Core Viewpoint - Shandong Hi-Speed Group has signed a memorandum for a joint venture project with Vietnam Railway Engineering Corporation to construct a concrete component prefabrication plant in Vietnam, indicating a strategic move to enhance international collaboration in railway infrastructure development [1] Group 1: Project Details - The joint venture will establish a prefabrication plant covering an area of approximately 40,000 square meters [1] - The plant will primarily produce IIIc sleepers and turnout sleepers, with capabilities to also manufacture subway sleepers, tunnel lining segments, and concrete precast components for both railway and highway use [1]

Core Points - Shandong Hi-Speed Company has completed the issuance of its third phase of medium-term notes for 2025, amounting to 1 billion yuan [1] - The funds raised from this issuance have been deposited into the company's designated account [1] Summary by Sections - **Issuance Details** - The company applied for the registration of non-financial corporate debt financing instruments, including various types of notes, in accordance with the regulations of the China Interbank Market Dealers Association [1] - The issuance of the 1 billion yuan medium-term notes was completed on September 24, 2025 [1] - **Approval and Compliance** - The issuance was approved by the company's annual general meeting held on May 9, 2024 [1] - The company assures that the announcement contains no false records, misleading statements, or significant omissions [1]

Core Points - Shandong High-Speed announced the successful issuance of the third phase of 1 billion yuan medium-term notes for the year 2025, with the funds reaching the company's designated account [2] Group 1 - The company completed the issuance work on September 24, 2025 [2] - The total amount raised through this issuance is 1 billion yuan [2]

证券代码：600350 证券简称：山东高速 编号：2025-069 | 债券名称 | 山东高速股份有限公司 2025 年度第三期中期票据 | 债券简称 | 25 鲁高速股 MTN003 | | --- | --- | --- | --- | | 债券代码 | 102584038 | 期限 | 2+N 年 | | 起息日 | 2025 年 9 月 24 日 | 兑付日 | 2099 年 12 月 31 日 | | 计划发行总额 | 100,000.00 万元 | 实际发行总额 | 100,000.00 万元 | | 发行利率 | 2.06% | 发行价格 | 100.00 元/佰元面值 | | | 申购情况 | | | | 合规申购家数 | 20 | 合规申购金额 | 378,000 万元 | | 最高申购价位 | 2.30% 1 | 最低申购价位 | 1.70% | 山东高速股份有限公司 2025 年度第三期中期票据发行情况公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经 2024 年 5 月 9 日召开的公司 2023 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The highway sector has experienced a significant adjustment since June, driven by a decrease in risk aversion and a rise in government bond yields. Despite this, the sector is characterized by stable performance, strong cash flow, and high predictability, making it an attractive investment opportunity [4][13]. - The premium of A-shares over H-shares for highway stocks has decreased to its lowest level since 2023, suggesting a favorable valuation for A-shares compared to H-shares [5][19]. - Key highway stocks have seen their dividend yields recover to higher levels not seen since 2024, with several companies showing significant increases in their dividend rates [6][34]. Summary by Sections 1. Highway Sector Adjustment - The highway sector is traditionally known for high dividends and has shown strong performance in the past. However, it has undergone a deep adjustment since June due to market conditions and rising bond yields. The current state presents a strong absolute return potential for investors [4][13]. 2. A-H Share Premium - The A-H share premium for highway stocks has narrowed significantly, indicating a shift in valuation dynamics. This change is attributed to the differing impacts of domestic and U.S. bond yields on the respective markets [5][24]. 3. Dividend Yield Recovery - The dividend yields of key A-share highway stocks have increased significantly due to stock price corrections. Companies like Ninghu, Wantong, and Guangdong Expressway have returned to higher dividend yield levels, enhancing their attractiveness for investors [6][35]. 4. Investment Recommendations - The report suggests focusing on high-dividend stocks from the highway sector, particularly those with stable dividend payouts. Companies such as Wantong, Guangdong Expressway A, and China Merchants Highway are highlighted as having strong dividend potential, with some expected to yield over 5% [7][48].

Core Points - The groundbreaking ceremony for the Nilai Smart City project, undertaken by Shandong Hi-Speed Group, marks the official commencement of the project, which is the largest single contract in Southeast Asia for the group [2] - The project aims to invest $7 billion (approximately 50.1 billion RMB) over ten years to develop a modern smart city, including an automotive manufacturing center, high-tech smart manufacturing center, medical city, and commercial center [2] - The project is expected to create over 50,000 jobs, significantly enhancing local living standards and economic development [2] Company Strategy - Shandong Hi-Speed Group plans to leverage its full industry chain advantages in transportation infrastructure, integrating resources and managing the project effectively [3] - The company aims to establish the project as a benchmark for overseas smart cities, enhancing its core competitiveness in international markets and the influence of its "Shan Gao · Xing" brand [3] - The project will be executed in seven phases based on owner investment, customer demand, and fund recovery progress, with the first phase contract valued at $1.6 billion (approximately 11.45 billion RMB) [2]

Core Viewpoint - Shandong Expressway's stock price has shown a decline of 10.95% year-to-date, with recent fluctuations indicating a slight recovery in the short term, but overall performance remains weak [1][2]. Financial Performance - For the first half of 2025, Shandong Expressway reported operating revenue of 10.739 billion yuan, a year-on-year decrease of 11.52%, while net profit attributable to shareholders was 1.696 billion yuan, reflecting a year-on-year increase of 3.89% [2]. - Cumulative cash dividends since the company's A-share listing amount to 21.739 billion yuan, with 5.994 billion yuan distributed over the past three years [3]. Stock Market Activity - As of September 24, the stock price was 8.78 yuan per share, with a market capitalization of 42.448 billion yuan. The stock experienced a trading volume of 46.5254 million yuan and a turnover rate of 0.11% [1]. - The net inflow of main funds was 2.0661 million yuan, with significant buying and selling activity observed in large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 11.30% to 33,900, while the average circulating shares per person decreased by 10.13% to 143,042 shares [2][3]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3].

人民财讯9月23日电，据山东高速（600350）集团官微，9月23日，在中国山东—马来西亚经贸合作交流 会上，山东高速集团与马来西亚PTT协同集团正式签署马来西亚智慧仓储项目框架协议。马来西亚智慧 仓储项目拟在雪兰莪、柔佛、彭亨、登嘉楼等地为行业客户定制化建设智慧仓库，托盘位总数共计200 万个，合同额60亿林吉特（102亿元人民币） ...

Core Insights - The groundbreaking ceremony for the Nilai Smart City project, undertaken by Shandong Hi-Speed Group, marks the official commencement of the project, which is the largest single contract in Southeast Asia for the company [1] Project Overview - The project spans approximately 6,233 acres and plans to invest $7 billion (approximately 50.1 billion RMB) over the next decade, including the construction of a manufacturing center for 100,000 electric vehicles and components, a high-tech smart manufacturing center, a medical city, and commercial facilities, aiming to create over 50,000 jobs [3][4] - The project will be executed in seven phases, with the first phase contract valued at $1.6 billion (approximately 11.45 billion RMB) [3] Strategic Location - Nilai's strategic location as a transportation and administrative hub, near Kuala Lumpur International Airport and major highways, is a key factor for the project's establishment [3] - The project aligns with the "Malaysia Vision Valley," and the anticipated completion of the Nilai-Labu-Seremban highway by July 2026 is expected to provide new development opportunities [3] Local Impact - The automotive city within the first phase of the project is well-received locally, expected to attract international automotive brands and integrate local businesses into the regional automotive supply chain [4] - The project is anticipated to significantly enhance investment attractiveness in Negeri Sembilan, positively impacting the local economy and community welfare [4] Company Strategy - Shandong Hi-Speed Group's chairman emphasized that the project represents a deepening of the company's "going out" strategy and lays a solid foundation for further expansion in the Southeast Asian market [4]

Company Overview - Shandong Hi-Speed Company is located at 5006 Aoti Middle Road, Jinan, Shandong Province, established on November 16, 1999, and listed on March 18, 2002 [2] - The company's main business includes investment, management, maintenance, consulting services for high-grade highways, bridges, and tunnel infrastructure, as well as approved tolls, rescue, and clearing services [2] - Main business revenue composition: 34.86% from toll revenue in Shandong Province, 12.41% from electromechanical engineering construction, 11.90% from merchandise sales, 11.52% from railway transportation, and other sources [2] Financial Performance - For the first half of 2025, Shandong Hi-Speed achieved operating revenue of 10.739 billion yuan, a year-on-year decrease of 11.52%, while net profit attributable to shareholders was 1.696 billion yuan, a year-on-year increase of 3.89% [2] - Cumulative cash dividends since the A-share listing amount to 21.739 billion yuan, with 5.994 billion yuan distributed in the last three years [3] Stock Performance - As of September 22, the stock price of Shandong Hi-Speed decreased by 2.07%, trading at 8.52 yuan per share, with a total market capitalization of 41.191 billion yuan [1] - Year-to-date, the stock price has declined by 13.59%, with a 4.27% drop over the last five trading days, a 10.03% drop over the last 20 days, and a 16.80% drop over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders is 33,900, an increase of 11.30% from the previous period, with an average of 143,042 circulating shares per person, a decrease of 10.13% [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 57.3926 million shares, and Huatai-PB SSE Dividend ETF, holding 35.9713 million shares, both showing changes in their holdings compared to the previous period [3]