炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ■ 苏诗钰 国家能源局最新数据显示，10月份全社会用电量同比增长10.4%，创下今年月度增速新高。从产业看， 第三产业用电量达1609亿千瓦时，同比增长17.1%。其中，生产性服务业的表现尤为突出，如互联网数 据服务业用电量同比增长46%；充换电服务业用电量同比增长61.8%。这组数据清晰传递出经济发展的 浓浓暖意。 笔者认为，生产性服务业的用电量激增，绝非单纯的能源消耗增加，而是我国经济结构向高质量转型的 核心信号，更是新质生产力加速发展的生动写照。 其一，政策赋能精准滴灌，打开产业发展广阔空间。从《中共中央关于制定国民经济和社会发展第十五 个五年规划的建议》明确提出"实施服务业扩能提质行动"，到国家发展改革委进一步坚持和完善政企常 态化沟通交流机制，一系列政策举措为产业发展筑牢制度保障。国家发展改革委产业发展司副司长李春 芳日前表示，生产性服务业是产业发展的"粘合剂"，贯穿生产活动全链条，是产业延链增值的关键支 撑。"十五五"时期我国生产性服务业发展空间广阔，民间资本大有可为。 从国际视角看，西方发达国家服务业增加值一般占GDP总量 ...

Core Insights - The latest data from the National Energy Administration indicates that China's total electricity consumption in October increased by 10.4% year-on-year, marking the highest monthly growth rate of the year. The electricity consumption in the tertiary industry reached 1,609 billion kilowatt-hours, up 17.1% year-on-year, with significant growth in productive service sectors such as internet data services (up 46%) and charging services (up 61.8%) [1][2] Group 1: Economic Transformation - The surge in electricity consumption in productive services signals a shift towards high-quality economic transformation and accelerated development of new productive forces [1] - Policies aimed at enhancing service capacity and quality have created a robust institutional framework for industry development, with the productive service sector identified as a key support for value addition across the production chain [1][2] Group 2: Industry Integration and Innovation - The increase in electricity consumption reflects a deep integration between productive services and advanced manufacturing, generating a synergistic effect that enhances innovation and transformation [2][3] - The productive service sector encompasses 16 categories and 348 subcategories, including wholesale, transportation, information technology services, finance, and environmental services [2] Group 3: Market Demand and Growth - The rise in electricity consumption is fundamentally driven by an upgrade in market demand, with a shift in consumer spending from goods to services, leading to a 3% higher growth rate in service retail compared to goods retail in 2024 [3] - The proportion of per capita spending on services has reached 46.1%, indicating a strong demand for high-quality productive services [3] Group 4: Future Outlook - The ongoing implementation of service capacity enhancement initiatives is expected to attract more market participants, creating opportunities for value enhancement and injecting continuous momentum into China's high-quality economic development [4]