Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

Core Viewpoint - The company has implemented five key measures to enhance highway traffic safety management, resulting in improved response times and reduced congestion, thereby strengthening the "One Road Multi-Party" collaborative brand [1][13]. Group 1: Key Measures - The company established a "Ten Joint Mechanism" for all-weather preparedness, optimizing responsibility chains and standardizing processes to create a safe and smooth road network environment [4]. - A "Circular Working Method" was adopted, dividing the highway into five grid-based units to ensure rapid response and coordination during emergencies [6]. - The company has broken regional barriers by reaching an agreement with a neighboring company to allow direct rescue operations up to 8 kilometers into each other's jurisdiction, significantly reducing rescue times [8]. Group 2: Technological Integration - Smart drones equipped with AI recognition and communication systems have been deployed at key congestion points for automated surveillance and rapid incident response, enhancing detection and handling efficiency [10]. - A "Troop on the Road" strategy was implemented, placing personnel at accident-prone areas to ensure quick on-site response, alongside a comprehensive service center for efficient processing of incidents [12]. Group 3: Performance Metrics - Since the beginning of the year, the company has effectively handled 472 road incidents, achieving a 4% improvement in rescue speed and a 2.7% decrease in congestion index [13].

Core Viewpoint - The company has provided guarantees totaling 880 million yuan for its subsidiary, Shandong Gaoyun Chuang (Shandong) Commercial Factoring Co., Ltd, to support its operational needs and business development [1][2][3]. Summary by Sections Guarantee Overview - The company signed a maximum irrevocable guarantee agreement with China Merchants Bank for 300 million yuan, with a guarantee period of three years [1]. - A joint liability guarantee contract was signed with Postal Savings Bank for 80 million yuan, also with a three-year guarantee period [2]. - Another maximum guarantee contract was signed with China Minsheng Bank for 500 million yuan, with the same three-year guarantee period [2][3]. Cumulative Guarantee Situation - The total amount of external guarantees provided by the company and its subsidiaries is 2.2 billion yuan, which does not exceed 50% of the latest audited net assets [1][3]. - There are no overdue guarantees, and the company has not provided guarantees to controlling shareholders or related parties [8][9]. Basic Information of the Guaranteed Party - Shandong Gaoyun Chuang (Shandong) Commercial Factoring Co., Ltd is a wholly-owned subsidiary of the company, established on September 15, 2022, with a registered capital of 250 million yuan [6][7]. - The company has shown stable operations and good creditworthiness, indicating that the guarantee risks are generally controllable [8]. Necessity and Reasonableness of the Guarantee - The guarantees align with the business development needs and overall interests of the company, facilitating normal business operations without harming the interests of the company and its shareholders [8]. Board of Directors' Opinion - The guarantees have been approved by the board of directors and the annual general meeting, confirming that the guarantee amounts do not exceed the disclosed limits for 2025 [8].

| 回购方案首次披露日 | 2025/4/30，由董事长提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 6 月 | 6 | 月 | 6 日~2026 | 年 | 5 日 | | 预计回购金额 | 2亿元~3亿元 | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 0万股 | | | | | | | 累计已回购股数占总股本比例 | 0% | | | | | | | 累计已回购金额 | 0万元 | | | | | | | 实际回购价格区间 | 0元/股~0元/股 | | | | | | 一、 回购股份的基本情况 证券代码：600350 证券简称：山东高速 公告编号：2025-053 山东高速股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本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 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-052 山东高速股份有限公司 关于公司及子公司提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 司 | | 山高云创（山东）商业保理有限公 | | --- | --- | --- | --- | --- | --- | | 担 | 保 对 | 本次担保金额 | 88,000.00 | 万元 | | | 象 | | 实际为其提供的担保余额 | 220,000.00 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | ☑否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 1,830,180.00 | | 对外担保总额占上市公司最近一 期经审 ...

Group 1 - Ouma Software announced on June 28, 2025, that its controlling shareholder, Shandong Shanda Capital Operation Co., Ltd., plans to transfer 25.82% of its shares to Shandong State-owned Assets Investment Holding Co., Ltd. without compensation, which may lead to a change in the controlling shareholder and actual controller of the company [3] - Shanda Diwei also announced on the same day that its controlling shareholder intends to transfer 24.59% of its shares to Shandong High-speed Group Co., Ltd. without compensation, which may similarly affect the controlling shareholder and actual controller of the company [5] - The share transfer is part of the reform of the corporate structure of enterprises affiliated with Shandong University, as mandated by national policies [8] Group 2 - Ouma Software's main business involves the research, development, sales, and services of information technology products in the examination and assessment field, providing comprehensive solutions for government departments, industry associations, educational institutions, and enterprises [9] - In the fiscal year 2024, Ouma Software reported a revenue of 212 million yuan, a decrease of 3.88% year-on-year, and a net profit attributable to shareholders of 70.10 million yuan, down 8.35% year-on-year [9] - Shanda Diwei is a leading "AI + blockchain" technology service provider in China, focusing on smart social security, smart healthcare, and intelligent electricity sectors, with a revenue of 555 million yuan in 2024, an increase of 3.14% year-on-year, but a net profit decline of 21.04% to 64.08 million yuan [9] - As of June 27, 2025, Ouma Software's stock price was 20.17 yuan per share, with a market capitalization of approximately 3.09 billion yuan, while Shanda Diwei's stock price was 11.68 yuan per share, with a market capitalization of about 4.67 billion yuan [9] Group 3 - Both Ouma Software and Shanda Diwei stated that the share transfer agreement ensures the stability of the management teams and will not affect normal operations, nor harm the interests of the companies and minority shareholders [10] - Shandong State-owned Assets Investment Holding Co., Ltd. and Shandong High-speed Group Co., Ltd. are large comprehensive enterprises that can effectively collaborate with the companies for future development, aligning with the interests of the companies and all shareholders [10]

Group 1 - The controlling shareholder of the company, Shandong Shanda Capital Operation Co., Ltd., plans to transfer 24.59% of its shares in the company to Shandong Expressway Group Co., Ltd. without compensation [1] - An intention agreement for the share transfer has been signed between the two parties [1] - This transaction may lead to a change in the company's controlling shareholder and actual controller [1]

Core Viewpoint - The opening of the Yantai hub to Penglai hub section of the Rongwu Expressway marks the first "dual eight-lane" expressway in the Yantai area, significantly improving traffic conditions and connectivity to Penglai International Airport [1][3]. Group 1: Project Overview - The newly opened section is 8.1 kilometers long and includes two interchanges, one toll station, and one service area [3]. - The existing Rongwu Expressway from Yantai to Penglai was built between 1998 and 2003, covering a total length of 61.217 kilometers, and has been unable to meet the growing social and economic demands [3]. Group 2: Construction and Technology - The project adopted innovative construction techniques, including UHPC and ECC for bridge reinforcement, achieving significant improvements in structural performance, stiffness, and durability [5]. - Non-excavation grouting technology was used to address hidden cracks and deterioration in the old road, ensuring 100% treatment of concealed diseases while protecting the original structure [5]. Group 3: Future Goals - The project aims to establish a model for coastal city bypass expressway reconstruction, focusing on smart empowerment, quality craftsmanship, and innovative efficiency improvements [5].

证券代码：600350 证券简称：山东高速 编号：2025-051 山东高速股份有限公司 关于监事会主席离任的公告 本公司监事会及全体监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。 | | 离任职务 | 离任时间 | | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 到期日 | | 股子公司任职 | （如适用） | 毕的公开 | | | | | | | | | | 承诺 | | | 监事会主 | 2025 | | 第六届监 事会届满 | 工作原因 | 否 | 不适用 | 否 | | | | 月 25 日 | | | | | | | | 姓名 常志宏 | | | | | | | | | | | | 年 | 6 | | | | | | | | 席、监事 | | | | | | | | | | | | | 之日 | | | | | 一、离任的基本情况 二、离任对公司的影响 ...

Group 1 - The announcement pertains to the repurchase of the "22 Mountain Road 01" bonds by Shandong Highway and Bridge Group Co., Ltd, allowing investors to sell back their bonds at a price of 100 RMB per bond, excluding interest [2][3] - The repurchase registration period is set for June 9 and June 10, 2025, during which investors can choose to sell back all or part of their holdings [2] - A total of 5,000,000 bonds were repurchased, amounting to 500,000,000 RMB, with no remaining bonds left after the repurchase [2]