证 券 研 究 报 告 【策略月报】 股息率年关盘点 ——多行业联合红利资产 12 月报 策略研究 策略月报 2026 年 01 月 04 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：马野 邮箱：maye@hcyjs.com 执业编号：S0360523040003 相关研究报告 《【华创策略】杠杆&ETF 资金分化趋势逆转—— 流动性&交易拥挤度&投资者温度计周报》 2025-12-01 《【华 ...

Core Insights - Shandong Province has achieved a significant milestone by surpassing a GDP of 10 trillion yuan in 2025, becoming the third province in China and the first in Northern China to reach this level, showcasing its economic strength and commitment to high-quality development [2][4] Economic Performance - The GDP of Shandong is projected to exceed 10 trillion yuan, reflecting a robust economic foundation characterized by a strong industrial base, with industrial added value increasing from 2.3 trillion yuan to 3.3 trillion yuan during the 14th Five-Year Plan, representing a growth of over 40% [2][3] - The manufacturing sector remains a cornerstone of Shandong's economy, contributing approximately 28% to the GDP, with an average annual growth rate of 7.5% in industrial added value, consistently outperforming the national average [2][3] Technological Advancements - Shandong is enhancing its competitive edge through technological innovations, with key developments in artificial intelligence, integrated circuits, and low-altitude economy, leading to an expected revenue of over 120 billion yuan in the AI core industry by 2025, accounting for nearly 10% of the national total [3][5] - The province has made significant strides in research and development, with the coverage of R&D institutions in large-scale industrial enterprises rising from 13.3% in 2020 to nearly 40%, and R&D investment by enterprises constituting 88.5% of the total social R&D expenditure, ranking first in the country [3][5] Regional Development - The economic growth of Shandong is supported by a collaborative development model, with cities like Jinan, Qingdao, and Yantai leading the way as trillion-yuan cities, while other cities strive to advance towards this goal [4][5] - The provincial government aims to enhance the economic status of Qingdao to a 2 trillion yuan city and support other cities like Weifang, Linyi, and Jining in their growth towards trillion-yuan economies [4] Corporate Contributions - In 2025, 52 companies from Shandong, including Shandong Energy Group and Haier Smart Home, made it to the list of China's top 500 enterprises, representing over 10% of the total, highlighting the province's strong corporate presence [4][5] - Companies in Shandong are increasingly focusing on green, high-end, and intelligent development, with notable examples including Shengquan Group and Lusheng Robotics, which are leading in their respective high-tech fields [5] Future Outlook - Shandong is positioned to continue its upward trajectory, with a focus on stability, quality improvement, and efficiency as it embarks on the 15th Five-Year Plan, reinforcing its role as a key economic growth engine in Northern China [5][6]

Core Viewpoint - The article highlights the significant growth in the export value of China's railway, shipbuilding, aerospace, and other transportation equipment manufacturing industries, indicating a robust market trend and potential investment opportunities in this sector [1]. Group 1: Industry Overview - In November 2025, the export value of the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industries reached 44.55 billion yuan, marking a year-on-year increase of 24.4% [1]. - From January to November 2025, the cumulative export value for these industries was 457 billion yuan, with a year-on-year growth of 24.7% [1]. - The data indicates a consistent upward trend in the export value from 2019 to November 2025, showcasing the industry's resilience and growth potential [1]. Group 2: Related Companies - The article lists several companies involved in the transportation equipment sector, including Shanxi Road and Bridge (000755), Dongguan Holdings (000828), Modern Investment (000900), among others [1]. - These companies are positioned to benefit from the growing export market and may present investment opportunities as the industry expands [1].

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Group 1 - Shandong High-Speed Group showcased four technological innovation achievements at the provincial enterprise technology innovation ecological construction promotion meeting [1] - The "Key Technology and Comprehensive Detection Equipment for High-Precision Spatiotemporal Collaborative Perception of Multi-source Diseases and Hazards in Tunnels" was selected as one of the top ten innovative achievements of provincial enterprises [1] - The "Shandong University 'Four Chains' Integration to Support the Construction of the Provincial Demonstration Zone for 'Strong Transportation Country'" was recognized as an excellent case [1] Group 2 - Shandong High-Speed Group operates 84% of the highways in Shandong Province, with total assets exceeding 1.7 trillion yuan, ranking among the world's top 500 companies [3] - The Jing-Tai Expressway's Jiqi section is the first long-distance, three-dimensional composite digital transformation expressway in the country, expected to improve toll station efficiency by over 30% [3] - The "Smart Eye" series products create an integrated intelligent perception system, achieving an average rescue time reduction of over 6 minutes [3] Group 3 - The group has established the longest and most diverse closed testing base for intelligent connected technology in the country, covering 34 automatic driving and networking testing scenarios [4] - The testing base has provided services for over 40 automotive companies and testing institutions, accumulating over 25 million kilometers of testing mileage [4] Group 4 - In the "Four Chains" integration field, the group co-established the Qilu Transportation College with Shandong University, nurturing 26 high-level talents and jointly undertaking 67 research projects [5] - The technology achievement transformation effect exceeded 1 billion yuan, creating a new paradigm of mutual promotion among the "Four Chains" [5] - The group led the formation of the Intelligent Transportation Innovation Consortium, focusing on traffic digital cloud brain and reshaping the smart travel industry ecosystem [5]

Group 1 - The Shandong Provincial Intermediate People's Court sentenced Zhou Yong, former vice chairman of the Shandong Provincial Committee of the Chinese People's Political Consultative Conference, to life imprisonment for bribery, confiscating all personal property and seizing illicit gains [1] - Zhou Yong was found guilty of accepting bribes totaling over 107 million yuan (approximately 15.1 million USD), with more than 53 million yuan (approximately 7.5 million USD) not actually received [1] - The court acknowledged Zhou's cooperation during the investigation, including confessing to most of the bribery facts and returning all illicit gains, which contributed to a lighter sentence [1] Group 2 - Zhou Yong, born in 1962, held various positions in the Shandong transportation sector, including roles as general manager and chairman of Shandong Highway Group [2] - He served as deputy mayor of Laiwu City in 2013 and later held significant leadership roles in transportation companies until his appointment as a member of the Shandong Provincial Committee in 2023 [2] - Zhou was investigated in March 2024 for multiple violations, including accepting gifts and using properties and vehicles from management and service objects [3][4]

证券日报网讯12月30日，山东高速（600350）发布公告称，截至公告披露日，公司不存在对控股股东和 实际控制人及其关联人提供的担保，亦不存在逾期担保的情形。 ...

Core Insights - Shandong state-owned enterprises (SOEs) have achieved significant financial performance, with total assets reaching 5.7 trillion yuan, operating revenue of 2.3 trillion yuan, and total profit of 868.6 billion yuan as of November 2023, maintaining a leading position nationally [2][8][9] Group 1: Financial Performance - As of November, Shandong SOEs reported total assets of 5.7 trillion yuan [2][8] - From January to November, the operating revenue was 2.3 trillion yuan, with a total profit of 868.6 billion yuan [2][9] - Fixed asset investment by Shandong SOEs reached 165 billion yuan, marking a year-on-year increase of 20.7% [2][9] Group 2: Strategic Development - The government has implemented ten measures to promote stable growth among Shandong SOEs, setting profit growth targets for different enterprises [2][9] - The revenue share from emerging industries within Shandong SOEs increased to 25.1%, up by 6.2 percentage points from the previous year [3][10] - Shandong SOEs are actively participating in the Belt and Road Initiative, with over 14,000 China-Europe freight trains operated and 151 shipping routes established [3][10] Group 3: Innovation and R&D - Shandong SOEs have established 78 national-level R&D platforms and have undertaken 487 major technology projects since the 14th Five-Year Plan, ranking among the top in the country [4][11] - R&D expenditure for Shandong SOEs reached 42 billion yuan, the highest among provincial-level regulated enterprises [4][11] Group 4: Reform and Governance - The reform tasks at the provincial level for Shandong SOEs have been largely completed, with a focus on improving corporate governance and reducing management layers [5][12] - The overall asset-liability ratio for Shandong SOEs is maintained below 70%, with enhanced debt management practices [5][12] Group 5: Party Building and Compliance - Shandong SOEs are reinforcing party leadership and compliance with regulations, including stricter oversight of financial expenditures and decision-making processes [6][13] - Initiatives are in place to address corruption and improve governance in key areas such as bidding and project management [6][13]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 （股份代號：1576） 自願公告 有關山東高速刊發的《山東高速股份有限公司關於公司及 子公司提供擔保的進展公告》 茲提述本公司控股股東之一山東高速集團之附屬公司山東高速於本公告日期於巨 潮資訊網( www.cninfo.com.cn )及上海證券交易所網站( www.sse.com.cn )刊發的 《山東高速股份有限公司關於公司及子公司提供擔保的進展公告》（「該公告」）。該 公告僅以中文刊登，為確保所有本公司股東及潛在投資者可平等和及時地獲得有 關本公司的資料，下列為山東高速於該公告中所刊發有關本集團之內容重點。 2025年12月4日，本公司為中國銀行股份有限公司平陰支行提供《流動性支持承 諾函》，為齊魯高速裝配提供連帶責任保證擔保，擔保最高限額為人民幣9,000萬 元，擔保期限為自承諾函出具之日起三年，保證範圍涵蓋齊魯高速裝配人民幣1.5 億元的短期流動資金貸款授信項下60%的流動性支持（最高限額為人 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-088 山东高速股份有限公司 关于公司及子公司提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | | 齐鲁高速(山东)装配有限公司 | | | --- | --- | --- | --- | --- | --- | | 担 保 | 对 | 本次担保金额 | 9,000.00 | 万元 | | | 象一 | | 实际为其提供的担保余额 | 9,000.00 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | 否 | □不适用：_________ | | 担 保 象二 | 对 | 被担保人名称 | | | 山高云创（山东）商业保理有限公司 | | | | 本次担保金额 | 115,000.00 | | 万元 | | | | 实际为其提供的担保余额 | 285,000.00 | | 万 ...