Core Insights - The overall electricity consumption growth rate in China has stabilized and rebounded in the first half of the year, with April and May showing growth rates of 4.7% and 4.4% respectively, and June recording a year-on-year increase of 5.4% [1] Electricity Consumption - The growth rate of total electricity consumption reached 5.4% year-on-year in June, indicating a positive trend in energy demand [1] - April and May saw growth rates of 4.7% and 4.4%, respectively, reflecting a consistent recovery in electricity usage [1] Natural Gas Demand - Natural gas demand has experienced a slight increase, primarily driven by urban gas consumption [1] Coal Consumption - Coal consumption has slightly decreased, influenced by factors such as warmer winter weather and a significant increase in renewable energy output [1] Oil Consumption - The consumption of refined oil continues to show negative growth, with the substitution effect of new energy vehicles and liquefied natural gas (LNG) heavy trucks on transportation fuel becoming increasingly evident [1]

Core Viewpoint - Domestic coal consumption in June showed a gradual month-on-month recovery, but year-on-year figures remain weak, primarily driven by increased electricity demand and the performance of thermal power generation [1] Group 1: Coal Consumption and Demand - In June, electricity demand growth accelerated year-on-year, while hydropower generation fell short of expectations, leading to increased reliance on thermal power generation [1] - Thermal power generation increased year-on-year, contributing to the recovery of thermal coal demand [1] - Production of coal-intensive products such as pig iron, cement, and flat glass continued to decline, limiting coal demand growth in the steel and building materials sectors [1] Group 2: Chemical Industry and Coal Use - Major coal chemical products saw rapid production growth, which supported an increase in coal demand from the chemical industry [1] Group 3: Weather Impact and Coal Consumption - In mid-July, the expansion of high-temperature weather across China negatively impacted hydropower output, while thermal power generation experienced both month-on-month and year-on-year growth [1] - Daily coal consumption at thermal power plants continued to increase [1]