Market Performance - On November 13, the Shandong state-owned enterprise reform sector rose by 1.17%, with Furi Shares leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Top Gainers in Shandong State-Owned Enterprises - Key stocks in the Shandong state-owned enterprise reform sector included: - Qirui Shares (002083) closed at 10.51, up 10.05% with a trading volume of 182,000 shares and a turnover of 191 million yuan [1] - Shida Shenghua (603026) closed at 91.38, up 10.00% with a trading volume of 72,400 shares and a turnover of 655 million yuan [1] - Jiga Development (600807) closed at 3.88, up 9.92% with a trading volume of 561,900 shares and a turnover of 216 million yuan [1] Market Capital Flow - The Shandong state-owned enterprise reform sector experienced a net outflow of 132 million yuan from institutional investors, while retail investors saw a net inflow of 138 million yuan [2] - The top stocks by net inflow from retail investors included: - Qirui Shares (002083) with a net inflow of 64.38 million yuan, accounting for 33.65% of its trading volume [3] - ST Chenming (000488) with a net inflow of 38.29 million yuan, accounting for 29.70% of its trading volume [3] Notable Decliners - Some stocks in the sector faced declines, including: - Shandong High-speed (600350) closed at 9.37, down 1.99% with a trading volume of 97,100 shares and a turnover of 9.13 million yuan [2] - Shandong High-tech (000803) closed at 8.50, down 2.52% with a trading volume of 1,180,500 shares and a turnover of 1.06 billion yuan [2]

Core Points - The company has successfully completed the issuance of its fifth phase of ultra-short-term financing bonds for the year 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 a unified registration of non-financial corporate debt financing instruments, including ultra-short-term financing bonds, short-term financing bonds, medium-term notes, PPN, and ABN, as approved by the shareholders' meeting held on May 9, 2024 [1] - The issuance of the 1 billion yuan ultra-short-term financing bond was completed on November 12, 2025 [1] - **Regulatory Compliance** - The company assures that the announcement content does not contain any false records, misleading statements, or significant omissions, and takes legal responsibility for the authenticity, accuracy, and completeness of the content [1]

Core Points - Shandong Hi-Speed announced the successful issuance of its fifth phase of ultra-short-term financing bonds for the year 2025, amounting to 1 billion yuan [2] - The funds raised from this issuance have been deposited into the company's designated account [2] Summary by Category Company Actions - The company completed the issuance of 1 billion yuan ultra-short-term financing bonds on November 12, 2025 [2] - The raised funds are now available in the company's specified account [2]

| 债券名称 | 山东高速股份有限公司 2025 年度第五期超短期融资券 | 债券简称 | 25 鲁高速股 SCP005 | | --- | --- | --- | --- | | 债券代码 | 012582724 | 期限 | 83 天 | | 起息日 | 2025 年 11 月 12 日 | 兑付日 | 2026 年 02 月 03 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 | 1.60% | 发行价格 | 100.00 元/佰元面值 | | | 申购情况 | | | | 合规申购家数 | 3 | 合规申购金额 | 45,000 万元 | | 最高申购价位 | 1.59% | 最低申购价位 | 1.51% | 证券代码：600350 证券简称：山东高速 编号：2025-076 山东高速股份有限公司 2025 年度第五期超短期融资券发行情况公告 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 ...

Core Insights - The company has achieved a significant milestone by surpassing 100 million tons in annual freight volume for the third consecutive year, reaching this target 11 days earlier than the previous year [1] - The company operates a total of 661 kilometers of railways, including eight local railways and 35 dedicated lines, enhancing regional connectivity and establishing a robust transportation network [1] Freight Marketing Achievements - In response to challenges such as reduced production among client companies and increased competition from various transportation modes, the company has strengthened collaboration with national railway authorities and major port enterprises, resulting in the development of 32 new freight sources and an additional freight volume of 4.95 million tons this year [3] - The company has optimized train operations, reducing turnaround times by 6.5% and improving the efficiency of direct rail transport, with a 10.5% reduction in running times on the Dailong Railway [3] Logistics Transformation and Efficiency - The company is accelerating the modernization of its freight logistics, focusing on total logistics solutions and promoting the shift of bulk cargo transport from road to rail, having signed nine logistics contracts this year, resulting in a transport volume of 12.54 million tons [5] - The company has prioritized energy supply and public service, transporting 19.61 million tons of coal this year, which accounts for over 70% of the total demand from related enterprises, contributing significantly to local economic development and public welfare [5] - Future plans include enhancing the modern logistics service system, optimizing regional railway network layouts, and improving the quality of freight transport services to support high-quality regional economic development [5]

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Insights - The transportation industry is experiencing a recovery, with various segments showing potential for growth, particularly in shipping, infrastructure, aviation, and express delivery [7][19][22][20] Shipping - The shipping sector is seeing mixed price movements, with the SCFI for the US East route down 17.2% and the Southeast Asia route up 6.4% [11] - The report highlights the importance of monitoring the price increases in container shipping and the potential recovery in oil tanker rates due to improved US-China trade relations [16][12] Infrastructure - Key metrics indicate a decline in truck traffic and railway cargo, while port throughput has increased significantly, suggesting a shift in market dynamics [17][18] - The report emphasizes the potential for dividend stocks in the infrastructure sector, particularly in ports, which are currently undervalued [19] Aviation - The aviation sector shows a positive trend with a 7.2% year-on-year increase in passenger volume, driven by improved demand and a low base effect [22] - The report suggests that the industry is poised for profitability in 2026, with a focus on valuation recovery and potential investment opportunities in major airlines [22] Express Delivery - The express delivery sector is benefiting from a reduction in price competition, with a notable increase in business volume and revenue [20] - The report indicates that the "anti-involution" policies are helping to stabilize prices and improve profitability in the sector [20] Logistics - The logistics segment is experiencing stable performance, with cross-border air freight prices showing a week-on-week increase [23] - The report notes the importance of monitoring the daily traffic at key ports and the implications for logistics operations [23]

Group 1 - The company has completed the issuance of the fifth phase of medium-term notes for the year 2025, amounting to 1 billion yuan [1] - The issuance was approved by the company's annual general meeting held on May 9, 2024, and is in accordance with the regulations of the China Interbank Market Dealers Association [1] - The raised funds have been deposited into the company's designated account [1] Group 2 - The company is authorized to issue various debt financing instruments, including short-term financing bonds, medium-term notes, and asset-backed notes, under a unified registration with the Dealers Association [1] - The registration for these instruments is valid for a specified period, allowing for issuance in one or multiple phases [1]

山东高速股份有限公司 2025 年度第五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。 证券代码：600350 证券简称：山东高速 编号：2025-075 经 2024 年 5 月 9 日召开的公司 2023 年年度股东大会审议批准，公司按照中 国银行间市场交易商协会（下称"交易商协会"）的相关规定，向交易商协会申 请统一注册非金融企业债务融资工具，具体包括超短期融资券、短期融资券、中 期票据（含长期限含权中期票据）、PPN（非公开定向债务融资工具）和 ABN（资 产支持票据）等，在中国银行间市场交易商协会注册有效期内一次或择机分期发 行。（相关决议公告详见《中国证券报》《上海证券报》《证券时报》《证券日 报》及上海证券交易所网站）。 2025 年 11 月 6 日，公司已完成 2025 年度第五期 10 亿元中期票据的起息发 行工作，该募集资金已到达公司指定账户，现将有关发行情况公告如下： | 债券名称 | 山东高速股份有限公司 2025 年度第五期中期票据 | 债券简称 | 25 鲁高速股 MTN00 ...

（文章来源：证券日报） 证券日报网讯 11月6日晚间，山东高速发布公告称，2025年11月6日，公司已完成2025年度第五期10亿 元中期票据的起息发行工作，该募集资金已到达公司指定账户。 ...

Group 1 - Shanxi Expressway has achieved a consecutive two-day increase in stock price [1] - Other companies such as Sichuan Chengyu, Chutian Expressway, Jilin Expressway, Zhongyuan Expressway, Wuzhou Transportation, and Gan Guangdong Expressway have also seen stock price rises [1]