截至目前，上合示范区已常态化开行22条国际班列线路，通达上合组织和共建"一带一路"23个国 家、54个城市，构建起东联日韩、西接欧亚、北达蒙俄、南至东盟的国际物流通道，累计到发中欧班列 超5400列，常态化开行家电、轮胎、商品车、粮食等特色专列，并为海尔、海信、玲珑、奇瑞等企业开 行定制化供应链专列，服务外贸企业超7000家。 为支持上合示范区中欧班列高质量发展，青岛海关推出十二条措施，创新"上合快通"模式，推动码 头功能向上合国际枢纽港延伸，实现"班列+港口"联动，进一步缩减货物通关时间，助力企业降本增 效。 为构建高效跨境物流贸易体系，上合示范区不断拓展境内外物流节点布局，助力山东高速集团在中 亚、中东欧、俄罗斯、东南亚设立海外集结中心，深化重点区域合作。其中，俄罗斯莫斯科集结中心 2025年启用以来，已联动叶卡捷琳堡、新西伯利亚州、远东地区以及白俄罗斯中白工业园等区域，建立 了出口配件至海尔俄罗斯工厂、返程搭载鞑靼石油焦的循环班列线路，为企业进一步压缩海外物流仓储 成本。 上合示范区党工委委员、管委会副主任付忠华表示，将持续深化国际物流大通道建设，通过开通精 品线路、提升多元化服务能力，不断提升中欧班列 ...

2025年底，济南绕城高速小许家至港沟段改扩建、京台高速齐济段的陆续通车，济南绕城高速路网再次 扩容，"四环"时代更近一步。 目前，除推进中的大南环外，涵盖济南市区及周边的环线道路网络，已清晰构建。这样的布局是如何形 成的？"四环"未来正式闭环，将为济南都市圈发展带来哪些影响？ 携河北跨，加速"四环时代"到来 济南的"四环"路网的延展，折射城市空间拓展之路。 济南的"一环"，即济南的护城河沿线道路，由几条老城区的交通要道组成。"二环"则由四条高架快速路 组成，分别是二环北路、二环南路、二环东路、二环西路。 济南市主管部门在回复网络建议时提到，济南绕城高速G2001为济南市环路的"三环"，即绕城高速东 线、绕城高速南线、京台高速、济聊高速、青银高速等5条高速公路围成的环路。 从济南西部经京台高速前往齐河，行驶到黄河位置，会见到两座桥梁飞跃河面。京台高速齐济段改扩建 中建设的主桥长1080米的斜拉桥，矗立在原有大桥旁，将这一位置跨黄能力提升一倍。记者从山东高速 （600350）股份有限公司了解到，截至1月7日，京台高速齐济段改扩建通车以来累计车流量达112.59万 辆。 在无先例可循的背景下，京台高速齐济段改扩建 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the transportation infrastructure sector, specifically focusing on highways, railways, ports, and supply chains for the year 2026 and beyond [1][2]. Key Insights and Arguments Highway Sector - The passenger traffic on highways remains stable, with central provinces outperforming coastal areas. In the first three quarters of 2025, the net profit attributable to the parent company in the highway sector grew by 7% year-on-year, driven mainly by new constructions, expansions, and mergers and acquisitions [1][3]. - The investment logic in the highway sector is shifting from prioritizing dividend yield to balancing growth potential. Although current valuations are slightly lower than the three-year average, performance growth is essential for support. Future expansions and acquisitions are critical drivers [1][4]. - By 2027, the scale of the five major A-share listed insurance companies is expected to reach 1.6 trillion yuan, with annual additions of 250-500 billion yuan. The highway sector is attractive to insurance capital due to its profit model aligning with high dividend investment needs [1][6]. - Recommended companies include Wanjin Expressway and Shandong Expressway. Wanjin is expected to benefit from the expansion and acquisition of Shandong Expressway, with projected performance growth exceeding 10% in 2026 and a dividend yield close to 5.5% [1][7]. Railway Sector - The high-speed rail market share is increasing, replacing conventional rail and short-haul flights. The Guangzhou-Shenzhen railway shows strong support in economically developed regions [1][8]. Port Sector - Major ports in the country experienced a year-on-year throughput growth of 4%, with container throughput increasing by 6.31%. Despite potential declines in the European and American markets in 2027 due to base effects, trade growth in ASEAN and the Middle East may offset some impacts [1][9]. Supply Chain Sector - Companies like Guotai, Jianda, and Xiangyu performed well in the first three quarters. Xiangyu announced a three-year performance incentive plan with a fixed dividend ratio, currently offering a dividend yield over 4%. Jianda is expanding its consumer product categories and has committed to a dividend of 0.7 yuan per share, with a yield of about 7% [2][9]. Additional Important Insights - The highway sector's future investment logic is transitioning from a focus on high dividend yields with low growth expectations to a model that requires both growth and reasonable dividend yields [4][5]. - The highway sector is particularly attractive to investors due to its stable dividend returns, especially in years when the broader market experiences declines [4][6]. - The structural changes in the infrastructure sector present various development opportunities, with each segment showcasing unique advantages and potential for growth [9].

会上，杨斌对戴青山一行的到访表示热烈欢迎，详细介绍了拟合作项目的创办初心、核心定位、基础设施建设进展、全产业链布局思路以及配套衍生产业 的规划蓝图。戴青山认真聆听介绍后，对项目的前瞻性布局、扎实的前期基础及清晰的发展规划给予高度肯定。双方围绕项目合作细节深入探讨，一致表 示将进一步加强沟通对接，充分整合各自资源优势，为推动项目落地见效、实现协同发展拓展更多可能性。 作为对接联络方，企业家俱乐部理事长王大威作总结表态，他指出恒信集团深耕潍坊本土、运营扎实，是地方经济发展中坚力量之一；山东高速生态环境 集团实力雄厚、投资方向契合国家战略，双方合作堪称强强联合、优势互补。他表示企业家俱乐部将持续发挥桥梁作用，希望双方以此次对接为契机加快 推进合作洽谈，推动项目落地见效，实现互利共赢，为潍坊高质量发展贡献力量。 免责声明：凡注明来源本网的所有作品，均为本网合法拥有版权或有权使用的作品，欢迎转载，注明出处。非本网作品均来自互联网，转载目的在于传 递更多信息，并不代表本网赞同其观点和对其真实性负责，如转载涉及版权等问题，请联系我们，我们将及时改正或删除，谢谢！ 1月8日，潍坊东方企业家俱乐部（以下简称"企业家俱乐部"）牵 ...

Market Overview - On January 8, the railway and highway sector increased by 0.08% compared to the previous trading day, with San Yang Ma leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Notable gainers in the railway and highway sector included: - San Yang Ma (001317) with a closing price of 54.60, up 2.40% on a trading volume of 77,200 shares and a transaction value of 422 million yuan [1] - Jiangxi Changyun (600561) closed at 6.51, up 1.88% with a trading volume of 61,800 shares and a transaction value of 39.86 million yuan [1] - Shentong Metro (600834) closed at 8.52, up 0.95% with a trading volume of 37,200 shares and a transaction value of 31.51 million yuan [1] Fund Flow Analysis - The railway and highway sector experienced a net outflow of 315 million yuan from institutional investors, while retail investors saw a net inflow of 114 million yuan [2] - Key stocks with significant fund flows included: - Shandong Highway (600350) with a net inflow of 7.88 million yuan from institutional investors [3] - Ganyue Highway (600269) with a net inflow of 7.50 million yuan from institutional investors [3] - Jinghu High-Speed Railway (601816) with a net inflow of 6.10 million yuan from institutional investors [3]

Core Insights - Linqu County is developing a positive growth model of "transportation driving tourism, tourism promoting transportation" through multi-dimensional integration of transportation and tourism, aiming to activate new momentum for cultural and tourism economic development [1][3] Group 1: Transportation and Tourism Integration - The collaboration with Shandong Highway aims to promote Linqu's unique cultural and tourism products in highway service areas, enhancing the conversion of highway traffic into tourism consumption [3] - The innovative dual integration model of "attracting visitors to scenic spots and vehicles to highways" has been implemented at six toll stations, effectively connecting traffic flow with tourism resources [3] Group 2: Infrastructure Development - The "Tianhong Yudai. Happiness Arrives" boutique tourism road has been successfully selected as a typical case in Shandong Province, linking 15 A-level tourist attractions and multiple key rural tourism villages, creating a seamless travel experience [5] - A partnership with China Railway Jinan Bureau Group has been established to offer ticket benefits for visitors to Yishan Scenic Area, enhancing the integration of railway and tourism sectors [5]

山东高速集团资产超1.7万亿元、跻身世界500强，运营管理山东省内84%的高速公路，在数字化转型升 级中亮点纷呈。 京台高速济齐段构建BIM数字底座，打造十二车道"超级动脉"。通过"预约+车牌+信用"通行、数电发票 全面应用等创新，收费站整体通行效率预计提升30%以上，将大幅缓解高峰时段排队拥堵难题。"山高 慧眼"系列产品构建一体智能感知体系，实现路网"一网统管、一屏可视"，搭配AI智能客服、"一键救 援"等服务，救援时间平均缩短6分钟以上。 转自：新华财经 "隧道多源病险高精准时空协同感知关键技术与综合检测装备"入选省属企业十大创新成果，与"山东大 学'四链'融合助力驱动'交通强国'省级示范区建设案例"获评优秀案例，"基于人工智能的高速公路运行 监测与预警发布"入选人工智能典型应用场景，牵头组建的"山东省车路一体智能交通创新联合体"跻身 首批省属企业创新联合体。近日，在2025山东省属企业科技创新生态建设推进会上，山东高速集团携四 项科创成果精彩亮相。 真实路况是智能网联技术落地的关键，集团在滨莱高速路段，建成国内"测试里程最长、场景最丰富、 环境最真实"的高速公路封闭测试基地。基地涵盖34种自动驾驶及网联 ...

Core Viewpoint - The announcement provides an update on the conversion status of the company's convertible bonds, indicating minimal conversion activity since the bonds were issued, with a significant majority remaining unconverted. Group 1: Conversion Status - As of December 31, 2025, the total amount converted from the "Shanlu Convertible Bonds" since the conversion period began on October 9, 2023, is 103,100.00 yuan, resulting in 12,965 shares converted, which represents 0.0008% of the company's total shares before conversion [2] - The amount of unconverted "Shanlu Convertible Bonds" as of December 31, 2025, is 4,835,896,900.00 yuan, accounting for 99.9979% of the total issuance [2] - In the fourth quarter of 2025, the conversion amount was 2,000.00 yuan, leading to the conversion of 262 shares [10] Group 2: Bond Issuance and Listing - The company issued 48,360,000 convertible bonds on March 24, 2023, with a total value of 483,600.00 million yuan, each with a face value of 100.00 yuan and a maturity of six years [2][3] - The bonds were listed on the Shenzhen Stock Exchange on April 26, 2023, under the name "Shanlu Convertible Bonds" with the code "127083" [3] Group 3: Conversion Price Adjustments - The initial conversion price was set at 8.17 yuan per share, which was adjusted to 8.01 yuan on June 29, 2023, due to the company's annual equity distribution [5] - Further adjustments to the conversion price occurred, with the price set to 7.83 yuan on July 16, 2024, and subsequently adjusted to 7.81 yuan on October 23, 2024, and 7.80 yuan on December 25, 2024 [6][7] - The conversion price was adjusted to 7.64 yuan on July 17, 2025, and further to 7.62 yuan on October 24, 2025, and finally to 7.61 yuan on December 24, 2025 [8][9]

Group 1 - The company held its 23rd meeting of the 10th Board of Directors on December 30, 2025, with all 9 directors present, ensuring compliance with legal and regulatory requirements [2][3] - The Board approved several amendments to internal governance documents to enhance operational standards and protect shareholder rights, including the Independent Director Work System and Financial Management System [3][4][13] - All approved amendments will be submitted for shareholder meeting review [6][12][18] Group 2 - The company completed a capital increase of 4 billion yuan for its wholly-owned subsidiary, Shandong Provincial Road and Bridge Group Co., Ltd., with five investors participating [28] - The subsidiary has received the new business license reflecting a registered capital of 8.74 billion yuan and various operational capabilities [29] - The business scope includes construction materials sales, engineering services, and environmental protection equipment manufacturing, among others [29]

1月4日，据山东高速集团消息，山东高速集团权属单位建设管理集团作为联合体牵头人，联合国际合作 公司、公路桥梁集团、山东省交通设计集团，于近日中标G105京澳线东阿黄河大桥及接线工程市场化 投资项目。项目全长约7.501公里，总投资约22.4亿元，采用一级公路标准建设，设计速度80公里/小 时。 ...