本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 证券代码：000498 证券简称：山东路桥 公告编号：2025-18 山东高速路桥集团股份有限公司 第十届董事会第八次会议决议公告 山东高速路桥集团股份有限公司（以下简称"公司"或"本公 司"）第十届董事会第八次会议于 2025 年 4 月 10 日在公司四楼会 议室以现场方式召开。会议通知以邮件方式于 10 日前向全体董事、 监事、高级管理人员和纪委书记发出。会议应出席董事 10 人，实际 出席董事 10 人。会议由董事长林存友先生主持，公司监事、高级管 理人员及纪委书记列席会议。会议的召集和召开符合法律、法规及 《公司章程》的有关规定。 二、董事会会议审议情况 审议通过《关于中标南京 EOD 项目并出资的议案》 公司子公司山东省路桥集团有限公司（以下简称"路桥集团"） 作为牵头方的联合体中标南京江宁滨江经济开发区暨新材料产业园 生态环境导向开发(EOD)项目社会投资人+工程总承包+运营 (F+EPC+O)（以下简称"本项目"）。为积极响应本项目招标文件， 路桥集团拟以自有资金或指定第三 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The announcement of "reciprocal tariffs" by Trump has exceeded expectations, reinforcing the logic of domestic demand recovery. The focus is on infrastructure and key strategic industries like coal chemical investments, which are expected to receive policy support [2][21] - The construction index rose by 0.13% this week, outperforming the Shanghai and Shenzhen 300 index by 0.57 percentage points, with significant gains in small and mid-cap transformation stocks [1][31] - The first quarter of 2025 saw a significant increase in local government bond issuance, indicating potential for local investment release despite external demand pressures [4][21] Summary by Sections Section 1: Tariff Impact and Domestic Demand - Trump's new tariffs, including a 10% baseline tariff and higher rates for major trade deficit countries, are expected to suppress overseas and manufacturing investments while boosting domestic demand [2][14] - The previous trade friction period saw a decline in manufacturing and infrastructure investments, with real estate becoming a key contributor to economic stability [3][21] Section 2: Market Performance - The construction index's performance this week was driven by sectors such as professional engineering and building design, with notable stock gains from companies like Shanshui Bide and Zhongyan Dadi [1][31] Section 3: Investment Recommendations - Focus on infrastructure-related stocks, particularly in high-growth regions like Tibet and Xinjiang, and sectors benefiting from domestic demand recovery [21][28] - Coal chemical projects are expected to see significant investment, with recommendations for companies like Sanwei Chemical and China Chemical [28] - Companies with production layouts in North America or Mexico are likely to benefit, with recommendations including China Jushi and Puyang Refractories [28] Section 4: Fiscal Policy and Investment Opportunities - The first quarter of 2025 saw local government bond issuance reach approximately 2.84 trillion yuan, a year-on-year increase of about 80%, indicating a strong fiscal push for infrastructure investment [4][21] - The report emphasizes the importance of structural and regional characteristics in infrastructure investment, particularly in water conservancy and transportation sectors [38]

转债代码：127083 转债简称：山路转债 证券代码：000498 证券简称：山东路桥 公告编号：2025-17 山东高速路桥集团股份有限公司 关于 2025 年第一季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、累计转股情况：自可转债转股期起始日（2023年10月9日）至 2025年3月31日，"山路转债"累计已转股金额为85,100.00元，累计 转股数为10,622股，占可转债转股前公司已发行股份总额的比例为 0.0007%。 2、未转股可转债情况：截至2025年3月31日，公司尚未转股的"山 路转债"金额为4,835,914,900.00元，占"山路转债"发行总量的比 例为99.9982%。 3、本季度转股情况：自2025年1月1日至2025年3月31日，"山路 转债"转股金额为1,600.00元，转股数为204股。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第15号——可转换公司债券》的有关规定，山东高速 路桥集团股份有限公司（以下简称"公司"）现将2025年第一季度可 转换 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-16 山东高速路桥集团股份有限公司 关于子公司购置办公楼取得产权证书的 进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、交易概述 2025 年 3 月 31 日 2025 年 3 月 31 日，路桥集团已就标的房产取得了济南市自然资源 和规划局核发的《不动产权证书》。目前，路桥集团已与润阳置业完成 了标的房产物业及资料交接，标的房产不存在查封、抵押及其他权利 限制情形。 三、备查文件 《不动产权证书》 特此公告。 山东高速路桥集团股份有限公司董事会 山东高速路桥集团股份有限公司（以下简称"公司"）于 2018 年 7 月 30 日召开第八届董事会第二十次会议，审议通过了《关于子公司 拟购置房产的议案》，同意子公司山东省路桥集团有限公司（以下简称 "路桥集团"）向山东润阳置业有限公司（以下简称"润阳置业"）购 买其开发的晶石中心 A 栋房产（备案名称：润阳科技技术大楼 A 栋， 以下简称"标的房产"）作为公司办公场所。详见公司于 2018 年 8 月 1 日、8 月 18 日在《中国证 ...

风险提示： 截至目前，标的房产已交付尚未过户，公司已就标的房产办证及 违约责任提起诉讼。标的房产 18-25 层因卖方山东润阳置业有限公司 （以下简称"润阳置业"）债务执行，经济南市中级人民法院裁定归申 请执行人济南四建（集团）有限责任公司（以下简称"济南四建"）所 有。公司正积极沟通相关方，在不影响正常经营、不损害公司利益的 情况下，继续推进后续统一办证事宜。敬请广大投资者注意投资风险。 证券代码：000498 证券简称：山东路桥 公告编号：2025-15 山东高速路桥集团股份有限公司 关于子公司购置办公楼的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、交易概述 山东高速路桥集团股份有限公司（以下简称"公司"）于 2018 年 7 月 30 日召开第八届董事会第二十次会议，审议通过了《关于子公司 拟购置房产的议案》，同意子公司山东省路桥集团有限公司（以下简称 "路桥集团"）向润阳置业购买其开发的晶石中心 A 栋房产（备案名称： 润阳科技技术大楼 A 栋，以下简称"标的房产"）作为公司办公场所。 详见公司于 2018 年 8 月 1 日、8 月 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-14 山东高速路桥集团股份有限公司 关于可转换公司债券 2025 年付息的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1."山路转债"将于 2025 年 3 月 24 日按面值支付第二年利息， 每 10 张"山路转债"（面值 1,000.00 元）利息为 4.00 元（含税）。 转债代码：127083 转债简称：山路转债 2.债权登记日：2025 年 3 月 21 日（星期五）。 3.除息日：2025 年 3 月 24 日（星期一）。 4.付息日：2025 年 3 月 24 日（星期一）。 5.本次付息期间及票面利率：计息期间为 2024 年 3 月 24 日至 2025 年 3 月 23 日，票面利率为 0.4%。 经中国证券监督管理委员会《关于核准山东高速路桥集团股份有 限公司公开发行可转换公司债券的批复》（证监许可〔2023〕8 号）核 准，山东高速路桥集团股份有限公司（以下简称"公司"）于 2023 年 3 月 24 日向不特定对象发行了 4,836.00 万张可 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-13 山东高速路桥集团股份有限公司 估值提升计划 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 风险提示： 本次估值提升计划仅为公司行动计划，不代表公司对股价、市值、 未来业绩等方面的承诺。公司业绩及二级市场表现受到宏观形势、行业 政策、市场情况等诸多因素影响，计划实施效果存在不确定性。 一、估值提升计划触及情形及审议程序 （一）触及情形 根据《上市公司监管指引第 10 号——市值管理》的相关规定，股 票连续 12 个月每个交易日收盘价均低于其最近一个会计年度经审计的 每股归属于公司普通股股东的净资产的上市公司，应当制定上市公司 估值提升计划，并经董事会审议后披露。 2024 年 1 月 1 日至 2024 年 12 月 31 日，山东高速路桥集团股份有 限公司（以下简称"公司"）股价已连续 12 个月每个交易日收盘价均低 于最近一个会计年度经审计的每股归属于上市公司股东的净资产。公 司于 2024 年 4 月 15 日披露 2023 年年度报告，2024 年 1 月 1 日至 4 月 15 日 ...

为提高公司发展质量，提升投资价值，增强投资者回报，推动公 司投资价值合理反映公司质量，特制定估值提升计划。本次估值提 升计划充分考虑公司战略目标、发展阶段、经营情况、财务状况等因 素，内容明确具体，符合公司实际，具有合理性和可行性。具体详见 2025 年 3 月 1 日《中国证券报》《证券时报》《证券日报》《上海 证券报》及巨潮资讯网(www.cninfo.com.cn)披露的《公司估值提升 计划》。 证券代码：000498 证券简称：山东路桥 公告编号：2025-12 山东高速路桥集团股份有限公司 第十届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 山东高速路桥集团股份有限公司（以下简称"公司"或"本公 司"）第十届董事会第七次会议于 2025 年 2 月 28 日在公司四楼会 议室以通讯方式召开。会议通知于 3 日前向全体董事、监事、高级 管理人员发出。会议应出席董事 10 人，实际出席董事 10 人。会议 由董事长林存友先生主持，公司监事、高级管理人员及纪委书记列 席会议。会议的召集和召开符合法律、法规 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][62]. Core Insights - The company, Shandong Road and Bridge, has a long history and a national presence, having been established in 1948 and listed in 2012. It has a strategic focus on both domestic and international markets, particularly in infrastructure projects [4][7]. - The company is backed by state-owned assets from Shandong, with a concentrated shareholding structure, where the largest shareholder holds 55.68% of the shares [10]. - The company has shown steady business progress, with a continuous increase in contract scale. In the first half of 2024, the company signed new contracts worth 746.6 billion yuan, a year-on-year increase of 11.7% [5][21]. - Revenue has been maintained with a total of 426.8 billion yuan in the first three quarters of 2024, despite a year-on-year decline of 6.3%. The net profit attributable to shareholders was 14.6 billion yuan, reflecting a 3.5% increase year-on-year [5][30]. - The company is expected to benefit from policies aimed at stabilizing the economy and resolving local debts, which may enhance its ability to meet market demand in the future [5][54]. Summary by Sections Company Overview - Shandong Road and Bridge was established in 1948 and has evolved into a leading player in infrastructure construction, with a focus on both domestic and international projects [4][7]. - The company has received numerous national and international awards and holds over 2,000 patents, with an annual construction capacity of 50 billion yuan [7]. Business Performance - The company's main revenue source is road and bridge engineering construction, which accounted for 89% of total revenue in the first half of 2024, amounting to 253.7 billion yuan [5][21]. - The company has a diverse portfolio, including road maintenance, concrete production, equipment leasing, and engineering consulting, with significant experience in various construction management fields [5][21]. Financial Performance - The company has shown a stable financial performance, with a net profit margin of 4.2% and a return on equity (ROE) of 6.2% in the first three quarters of 2024 [5][30]. - The company’s asset-liability ratio was 77.25%, a slight decrease from the previous year, indicating stable debt management [5][44]. Profit Forecast - The company is projected to achieve net profits of 2.46 billion, 2.62 billion, and 2.75 billion yuan for the years 2024 to 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 3.6, 3.4, and 3.3 [5][54]. Investment Recommendation - Given the company's strong order book and favorable market conditions, it is recommended as a "Buy" with expectations of significant growth in the coming years [5][54].

Summary of Shandong Road and Bridge Conference Call Company Overview - The conference call discusses Shandong Road and Bridge, a subsidiary of Shandong Highway Group, focusing on infrastructure investment and project developments in Shandong Province. Key Points Industry and Company Investment Plans - Shandong Highway Group plans to invest 43.2 billion yuan by 2025, covering six highway construction projects totaling 222 kilometers and the expansion of the Changshen Expressway, amounting to 295 kilometers, which presents potential order opportunities for the company [2][3] - Infrastructure investment in Shandong Province is on a declining trend, with planned investments of over 80 billion yuan in 2023, over 60 billion yuan in 2024, and over 40 billion yuan in 2025, primarily influenced by new regulations and local government debt [2][4] - By the end of 2024, the total operational mileage of highways in Shandong Province is expected to exceed 8,700 kilometers, with Shandong Highway Group operating over 9,000 kilometers, and the proportion of six-lane highways in the province reaching 44% [2][5] Order and Project Developments - In 2024, Shandong Road and Bridge secured a total of 91.4 billion yuan in new orders, with the highest proportion coming from road and bridge construction at 32%, followed by housing construction at 29%, municipal projects at 14%, and maintenance and industrial park projects at 6% and 5% respectively [3][6] - The company anticipates stable order proportions across various sectors in 2025, with no significant changes expected [3][7] - The company has won a bid for the Handan to Jinan Expressway project, valued at nearly 800 million yuan [2][9] Impact of Policies and Market Conditions - The new Municipal Infrastructure Asset Management Measures have led to a steady progression of new orders, although project planning periods have been extended [2][9] - The debt reduction policy has not yet significantly impacted the company, but positive changes in the attitudes of project owners are expected to yield benefits in 2025 and 2026 [2][10] - The company’s cash flow situation has improved, with enhanced collection efforts and diversified funding sources, although achieving positive cash flow in 2025 remains challenging [2][11] Future Outlook - The company aims to continue expanding its presence in the high-speed rail and subway sectors, with a projected business volume of approximately 4.2 billion yuan in 2024, accounting for nearly 5% of total business [2][8] - The overall market environment is expected to improve in the second quarter of 2025, with potential new policies anticipated to have a direct impact [2][16] Miscellaneous - The company plans to launch a valuation enhancement scheme by April 2025, following a share buyback and dividend distribution in 2024 [2][13] - Nationwide project resumption rates are around 70%-80%, similar to the previous year, with some delays in northern regions due to seasonal factors [2][14] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market conditions, and future expectations in the infrastructure sector.