华泰证券指出，根据测算，2024年我国热力终端消费量或达91亿吉焦，其中居民生活/工业占比约 20/75%，对应工业供热市场规模4908亿元（~25亿吨蒸汽）。据我们测算，我国人均供暖用热量较全球 主要经济体平均水平低67%，热源视角下，美国的天然气较中国的煤炭具有较为明显的价格优势，未来 清洁供暖比例提升有望支撑我国供暖强度提升。工业供热市场对于火电、核电和垃圾焚烧来说是有效补 充，电价下行周期中供热业务对发电企业的盈利增厚将更为显著，未来发电机组或标配供热能力，我们 测算2030年火电、核电、垃圾焚烧、生物质发电机组或贡献2259亿新增工业供热市场。 ...

Group 1 - The core point of the article is that Changyuan Power (000966.SZ) is currently supplying heat primarily to industrial users at its Suizhou power plant, providing approximately 20 tons of heat per hour, and has not yet started centralized heating services for residential users [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight earnings beat, benefiting from a nuclear-free water supply, with Q2 on-grid electricity volume increasing by 1% year-on-year [7] - The company achieved a net profit attributable to shareholders of approximately 880 million yuan in the first half of 2025, representing a year-on-year increase of 153.4% [7] - The company is expected to maintain a tight supply trend in Hebei province, with fire power generation prices and volumes leading the industry over the next three years [7] Financial Forecasts - Total revenue forecast for 2023A is 19,583 million yuan, with a year-on-year growth of 6.98% [1] - The net profit attributable to shareholders is projected to be 1,339.60 million yuan in 2025E, with a year-on-year growth of 152.20% [1] - The latest diluted EPS for 2025E is estimated at 0.74 yuan per share, with a P/E ratio of 10.29 [1] Operational Highlights - In Q2 2025, the company completed an on-grid electricity volume of 10.764 billion kWh, up 1% year-on-year, and a total generation of 11.615 billion kWh, up 0.67% year-on-year [7] - The company has developed a local economic circle, with industrial heating volume increasing by 37.3% year-on-year in Q2 2025 [7] - The company aims to optimize its heating assets and leverage the diverse value of coal power assets [7]