山东高速股份有限公司 2025 年第四次临时股东会 二〇二五年十二月 目录 山东高速股份有限公司 2025 年第四次临时股东会 目录 | 会议通知 1 | | --- | | 会议议程 4 | | 议案一：关于全资子公司转让所持粤高速 A 股份的议案 5 | | 议案二：关于制定《山东高速股份有限公司董事、高级管理人员经营业绩考核 | | 与薪酬管理办法（试行）》的议案 8 | 会议通知 山东高速股份有限公司 2025 年第四次临时股东会 山东高速股份有限公司 关于召开 2025 年第四次临时股东会的通知 各位股东： 公司拟定于2025年12月15日（周一）召开2025年第四次临时股东会，会议具 体通知如下： 一、会议时间：2025年12月15日14点00分 四、会议方式：采取现场投票和网络投票相结合的方式 五、会议审议事项： 1、关于全资子公司转让所持粤高速A股份的议案； 2、关于制定《山东高速股份有限公司董事、高级管理人员经营业绩考核与 薪酬管理办法（试行）》的议案。 六、会议出席对象： 1、公司董事、高级管理人员； 2、公司聘请的律师； 3、截止2025年12月8日上海证券交易所收市后在中国证券登记结算 ...

Core Viewpoint - The company will hold an investor open day on December 11, 2025, to enhance communication with investors and address their concerns [1]. Group 1: Event Details - The theme of the event is "I am a shareholder" and it will take place from 9:00 AM to 4:00 PM at 5006 Aoti Middle Road, Jinan, Shandong Province [1]. - The event will include activities such as tours and interactive discussions with investors [2]. Group 2: Participation Information - Investors interested in attending must register by December 7, 2025, at 5:00 PM by scanning a provided QR code, as attendance is limited [3]. - Successful registrants will receive a confirmation via SMS, which will serve as their entry pass [4]. - Individual investors must bring their original and a copy of their ID, while institutional representatives must provide relevant identification documents [4]. Group 3: Pre-Event Communication - Investors are encouraged to submit questions or topics of interest to the company via email before the event to facilitate efficient discussions [5]. Group 4: Contact Information - The company’s contact details for inquiries include the address at 5006 Aoti Middle Road, Jinan, postal code 250101, and a phone number: 0531-89260052 [6]. Group 5: Post-Event Disclosure - After the event, the company will disclose the event's outcomes and key content through designated media outlets and the Shanghai Stock Exchange website [7].

Group 1 - The company will hold an investor open day event titled "I am a Shareholder" on December 11, 2025, to enhance communication with investors and address their concerns [1][2] - The event will take place at the company's location in Jinan, Shandong Province, from 9:00 AM to 4:00 PM [1] - Key personnel attending the event will include the company's chairman, general manager, board secretary, and relevant department heads [1] Group 2 - The event will feature activities such as tours and interactive discussions with investors [2] - Investors interested in attending must register by December 7, 2025, and will receive confirmation via SMS upon successful registration [3] - Personal identification and relevant documentation will be required for verification at the event [3][4] Group 3 - The company encourages investors to submit questions or topics of interest via email prior to the event to facilitate efficient discussions [4] - After the event, the company will disclose the event's outcomes and key content through designated media outlets [6]

Core Viewpoint - The successful completion of the bridge rotation in the Jinan-Qihe section of the Jing-Tai Expressway marks a significant breakthrough in the project, laying a solid foundation for the subsequent full-line connectivity [1][2] Group 1: Project Overview - The Jinan-Qihe section of the Jing-Tai Expressway is the first highway expansion project in China to upgrade from 6 lanes to 12 lanes [2] - The project is invested and constructed by Shandong Highway Group and undertaken by China State Construction Engineering Corporation [2] Group 2: Technological Innovations - The project utilizes advanced technologies such as "large segment intelligent cantilever bridge construction machine + rotation construction" to address challenges like large construction volume and high safety risks [1] - The bridge rotation was achieved with millimeter-level precision in a 70-minute operation, showcasing China's technical strength in large bridge rotation construction [1] Group 3: Strategic Importance - The project integrates cutting-edge digital technologies, including artificial intelligence and big data, to create a comprehensive smart management platform [2] - Upon completion, the project will enhance the traffic capacity of the national highway network and support the ecological protection and high-quality development strategies in the Yellow River basin [2]

证券代码：600350 证券简称：山东高速 公告编号：2025-083 山东高速股份有限公司 关于举办"我是股东"走进上市公司暨 2025 年投资者开放 日活动的公告 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。 为进一步加强与投资者沟通交流，解答投资者关心的各类问题，倾听投资者 的意见和建议，便于广大投资者全面、深入地了解山东高速股份有限公司（以下 简称"公司"）的生产经营情况，公司定于 2025 年 12 月 11 日以现场方式举行投 资者开放日活动。现将有关事项公告如下： 一、基本情况介绍 活动主题："我是股东"走进上市公司暨 2025 年投资者开放日活动 活动时间：2025 年 12 月 11 日（周四）9:00-16:00 活动地点：山东省济南市奥体中路 5006 号 召开方式：现场召开 公司收到来访投资者发送的报名信息，核实后将向报名成功的投资者以短信 形式予以确认，该回执将作为投资者参加活动凭证。 1.请来访个人投资者携带个人身份证原件及复印件；机构投资者代表携带相 关身份证明原件及复印件，公司将对来访投资者的上 ...

策略研究 证 券 研 究 报 告 【策略月报】 从红利年化 10%看收益来源 ——多行业联合红利资产 11 月报 策略月报 2025 年 12 月 03 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：杨晖 证券分析师：马野 邮箱：maye@hcyjs.com 执业编号：S0360523040003 相关研究报告 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 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 ...

Core Viewpoint - Shandong High-Speed Group's subsidiary plans to transfer a 9.68% stake in Guangdong Provincial Highway Development Co., Ltd. for 2.435 billion yuan, reflecting a 49.1% premium over book value, but the market response has been lukewarm with stock price declines following the announcement [2] Group 1: Stake Transfer Details - The transfer of the 9.68% stake in Guangdong Provincial Highway Development Co., Ltd. is valued at 2.435 billion yuan [2] - The transaction represents a 49.1% premium over the book cost of the stake [2] Group 2: Market Reaction - Following the announcement of the stake transfer, the stock price of Shandong High-Speed experienced declines over the next two trading days [2] Group 3: Strategic Implications - Shandong High-Speed's controlling shareholder, Shandong High-Speed Group, is also planning to transfer 7% of its shares to Anhui Expressway, indicating potential significant changes in ownership structure [2] - The recent capital maneuvers by Shandong High-Speed Group and its holding company suggest underlying strategic intentions [2]

Group 1 - The company Shandong High-Speed announced that its wholly-owned subsidiary plans to transfer a 9.68% stake in Guangdong Provincial Highway Development Co., Ltd. for 2.435 billion yuan, representing a 49.1% premium over the book cost [1] - The market reaction to the announcement has been tepid, with the stock price declining in the two trading days following the announcement [1] - There are potential significant changes in the company's own shareholding structure, as the controlling shareholder intends to transfer 7% of its shares to Anhui Expressway [1] Group 2 - The recent capital maneuvers by the controlling shareholder and its parent company raise questions about their strategic intentions [1]

根据公告，此次交易标的为粤高速A 2.02亿股，交易价格为24.35亿元，较账面成本16.33亿元溢价 49.1%。 山东高速近期发布公告称，其全资子公司山东高速投资发展有限公司（以下简称"投资公司"）拟以 24.35亿元非公开协议转让所持广东省高速公路发展股份有限公司（以下简称"粤高速A"）9.68%股权。 此次交易较账面成本溢价49.1%，但二级市场反应平淡，公告后两个交易日股价甚至出现下跌。 除了对粤高速A的股权转让，山东高速本身的股权也可能发生较大变动。此前公司公告，公司控股股东 山东高速集团有限公司（以下简称"山高集团"）拟转让山东高速7%的股份给皖通高速。山高集团及其 控股公司近期的两次"资本腾挪"，其这背后有什么样的战略意图呢？对此，每经资本眼专栏记者展开了 调查。山东高速向兄弟公司转让粤高速A股权 增厚利润二级市场反应平平 2025年11月28日，山东高速公告称，公司全资子公司投资公司拟以24.35亿元非公开协议转让所持的粤 高速A 9.68%股权至关联方山东通汇资本投资集团（以下简称"通汇集团"）。这一交易引发市场的广泛 关注。本次交易构成关联交易，通汇集团是山东高速控股股东山高集团的控股子 ...

Core Viewpoint - The completion of the Dongqing Expressway project enhances regional connectivity and supports ecological protection and high-quality development in the Yellow River basin, with a total length of 88.7 kilometers and a design speed of 120 km/h [1] Group 1: Project Overview - The Dongqing Expressway runs from Dongying to Qingzhou, forming a crucial part of Shandong Province's highway network [1] - The project has been upgraded to a dual eight-lane highway, significantly increasing its capacity from 56,000 vehicles per day to 70,000-100,000 vehicles per day [3][4] Group 2: Traffic and Economic Impact - Since its opening in 2000, the expressway has experienced a surge in traffic, with daily traffic reaching 56,000 vehicles in 2019 and holiday peaks exceeding 102,000 vehicles [2] - The travel time between the Yellow River Estuary Ecological Tourism Area and Qingzhou Ancient City has been reduced from 3.5 hours to 2.5 hours, boosting tourist numbers and revenue [4] Group 3: Construction and Technological Innovations - The project utilized a "two-sided widening" approach and incorporated advanced construction techniques to address challenges posed by the unique geological conditions of the Yellow River Delta [5] - New technologies, such as full-section pavers and intelligent drainage systems, have been implemented to enhance road quality and safety [5] Group 4: Smart Upgrades and Service Enhancements - The expressway has undergone a smart upgrade with a cloud-based toll collection system, improving transaction times and overall service efficiency [6][7] - Innovations like self-service kiosks and a comprehensive service station have been introduced to enhance user experience and operational efficiency [7]