Meeting Overview - The first temporary shareholders' meeting of Shandong Expressway Bridge Group Co., Ltd. was held on February 4, 2026, combining on-site and online voting methods [4][5]. - The meeting was chaired by Chairman Lin Cunyou and complied with relevant laws and regulations [5][20]. Attendance - A total of 266 shareholders and authorized representatives attended the meeting, representing 989,389,023 shares, which is 64.1094% of the total voting shares [6]. - Among them, 4 shareholders attended the on-site meeting, representing 976,450,917 shares (63.2711% of total voting shares) [7]. - 262 shareholders participated via online voting, representing 12,938,106 shares (0.8384% of total voting shares) [8]. - Small and medium shareholders totaled 263, representing 12,981,206 shares (0.8411% of total voting shares) [9]. Resolutions and Voting Results - The meeting adopted a combination of on-site and online voting for the resolutions [10]. - The following resolutions were passed: - Approval of the estimated 2026 annual related party transactions [11][12]. - Revision of the "Independent Director Work System" [13]. - Revision of the "Independent Director Special Meeting Work System" [14]. - Revision of the "Related Party Transaction System" [15]. - Revision of the "Financial Management System" [16]. - Revision of the "External Guarantee System" [17]. - Revision of the "External Investment System" [18][19]. - Revision of the "Internal Audit System" [20]. - Revision of the "Director and Senior Management Compensation Management System" [20]. Legal Opinion - The legal opinion was provided by Guohao Law Firm (Jinan), confirming that the meeting's procedures, qualifications of attendees, and voting results complied with relevant laws and regulations [20].

国浩律师（济南）事务所 关于山东高速路桥集团股份有限公司 2026 年第一次临时股东会的法律意见书 致：山东高速路桥集团股份有限公司 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》"）及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》"）、《深圳证券交易所上市公 司股东会网络投票实施细则》等相关法律、行政法规、部门规章、规范性文件和 《山东高速路桥集团股份有限公司章程》（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"）接受山东高速路桥集团股份有限公 司（以下简称"公司"）之委托，指派律师出席了公司于 2026 年 2 月 4 日召开 的 2026 年第一次临时股东会（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： 1．公司章程； 2．公司第十届董事会第二十三次会议决议、公司第十届董事会第二十四次 会议决议； 3．公司 2026 年 1 月 20 日刊登于《中国证券报》《证券时报》《证券日报》 1 《上海证券报》及巨潮资 ...

证券代码：000498 证券简称：山东路桥 公告编号：2026-6 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。 特别提示： 1.本次股东会没有否决或修改议案的情况。 2.本次股东会不涉及变更以往股东会已通过的决议。 3.本次股东会以现场表决与网络表决相结合的方式召开。 一、会议的召开情况 5.现场会议主持人：董事长林存友先生 6.本次会议的召集、召开符合《中华人民共和国公司法》《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 1 号——主 板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公 (1)现场会议时间：2026 年 2 月 4 日 14:30 司章程》的有关规定。 二、会议的出席情况 1.股东出席的总体情况 (2)网络投票时间:通过深圳证券交易所系统进行网络投票的具体时间 为 2026 年 2 月 4 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2026 年 2 月 4 日 9:15 至 15:00 的任意时间。 1.会议召开时间 2. ...

格隆汇2月3日丨山东路桥(000498.SZ)在互动平台表示，公司目前业务未涉及太空相关领域。 ...

格隆汇2月3日丨山东路桥(000498.SZ)在互动平台表示，公司目前业务未涉及太空相关领域。 ...

Report Summary - The report presents the top ten convertible bonds in February 2026, along with detailed information about the issuing companies, including their business scope, financial data, and key attractions [1][6]. Top Ten Convertible Bonds in February 2026 1. Zhongte Convertible Bond - Rating: AAA; 1 - end closing price: 128.153 yuan; conversion premium rate: 73.5%; PE - TTM of the underlying stock: 14.75 [1][8]. - Company: A global leader in special - steel manufacturing with an annual production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [13]. - Financials: In 2024, revenue was 109.203 billion yuan (-4.22% yoy), net profit attributable to shareholders was 5.126 billion yuan (-10.41% yoy). In the first three quarters of 2025, revenue was 81.206 billion yuan (-2.75% yoy), net profit attributable to shareholders was 4.33 billion yuan (+12.88% yoy) [13]. - Highlights: It is one of the world's most comprehensive special - steel enterprises, with high market shares in core products. It has strong cost - control and is seeking external expansion [14]. 2. Shanlu Convertible Bond - Rating: AAA; 1 - end closing price: 128.472 yuan; conversion premium rate: 54.45%; PE - TTM of the underlying stock: 4.32 [6][8]. - Company: Focused on road and bridge construction and maintenance, and expanding into other fields. It has a complete business system [31]. - Financials: In 2024, revenue was 71.348 billion yuan (-2.3% yoy), net profit attributable to shareholders was 2.322 billion yuan (+1.47% yoy). In the first three quarters of 2025, revenue was 41.354 billion yuan (-3.11% yoy), net profit attributable to shareholders was 1.41 billion yuan (-3.27% yoy) [31]. - Highlights: It has the "China Special Valuation" concept, and its balance sheet and potential orders may improve. It may benefit from infrastructure plans in Shandong and the Belt and Road Initiative [32]. 3. Hebang Convertible Bond - Rating: AA; 1 - end closing price: 153.399 yuan; conversion premium rate: 21.26%; PE - TTM of the underlying stock: -230.95 [6][8]. - Company: With a diversified business layout in chemicals, agriculture, and photovoltaics, it has expanded from a single - product business [44]. - Financials: In 2024, revenue was 8.547 billion yuan (-3.13% yoy), net profit attributable to shareholders was 31 million yuan (-97.55% yoy). In the first three quarters of 2025, revenue was 5.927 billion yuan (-13.02% yoy), net profit attributable to shareholders was 93 million yuan (-57.93% yoy) [44]. - Highlights: Its liquid methionine production has high profitability and is a major profit contributor [47]. 4. Huayuan Convertible Bond - Rating: AA -; 1 - end closing price: 145.282 yuan; conversion premium rate: 9.47%; PE - TTM of the underlying stock: 32.14 [6][8]. - Company: Focused on building a complete vitamin D3 industrial chain, with products in the vitamin and pharmaceutical sectors [58]. - Financials: In 2024, revenue was 1.243 billion yuan (+13.58% yoy), net profit attributable to shareholders was 309 million yuan (+60.76% yoy). In the first three quarters of 2025, revenue was 936 million yuan (-0.2% yoy), net profit attributable to shareholders was 234 million yuan (-3.07% yoy) [58]. - Highlights: It is a leader in certain products, and is expanding its product portfolio and has achievements in pharmaceutical R & D [59]. 5. Xingye Convertible Bond - Rating: AAA; 1 - end closing price: 123.691 yuan; conversion premium rate: 40.16%; PE - TTM of the underlying stock: 5.11 [6][8]. - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [72]. - Financials: In 2024, revenue was 212.226 billion yuan (+0.66% yoy), net profit attributable to shareholders was 77.205 billion yuan (+0.12% yoy). In the first three quarters of 2025, revenue was 161.234 billion yuan (-1.82% yoy), net profit attributable to shareholders was 63.083 billion yuan (+0.12% yoy) [72]. - Highlights: It has stable asset quality and scale growth, with a large customer base [73]. 6. Aima Convertible Bond - Rating: AA; 1 - end closing price: 126.979 yuan; conversion premium rate: 60.87%; PE - TTM of the underlying stock: 10.97 [6][8]. - Company: The leading enterprise in the electric two - wheeler industry, with self - developed and produced products [82]. - Financials: In 2024, revenue was 21.606 billion yuan (+2.71% yoy), net profit attributable to shareholders was 1.988 billion yuan (+5.68% yoy). In the first three quarters of 2025, revenue was 21.093 billion yuan (+20.78% yoy), net profit attributable to shareholders was 1.907 billion yuan (+22.78% yoy) [82]. - Highlights: It may benefit from government subsidies and the implementation of new national standards, and has potential for improving gross margin [83]. 7. Chongyin Convertible Bond - Rating: AAA; 1 - end closing price: 128.332 yuan; conversion premium rate: 16.22%; PE - TTM of the underlying stock: 6.55 [6][8]. - Company: An early - established local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [92]. - Financials: In 2024, revenue was 13.679 billion yuan (+3.54% yoy), net profit attributable to shareholders was 5.117 billion yuan (+3.8% yoy). In the first three quarters of 2025, revenue was 11.74 billion yuan (+10.4% yoy), net profit attributable to shareholders was 4.879 billion yuan (+10.19% yoy) [92]. - Highlights: It may benefit from the development of the Chengdu - Chongqing economic circle, has stable asset growth, and has a good risk - control strategy [93][96]. 8. Tianye Convertible Bond - Rating: AA+; 1 - end closing price: 141.695 yuan; conversion premium rate: 26.15%; PE - TTM of the underlying stock: 163.89 [6][8]. - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [105]. - Financials: In 2024, revenue was 11.156 billion yuan (-2.7% yoy), net profit attributable to shareholders was 68 million yuan (+108.83% yoy). In the first three quarters of 2025, revenue was 7.97 billion yuan (+2.2% yoy), net profit attributable to shareholders was 7 million yuan (-28.79% yoy) [105]. - Highlights: It benefits from cost - reduction in raw materials and plans to increase dividend frequency, and its group is promoting coal - mine projects [107]. 9. Aorui Convertible Bond - Rating: AA -; 1 - end closing price: 160.557 yuan; conversion premium rate: 39.57%; PE - TTM of the underlying stock: 27.45 [6][8]. - Company: Focused on the R & D, production, and sales of complex APIs and formulations, leading in certain technical fields [120]. - Financials: In 2024, revenue was 1.476 billion yuan (+16.89% yoy), net profit attributable to shareholders was 355 million yuan (+22.59% yoy). In the first three quarters of 2025, revenue was 1.237 billion yuan (+13.67% yoy), net profit attributable to shareholders was 354 million yuan (+24.58% yoy) [120]. - Highlights: It is optimizing its distribution network, expanding the market for its formulation products, and has high - quality customer resources [121]. 10. Yushui Convertible Bond - Rating: AAA; 1 - end closing price: 128.343 yuan; conversion premium rate: 35.36%; PE - TTM of the underlying stock: 26.26 [6][8]. - Company: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [134]. - Financials: In 2024, revenue was 6.999 billion yuan (-3.52% yoy), net profit attributable to shareholders was 785 million yuan (-27.88% yoy). In the first three quarters of 2025, revenue was 5.568 billion yuan (+7.21% yoy), net profit attributable to shareholders was 779 million yuan (+7.1% yoy) [134]. - Highlights: It has a high market share, is expanding its business scope, and has achieved cost - control through intelligent applications [135]. Related Reports - "Pricing of Naipu Convertible Bond 02: First - day conversion premium rate of 28% - 33%", released on January 27, 2026 [3]. - "Pricing of Shangtai Convertible Bond: First - day conversion premium rate of 40% - 45%", released on January 27, 2026 [3]. - "Pricing of Lianrui Convertible Bond: First - day conversion premium rate of 43% - 48%", released on January 15, 2026 [3]. - "Outlook for US Inflation in 2026: High at first, then low, overall controllable", released on January 12, 2026 [3].

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - The report emphasizes that the construction industry is at a valuation bottom, combined with a seasonal uptick in spring, recommending "undervalued & well-positioned" large state-owned enterprises [4] - The report highlights a positive trend in new orders for major construction state-owned enterprises, with a notable increase in overseas orders outpacing domestic orders [4] - The cash flow situation is improving due to local government debt management and enhanced cash flow control at the enterprise level [4] - The report suggests that market capitalization management is becoming mainstream, with an emphasis on increasing dividend rates and stabilizing dividend amounts [4] - Investment recommendations include major state-owned enterprises such as China State Construction, China Railway Construction, and others based on business performance, valuation, cash flow, and market capitalization management [4] Summary by Sections Industry Overview - The construction sector is experiencing a recovery with improved order volumes and a focus on core engineering business [4] - The report notes that major state-owned enterprises have shown positive growth in new orders, with overseas orders increasing significantly [4] Valuation Analysis - The report indicates that the price-to-book (PB) ratios for leading construction state-owned enterprises have returned to historical lows, suggesting potential for valuation recovery [4] Cash Flow Management - The report states that the net cash flow from operating activities in the construction industry has improved, indicating better cash flow management practices [4] Market Capitalization Management - The report discusses the trend of increasing dividend payouts among major state-owned enterprises, reflecting a commitment to shareholder returns [4] Investment Recommendations - The report recommends investing in companies such as China State Construction, China Railway Construction, and others based on their strong fundamentals and attractive valuations [4]

2025年度，公司实现中标额1040.41亿元。其中第四季度订单情况如下： ■ 注1数据为截至报告期末公司累计已签约但尚未完工订单合同总额中未完工部分的金额。 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 山东高速路桥集团股份有限公司（以下简称"公司"、"本公司"）根据《深圳证券交易所上市公司自律监 管指引第3号一一行业信息披露》等规定，为方便投资者了解公司生产经营情况，现将2025年第四季度 主要经营情况披露如下： 一、2025年第四季度订单情况 注2该项合同金额为联合体承担的总金额，项目模式为入股施工一体化，根据《联合体协议书》,子公司 山东东方路桥建设有限公司承担本标段总工程量的96%,折合预期中标价约为2,585,182,494.59元，最终 承担的工程量及金额尚未最终确定。 上述重大项目合同对手方履约能力及结算回款情况正常，不存在重大风险。表中的收款金额含预收工程 款和预收材料款。公司将根据项目进展情况持续履行信息披露义务。 三、风险提示 上述数据为阶段统计数据，未经审计，可能与公司定期报告披露的相 ...

| 第四季度新签订单 | | 截至第四季度末累计 已签约订单未完工部分 | | 截至第四季度末累计 已中标尚未签约合同订单 | | | --- | --- | --- | --- | --- | --- | | 数量 | 总金额（亿元） | 数量 | 金额（亿元） | 数量 | 金额（亿元） | | 404 | 208.04 | 650 | 注 1 1099.43 | 212 | 414.00 | 证券代码：000498 证券简称：山东路桥 公告编号：2026-5 山东高速路桥集团股份有限公司 关于 2025 年第四季度经营情况的公告 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。 山东高速路桥集团股份有限公司（以下简称"公司"、"本公司"） 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》 等规定，为方便投资者了解公司生产经营情况，现将 2025 年第四季度 主要经营情况披露如下： 一、2025 年第四季度订单情况 2025 年度，公司实现中标额 1040.41 亿元。其中第四季度订单情况 如下： 注 1 数据为截至报告期末公司累计已签约 ...

山东路桥公告，2025年度实现中标额1040.41亿元；第四季度新签订单404个，金额208.04亿元；截至四 季度末累计已签约未完工订单650个，金额1099.43亿元；累计已中标尚未签约合同212个，金额414亿 元。 ...