Market Overview - On January 7, the Shandong state-owned enterprise reform sector fell by 0.13% compared to the previous trading day, with Shida Shenghua leading the decline [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Notable gainers in the Shandong state-owned enterprise reform sector included: - Lixin Chuangtou (600783) with a closing price of 26.94, up 10.00% on a trading volume of 49,900 shares and a transaction value of 134 million [1] - Shandong Molong (002490) closed at 7.70, up 5.77% with a trading volume of 1.1299 million shares and a transaction value of 839 million [1] - Taihe New Materials (002254) closed at 11.71, up 4.46% with a trading volume of 612,500 shares and a transaction value of 707 million [1] Decliners - Key decliners included: - Shida Shenghua (603026) with a closing price of 76.09, down 4.05% and a trading volume of 143,400 shares [2] - Dongjie Intelligent (300486) closed at 18.71, down 3.61% with a trading volume of 210,600 shares [2] - Shandong Zhanggu (002598) closed at 9.15, down 2.76% with a trading volume of 256,500 shares [2] Capital Flow - The Shandong state-owned enterprise reform sector experienced a net outflow of 609 million from institutional investors, while retail investors saw a net inflow of 430 million [2] - The sector's capital flow indicates that institutional investors are withdrawing, while retail investors are increasing their positions [2] Individual Stock Capital Flow - Yanzhou Coal Mining (600188) had a net inflow of 213 million from institutional investors, but a net outflow of 141 million from retail investors [3] - Weichai Heavy Machinery (000880) saw a net inflow of 167 million from institutional investors, with a net outflow of 123 million from retail investors [3] - Lixin Chuangtou (600783) had a significant net inflow of 57.64 million from institutional investors, but retail investors withdrew 29.36 million [3]

Core Viewpoint - The publishing sector experienced a decline of 0.77% on January 7, with Southern Media leading the drop. The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1]. Group 1: Stock Performance - Longyuan Media (605577) closed at 13.57, up 2.65% with a trading volume of 84,900 shares and a transaction value of 116 million yuan [1]. - Xinhua Media (600825) closed at 6.41, up 1.58% with a trading volume of 203,200 shares and a transaction value of 130 million yuan [1]. - Southern Media (601900) closed at 13.27, down 3.77% with a trading volume of 189,600 shares and a transaction value of 254 million yuan [2]. - The overall publishing sector saw a net outflow of 304 million yuan from institutional funds, while retail investors contributed a net inflow of 177 million yuan [2]. Group 2: Fund Flow Analysis - Tianzhou Culture (300148) had a net inflow of 17.93 million yuan from institutional investors, while retail investors had a net outflow of 15.11 million yuan [3]. - Xinhua Media (600825) saw a net inflow of 16.84 million yuan from institutional investors, with retail investors experiencing a net outflow of 14.50 million yuan [3]. - The overall trend indicates that institutional funds are withdrawing from the publishing sector, while retail investors are showing some interest [2][3].

Market Performance - The publishing sector increased by 0.31% compared to the previous trading day, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Individual Stock Performance - Rongxin Culture (301231) closed at 32.38, with a rise of 4.45% and a trading volume of 84,600 shares, amounting to a transaction value of 271 million yuan [1] - Zhongyuan Media (000719) closed at 12.18, up by 2.10%, with a trading volume of 117,500 shares and a transaction value of 142 million yuan [1] - Other notable stocks include Reader Media (6665209) at 7.10 (+1.14%), Inner Mongolia Xinhua (603230) at 12.76 (+1.03%), and Ning Media (002181) at 9.04 (+1.01%) [1] Fund Flow Analysis - The publishing sector experienced a net outflow of 300 million yuan from institutional investors, while retail investors saw a net inflow of 287 million yuan [2] - The data indicates that retail investors are actively participating in the market despite the overall net outflow from institutional funds [2] Detailed Fund Flow for Selected Stocks - Rongxin Culture had a net outflow of 27.54 million yuan from institutional investors, while retail investors contributed a net inflow of 25.38 million yuan [3] - Zhongyuan Media saw a net inflow of 14.94 million yuan from institutional investors, with a net outflow of 1.17 million yuan from retail investors [3] - Phoenix Media (601928) recorded a net inflow of 14.13 million yuan from institutional investors, while retail investors had a net outflow of 11.75 million yuan [3]

Group 1 - The core stock price of Shandong Publishing (601019) closed at 8.6 yuan on December 26, 2025, down 1.94% from 8.77 yuan the previous week, with a market cap of 18.031 billion yuan, ranking 4th in the publishing sector and 1078th among A-shares [1] - The highest intraday price for Shandong Publishing was 8.84 yuan on December 25, 2025, while the lowest was 8.45 yuan on December 24, 2025 [1] Group 2 - Shandong Publishing held its 39th (temporary) meeting of the fourth board of directors on December 30, 2025, with 6 out of 7 directors present, and all proposed resolutions were passed unanimously [2] - The company plans to postpone the "Shandong Xinhua Intelligent Low-Carbon Printing Base Project (Phase I)" to July 2026 and the "Comprehensive Management Information System Platform Project" to September 2026 due to various reasons including adjustments in new energy pricing policies and optimization of old factory renovation plans [2][4] - The postponement of projects does not involve changes in implementation entities, investment scale, or fundraising purposes, and does not affect the company's normal operations [2][4]

Group 1: Market Performance - The publishing sector increased by 1.39% compared to the previous trading day, with Century Tianhong leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Group 2: Individual Stock Performance - Century Tianhong (300654) closed at 9.91, with a rise of 5.54% and a trading volume of 315,300 shares, amounting to a transaction value of 311 million yuan [1] - Chinese Online (300364) closed at 25.12, up 4.84%, with a trading volume of 696,100 shares and a transaction value of 1.738 billion yuan [1] - Rongxin Culture (301231) closed at 31.08, increasing by 3.57%, with a trading volume of 102,300 shares and a transaction value of 31.8 million yuan [1] - Longban Media (605577) closed at 13.07, up 3.24%, with a trading volume of 67,100 shares and a transaction value of 87.11 million yuan [1] - Other notable stocks include Zhongnan Media (601098) at 11.26 (+2.36%), and Guangdong Media (002181) at 8.62 (+2.01%) [1] Group 3: Capital Flow Analysis - The publishing sector saw a net inflow of 238 million yuan from institutional investors, while retail investors experienced a net outflow of 172 million yuan [2] - Major stocks with significant net inflows include Chinese Online (300364) with 14.2 million yuan and Guangdong Media (002181) with 30.5 million yuan [3] - Century Tianhong (300654) had a net inflow of 22.53 million yuan from institutional investors, while retail investors had a net outflow of 33.39 million yuan [3]

数据显示，南方基金旗下1只基金位居山东出版十大流通股东。南方中证500ETF（510500）三季度减持 21.34万股，持有股数912.25万股，占流通股的比例为0.44%。根据测算，今日浮盈赚取约82.1万元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1400.98亿。今年以来收益32.53%，同类 排名1569/4189；近一年收益28.64%，同类排名1677/4188；成立以来收益151.47%。 南方中证500ETF（510500）基金经理为罗文杰。 12月31日，山东出版涨1.05%，截至发稿，报8.67元/股，成交4517.30万元，换手率0.25%，总市值 180.93亿元。 资料显示，山东出版传媒股份有限公司位于山东省济南市英雄山路189号，成立日期2011年12月28日， 上市日期2017年11月22日，公司主营业务涉及以出版、发行、印刷、印刷物资贸易等为主,拥有以出版 物编辑出版、印刷复制、发行及零售、物资贸易为主的全产业链业务,逐步融合互联网媒体、数字出 版、信息技术等新兴业态,延伸开拓研学文旅等领域,形成了产业链完整并不断延伸发展的产业格局。主 营业务 ...

Core Viewpoint - The company held its 39th temporary board meeting on December 30, 2025, where several key resolutions were passed, including the approval of performance assessments and the postponement of certain fundraising projects [4][5][10][24]. Group 1: Meeting Overview - The board meeting was convened with 6 out of 7 directors present, as the chairman was unable to attend and delegated authority to another director [2][4]. - All directors voted in favor of the resolutions presented during the meeting [3][5][7][9][11][12]. Group 2: Resolutions Passed - The board approved the performance assessment for high-quality development for the year 2024, with unanimous support [5]. - The board also approved the economic benefit target values for the management team for 2025, receiving full support from the board [6][7]. - A salary plan for senior management for 2024 was approved unanimously [8][9]. - The board approved the postponement of certain fundraising projects due to delays in construction progress [10][24]. - The board approved the renaming of some internal institutions, with unanimous support [12]. Group 3: Fundraising Project Details - The company raised a total of RMB 2711.70 million through its initial public offering, with a net amount of RMB 2620.05 million after deducting issuance costs [13][15]. - As of November 30, 2025, the company had invested RMB 1900.16 million in various fundraising projects, including specific amounts allocated to different initiatives [15]. - The "Shandong Xinhua Intelligent Low-Carbon Printing Base Project (Phase I)" and the "Comprehensive Management Information System Platform Project" are experiencing delays, with completion dates pushed to July 2026 and September 2026, respectively [16][18][19]. Group 4: Reasons for Project Delays - The delay in the "Shandong Xinhua Intelligent Low-Carbon Printing Base Project" is attributed to changes in government policies affecting investment returns and the need for project optimization [20][21]. - The "Comprehensive Management Information System Platform Project" faced delays due to rapid technological advancements and the need for higher standards in equipment selection [21]. Group 5: Impact and Measures - The postponement of the projects is a cautious decision based on actual progress and does not affect the overall investment scale or the intended use of funds [23][24]. - The company has implemented measures to ensure the timely completion of projects, including enhanced project supervision and a reporting mechanism [22].

中银国际证券股份有限公司关于山东出版传媒股份有限公司 部分募投项目延期之核查意见 中银国际证券股份有限公司（以下简称"中银证券"或"保荐机构"）作为 山东出版传媒股份有限公司（以下简称"山东出版"或"公司"）首次公开发行 股票并上市之保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募 集资金监管规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等有关规定，对山东出版部分首次公开发 行股票募集资金投资项目的延期事项进行了审慎核查，并发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准山东出版传媒股份有限公司首次公开 发行股票的批复》（证监许可[2017]1917 号）核准，公司公开发行人民币普通股 （A 股）26,690 万股，发行价格为 10.16 元/股，募集资金总额为人民币 271,170.40 万元，扣除发行费用人民币 9,165.44 万元后，山东出版实际募集资金净额为人民 币 262,004.96 万元。上述募集资金到位情况已经瑞华会计师事务所（特殊普通合 伙）审验，并于 2017 年 11 月 14 日出具了瑞华验字 ...

关于部分募投项目延期的公告 证券代码：601019 证券简称：山东出版 公告编号：2025-056 山东出版传媒股份有限公司 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 完整性承担法律责任。 山东出版传媒股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日，召开第四届董事会第三十九次（临时）会议，审议通 过了《关于公司部分募投项目延期的议案》，因公司首发募集资 金投资项目中的"山东新华智能低碳印刷基地项目（一期）"及 "综合管理信息系统平台项目"建设未达到计划进度，拟将两项 目延期。该事项无需提交公司股东大会审议。现将具体情况公告 如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准山东出版传媒股份有 限公司首次公开发行股票的批复》（证监许可[2017]1917 号）核 准，公司公开发行人民币普通股（A 股）26,690 万股，发行价格 为 10.16 元/股，募集资金总额为人民币 271,170.40 万元，扣除 发行费用人民币 9,165.44 万元后，山东出版实际募集资金净额为 人民币 262,004.96 ...

山东出版传媒股份有限公司 第四届董事会第三十九次（临时）会议决议公告 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 完整性承担法律责任。 重要内容提示： 公司董事长刘文强先生因工作原因不能出席会议，书面授 权委托董事郭海涛先生代为出席会议并表决。 全体董事对全部议案投赞成票。 证券代码：601019 证券简称：山东出版 公告编号：2025-055 本议案已经公司第四届董事会提名、薪酬与考核委员会 2025 年第四次会议审议全票通过，并同意提交公司董事会审议。 本议案表决结果：7 票赞成，0 票反对，0 票弃权；同意的票 数占有效票数的 100%，表决结果为通过。 一、董事会会议召开情况 山东出版传媒股份有限公司（简称"公司"）第四届董事会 第三十九次（临时）会议于 2025 年 12 月 30 日下午在公司 9 楼会 议室以现场会议方式召开。公司全体董事于 2025 年 12 月 26 日全 部收到公司当日发出的召开本次会议的书面或电子邮件通知。 董事长刘文强先生因工作原因，无法召集和主持会议，会前 经全体董事一致推举，本次会议由公司董事郭海涛 ...