Why is there a continuous divergence?

China Securities believes that the structural change in industrial growth is the main reason for the persistent divergence from last October. In January-March, the value of industrial growth increased by 5.1%, industrial electricity consumption decreased by 8.38%, of which the chemical, steel, nonferrous and electric power industries (which accounted for 55% of industrial electricity) increased significantly in the latter. Sub-industry look, 1 to April primary electricity year-on-year increase of 4.7%, the tertiary industry increased by 9%, the residents increased 9.1% year-on-year, the year-on-year decline of 8.1%, of which industrial electricity fell 9.3% Year-on-year, it is expected that several high-energy industries in April for economic growth contributed to a smaller, thus dragging the demand for electricity.　　Subregional view, the provinces with higher electricity consumption are Inner Mongolia (-18%), Guizhou (-16%), Shanxi (-15%), Ningxia (-14%), Guangxi (-10%), and the suspension of preferential electricity prices before March 15 has affected the electricity consumption in these high energy-consuming areas for April to some extent. However, for the April electricity consumption, China Merchants Securities Peng Quangang that should see the power consumption changes in the positive factors. According to daily electricity consumption, April daily average consumption of 9.2 billion degrees, March daily average consumption of 9.1 billion degrees, the chain increased by 1%. Although electricity consumption in March fell 1.8% year-on-year, electricity consumption in April fell by 3.6%, the decline has been expanded, mainly should be last year, the reason for the higher power consumption. Last March, the daily average of 9.3 billion degrees, and April average daily consumption of 9.5 billion degrees. (Ye Yong)