12月17日，从国家标准委了解到，我国提出的《海洋能转换系统标准体系和路线图》提 案 近 日 在 国 际 电 工 委 员 会 （ IEC ） 成 功 立 项 ， 得 到 了 美 国 、 加 拿 大 、 英 国 、 印 度 、意 大 利、瑞典等国家的大力支持， 是我国首次牵头制定的新型能源领域国际标准 。 作为全球海洋能转换系统技术标准领域的统领性文件， 该国际标准体系基于海洋能转换 系统的技术路线、应用现状和产业发展 ，分析现有该领域国际标准的不足和空白， 提出 未来系列标准规划建议和清单 ， 明确优先发展方向和实施路线 ，为未来该领域国际标 准制定提供根本遵循，并将对全球海洋能产业发展起到积极促进作用。 《海洋能转换系统标准体系和路线图》的成功立项，标志着我国海洋能国际标准实现了新 的突破， 将有力 支撑我国实现"双碳"战略目标和新型能源体系建设 ，也 为全球未来海 洋能产业发展提供了"中国方案" 。 海洋能作为清洁能源的典型代表，具有可再生性、分布广泛、污染小等特性，其开发利用 对 优化我国能源结构、推动蓝色经济发展 具有战略意义。近年来，我国海洋能产业迎来 快速发展的黄金时期，取得了一批关键技术的突破和 ...

记者今天（12月17日）从国家标准委了解到，我国提出的《海洋能转换系统标准体系和路线图》提案近 日在国际电工委员会（IEC）成功立项，得到了美国、加拿大、英国、印度、意大利、瑞典等国家的大 力支持，是我国首次牵头制定的新型能源领域国际标准。 作为全球海洋能转换系统技术标准领域的统领性文件，该国际标准体系基于海洋能转换系统的技术路 线、应用现状和产业发展，分析现有该领域国际标准的不足和空白，提出未来系列标准规划建议和清 单，明确优先发展方向和实施路线，为未来该领域国际标准制定提供根本遵循，并将对全球海洋能产业 发展起到积极促进作用。 《海洋能转换系统标准体系和路线图》的成功立项，标志着我国海洋能国际标准实现了新的突破，将有 力支撑我国实现"双碳"战略目标和新型能源体系建设，也为全球未来海洋能产业发展提供了"中国方 案"。 海洋能作为清洁能源的典型代表，具有可再生性、分布广泛、污染小等特性，其开发利用对优化我国能 源结构、推动蓝色经济发展具有战略意义。近年来，我国海洋能产业迎来快速发展的黄金时期，取得了 一批关键技术的突破和示范项目的建设，已成功建成全球首台兆瓦级漂浮式波浪能发电装置，拥有全球 首个稳定并网运行超 ...

Core Viewpoint - The article emphasizes the significance of building an energy powerhouse as part of China's "14th Five-Year Plan," highlighting its role in modernizing the country and ensuring energy security [2][3][6]. Group 1: Economic and Social Development - The construction of an energy powerhouse is essential for providing a material foundation for modernizing the country, as energy is crucial for daily life and economic operations. During the "14th Five-Year Plan" period, energy consumption is expected to grow rigidly, with an estimated annual increase of approximately 600 billion kilowatt-hours [3]. - The energy industry is characterized by a long supply chain and strong innovation, which can support the development of a modern industrial system. During the "14th Five-Year Plan," China accounted for over 40% of global new energy patents and led the world in new energy storage capacity [5]. Group 2: Energy Security and Strategic Autonomy - Energy issues are a priority in national security for many countries, and controlling energy resources can lead to significant development opportunities. Building an energy powerhouse aims to create a robust energy supply chain and innovation system, enhancing China's strategic position in global power dynamics [6][7]. Group 3: Green and Low-Carbon Transition - The transition to a green and low-carbon economy is crucial for addressing global challenges like climate change. China has established the world's largest and fastest-growing renewable energy system, with one-third of electricity consumption coming from green energy. The goal is to increase the share of renewable energy and facilitate the orderly replacement of fossil fuels [8][9]. - By contributing to global low-carbon transitions, such as reducing carbon emissions by approximately 4.1 billion tons through wind and solar exports during the "14th Five-Year Plan," China aims to enhance its leadership in global energy transformation [9]. Group 4: Current Energy Landscape - China has a diversified energy supply system, maintaining over 20% of global energy production and an energy self-sufficiency rate of over 80%. The country is also the world's largest producer of renewable energy, with installed capacities in hydropower, wind, and solar energy leading globally [9]. - The reliance on foreign oil and gas is a shortcoming, but as fossil fuel consumption peaks, this dependency is expected to decrease to a more reasonable level [9].

Group 1: Production Recovery - The company has five major production bases: Shouguang, Zhanjiang, Huanggang, Jiangxi, and Jilin. Currently, the Shouguang base has fully resumed operations, while Huanggang and Jiangxi's second plant are in normal production. The first plant in Jiangxi, Jilin, and Zhanjiang bases are still under maintenance, with efforts to resume production as soon as possible [2] - The funding required for resuming operations has been secured, with a capital injection of 1 billion CNY from the government and a completed approval for a syndicated loan of 2.31 billion CNY, with the first tranche already disbursed [2][3] Group 2: Government Support - Local governments have established a task force to facilitate production recovery, including forming a debt committee and coordinating the issuance of a 2.31 billion CNY loan specifically for resuming operations. Measures include maintaining existing credit lines and providing support such as loan extensions and interest rate reductions [3] Group 3: Asset Management - The company is actively working to manage and dispose of non-core assets, with an asset management center established to enhance efficiency. The disposal of properties located in key cities like Shanghai, Jinan, and Shenzhen is being accelerated [3] Group 4: Financial Challenges - The company is addressing its debt issues by negotiating extensions and interest reductions with most financial institutions, which has already reduced financial costs by approximately 700 million CNY. Further efforts include accelerating the disposal of non-core assets and enhancing the collection of receivables [3] - The company plans to leverage operational cash flow post-resumption to continue reducing debt levels [3] Group 5: Industry Outlook - The paper industry is facing challenges due to increased production capacity and weakened terminal demand, leading to supply-demand imbalances. However, with the implementation of the "dual carbon" strategy and policies aimed at reducing competition, the industry is expected to see improved conditions in the medium to long term. The overall performance is anticipated to gradually recover as domestic demand policies take effect [4]

Investment Rating - The report maintains a "Buy" rating for China Tower (0788.HK) [3]. Core Views - The company's performance is driven by its "One Body, Two Wings" strategy, leading to steady growth and an increased focus on shareholder returns through a higher dividend payout ratio [1]. - In 2024, the company reported a revenue of RMB 97.772 billion, a year-on-year increase of 4.0%, with a net profit of RMB 10.729 billion, reflecting a 10% growth [1]. - The EBITDA for 2024 reached RMB 66.559 billion, up 4.7%, with an EBITDA margin of 68.1% [1]. Summary by Sections Revenue and Profitability - The operator business generated revenue of RMB 84.119 billion, growing by 2.4%, while the two wings business saw revenue of RMB 13.388 billion, up 16.4% [1]. - The company achieved a significant improvement in cash flow, with operating cash flow of RMB 49.468 billion, a year-on-year increase of RMB 16.628 billion [1]. Operator Business - The tower business revenue was RMB 75.689 billion, a 0.9% increase, with the number of tower sites increasing to 2.094 million [1]. - The indoor distribution business revenue reached RMB 8.430 billion, growing by 18.1%, with significant expansions in coverage areas [1]. Two Wings Business - The smart connection business generated RMB 8.911 billion, a 22.4% increase, focusing on sectors like emergency services and agriculture [1]. - The energy business revenue was RMB 4.477 billion, up 6.2%, while the battery swap business revenue reached RMB 2.5 billion, growing by 20.9% [1]. Shareholder Returns - The company increased its dividend payout ratio, distributing a total dividend of RMB 0.41696 per share for 2024, an 11.5% increase from 2023 [1]. - The depreciation and amortization as a percentage of revenue decreased from 52.2% in 2023 to 51.4% in 2024, indicating effective investment management [1]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been adjusted downwards by 10% and 14% to RMB 11.726 billion and RMB 18.123 billion, respectively, with a new forecast for 2027 at RMB 19.2 billion [1]. - The report emphasizes the potential for significant profit growth in 2026 due to the expiration of certain tower depreciations [1].