Report Industry Investment Rating No relevant content provided. Core Viewpoints - The main contract price of rebar dropped from a high level, with a daily decline of 0.38%, an increase in trading volume, and stable open interest. In the current situation of both supply and demand increasing, the fundamentals of rebar have limited improvement, the pressure of inventory reduction remains, and steel prices are still prone to pressure. The relatively positive factors are the warm market sentiment and the cost support brought by the strong raw materials. It is expected that steel prices will continue to fluctuate, and attention should be paid to the demand performance [4]. - The main contract price of hot-rolled coil rose first and then fell, with a daily decline of 0.33%, and an increase in both trading volume and open interest. Currently, the supply of hot-rolled coil is relatively high, while there are concerns about demand, and the fundamentals have not improved substantially. Prices are still prone to pressure. The relatively positive factors are cost support and optimistic sentiment. It is expected that the trend will continue to fluctuate, and attention should be paid to the demand performance [4]. - The main contract price of iron ore fluctuated at a high level, with a daily increase of 0.38%, a decrease in trading volume, and an increase in open interest. Currently, the market sentiment is warm, and combined with the change in the variety logic, the futures price of iron ore has returned to a high level. However, the supply is relatively high, and the demand is weakening. The fundamentals have not improved substantially, and the upward driving force is not strong. Be cautious when bullish at high levels, and pay attention to the performance of finished products [4]. Summary by Directory Industry Dynamics - President Xi Jinping held talks with US President Trump in Busan on October 30, emphasizing the importance of stable China-US relations [6]. - From October 1 - 26, the retail sales of the national passenger car market were 1.613 million units, a year-on-year decrease of 7% and a 4% decrease from the same period last month. The cumulative retail sales this year were 18.621 million units, a year-on-year increase of 8%. The wholesale volume of national passenger car manufacturers was 1.871 million units, a year-on-year decrease of 1% and a 5% decrease from the same period last month. The cumulative wholesale volume this year was 22.718 million units, a year-on-year increase of 12%. The retail sales of the new energy passenger car market were 901,000 units, a year-on-year increase of 0% and an 8% decrease from the same period last month. The cumulative retail sales this year were 9.771 million units, a year-on-year increase of 22% [7]. - On October 27, 2025, the Australian Anti-Dumping Commission issued Announcement No. 2025/100, maintaining the existing anti-dumping measures on Chinese wire rods [8]. Spot Market - The spot prices of rebar in Shanghai and Tianjin were 3,200 yuan, and the national average price was 3,265 yuan. The spot prices of hot-rolled coil in Shanghai and Tianjin were 3,330 yuan and 3,260 yuan respectively, and the national average price was 3,373 yuan. The price of Tangshan steel billet was 3,000 yuan, and the price of Zhangjiagang heavy scrap was 2,160 yuan. The spread between hot-rolled coil and rebar was 130 yuan, and the spread between rebar and scrap was 1,040 yuan [9]. - The price of 61.5% PB powder at Shandong ports was 805 yuan, and the price of Tangshan iron concentrate was 827 yuan. The ocean freight from Australia was 9.48 yuan, and from Brazil was 23.11 yuan. The SGX swap price was 105.95 yuan, and the Platts Index (CFR, 62%) was 108.40 yuan [9]. Futures Market - The closing price of the rebar futures active contract was 3,106 yuan, with a decline of 0.38%. The trading volume was 1,440,978 lots, an increase of 201,376 lots, and the open interest was 1,894,916 lots, an increase of 909 lots [11]. - The closing price of the hot-rolled coil futures active contract was 3,318 yuan, with a decline of 0.33%. The trading volume was 614,494 lots, an increase of 40,700 lots, and the open interest was 1,473,286 lots, an increase of 12,227 lots [11]. - The closing price of the iron ore futures active contract was 802.5 yuan, with an increase of 0.38%. The trading volume was 325,873 lots, a decrease of 28,571 lots, and the open interest was 551,548 lots, an increase of 8,698 lots [11]. Related Charts - The report includes various charts related to steel and iron ore inventory, such as weekly changes in rebar and hot-rolled coil inventory, national 45-port iron ore inventory, and 247 steel mills' iron ore inventory [13][18]. - It also includes charts on steel mill production conditions, such as the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the operating rate of 87 independent electric furnaces, and the profit and loss situation of 75 building material independent electric arc furnace steel mills [27][29][33]. Market Outlook - Rebar: Both supply and demand have increased. The weekly output of rebar increased by 59,100 tons month-on-month, and the inventory is relatively high. The demand for rebar has improved, but it is still at a low level in recent years. The fundamentals have limited improvement, and the inventory reduction pressure remains. Steel prices are still prone to pressure. It is expected that steel prices will continue to fluctuate, and attention should be paid to the demand performance [34]. - Hot-rolled coil: The supply-demand pattern has improved slightly, and the inventory has been reduced again. The weekly output of hot-rolled coil increased by 6,200 tons month-on-month, and the inventory is high. The demand performance is okay, but there are concerns about the demand. The fundamentals have not improved substantially, and prices are still prone to pressure. It is expected that the trend will continue to fluctuate, and attention should be paid to the demand performance [34]. - Iron ore: The supply-demand pattern continues to weaken. The terminal consumption of iron ore by steel mills continues to decline, and the demand is expected to continue to decrease. The supply of iron ore is at a high level. Although the futures price has returned to a high level, the fundamentals have not improved substantially, and the upward driving force is not strong. Be cautious when bullish at high levels, and pay attention to the performance of finished products [35].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The prices of rebar and hot - rolled coils are expected to show a strong and volatile trend driven by macro - sentiment [1]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Information**: For rebar contract RB2601, the closing price was 3,133 yuan/ton, up 31 yuan or 1.00%, with a trading volume of 1,239,602 lots, a position of 1,894,007 lots, and a position change of - 36,350 lots. For hot - rolled coil contract HC2601, the closing price was 3,345 yuan/ton, up 40 yuan or 1.21%, with a trading volume of 573,794 lots, a position of 1,461,059 lots, and a position change of - 12,738 lots [1]. - **Spot Price Information**: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou increased by 20 yuan, 10 yuan, 30 yuan, and 20 yuan respectively. Hot - rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou increased by 20 yuan, 20 yuan, 20 yuan, and 30 yuan respectively. The price of Tangshan billet rose by 20 yuan to 3000 yuan/ton [1]. - **Price Difference Information**: The basis of RB2601 decreased by 22 yuan to 107 yuan, and the basis of HC2601 decreased by 20 yuan to 15 yuan. The spread of RB2601 - RB2605 increased by 10 yuan to - 53 yuan, and the spread of HC2601 - HC2605 increased by 2 yuan to 13 yuan [1]. 3.2 Macro and Industry News - **Policy News**: Five - department offices including the Ministry of Commerce issued the "Urban Commercial Quality Improvement Action Plan", supporting eligible commercial real estate projects to issue real estate investment trust funds (REITs). The 15th Five - Year Plan proposed directions for the high - quality development of the steel industry, such as promoting the quality improvement of key industries and enhancing the independent controllability of the industrial chain [2][3]. - **Production and Inventory Data**: In the week of October 23, rebar production increased by 5.91 tons, hot - rolled coil production increased by 0.62 tons, and the total production of five major varieties increased by 8.37 tons. Rebar inventory decreased by 18.94 tons, hot - rolled coil inventory decreased by 4.27 tons, and the total inventory of five major varieties decreased by 27.41 tons [3]. - **Output Data**: In September 2025, the national crude steel production was 7349 million tons, a year - on - year decrease of 4.6%. The daily output was 244.97 million tons/day, a month - on - month decrease of 1.8%. From January to September, the cumulative production of crude steel was 746 million tons, a year - on - year decrease of 2.9% [3]. - **Inventory Data**: In early October 2025, the steel inventory of key steel enterprises was 15.88 million tons, a week - on - week increase of 121 million tons or 8.2% [3]. 3.3 Trend Intensity - The trend intensity of rebar and hot - rolled coils is 1, indicating a relatively strong trend [3][4].

Report Overview - Report Type: Steel Daily Review [1] - Date: October 30, 2025 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - On October 29, the main contracts of rebar and hot-rolled coil futures showed an obvious upward trend, recovering most of the losses since September 26. Considering the positive expectations from industry policies, cost increases, and the improvement in terminal demand, the steel futures are expected to continue an oscillating and strengthening trend in the future [5][10]. 3. Summary by Section 3.1 Market Review - **Futures Market**: On October 29, the main contracts of rebar (RB2601) and hot-rolled coil (HC2601) futures oscillated higher, with closing prices of 3,133 yuan/ton and 3,345 yuan/ton respectively, up 1.00% and 1.21% from the previous trading day. The stainless steel futures contract (SS2512) also rose 0.31% [5]. - **Spot Market**: Most rebar and hot-rolled coil spot market prices rose on October 29. Rebar prices in Nanning and Shenyang increased by 30 yuan/ton, while prices in Changsha, Zhengzhou, Beijing, Taiyuan, Kunming, and Guiyang remained stable. Hot-rolled coil prices in Guangzhou, Shijiazhuang, and Taiyuan increased by 30 yuan/ton, while prices in Shanghai, Wuhan, Beijing, Lanzhou, and Urumqi remained stable [7]. - **Technical Analysis**: The daily KDJ indicators of the rebar 2601 and hot-rolled coil 2601 contracts showed an upward trend, and the daily MACD red bars continued to expand [7]. 3.2 Market Outlook - **Policy News**: On October 24, the Ministry of Industry and Information Technology released a new draft of the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry," with stricter requirements for replacement ratios. Tangshan plans to implement a 30% blast furnace production limit from October 27 to 30 [9]. - **Fundamentals**: The milder cold weather in the north has improved the outlook for terminal demand. Although steel inventories are significantly higher than in previous years, the improved demand may ease the inventory pressure [10]. - **Market Expectations**: Against the backdrop of geopolitical easing, positive policy news and cost increases have led to a significant rebound in steel futures. The market is expected to continue an oscillating and strengthening trend, and attention should be paid to the cooperation of the spot market and the positive cycle effect on the raw material market [10]. 3.3 Industry News - The Fujian Bureau of the National Mine Safety Administration organized a safety consultation meeting for provincial coal mines, emphasizing the implementation of safety measures [11]. - Wujin Stainless reported Q3 revenue of 597 million yuan, a year-on-year increase of 6.97%, and a net profit of 11.2753 million yuan, a year-on-year decrease of 63.24% [11]. - Bengang Plate reported Q3 revenue of RMB 10.503 billion, a year-on-year decrease of 11.35%, and a net loss of RMB 817 million, a year-on-year reduction of 50.56% [11]. - Shandong Iron and Steel plans to acquire a 100% stake in Yinshan Section Steel from Laigang Group [11]. - Huaneng International reported Q3 revenue of RMB 172.975 billion, a year-on-year decrease of 6.19%, and a net profit of RMB 14.841 billion, a year-on-year increase of 42.52% [12]. - Datang Power Generation reported Q3 revenue of RMB 32.152 billion, a year-on-year decrease of 1.62%, and a net profit of RMB 2.133 billion, a year-on-year increase of 61.18% [12]. - Jinkong Coal Industry reported Q3 revenue of 3.36 billion yuan, a year-on-year decrease of 12.85%, and a net profit of 401 million yuan, a year-on-year decrease of 43.94% [12]. - Yunmei Energy reported Q3 revenue of RMB 1.388 billion, a year-on-year decrease of 11.53%, and a net loss of RMB 18 million [12]. - Shanxi Coking Coal stated that power plants within the company can only use washed middlings from some mines, and internal transactions are subject to contracts [12]. - Shaanxi Energy's subsidiary plans to invest 6.997 billion yuan in the Zhangba Coal Mine project in Shaanxi [12]. - The Henan Department of Industry and Information Technology issued a guide for the green transformation of the steel industry [12]. - Yancoal Australia reported a Q3 raw coal (equity) production of 11.6 million tons, a quarter-on-quarter decrease of 9% and a year-on-year decrease of 12% [12]. - The China-ASEAN Free Trade Area 3.0 upgrade protocol was signed on October 28 [12]. - Russia's coal production in September 2025 was 34.463 million tons, a month-on-month increase of 9.0% and a year-on-year decrease of 0.2% [13]. 3.4 Data Overview - The report presents multiple charts showing data on steel spot prices, production, inventory,开工 rates, and consumption, with data sources from Mysteel and the Research and Development Department of CCB Futures [17][21][24][26][29][33].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The steel price of finished products continued to rebound, with prices trending strongly. The recent macro - market sentiment has warmed up, and the upcoming meeting between Chinese and US leaders, along with environmental production restrictions in some areas of Hebei, provided support to the prices. Demand remained relatively stable, while the real - estate sector was weak. - Raw materials are expected to operate at a low level with a short - term rebound potential [1]. 3) Summary According to Relevant Content - **Macro - economic Situation**: The Federal Reserve cut the federal funds rate by 25 basis points to 3.75% - 4.00% for the second time this year and will end the balance - sheet reduction from December 1st. The Chinese and US leaders are to hold a meeting, which has improved the macro - market sentiment [1]. - **Cost and Profit of Steel Mills**: This week, the average含税 cost of steel billets of mainstream sample steel mills in Tangshan was 3033 yuan/ton, a week - on - week increase of 30 yuan/ton. Compared with the ex - factory price of 3000 yuan/ton of common square billets on October 29th, the average loss of steel mills was 33 yuan/ton [1]. - **Fund Availability of Construction Sites**: As of October 28th, the fund availability rate of sample construction sites was 59.7%, a week - on - week increase of 0.08 percentage points. The fund availability rate of housing construction projects was 52.81%, a week - on - week increase of 0.05 percentage points [1]. - **Market Performance of Finished Products and Raw Materials**: Finished products continued to rebound yesterday with strong prices. Raw materials are in a low - level operation with a potential short - term rebound [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The main contract price of rebar fluctuated higher with a daily increase of 1.00%, and both trading volume and open interest decreased. Under the current situation of increasing supply and demand, the fundamentals of rebar have limited improvement, and the pressure of inventory reduction remains. Steel prices are still prone to pressure, but the market sentiment is positive, and the strong raw materials provide cost support. It is expected that steel prices will continue to fluctuate and stabilize. Attention should be paid to the demand performance [4]. - The main contract price of hot-rolled coil showed a strong trend with a daily increase of 1.21%, trading volume increased while open interest decreased. Currently, the supply of hot-rolled coil is high, and there are concerns about demand. The fundamentals have not improved substantially, and prices are still prone to pressure. The relatively positive factors are cost support and optimistic sentiment. It is expected that the trend will continue to fluctuate and stabilize. Attention should be paid to the demand performance [4]. - The main contract price of iron ore rose strongly with a daily increase of 1.96%, trading volume increased while open interest decreased. Currently, the market sentiment is positive, and combined with the change in the variety logic, the iron ore futures price has returned to a high level. However, the supply of ore is high, and demand is weakening. The fundamentals of ore have not improved, and the upward driving force is not strong. The subsequent trend will maintain a high-level operation. Attention should be paid to the performance of finished products [4]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - The General Offices of five departments including the Ministry of Commerce issued the "Action Plan for Improving the Quality of Urban Commerce", which emphasizes the integration of emerging technologies in the urban business system and the improvement of intelligent services and business models [6]. - In the first three quarters, the transportation industry completed a fixed - asset investment of 2.6 trillion yuan. By mode, railway investment was 593.7 billion yuan, highway investment was 1.78 trillion yuan, waterway investment was 160.5 billion yuan, and civil aviation investment was 82.9 billion yuan [7]. - On October 24, 2025, Australia launched anti - dumping and counter -vailing investigations on flat - rolled steel products imported from China and an anti - dumping investigation on those from South Korea [8]. 3.2 Spot Market - Rebar: The Shanghai price was 3,210 yuan, Tianjin was 3,170 yuan, and the national average was 3,258 yuan. - Hot - rolled coil: The Shanghai price was 3,360 yuan, Tianjin was 3,250 yuan, and the national average was 3,370 yuan. - Tangshan steel billet: The price was 3,000 yuan. - Zhangjiagang heavy scrap: The price was 2,160 yuan. - 61.5% PB powder at Shandong ports was 807 yuan, and Tangshan iron concentrate powder was 823 yuan [9]. 3.3 Futures Market | Variety | Active Contract | Closing Price | Increase or Decrease (%) | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,133 | 1.00 | 3,135 | 3,092 | 1,239,602 | - 93,804 | 1,894,007 | - 36,350 | | Hot - rolled coil | - | 3,345 | 1.21 | 3,350 | 3,302 | 573,794 | 69,479 | 1,461,059 | - 12,738 | | Iron ore | - | 804.5 | 1.96 | 807.0 | 792.0 | 354,444 | 24,361 | 542,850 | - 6,094 | [13] 3.4 Related Charts - The report provides charts on steel and iron ore inventories (including rebar, hot - rolled coil, and iron ore at ports and in steel mills), as well as charts on steel mill production (such as blast furnace operating rate, electric furnace operating rate, and profitability of steel mills) [15][20][29]. 3.5 Market Outlook - Rebar: Both supply and demand have increased. The weekly output of rebar increased by 5.91 tons, and demand has also improved seasonally. However, the fundamentals have limited improvement, and the pressure of inventory reduction remains. It is expected that steel prices will continue to fluctuate and stabilize. Attention should be paid to the demand performance [36]. - Hot - rolled coil: The supply - demand pattern has improved, and inventory has decreased again. The weekly output increased slightly by 0.62 tons, and demand has performed well. However, there are concerns about demand. It is expected that the price will continue to fluctuate and stabilize. Attention should be paid to the demand performance [36]. - Iron ore: The supply - demand pattern continues to weaken. Ore demand is expected to continue to decline, while supply remains high. The futures price has returned to a high level, but the upward driving force is not strong. It is expected to maintain a high - level operation. Attention should be paid to the performance of finished products [37].

Economic Impact - The U.S. demands South Korea to pay $350 billion, equivalent to South Korea's total foreign investment over the past five years, which poses a significant financial burden on the country [3] - South Korea's economy is heavily reliant on exports, with the automotive industry having a profit margin of only 5% to 8%, and a potential increase in tariffs from 15% to 25% could severely diminish competitiveness [3] - The South Korean government has indicated it can only allocate $15 to $20 billion annually from its budget, making it nearly impossible to meet the U.S. demands without long-term financial strain [3] Political and Social Reactions - A significant portion of the South Korean population, 62%, opposes any compromise with the U.S., viewing the potential agreement as unequal [7] - The political landscape in South Korea is increasingly polarized, with opposition parties criticizing the agreement as a betrayal of national interests [11] - Public sentiment is marked by anger and frustration, with protests occurring in major cities against perceived economic coercion and loss of sovereignty [9] Military and Sovereignty Concerns - The U.S. is not only seeking financial contributions but also land ownership for military bases, fundamentally altering the nature of the U.S.-South Korea relationship from "leased" to "occupied" [5][7] - There are fears that U.S. military expansion in South Korea could destabilize the regional military balance, particularly concerning China [22] - The potential for the U.S. to gain access to South Korea's core technologies in semiconductors and renewable energy raises concerns about technological sovereignty and economic implications for China [20][22] Regional Economic Relations - South Korea's trade with China is deeply intertwined, with bilateral trade expected to reach $360 billion in 2024, and a significant portion of South Korea's exports to China being in critical sectors like semiconductors [20] - A shift of $350 billion in investments from South Korea to the U.S. could disrupt supply chains and increase production costs for Chinese companies [20] - The dynamics of U.S.-South Korea relations could lead to a weakening of East Asia's overall economic competitiveness, as the U.S. aims to consolidate its influence in the region [24] Strategic Implications - The situation exemplifies the dangers of over-reliance on a single power, as highlighted by experts who warn of the erosion of soft power and strategic short-sightedness in U.S. foreign policy [26] - The case serves as a cautionary tale for smaller nations about the risks of dependency on a dominant power, with potential long-term consequences for sovereignty and economic stability [28]

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/10/29 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/10/22 | 3120 | 3230 | 3210 | 3130 | 3280 | 3210 | | 2025/10/23 | 3120 | 3230 | 3210 | 3130 | 3300 | 3250 | | 2025/10/24 | 3080 | 3190 | 3210 | 3130 | 3260 | 3250 | | 2025/10/27 | 3130 | 3230 | 3210 | 3130 | 3310 | 3260 | | 2025/10/28 | 3150 | 3230 | 3250 | 3180 | 3330 | 3280 | | 变化 | 20 | 0 | 40 | 50 | 20 | 20 | | 日期 | 天津热卷 | 上海热 ...

Core Points - The trade dispute between the U.S. and Canada was ignited by a controversial television advertisement from the Ontario provincial government, which criticized U.S. tariff policies and used a speech by former President Ronald Reagan [1][10] - The U.S. government responded with a threat to impose a 10% tariff, which is higher than what Canada currently pays, emphasizing the potential economic impact on American consumers [1][2] Economic Impact - The proposed 10% tariff could lead to hundreds of billions of dollars in additional costs, which would ultimately be passed on to U.S. consumers, resulting in price increases of 5%-10% for various automotive products [4][2] - Canada's GDP contracted by 1.6% in Q2 2025, largely due to a significant drop in exports, particularly in the automotive and energy sectors, which are heavily reliant on the U.S. market [6] - The Ontario province, home to over 70% of Canada's auto parts manufacturers, is experiencing order cancellations and production cuts due to concerns over the tariff [6][8] Industry Responses - The American Automotive Manufacturers Association has warned that increased tariffs would undermine the price competitiveness of U.S. automakers in the global market [7] - The Canadian Steel Association predicts that prolonged tariffs could lead to nearly 20% of the Canadian steel industry's capacity being idle, affecting over 15,000 jobs [8] Political Dynamics - The advertisement's timing during a major U.S. sporting event was seen as a strategic move to influence public opinion against U.S. tariffs, which the U.S. government labeled as "deliberate fraud" [2][10] - The Ontario government has expressed a desire to maintain pressure on the U.S. regarding tariff impacts, while the Canadian federal government has advocated for dialogue to resolve trade differences [12][13] International Reactions - Mexico's economy minister has warned that escalating trade tensions could destabilize the North American supply chain, urging for dialogue rather than unilateral actions [20] - The European Union criticized the U.S. for undermining international trade rules through unilateral tariffs, raising concerns about a potential global trade protectionism wave [20] Future Considerations - The outcome of the U.S. Supreme Court's upcoming ruling on the constitutionality of presidential tariff powers will significantly influence the future of U.S.-Canada trade relations [22][15] - Canada is looking to diversify its trade partnerships beyond the U.S., aiming to double its non-U.S. export share over the next decade as a strategic response to the current trade tensions [20][26]

Core Insights - In September, China's total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [1] - From January to September, total electricity consumption accumulated to 7,767.5 billion kWh, with a year-on-year growth of 4.6% [1] - The third quarter saw significant growth in electricity consumption, with a total of 2.9 trillion kWh, marking a new phase in energy consumption scale for China's economic development [1] Group 1: Electricity Consumption by Sector - In September, the first industry consumed 12.9 billion kWh, up 7.3% year-on-year; the second industry consumed 5,705 billion kWh, up 5.7%; the third industry consumed 1,765 billion kWh, up 6.3%; while urban and rural residential electricity consumption fell by 2.6% to 128.7 billion kWh [1] - The second industry's electricity consumption for the first three quarters was 4.91 trillion kWh, a year-on-year increase of 3.4%, with a notable recovery in the third quarter, growing by 5.1% [2] - The manufacturing sector's electricity consumption in the third quarter increased by 5.2%, with 17 provinces reporting growth rates exceeding 5% [2] Group 2: Growth Drivers - The growth in the second industry's electricity consumption was driven by a series of government policies aimed at stabilizing growth, particularly in sectors like electronics, automotive, and steel [2] - High-tech and equipment manufacturing sectors saw a significant increase in electricity consumption, with a 9.5% year-on-year growth in the third quarter, surpassing the average growth rate of the manufacturing sector [3] - The third industry's electricity consumption grew by 8.3% in the third quarter, supported by rapid development in new energy vehicles and infrastructure [4] Group 3: Residential Electricity Consumption - The average temperature in the third quarter was historically high, leading to a record residential electricity consumption exceeding 500 billion kWh [5] - Residential electricity consumption for the first three quarters increased by 5.6%, with a 6.4% increase in the third quarter [5] - Several provinces, including Tibet and Ningxia, reported residential electricity consumption growth exceeding 10% due to higher average temperatures [5]

Core Insights - In September, China's total electricity consumption reached 888.6 billion kWh, marking a year-on-year increase of 4.5% [1][3] - From January to September, total electricity consumption accumulated to 7,767.5 billion kWh, with a year-on-year growth of 4.6% [1][3] - The third quarter saw a total electricity consumption of 2.9 trillion kWh, with significant monthly increases, indicating a new phase in energy consumption scale [1][3] Electricity Consumption by Sector - In September, electricity consumption by sector showed varied growth: primary industry at 12.9 billion kWh (7.3% increase), secondary industry at 5,705 billion kWh (5.7% increase), and tertiary industry at 1,765 billion kWh (6.3% increase) [3][4] - Urban and rural residential electricity consumption decreased by 2.6% to 128.7 billion kWh [3][4] - The secondary industry contributed significantly to the overall growth, with a 5.1% increase in the third quarter, accounting for 51% of total electricity consumption growth [4] Policy Impact and Industrial Recovery - Government policies have positively influenced the recovery of the secondary industry, with a notable increase in electricity consumption due to various industry stabilization plans [4] - High-energy-consuming industries saw a 3.2% increase in electricity consumption in the third quarter, driven by traditional peak seasons and recovery in production [4] - High-tech and equipment manufacturing sectors experienced a 9.5% increase in electricity consumption, surpassing the average growth rate of the manufacturing sector [4] Tertiary Industry Performance - The tertiary industry maintained robust growth, with a 7.5% year-on-year increase in electricity consumption for the first three quarters and an 8.3% increase in the third quarter [5] - New infrastructure developments, such as electric vehicles and 5G, significantly boosted electricity consumption in information transmission and retail sectors, with growth rates of 18.3% and 11.7% respectively [5] - The internet and related services saw a remarkable 33.8% increase in electricity consumption, while electric vehicle charging services surged by 49.6% [5] Regional Electricity Consumption Trends - Electricity consumption growth varied significantly across regions, with provinces like Hainan (18.6%), Tibet (15.4%), and Jilin (14.9%) showing the highest increases in September [6] - In the third quarter, Tibet (14.7%), Jilin (11.9%), and Hebei (11.7%) led in electricity consumption growth [6] - High temperatures during the summer contributed to record levels of residential electricity consumption, exceeding 500 billion kWh in the third quarter [6] Residential and Manufacturing Sector Insights - Urban and rural residential electricity consumption grew by 5.6% in the first three quarters, with a 6.4% increase in the third quarter [7] - Several provinces, including Tibet and Jilin, reported manufacturing electricity consumption growth exceeding 5%, with Tibet achieving a remarkable 25.8% increase [7]