证券代码：002485 证券简称：ST 雪发 公告编号：2026-002 雪松发展股份有限公司 关于继续开展期货套期保值业务的公告 公司供应链业务主营钢材、铝材、煤焦等品种，为有效的防范、化解库存和价 格波动带来的经营风险，充分利用期货市场的套期保值功能，规避库存和商品价格 大幅波动可能给公司经营带来的不利影响，控制经营风险，公司拟继续开展期货套 期保值业务。 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、为有效地防范、化解库存和价格波动带来的经营风险，充分利用期货市场的 套期保值功能，规避库存和商品价格大幅波动可能给公司经营带来的不利影响，控 制经营风险，公司拟继续开展期货套期保值业务。 2、公司开展的期货套期保值业务品种仅限于在中国境内期货交易所挂牌交易的 与公司经营有关的期货品种，如钢材、铝材、煤焦等品种。 3、单一产品使用自有资金进行期货套期保值业务保证金额度不超过10,000.00 万元。在上述额度内，资金可以在决议有效期内进行滚动使用，授权公司管理层在 该额度范围内行使投资决策权，并签署相关法律文件。 4、公司于2026年1月30 ...

一、开展期货套期保值业务的背景和必要性 公司供应链业务主营钢材、铝材、煤焦等品种，为有效的防范、化解库存和价 格波动带来的经营风险，充分利用期货市场的套期保值功能，规避库存和商品价格 大幅波动可能给公司经营带来的不利影响，控制经营风险，雪松发展股份有限公司 （以下简称"公司"，包含控股下属公司）拟继续开展期货套期保值业务。 二、开展期货套期保值业务的基本情况 1、交易方式 雪松发展股份有限公司 关于开展期货套期保值业务的可行性分析报告 公司开展的期货套期保值业务品种仅限于在中国境内期货交易所挂牌交易的与 公司经营有关的期货品种，如钢材、铝材、煤焦等品种。公司期货持仓与现货交易 数量相匹配，最大套期保值比例不超过现货交易数量的100%。 2、交易金额 根据公司实际经营情况，单一产品使用自有资金进行期货套期保值业务保证金 额度不超过10,000.00万元。在上述额度内，资金可以在决议有效期内进行滚动使用， 授权公司管理层在该额度范围内行使投资决策权，并签署相关法律文件。 3、交易期限 自公司董事会审议通过之日起12个月。 4、资金来源 公司自有资金，不涉及使用募集资金或银行信贷资金。 三、开展期货套期保值业务的可 ...

证券代码：002485 证券简称：ST 雪发 公告编号：2026-001 雪松发展股份有限公司 第六届董事会第十次会议决议公告 为有效的防范、化解库存和价格波动带来的经营风险，充分利用期货市场的 套期保值功能，规避库存和商品价格大幅波动可能给公司经营带来的不利影响， 控制经营风险，同意公司继续开展期货套期保值业务。根据公司实际经营情况， 单一产品使用自有资金进行期货套期保值业务保证金额度不超过10,000.00万元。 在上述额度内，资金可以在决议有效期内进行滚动使用，授权公司管理层在该额 度范围内行使投资决策权，并签署相关法律文件。业务期间为自公司董事会审议 通过之日起12个月。 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。 雪松发展股份有限公司（以下简称"公司"）第六届董事会第十次会议于2026 年1月30日在公司会议室召开。本次会议已于2026年1月27日以邮件加电话确认的 方式发出通知。会议以现场会议加通讯表决的方式召开，应出席董事9人，其中， 现场出席董事6人，以通讯表决方式参与董事3人。公司高级管理人员列席了本次 会议。会议由董事长苏齐先生召集并主 ...

Financial Performance - The company expects a net profit loss for 2025 between ¥173.80 million and ¥245.30 million, compared to a loss of ¥151.67 million in the previous year[3] - The net profit loss after deducting non-recurring gains and losses is projected to be between ¥93.00 million and ¥131.40 million, up from a loss of ¥61.92 million last year[3] - Basic earnings per share are anticipated to be a loss between ¥0.3195 and ¥0.4509, compared to a loss of ¥0.2788 per share in the previous year[3] Business Operations - The main business continues to develop steadily, but the supply chain business has declined due to market and terminal demand impacts[5] - The cultural tourism business has improved its operational performance through cost reduction and efficiency enhancement[5] Investment and Valuation - The company's performance is significantly affected by the fair value changes of investment properties, estimated to range from -¥102.90 million to -¥72.90 million[5] - The company has communicated with the accounting firm regarding significant matters related to the earnings forecast, but the forecast has not been audited[4] Reporting Schedule - The annual report for 2025 is scheduled to be disclosed on April 29, 2026, with all information to be published on designated media[7]

Market Overview - The logistics sector experienced a decline of 0.23% on January 23, with Jushen Co. leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - Hengji Daxin (002492) saw a significant increase of 9.99%, closing at 9.03, with a trading volume of 181,300 shares and a turnover of 159 million yuan [1] - Chuanhua Zhili (002010) rose by 4.56%, closing at 7.11, with a trading volume of 1,236,800 shares and a turnover of 887 million yuan [1] - Longzhou Co. (002682) increased by 3.03%, closing at 7.48, with a trading volume of 531,100 shares and a turnover of 394 million yuan [1] - Jushen Co. (001202) experienced a decline of 8.60%, closing at 20.30, with a trading volume of 360,600 shares and a turnover of 74.71 million yuan [2] Capital Flow Analysis - The logistics sector saw a net outflow of 292 million yuan from institutional investors and 181 million yuan from retail investors, while retail investors had a net inflow of 472 million yuan [2] - Hengji Daxin (002492) had a net inflow of 68.26 million yuan from institutional investors, accounting for 42.80% of its trading volume [3] - Longzhou Co. (002682) had a net inflow of 26.76 million yuan from institutional investors, representing 6.79% of its trading volume [3]

Core Viewpoint - ST Xuefa (SZ002485) experienced a trading halt on January 20, 2026, with a closing price of 4.39 yuan, reflecting a 5.02% increase and a total market capitalization of 2.388 billion yuan [1] Group 1: Financial Performance - The company reported a profit contribution of 83.24 million yuan from the disposal of investment properties in the first three quarters, significantly improving its financial statements and supporting the stock price increase [2] - The company received a government subsidy of 1.64 million yuan in 2021, indicating some level of policy support, although the amount is limited [2] Group 2: Corporate Governance and Stability - ST Xuefa underwent a comprehensive governance upgrade, with 11 revised systems achieving a 99.94% approval rate, enhancing management of related party transactions and boosting market confidence in the company's future [2] - The shareholder structure is stable, with the top ten shareholders holding over 80% of the shares, and no reductions during periods of abnormal fluctuations, further strengthening market confidence [2] Group 3: Market Dynamics - The recent performance of the ST sector showed some stocks experiencing price increases due to improvements in their fundamentals, with a notable inflow of funds into the ST sector on the same day [2] - Technical indicators, such as the MACD, suggested positive signals for the stock, and there was an increase in net buying from large orders, indicating potential institutional interest [2]

Market Overview - On January 8, the logistics sector rose by 0.1% compared to the previous trading day, with ST Xuefa leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - ST Xuefa (002485) closed at 4.41, up 5.00% with a trading volume of 56,500 shares and a turnover of 24.14 million yuan [1] - Longzhou Co., Ltd. (002682) closed at 8.36, up 4.11% with a trading volume of 1.2365 million shares and a turnover of 1.03 billion yuan [1] - Yuanda Holdings (000626) closed at 8.12, up 2.65% with a trading volume of 98,400 shares and a turnover of 7.91 million yuan [1] - Other notable performers include *ST Yuanshang (603813) up 2.32% and *ST Haiqin (600753) up 1.83% [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 137 million yuan from institutional investors, while retail investors saw a net inflow of 89.95 million yuan [2] - The main funds showed a significant net inflow in stocks like SF Holding (002352) with 67.10 million yuan, while Longzhou Co., Ltd. (002682) had a net inflow of 61.06 million yuan [3] - Conversely, stocks like Xiamen Xiangyu (600057) and Xiamen Guomao (600755) faced declines of 2.68% and 1.93% respectively, indicating a mixed sentiment in the sector [2]

证券之星消息，1月7日物流板块较上一交易日下跌0.7%，ST雪发领跌。当日上证指数报收于4085.77，上 涨0.05%。深证成指报收于14030.56，上涨0.06%。物流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) | | --- | --- | --- | --- | --- | --- | | 002889 | 东方嘉盛 | 15.85 | 2.26% | 9.80万 | 1.54亿 | | 603813 | *ST原尚 | 39.65 | 1.98% | 6698.0 | 2647.09万 | | 600057 | 厦门象屿 | 8.57 | 1.90% | 27.26万 | 2.32亿 | | 600755 | 厦门国贸 | 7.24 | 1.26% | 131.17万 | 9.42 G | | 600603 | 广汇物流 | 6.57 | 1.08% | 16.99万 | 1.11亿 | | 001202 | 炬申股份 | 16.10 | 1.07% | 2.26万 | 3611.10万 | | 002800 | 天顺股份 | 15.81 ...

Core Viewpoint - The logistics sector experienced a slight increase of 0.04% on December 30, with ST Xuefa leading the gains, while the overall market showed mixed results with the Shanghai Composite Index closing at 3965.12, down 0.0% [1]. Group 1: Market Performance - The logistics sector's performance was highlighted by ST Xuefa, which closed at 4.31 with a gain of 5.12% [1]. - Other notable gainers included *ST Haijin, which rose by 3.34% to 8.35, and Changlian Co., which increased by 2.33% to 10.56 [1]. - The Shenzhen Component Index closed at 13604.07, reflecting an increase of 0.49% [1]. Group 2: Trading Volume and Value - ST Xuefa had a trading volume of 39,600 shares and a transaction value of approximately 16.80 million [1]. - The highest transaction value in the logistics sector was recorded by Donghang Logistics, with a closing price of 18.27 and a transaction value of 181 million [1]. - The overall trading volume and value for the logistics sector showed varied performance across different stocks, with some stocks like Baoshui Technology and Donghang Logistics achieving significant transaction values [1]. Group 3: Capital Flow - The logistics sector saw a net outflow of 531 million from institutional investors, while retail investors contributed a net inflow of 507 million [2]. - The data indicates that retail investors were more active in the logistics sector, contrasting with the outflow from institutional investors [2]. - Specific stocks like YTO Express and Baoshui Technology experienced varying levels of net inflow and outflow from different investor categories [3].

Core Insights - The logistics sector experienced a slight decline of 0.22% on November 26, with Huapengfei leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Stock Performance - Tian Shun Co. (002800) saw a significant increase of 10.03%, closing at 16.02 with a trading volume of 115,700 shares and a turnover of 181 million yuan [1] - Other notable gainers included ST Yuanshang (603813) with a 3.49% increase and ST Xuefa (002485) with a 3.23% increase [1] - Conversely, Huapengfei (300350) led the declines with a drop of 4.58%, closing at 7.09 with a trading volume of 634,600 shares and a turnover of 456 million yuan [2] Capital Flow - The logistics sector saw a net inflow of 47.53 million yuan from institutional investors, while retail investors contributed a net inflow of 14.24 million yuan [2] - However, there was a net outflow of 61.77 million yuan from speculative funds [2] Individual Stock Capital Flow - Shunfeng Holdings (002352) experienced a net inflow of 16.216 million yuan from institutional investors, while retail investors had a net outflow of 30.37 million yuan [3] - Tian Shun Co. (002800) had a net inflow of 61.97 million yuan from institutional investors, with a net outflow of 32.22 million yuan from speculative funds [3] - Hong Chuan Wisdom (002930) saw a net inflow of 27.68 million yuan from institutional investors, while retail investors had a net outflow of 15.45 million yuan [3]