国浩律师(济南) 事务所 关于山东高速股份有限公司 2025年第四次临时股东会的法律意见书 致:山东高速股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会《上市 公司股东会规则》(以下简称"《股东会规则》")等相关法律、行政法规、部 门规章、规范性文件和《山东高速股份有限公司章程》（以下简称"公司章程"） 的规定,国浩律师(济南)事务所(以下简称"本所")接受山东高速股份有限 公司（以下简称"公司"）之委托，指派律师出席了公司于 2025年 12月 15 日 召开的 2025 年第四次临时股东会（以下简称"本次股东会"），并就本次股东 会的有关事项出具本法律意见书。 为出具本法律意见书,本所律师审查了公司提供的以下文件,包括但不限于: 1. 现行有效的公司章程; 2. 公司第六届董事会第八十一次会议决议公告; 3. 公司 2025 年 11月 29 日刊登于《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（http://www.sse.com.cn/）的《山东高 速股份有限公司关于召开 2 ...

证券之星消息，12月15日铁路公路板块较上一交易日下跌0.08%，重庆路桥领跌。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。铁路公路板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 001317 | 三手马 | 47.27 | 10.01% | | 8.72万 | 2665E | | 002357 | 富临远V | 10.35 | 3.29% | | 8.32万 | 8514.60万 | | 600561 | 江西长远 | 6.51 | 2.84% | | 11.38万 | 7441.56万 | | 601107 | 四川成渝 | 6.22 | 2.64% | | 21.66万 | 1.34亿 | | 600350 | 山东高速 | 9.18 | 2.23% | | 14.61万 | 1.33亿 | | 600125 | 铁龙物流 | 6.34 | 2.09% | | 11.93万 | 7538.28万 | ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights that during the "Black Friday" shopping season, Jitu Express achieved a record high in daily collection volume in Brazil, and the first domestically produced heavy-duty eVTOL successfully completed its maiden flight [2][3] - In shipping, crude oil freight rates have declined from high levels, while freight rates on long-distance routes have shown mixed trends [3][15] - The report notes that the domestic logistics market is experiencing significant growth, particularly in emerging markets [3][25] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the China Import Crude Oil Composite Index (CTFI) reported at 2324.92 points, a slight increase of 0.1% from December 4 [3][15] - The first domestically produced heavy-duty eVTOL, AR-E800, successfully completed its maiden flight, marking a significant milestone in China's aviation industry [3][17] - Jitu Express reported a record high in daily collection volume in Brazil during the "Black Friday" shopping season, reflecting strong growth in logistics operations [3][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [29] - In October 2025, the express delivery business volume increased by 7.90% year-on-year, with revenue rising by 4.70% [56] - The shipping market has shown mixed trends, with the Shanghai Export Container Freight Index (SCFI) reported at 1506.46 points, a week-on-week increase of 7.79% but a year-on-year decrease of 36.82% [43] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - It also highlights investment opportunities in low-altitude economy sectors, recommending CITIC Offshore Helicopter [5] - The report emphasizes the potential in the express delivery sector, recommending companies like SF Express, Jitu Express, and Yunda [5]

Company Overview - Shandong Hi-Speed (SH 600350) announced an investor survey scheduled for December 11, 2025, with participation from the company's Vice Chairman and General Manager Wang Hao [1] - As of the report, Shandong Hi-Speed has a market capitalization of 43.4 billion yuan [1] Revenue Composition - For the year 2024, Shandong Hi-Speed's revenue composition is as follows: - Highway tolls account for 33.88% - Construction service income represents 26.27% - Sales of goods contribute 12.09% - Electromechanical engineering construction income makes up 10.53% - Railway transportation income is 8.76% [1]

Group 1 - The core point of the article is that Shanghai Wind Leading New Energy Co., Ltd. has completed over 200 million yuan in Series A financing [1] - The financing round was led by investors including CRRC Capital, Shandong Hi-Speed, Hebei Construction Investment, Linyi Green Fund, and Suzhou Industrial Park Fund [1] - The raised funds will be used for the construction of mixed tower capacity and the continuous research and development of new systems and materials [1]

证券之星消息，12月12日铁路公路板块较上一交易日下跌0.6%，福建高速领跌。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。铁路公路板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001965 | 指南公路 | 9.95 | 0.40% | 37.51万 | | 3.68亿 | | 601816 | 京沪高铁 | 5.15 | 0.39% | 146.46万 | | 7.52亿 | | 601333 | 广深铁路 | 3.02 | 0.33% | 33.30万 | | 1.01亿 | | 600125 | 铁龙物流 | 6.21 | 0.00% | 10.11万 | | 6303.79万 | | 601006 | 大秦铁路 | 5.44 | 0.00% | 177.78万 | | 9.62亿 | | 600368 | 五洲交通 | 3.95 | 0.00% | 6.63万 | | 2618.18万 | | ...

证券代码：600350 证券简称：山东高速 编号：2025-084 山东高速股份有限公司投资者关系活动记录表 （"我是股东"走进上市公司暨 2025 年投资者开放日活动） | 投资者关系活动 | 分析师会议 □特定对象调研 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | ☑ | 其他 年投资者开放日活动 2025 | | 参与单位名称 | 来自信达证券、中信证券、天风证券、申万宏源、中信建投、国 | | | 盛证券、中金公司、招商证券、中泰证券、西南证券等券商分析 | | | 师和机构投资者，共计 余位。 20 | | 时间 2025 | 年 月 日 12 11 (周四) 9:00~16:00 | | 地点 | 山东省济南市奥体中路 5006 号 | | 上市公司接待人 | 1、副董事长、总经理王昊先生 | | 员姓名 | 2、总会计师周亮先生 | | | 3、董事、董事会秘书隋荣昌先生 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次活动中提出的问题进行了回复： | | | ...

Group 1 - The Shandong Liaocheng Linqing Bonded Logistics Center (Type B) has successfully passed the formal acceptance by a joint inspection team, marking it as the only bonded logistics center approved in Shandong this year, which enhances the platform for the outward-oriented economic development in the region [1] - The center will enhance bonded logistics functions in the region, promote integrated development of domestic and foreign trade, and provide efficient support for enterprises in Shandong and surrounding provinces to expand into international markets [1] - The center is equipped with various facilities including inspection platforms, regulatory warehouses, bonded warehouses, container yards, and an information management system, ensuring efficient operation of various business activities [1] Group 2 - The center will serve 12 cities across four provinces (Shandong, Hebei, Henan, Shanxi) with significant annual import and export volumes, including an export volume of 236.22 billion yuan and an import volume of 42.348 billion yuan, indicating strong demand for bonded warehousing and export tax rebate services from manufacturing and foreign trade enterprises [2] - The establishment of the center will provide significant benefits to enterprises, allowing them to defer payment of import duties and related taxes upon entry of foreign goods, and to apply for export tax rebates immediately upon entry of domestic goods [2] - The project has secured nearly 900 acres of land and has attracted approximately 800 million yuan in funding and bank credit to support its efficient implementation [2] Group 3 - Linqing plans to strengthen port trade by collaborating with large state-owned and provincial enterprises, leveraging the policy advantages of the bonded logistics center to develop infrastructure for cold chain logistics and grain processing [3] - The city aims to accelerate the layout of overseas marketing networks and support enterprises in establishing overseas warehouses in Central Asia and Russia, further expanding the international market for products such as textiles and bearings [3]

Core Viewpoint - China's commercial aerospace sector is expanding its international cooperation, exporting knowledge-intensive services, as evidenced by the successful launch of the Kuaizhou-1A rocket carrying nine satellites for international clients [1][3]. Group 1: Service Trade Overview - In the first ten months of the year, China's service trade exports reached 2.909 trillion yuan, a growth of 14.3%, with knowledge-intensive service exports at 1.468 trillion yuan, increasing by 9.5% [3][4]. - Knowledge-intensive services are characterized by high technology content, significant human capital investment, and strong knowledge attributes, including telecommunications, financial services, and research services [6]. Group 2: Cultural and Technological Exports - Chinese cultural products, such as the video game "Black Myth: Wukong" and animated films like "Ne Zha," have gained international acclaim, showcasing China's cultural influence [8]. - The 2025 China International Service Trade Fair attracted participation from 85 countries, highlighting China's growing role in global service trade [9]. Group 3: Growth in Knowledge-Intensive Services - From 2021 to 2024, China's knowledge-intensive service trade increased from 2.3259 trillion yuan to 2.8965 trillion yuan, with a trade surplus rising from 198.9 billion yuan to 418.1 billion yuan [10]. - Companies like Inspur and Shandong Digital Human Technology are successfully exporting advanced technology solutions to various countries, demonstrating the global reach of Chinese innovation [12]. Group 4: Policy Support and Strategic Initiatives - Local and national initiatives are being implemented to enhance the international competitiveness of service exports, including financial support and streamlined processes for service trade [14]. - The Chinese government aims to promote the export of knowledge-based services, recognizing their strategic importance in the global market [14]. Group 5: Economic Impact and Future Outlook - China's service trade surplus has surpassed 400 billion yuan, reflecting a significant opportunity for domestic companies in the global market [15]. - The contribution of service trade to GDP is notably higher than that of goods trade, emphasizing the importance of developing service-oriented industries for economic growth [18].

Core Viewpoint - Shandong state-owned enterprises (SOEs) have effectively fulfilled their social responsibilities, contributing to economic stability and development while enhancing their image as responsible entities [1][2]. Group 1: Economic Performance - As of October 2023, the total assets of 26 provincial SOEs reached 5.7 trillion yuan, a year-on-year increase of 9.3% [2] - From January to October 2023, these enterprises achieved operating revenue of 2.1 trillion yuan, up 5.4% year-on-year, and a total profit of 802.2 billion yuan, remaining stable compared to the previous year [2] - The net profit was 597.8 billion yuan, with a year-on-year growth of 1.5%, while the attributable net profit increased by 9.7% to 149.7 billion yuan [2] - Among 32 provincial-level state-owned asset supervision enterprises, Shandong's SOEs ranked first in operating revenue and second in total profit and net profit [2] Group 2: Strategic Contributions - Shandong SOEs are actively involved in major national and provincial strategies, focusing on green, low-carbon, and high-quality development [3] - From January to October 2023, R&D expenditure reached 36.36 billion yuan, with strategic emerging industries generating revenue of 534.6 billion yuan, a 42.65% increase year-on-year [3] - Investments in key projects related to green and low-carbon development totaled 32.43 billion yuan, while 269.31 billion yuan was invested in major implementation projects [3] - SOEs have established 550 enterprises and institutions in the Yellow River basin, with total assets exceeding 550 billion yuan [3] - In rural revitalization, 367 projects were invested in, totaling 21.8 billion yuan, with innovative paths and significant outcomes achieved [3] Group 3: Social Responsibility - In 2024, Shandong SOEs are expected to pay 95.28 billion yuan in taxes, accounting for 18.9% of the province's total tax revenue [4] - Donations from these enterprises reached 142 million yuan, a 6% increase year-on-year, with a total of 25.007 million yuan donated through the "Charity One Day Donation" initiative over the past three years [4] - Approximately 120,000 individuals have been recruited by SOEs in the past five years, with 60% being college graduates [4] Group 4: Supply Assurance - 25 provincial "chain master" enterprises have established mechanisms to stabilize and supplement industrial chains in key sectors [4] - Shandong Energy has invested 10 billion yuan to establish a coal reserve capacity of 16.5 million tons, ensuring the supply of 190 million tons of electricity coal [4] - The healthcare sector has seen the establishment of a national-level emergency medical supplies reserve center, addressing critical supply issues [4] Group 5: Future Directions - The Shandong State-owned Assets Supervision and Administration Commission aims to enhance responsibility management and innovative practices among SOEs to better support high-quality economic and social development [6]