According to Huatai Securities, according to estimates, in 2024, China's thermal terminal consumption may reach 9.1 billion gigajoules, of which residents' living/industry accounts for about 20/ 75%, corresponding to the industrial heating market size of 490.8 billion yuan. According to our estimates, China's per capita heating heat consumption is 67% lower than the average of the world's major economies. From a heat source perspective, US natural gas has a clear price advantage over Chinese coal, and an increase in the proportion of clean heating in the future is expected to support the increase in heating intensity in China. The industrial heating market is an effective complement to thermal power, nuclear power, and waste incineration. The heating business will increase the profits of power generation companies even more significantly during the downturn in electricity prices. In the future, generators may be equipped with standard heating capacity. We estimate that in 2030, thermal power, nuclear power, waste incineration, biomass generators may contribute 225.9 billion dollars to the new industrial heating market.

According to Huatai Securities, according to estimates, in 2024, China's thermal terminal consumption may reach 9.1 billion gigajoules, of which residents' living/industry accounts for about 20/ 75%, corresponding to the industrial heating market size of 490.8 billion yuan. According to our estimates, China's per capita heating heat consumption is 67% lower than the average of the world's major economies. From a heat source perspective, US natural gas has a clear price advantage over Chinese coal, and an increase in the proportion of clean heating in the future is expected to support the increase in heating intensity in China. The industrial heating market is an effective complement to thermal power, nuclear power, and waste incineration. The heating business will increase the profits of power generation companies even more significantly during the downturn in electricity prices. In the future, generators may be equipped with standard heating capacity. We estimate that in 2030, thermal power, nuclear power, waste incineration, biomass generators may contribute 225.9 billion dollars to the new industrial heating market.