 tons of lithium concentrate annually and produce 30,000 tons of battery-grade lithium carbonate [3] Group 3: Plate Performance - Key focus: urea, Shanghai copper, soybean meal, crude oil, plastic [4] - Night trading performance: non-metallic building materials 2.58%, precious metals 32.68%, oilseeds 10.34%, soft commodities 2.53%, non-ferrous metals 18.74%, coal, coke, steel, and minerals 13.97%, energy 3.01%, chemicals 11.88%, grains 1.05%, agricultural and sideline products 3.23% [4] Group 4: Plate Position - The chart shows the position changes of commodity futures plates in the past five days [6] Group 5: Performance of Major Asset Classes | Category | Name | Daily Change (%) | Monthly Change (%) | Year-to-Date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index, SSE 50 | -0.18, -0.09 | -0.94, -1.91 | 14.02, 8.74 | | | CSI 300 | -0.06 | 0.51 | 14.86 | | | CSI 500 | -0.61 | 1.94 | 25.41 | | | S&P 500 | -0.55 | 3.04 | 13.18 | | | Hang Seng Index | -0.70 | 4.31 | 30.40 | | | German DAX | 0.36 | -1.22 | 18.60 | | | Nikkei 225 | 0.00 | 6.50 | 14.03 | | | UK FTSE 100 | -0.04 | 0.39 | 12.85 | | Fixed Income | 10-year Treasury Bond Futures | -0.21 | -0.09 | -1.11 | | | 5-year Treasury Bond Futures | -0.13 | 0.10 | -0.86 | | | 2-year Treasury Bond Futures | -0.05 | -0.07 | -0.61 | | Commodity | CRB Commodity Index | 0.00 | -1.52 | 0.35 | | | WTI Crude Oil | 2.22 | -0.61 | -11.48 | | | London Spot Gold | 0.46 | 9.17 | 43.40 | | | LME Copper | 0.21 | 0.92 | 13.80 | | | Wind Commodity Index | 0.94 | 11.20 | 28.57 | | Other | US Dollar Index | -0.08 | -0.63 | -10.37 | | | CBOE Volatility Index | 0.00 | 4.82 | -7.20 | [8]

Group 1 - The total electricity consumption in August exceeded 1 trillion kilowatt-hours, indicating a significant demand in the market [2] - The electricity consumption in the manufacturing sector reached a year-on-year growth rate, marking the highest monthly increase for the year [2]

Core Insights - In August, China's total electricity consumption exceeded 1 trillion kilowatt-hours for the second consecutive month, reaching 10154 billion kilowatt-hours, a year-on-year increase of 5.0% [1] Industry Analysis - Electricity consumption by sector in August: - Primary industry: 164 billion kilowatt-hours, up 9.7% year-on-year - Secondary industry: 5981 billion kilowatt-hours, up 5.0% year-on-year - Tertiary industry: 2046 billion kilowatt-hours, up 7.2% year-on-year - Urban and rural residential electricity consumption: 1963 billion kilowatt-hours, up 2.4% year-on-year [1][1][1] - The increase in electricity consumption is attributed to high summer temperatures and a recovering macroeconomic environment, with significant growth in the tertiary sector and residential usage [1][1] - In the manufacturing sector, electricity consumption in August grew by 5.5%, marking the highest increase for the year [1] Cumulative Data - From January to August, total electricity consumption reached 68788 billion kilowatt-hours, a year-on-year increase of 4.6% - Industrial power generation during the same period was 64193 billion kilowatt-hours [1][1]

Core Insights - In August, China's total electricity consumption reached 10,154 billion kilowatt-hours, marking a year-on-year increase of 5.0% and surpassing the trillion-kilowatt-hour mark for the second consecutive month [1] Industry Analysis - The primary industry consumed 164 billion kilowatt-hours, reflecting a year-on-year growth of 9.7% [1] - The secondary industry accounted for 5,981 billion kilowatt-hours, with a year-on-year increase of 5.0% [1] - The tertiary industry saw electricity consumption of 2,046 billion kilowatt-hours, growing by 7.2% year-on-year [1] Economic Factors - The increase in electricity consumption is attributed to high temperatures and various government policies aimed at boosting consumption, contributing to a recovery in the macro economy [1] - National manufacturing electricity consumption grew by 5.5% year-on-year, the highest rate observed this year [1] - Key sectors such as steel, building materials, non-ferrous metals, and chemicals showed significant recovery, with a combined electricity consumption growth of 4.2%, an increase of 3.7 percentage points from July [1] - High-tech and equipment manufacturing industries demonstrated strong resilience, with a combined electricity consumption growth of 9.1%, exceeding the average growth rate of the manufacturing sector by approximately 4.6 percentage points, and all sub-sectors achieved positive growth [1] - The manufacturing of new energy vehicles and photovoltaic industries also maintained rapid growth in electricity consumption [1]

（文章来源：21世纪经济报道） 7、8月份连续两个月全社会用电量超万亿千瓦时，这在全球也是首次。用电量如此之高首先与夏季高温天气直接相关，高温高湿天气来得早、 持续久，第三产业和居民空调等用电快速攀升，8月份这两项加起来就接近4000亿千瓦时，占比近四成。 ...

Core Insights - In August, China's total electricity consumption exceeded 1 trillion kilowatt-hours for the second consecutive month, reaching 10154 billion kilowatt-hours, a year-on-year increase of 5.0% [1] Industry Analysis - Electricity consumption by sector in August: - Primary industry: 164 billion kilowatt-hours, up 9.7% year-on-year - Secondary industry: 5981 billion kilowatt-hours, up 5.0% year-on-year - Tertiary industry: 2046 billion kilowatt-hours, up 7.2% year-on-year - Urban and rural residential electricity consumption: 1963 billion kilowatt-hours, up 2.4% year-on-year [1][1][1] - The increase in electricity consumption is attributed to high summer temperatures and a recovering macroeconomic environment, with significant growth in the tertiary sector and residential usage [1][1] - In the manufacturing sector, electricity consumption in August grew by 5.5%, marking the highest monthly increase of the year [1][1] Cumulative Data - From January to August, total electricity consumption reached 68788 billion kilowatt-hours, a year-on-year increase of 4.6% - Industrial power generation for the same period was 64193 billion kilowatt-hours [1][1]