山东高速股份有限公司 简式权益变动报告书 上市公司名称：山东高速股份有限公司 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 股票上市地点：上海证券交易所 股票简称：山东高速 股票代码：600350.SH 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》等法律、法规和规范性文件编制本报告书。 二、除本报告书披露的尚待履行程序外，信息披露义务人签署本报告书已获 得必要的授权和批准，其履行亦不违反信息披露义务人章程或内部规则中的任何 条款，或与之相冲突。 信息披露义务人：安徽皖通高速公路股份有限公司 注册地址：安徽省合肥市蜀山区望江西路 520 号 通讯地址：安徽省合肥市蜀山区望江西路 520 号 股份变动性质：股份增加（协议受让） 签署日期：二〇二五年十月二十一日 信息披露义务人声明 三、依据上述法律法规的规定，本报告书已全面披露了信息披露义务人在山 东高速股份有限公司中拥有权益的股份变动情况。截至本报告书签署之日，除本 报告书披露的信息外，信息披露义务人没有通过任何其他方 ...

山东高速股份有限公司 简式权益变动报告书 上市公司名称：山东高速股份有限公司 股票上市地点：上海证券交易所 股票简称：山东高速 股票代码：600350 信息披露义务人：山东高速集团有限公司 注册地址：山东省济南市历下区龙奥北路8号 通讯地址：山东省济南市历下区龙奥北路8号 股权变动性质：股份减少（协议转让） 签署日期：二〇二五年十月二十一日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》及《公开发行证券的公司信息披露内容与格式准 则第 15 号—权益变动报告书》及相关的法律、法规编写本报告。 二、除本报告书披露的尚待履行程序外，信息披露义务人签署本报告书已获 得必要的授权和批准，其履行亦不违反信息披露义务人章程或内部规则中的任何 条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在山东高速股份有限公司拥有权益的股份 变动情况。截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没 有通过任何其他方式增加或减少其在山东高速中拥有权益的股份。 四、本次协议转让系信息披 ...

Group 1 - The report focuses on tracking large purchases and net active buying through transaction data to identify potential investment opportunities [1][2] - The top five stocks with the highest large purchase amounts over the last five trading days (October 13 to October 17, 2025) are: Asia-Pacific Pharmaceutical, Guosheng Technology, Anke Technology, Huayuan Holdings, and Delixi [5][8] - The top five stocks with the highest net active buying amounts during the same period are: Hu Nong Commercial Bank, Youngor, Guotou Power, Shandong Highway, and Jiangyin Bank [5][10] Group 2 - The top five industries with the highest large purchase amounts are: Comprehensive, Banking, Steel, Coal, and Transportation [5][13] - The top five industries with the highest net active buying amounts are: Banking, Steel, Coal, Transportation, and Agriculture, Forestry, Animal Husbandry, and Fishery [5][13] Group 3 - The top five ETFs with the highest large purchase amounts are: Guotai Shanghai Stock Exchange State-owned Enterprise Dividend ETF, Fortune CSI Tourism Theme ETF, Huatai-PB Shanghai Stock Exchange Dividend ETF, Huaxia CSI Tourism Theme ETF, and Huaxia CSI 1000 ETF [5][15] - The top five ETFs with the highest net active buying amounts are: Huatai-PB Dividend Low Volatility ETF, Huabao CSI Banking ETF, Guotai CSI Animal Husbandry ETF, Huitianfu CSI Major Consumption ETF, and Guotai Shanghai Stock Exchange State-owned Enterprise Dividend ETF [5][16]

Core Points - The completion of the key control project, the turning construction of the overpass bridge over the Wari Railway, marks a significant milestone for the Dongliang Expressway, which is invested by Shandong Highway Group and constructed by China Railway 14th Bureau [1][3] Group 1: Project Overview - The Dongliang Expressway, specifically the section from Shenhai to Xintai, has successfully completed a critical engineering task with the overpass bridge construction [1][3] - The bridge is located close to the operational line of the Wari Railway, with the nearest edge of the bridge being only 12.9 meters from the railway fence, presenting dual challenges in safety management and construction organization [3] Group 2: Construction Techniques - The project utilized advanced construction techniques, including the seventh-generation dual-side dual-direction anti-slip cable system, which extends the lifespan of the stay cables and ensures the quality of the bridge [3] - BIM technology was employed to create a three-dimensional model for simulating the entire turning process, allowing for precise predictions of stress points and posture changes [3] Group 3: Project Significance - Once completed, the Dongliang Expressway will span a total length of 197.108 kilometers, featuring a dual four-lane standard and a design speed of 120 kilometers per hour, enhancing connectivity between the eastern coastal region and the central-western region of Shandong Province [5] - The expressway is expected to facilitate the timely delivery of fresh seafood and local agricultural products, as well as promote tourism in the Yimeng region, thereby fostering deeper industrial cooperation and cultural exchanges among cities along the route [5]

Market Overview - The Shandong state-owned enterprise reform sector experienced a decline of 0.42% on October 20, with Baoding Technology leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Performers in Shandong State-Owned Enterprises - Chui Mu Co., Ltd. (002083) saw a significant increase of 10.00%, closing at 6.16 with a trading volume of 481,000 shares and a transaction value of 296 million [1] - Lu Xin Investment (600783) rose by 6.25%, closing at 14.10 with a trading volume of 226,200 shares and a transaction value of 314 million [1] - Bo Shen Co., Ltd. (002282) increased by 4.31%, closing at 7.50 with a trading volume of 152,800 shares and a transaction value of 113 million [1] Underperformers in Shandong State-Owned Enterprises - Baoding Technology (002552) experienced a decline of 8.88%, closing at 17.04 with a trading volume of 381,600 shares and a transaction value of 659 million [2] - Shandong Gold (600547) fell by 6.34%, closing at 37.94 with a trading volume of 816,300 shares and a transaction value of 3.132 billion [2] - Dongjie Intelligent (300486) decreased by 3.48%, closing at 20.27 with a trading volume of 257,000 shares and a transaction value of 526 million [2] Capital Flow Analysis - The Shandong state-owned enterprise reform sector saw a net outflow of 543 million from institutional investors, while retail investors contributed a net inflow of 770 million [2][3] - Notable net inflows from retail investors were observed in several stocks, including Chui Mu Co., Ltd. (002083) with a net inflow of 72.05 million [3] - Conversely, significant net outflows from institutional investors were noted in stocks like Langxin Information (000977) with a net outflow of 61.54 million [3]

Core Viewpoint - The announcement details the adjustment of the conversion price for the company's convertible bonds, "Shanlu Convertible Bonds," following the distribution of cash dividends to shareholders. Group 1: Convertible Bond Adjustment - The conversion price for "Shanlu Convertible Bonds" has been adjusted from 7.64 CNY per share to 7.62 CNY per share, effective from October 24, 2025 [1][14]. - The adjustment is a result of the company's cash dividend distribution of 0.23 CNY per 10 shares, totaling approximately 35.5 million CNY [6][8]. Group 2: Dividend Distribution - The company will distribute cash dividends of 0.23 CNY per 10 shares, amounting to a total of 35,495,460.26 CNY, based on a total share count of 1,543,280,881 shares after excluding repurchased shares [4][9]. - The dividend distribution will not include stock dividends or capital reserve transfers [6][8]. Group 3: Shareholder Rights and Dates - The record date for the dividend distribution is set for October 23, 2025, with the ex-dividend date on October 24, 2025 [10][11]. - Shareholders holding shares as of the record date will be eligible for the cash dividend [11].

Investment Rating - The report initiates coverage with an "Accumulate" rating for Shandong Expressway [1]. Core Views - Shandong Expressway is recognized as an excellent toll road operator in Shandong Province, benefiting from the completion of core road asset renovations and expansions, which drive steady revenue growth [7][8]. - The company focuses on shareholder value return through consistent high dividends and dynamic share buybacks, with a stable shareholding structure supported by state-owned assets [20][24]. - The report forecasts steady growth in net profit and earnings per share from 2025 to 2027, with expected net profits of 33.83 billion, 36.38 billion, and 37.06 billion yuan respectively, reflecting year-on-year growth rates of 5.8%, 7.5%, and 1.9% [6][8]. Summary by Sections Company Overview - Shandong Expressway operates approximately 2,913 kilometers of toll roads, with 1,604 kilometers owned and 1,309 kilometers managed under the Shandong Expressway Group [18][49]. - The company has a strong state-owned background, with the controlling shareholder holding 70.29% of the shares, ensuring stable governance [20]. Revenue and Profitability - The company’s total revenue for 2024 is projected at 28.49 billion yuan, with a year-on-year growth rate of 7.3% [6]. - The main revenue sources include toll fees, project construction, and engineering services, with toll fees accounting for 33.88% of total revenue in 2024 [28]. Financial Projections - The report anticipates that the company will achieve revenues of 285.03 billion, 287.97 billion, and 289.24 billion yuan from 2025 to 2027, with corresponding growth rates of 0%, 1%, and 0.4% [9]. - The expected earnings per share for the same period are 0.70, 0.75, and 0.77 yuan [6][8]. Market Position and Growth Drivers - The company benefits from the expansion of the highway network in Shandong Province, with plans to increase the total highway mileage to 15,000 kilometers by 2035 [53]. - The growth in vehicle ownership in Shandong, which reached 26.9 million in 2023, supports the increase in traffic volume on the highways [56]. Investment and Diversification - Shandong Expressway is diversifying its operations into areas such as electromechanical engineering, product sales, and railway transportation, leveraging its experience in highway investment and operation [7][8]. - The company’s investment income, particularly from long-term equity investments, is a significant contributor to its profitability, with investment income projected at 14.03 billion yuan for 2024 [77].

Core Insights - The Shandong provincial state-owned enterprises (SOEs) have made significant progress in establishing social responsibility (ESG) frameworks, with nearly half of the enterprises setting up ESG leadership bodies and over 90% having designated ESG departments [1][2] - The total assets of Shandong's SOEs reached 52,804.6 billion yuan in 2024, reflecting a year-on-year growth of 6.1%, while operating income increased by 6.7% to 25,037.4 billion yuan [3][4] Group 1: ESG Initiatives - In 2024, 90.63% of provincial SOEs have established ESG departments, and 51.52% have transitioned from social responsibility reports to ESG reports, marking a 45.46 percentage point increase from 2023 [1] - The province has integrated high standards for social responsibility into its 14th Five-Year Plan, creating an evaluation mechanism for SOEs' strategic mission fulfillment [2] Group 2: Economic Contributions - Shandong's SOEs have invested approximately 21.8 billion yuan in 367 rural revitalization projects since 2022, demonstrating a commitment to supporting rural development [3] - In the first nine months of 2024, Shandong's SOEs reported total assets of 56.7 trillion yuan and operating income of 19.1 trillion yuan, with a profit total of 72.5 billion yuan [3] Group 3: Green Development - Over 90% of provincial SOEs have implemented "dual carbon" strategies, with energy consumption decreasing by 4.8% and carbon emissions by 2% year-on-year [2] - Shandong High-speed has completed the country's first zero-carbon highway, and the Shandong Port is developing the first all-scenario hydrogen energy port in the nation [2] Group 4: Social Impact - In 2024, Shandong's SOEs donated 142 million yuan, a 6% increase from the previous year, and hired 22,100 employees, with 65% being recent graduates [3] - The SOEs are recognized as a stabilizing force in the economy, contributing to high-quality economic development in the province [4]

山东高速路桥集团股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000498 证券简称：山东路桥 公告编号：2025-106 关于开封市汽车零部件建设项目出资的关联交易公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、关联交易概述 2025年，开封市汽车产业投资有限公司（以下简称"招标人""业主"）开封汽车零部件建设项目（以下简 称"开封项目""本项目"）公开招标项目总承包方。根据开封项目补遗书要求，项目中标单位或其指定主 体需在收到中标通知书之日起180日内认购招标人指定的合伙企业份额，出资期限三年，年化收益率为 6%。具体方式为受让济南弘睿投资合伙企业（有限合伙）（以下简称"济南弘睿"）持有的烟台山高铁 投投资中心（有限合伙）（以下简称"烟台合伙"）14,000万元有限合伙人份额。 （二）出资方案 1．出资方式及用途 根据招标要求，公司子公司公路桥梁集团拟通过下属济南日昇受让济南弘睿持有的烟台合伙14,000万元 有限合伙人份额，出资款将最终用于本项目建设。 2.资金来源：自有或自筹资金 为积极响应上述招标要求，山东高速路 ...

Core Insights - The article discusses the transformation and advancements of state-owned enterprises (SOEs) in Shandong Province, highlighting their role in China's economic transition and reform efforts during the 14th Five-Year Plan period [2][21]. Group 1: Economic Transformation and SOE Advancements - The five years have seen Shandong's SOEs enhance their functions, increase value, and strengthen strategic support, shifting from a focus on speed to quality and from solving problems to improving efficiency [2][21]. - Shandong's SOEs are redefining innovation by aligning with market demands and focusing on green and low-carbon transformations, thereby reshaping the industrial ecosystem [2][21]. Group 2: Technological Breakthroughs - Shandong SOEs are addressing "bottleneck" technologies by anchoring their strategies to real market needs, investing in R&D, and converting technological challenges into competitive advantages [3][6]. - Shandong Steel has developed the world's first 500 MPa high-strength wind power steel, setting new industry standards and achieving a market share of over 25% in the wind power steel sector [4][5]. Group 3: Collaborative Innovation - The successful collaboration between production, sales, research, and application has led to significant breakthroughs in key technologies, resulting in over 600 domestic and international patents [5][6]. - Weichai Power has achieved multiple breakthroughs in diesel engine thermal efficiency, setting world records and enhancing China's position in the global internal combustion engine industry [6][7]. Group 4: Strategic Growth and Market Expansion - Shandong's SOEs have seen a 5.1% increase in export revenue from January to July, with heavy truck exports accounting for 62% of the national total [10][11]. - The province's strategic initiatives have led to a significant increase in the share of new strategic industries, with revenue from these sectors reaching 24.6% of total revenue by mid-2025 [14][21]. Group 5: Infrastructure Development - Shandong has made significant advancements in transportation infrastructure, with high-speed rail and highways expanding rapidly, positioning the province as a leader in national transportation [16][20]. - The province's ports have achieved a cargo throughput of over 1.8 billion tons, ranking first globally, showcasing the integration of resources in the global supply chain [20][21]. Group 6: Green Energy Initiatives - Shandong is transitioning from traditional energy sources to renewable energy, with significant investments in wind and solar power, aiming for a substantial increase in renewable energy capacity by 2027 [21][23]. - The province's initiatives in green infrastructure, such as the zero-carbon highway, exemplify its commitment to sustainable development and innovation in energy consumption [22][27]. Group 7: Organizational Restructuring - Strategic mergers and reorganizations among Shandong's SOEs aim to enhance efficiency and address industry challenges, focusing on collaborative strengths rather than isolated operations [24][25]. - The restructuring efforts are designed to optimize resource allocation and improve public service capabilities, ensuring that state capital effectively supports key industries and public needs [26][28].