会上，鲁商集团、山钢集团、山东黄金、华鲁集团、山东能源、山东高速、山东重工、浪潮集团、山东产权、山东科创等10户企业的重要创新成果入选， 覆盖高端装备、新能源、新材料、生物医药等战新产业领域，集中体现了近两年来省属企业在核心技术攻关与自主创新能力建设上的重大突破。这些成果 是省属企业创新实力的生动体现，彰显了其服务大局、支撑发展的使命担当。 12月26日，山东省国资委在济南举办省属企业科技创新生态建设推进会，发布了省属企业十大创新成果。 （大众新闻记者 王嘉一 赵雅南） ...

Group 1 - The company approved the transfer of 9.68% equity stake in Guangdong Provincial Highway Development Co., Ltd. (粤高速A) by its wholly-owned subsidiary, Shandong High-speed Investment Development Co., Ltd. (投资公司), at a price of 12.03 yuan per share, totaling 2.435 billion yuan [2] - The board meeting held on November 28, 2025, authorized the management to handle the share transfer, and the decision was ratified in the fourth extraordinary shareholders' meeting on December 15, 2025 [2] - The share transfer was completed on December 24, 2025, with the relevant share transfer registration procedures finalized, resulting in the investment company no longer holding any shares in粤高速A [3]

证券代码：600350 证券简称：山东高速 公告编号：2025-087 山东高速股份有限公司 关于全资子公司出售资产暨关联交易 完成股份过户登记的公告 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。 一、本次出售资产暨关联交易概述 2025 年 12 月 15 日，公司召开 2025 年第四次临时股东会，审议通过了上述 事项。具体内容详见公司于 2025 年 12 月 16 日披露的《山东高速股份有限公司 2025 年第四次临时股东会决议公告》（公告编号：2025-085）。 二、关联交易进展情况 2025 年 12 月 24 日，投资公司收到中国证券登记结算有限公司出具的《证 1 券过户登记确认书》，本次交易所涉及的股份过户登记手续已办理完毕，投资公 司不再持有粤高速 A 股权。 敬请投资者注意风险，理性投资。 特此公告。 山东高速股份有限公司董事会 2025 年 12月 25 日 2 山东高速股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开第 六届董事会第八十一次会议，审议通过了《关于全资子公司转让所 ...

山东高速公告，全资子公司山东高速投资发展有限公司已将其持有的广东省高速公路发展股份有限公司 9.68%股权，即2.02亿股股票，以12.03元/股的价格转让给山东通汇资本投资集团有限公司，交易金额为 24.35亿元。2025年12月24日，投资公司收到中国证券登记结算有限公司出具的《证券过户登记确认 书》，本次交易所涉及的股份过户登记手续已办理完毕，投资公司不再持有粤高速A股权。 ...

Core Viewpoint - Since the beginning of the 14th Five-Year Plan, Shandong's highway construction has accelerated significantly, with total investments exceeding 440 billion yuan, marking a 1.7 times increase compared to the previous five-year period, and the total highway mileage is set to surpass 9,300 kilometers this year [1][2][6]. Investment and Project Completion - A total investment of over 440 billion yuan has been completed, which is 1.7 times that of the 13th Five-Year Plan, with 28 projects completed and put into operation [2][6]. - The total highway mileage will exceed 9,300 kilometers, with the proportion of six-lane highways and above increasing to 41% [2][6]. - Eight-lane highways have reached 1,596 kilometers, leading the nation in scale [2][6]. Network Expansion and Connectivity - The province has implemented a network expansion project, enhancing the road network facilities and ensuring annual improvements and new openings [2]. - Major north-south corridors, including the Beijing-Taiwan, Jinan-Guangzhou, and Shenyang-Hai highways, have been expanded to support efficient connections with key economic regions [2]. - The coverage rate of "double highways" in all counties has reached 97.8%, with the number of inter-provincial exits increasing to 27, up by 5 from the end of the 13th Five-Year Plan [2][6]. Intelligent Construction and Technological Advancements - Shandong has made significant breakthroughs in intelligent construction, focusing on standardized management and industrialized building methods [4]. - The application of prefabricated assembly has shown remarkable results, with the establishment of two fully automated, intelligent bridge precast industrial bases [4]. - The province has pioneered the use of intelligent equipment in tunnel construction, achieving a 45% reduction in workforce for key processes [4]. Digital Transformation and Innovation - The company has developed the first domestic asphalt pavement in-situ thermal regeneration unit, breaking foreign technology monopolies [5]. - A comprehensive digital transformation plan has been implemented, including the establishment of the first "smart highway" pilot project in the country [5]. - The construction of the first zero-carbon smart highway has been completed, showcasing a range of independent intellectual property and internationally leading research outcomes [5].

Core Viewpoint - Shandong High-speed Group has signed a strategic cooperation agreement with the Ministry of Transport's Road Network Monitoring and Emergency Response Center to drive innovation in the transportation industry through technology and collaboration [1] Group 1: Strategic Cooperation - The agreement focuses on emerging fields such as "smart transportation, vehicle-road integration, artificial intelligence, and energy integration" [1] - The collaboration aims to lead the transformation and development of the transportation industry through technological innovation [1] Group 2: Goals and Objectives - The partnership will promote the integration of transportation systems, enhance safety, upgrade digital intelligence, and facilitate green transformation [1] - The initiative seeks to iterate and upgrade transportation development models and cultivate new productive forces in the transportation sector [1]

Core Viewpoint - Shandong Province is making significant investments in its highway infrastructure, aiming to enhance connectivity and achieve a total highway mileage of over 9,300 kilometers by the end of this year, with plans to fully implement "double highways in every county" by 2030 [2][5]. Group 1: Investment and Development - Since the beginning of the 14th Five-Year Plan, Shandong has invested over 440 billion yuan in highway construction, which is 1.7 times the investment during the 13th Five-Year Plan, completing 28 projects and planning to open 10 more by the end of this year [2][4]. - The province has improved its highway network by expanding three major north-south corridors and advancing two major east-west corridors, enhancing connectivity with neighboring regions [2][3]. Group 2: Management and Service Enhancements - Shandong is focusing on improving highway management and service levels, implementing precise maintenance and achieving a leading national standard in road appearance [3]. - The province has established 63 smart cloud toll stations, increasing traffic efficiency by over 30%, and has built 87 standardized "Driver's Home" service areas [3]. Group 3: Future Plans and Goals - By 2030, Shandong aims to ensure that all towns are within a half-hour access to highways, with a target of maintaining a highway quality rate of over 96% [5]. - The province plans to accelerate the construction of 24 ongoing highway projects and initiate two new projects, with a goal of exceeding 9,500 kilometers of total highway mileage by 2026 [5].

Core Viewpoint - Shandong Province is making significant advancements in highway construction, with a total investment exceeding 440 billion yuan and the completion of 28 projects since the start of the 14th Five-Year Plan, aiming to enhance connectivity and improve travel efficiency [1][2] Group 1: Highway Network Expansion - The total length of highways in Shandong is expected to exceed 9,300 kilometers by the end of this year, with the proportion of six-lane and above highways increasing to 41% [1] - Major north-south and east-west corridors have been expanded, including the Beijing-Taiwan, Jinan-Guangzhou, and Shenyang-Haikou routes, enhancing connections with key economic regions [1] - The network has been further strengthened with the addition of five new Yellow River bridges and an increase in inter-provincial exits to 27, achieving a 97.8% coverage rate of "double highways" in counties [1] Group 2: Service Quality and Efficiency - Shandong has implemented a "full lifecycle" approach to road maintenance, maintaining a leading national standard in road conditions [2] - Speed limits have been raised on 848 kilometers of road, and 63 smart cloud toll stations have been established, improving traffic efficiency by over 30% [2] - Service areas are evolving into multifunctional complexes, featuring local cuisine and facilities for drivers, such as showers and rest areas [2] Group 3: Technological and Green Innovations - Shandong is at the forefront of smart highway construction, with the completion of the first upgraded smart highway and the first zero-carbon smart highway in the country, totaling 600 kilometers of smart roads [2] - The province leads in green transformation, with over 833 megawatts of photovoltaic capacity installed along roadways, and comprehensive charging facilities in service areas [2] - Key technological advancements include the innovative application of smart paving and intelligent beam production in highway upgrades, providing replicable "Shandong experience" for the industry [2] Group 4: Preparations for Peak Travel Seasons - In anticipation of the upcoming Spring Festival travel peak, Shandong has deployed measures to enhance road network monitoring, congestion management, and charging supply guarantees to ensure safe and smooth highway operations [2]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

Group 1: Legal Framework Development in Shandong - The Shandong Provincial Committee held a meeting to promote comprehensive rule of law in the province, focusing on legislative, administrative, and judicial improvements [1][2] - Emphasis was placed on scientific legislation, optimizing the business environment, and enhancing public legal services [1][2] - The meeting aims to strengthen the rule of law as a foundation for high-quality economic and social development in Shandong [2] Group 2: Government Investment Fund Development - Shandong issued implementation opinions to promote the high-quality development of government investment funds, aligning with national guidelines [3] - The opinions stress a structured approach to fund management, emphasizing risk-sharing and regulatory compliance [3] - The initiative aims to enhance the effectiveness of government investment funds in supporting economic and social development [3] Group 3: Shandong's Top Enterprises - The 2025 list of Shandong's top 200 enterprises shows a total revenue of 10.34 trillion, with Shandong Energy Group leading at 866.48 billion [4][5] - The top ten companies include major players like Weiqiao Pioneering Group and Haier Group, reflecting a strong industrial base [4][5] - Industrial enterprises contribute 76.8% of the revenue among the top 200, highlighting the industrial characteristics of Shandong's economy [4] Group 4: Innovation in Power Generation - The world's first commercial supercritical carbon dioxide power generation unit was successfully commissioned in Guizhou, marking a significant technological milestone [6][7] - This technology improves efficiency by over 50% and reduces water consumption by 50%, showcasing advancements in energy generation [6][7] - The project represents a key step for Jinan Steel Group in transitioning from traditional manufacturing to green technology [7]