Group 1 - The core viewpoint is that electricity consumption in China is growing at a rate higher than GDP growth, with an electricity elasticity coefficient around 1.2, indicating a strong relationship between electricity consumption and economic growth [1] - From 2018 to 2024, the electricity consumption growth rate in high-tech and equipment manufacturing industries is significantly higher than the average level of the manufacturing industry, with an annual growth rate of 8.0%, driven by the expansion of high-end manufacturing sectors [1] - The rapid expansion of high-end manufacturing, including new energy equipment, new energy vehicles, semiconductors, and advanced materials, is creating a new driving force for electricity consumption [1] Group 2 - From 2018 to 2024, the electricity consumption in the internet and related data services industry is growing at an annual rate of 19.2%, highlighting the rapid development of the digital economy [2] - The digital economy, represented by the internet, big data, cloud computing, and artificial intelligence, is becoming a significant driver of growth in the tertiary industry, with data centers and computing centers requiring substantial electricity [2] Group 3 - The electricity consumption in the charging and swapping service industry is growing at an annual rate of 74.3% from 2018 to 2024, which in turn drives an 11.8% annual growth in the wholesale and retail industry [3] - The growth in electricity consumption in the charging and swapping services is attributed to the increasing ownership of new energy vehicles, which is also accelerating the development of related service industries [3] - The ongoing push for carbon peak and carbon neutrality is leading to a gradual reduction in energy consumption per unit of GDP, with a cumulative decrease of 11.6% in energy intensity over the first four years of the 14th Five-Year Plan [3]

Core Viewpoint - The data released by the National Energy Administration indicates a steady growth in electricity consumption across various sectors in May, with an overall year-on-year increase of 4.4% in total electricity consumption [1] Group 1: Electricity Consumption Overview - In May, total electricity consumption reached 809.6 billion kWh, marking a year-on-year increase of 4.4% [1] - The first industry consumed 11.9 billion kWh, with a growth rate of 8.4% year-on-year [1] - The second industry consumed 541.4 billion kWh, showing a year-on-year growth of 2.1% [1] - The third industry consumed 155 billion kWh, with a year-on-year increase of 9.4% [1] - Urban and rural residents' electricity consumption was 101.3 billion kWh, reflecting a year-on-year growth of 9.6% [1] Group 2: Cumulative Electricity Consumption - In the first five months, total electricity consumption accumulated to 3,966.5 billion kWh, with a year-on-year increase of 3.4% [1] - The first industry consumed 54.3 billion kWh, with a year-on-year growth of 9.6% [1] - The second industry consumed 2,591.4 billion kWh, showing a year-on-year growth of 2.2% [1] - The third industry consumed 740.6 billion kWh, with a year-on-year increase of 6.8% [1] - Urban and rural residents' electricity consumption reached 580.2 billion kWh, reflecting a year-on-year growth of 3.7% [1] Group 3: Sector-Specific Insights - The growth rate of total electricity consumption in the first five months improved by 0.3 percentage points compared to the first four months [1] - The first industry, particularly agriculture and animal husbandry, maintained rapid growth, with year-on-year increases of 15.5% and 7.2% respectively [1] - The second industry continued to grow, with high-tech and equipment manufacturing sectors leading in electricity consumption growth [1] - The third industry experienced rapid growth, particularly in new business models such as charging and battery swapping services [1] - Urban and rural residents' electricity consumption growth continued to show a recovery trend [1]