分红方面，山东路桥A股上市后累计派现14.65亿元。近三年，累计派现8.73亿元。 机构持仓方面，截止2025年6月30日，山东路桥十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股2302.78万股，相比上期增加274.29万股。南方中证1000ETF（512100）位居第八大流通股 东，持股580.04万股，相比上期增加113.34万股。华夏中证1000ETF（159845）位居第十大流通股东， 持股339.87万股，为新进股东。 资料显示，山东高速路桥集团股份有限公司位于山东省济南市历下区经十路14677号，成立日期1994年1 月10日，上市日期1997年6月9日，公司主营业务涉及路桥工程施工和养护施工。主营业务收入构成为： 路桥工程施工89.33%，路桥养护施工6.41%，周转材料、设备租赁及其他2.66%，商品混凝土加工及材 料销售1.02%，工程设计咨询0.57%。 山东路桥所属申万行业为：建筑装饰-基础建设-基建市政工程。所属概念板块包括：中特估、破净股、 装配建筑、低市盈率、PPP概念等。 截至6月30日，山东路桥股东户数4.56万，较上期减少4.94%；人均流通股31951股， ...

基于对公司长期投资价值的认可及未来发展前景的信心，浙江交通集团已于2025年4月9日公布增持计 划，拟在6个月内通过集中竞价、大宗交易等方式增持公司股份，数量不低于总股本的1%，不高于总股 本的2%，增持价格上限为8.77元/股。截至2025年6月17日，浙江交通集团已通过集中竞价方式累计增持 公司股份20,922,260股，占公司总股本的0.783‰。结合本次最新增持，浙江交通集团在不足半年内已累 计增持比例超过1%，充分体现了其对浙江交科当前估值水平和未来成长潜力的坚定信心。 控股股东的持续增持，不仅稳定了市场预期，也向投资者传递了强有力的信心信号。在A股市场波动加 剧的背景下，产业资本尤其是控股股东的真金白银投入，往往被视为公司价值低估和基本面稳健的重要 印证。 9月25日，浙江交通科技股份有限公司（002061.SZ）发布公告称，公司控股股东浙江省交通投资集团有 限公司（以下简称"浙江交通集团"）自2025年6月19日至9月25日期间，通过深圳证券交易所集中竞价方 式累计增持公司股份26,705,483股，占公司总股本的1.00%。此次增持后，浙江交通集团持有浙江交科 股份总数增至1,148,337, ...

Core Viewpoint - Zhejiang Jiaokao's stock price has shown a positive trend with a year-to-date increase of 7.46%, reflecting investor confidence and market interest in the company's operations and financial performance [1][2]. Financial Performance - For the first half of 2025, Zhejiang Jiaokao reported a revenue of 18.647 billion yuan, representing a year-on-year growth of 1.12%, while the net profit attributable to shareholders was 545 million yuan, up 6.43% compared to the previous year [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 2.028 billion yuan in dividends, with 974 million yuan distributed over the last three years [3]. Stock Market Activity - As of September 22, 2023, Zhejiang Jiaokao's stock price was 4.25 yuan per share, with a trading volume of 154 million yuan and a turnover rate of 1.43%, leading to a total market capitalization of 11.35 billion yuan [1]. - The stock has seen a net inflow of 14.78 million yuan from main funds, with significant buying activity from large orders, indicating strong market interest [1]. Shareholder Structure - As of September 10, 2023, the number of shareholders for Zhejiang Jiaokao was 48,500, a decrease of 1.10% from the previous period, while the average number of circulating shares per person increased by 1.12% to 53,580 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 25.67 million shares, a decrease of 1.68 million shares from the previous period [3].

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].