Core Viewpoint - The report from CITIC Securities indicates that the electricity consumption growth rate in May slightly decreased to 4.4% due to weak secondary industry performance, although cumulative electricity demand is on a recovery trend. The coastal regions saw a notable rebound in electricity consumption growth in May, driven by exports [1]. Group 1: Electricity Consumption Trends - In May, the electricity consumption increased by 4.4% year-on-year, a decline of 0.3 percentage points from April's 4.7%. The secondary industry's electricity consumption growth rate fell to 2.1%, significantly impacting overall growth, with high energy-consuming sectors only growing by 1.1% [1]. - The coastal regions experienced a recovery in electricity consumption growth, reaching 5.4% in May, attributed to a temporary easing of the US-China tariff dispute that boosted export demand [1]. Group 2: Renewable Energy Installation and Investment - The surge in renewable energy installations was driven by a rush to install solar power, with May seeing a record addition of 9,240 MW, bringing the total installed capacity to 3.61 billion kW, a year-on-year increase of 18.8% [2]. - Despite the record installations, investment in power generation has slowed, with total power investment remaining flat at 257.8 billion yuan year-on-year, and a notable contraction in solar investment [2]. Group 3: Utilization Hours and Generation Efficiency - The average utilization hours for power generation equipment in May were 241 hours, a year-on-year decline of 10.7%. Hydropower utilization hours fell by 17.5% to 254 hours due to reduced water inflow, while wind and solar power utilization hours also saw significant declines [3]. - The domestic wind power utilization rate was 93.2%, down 1.6 percentage points year-on-year, and the solar utilization rate was 94.2%, down 3.3 percentage points [3].