■"高""智""绿"激活产业新动能 天津南港乙烯撬动千亿级产业链 作为国家"十四五"重点工程，天津南港乙烯于2024年11月建成投产，总投资超过300亿元，每年可为下游提供高端化工产品和精细化学品原料400 万吨，带动千亿元级下游产业发展。 天津南港乙烯正用"智能化+大数据"重塑石化产业，不断提升生产效率和产品质量。 从2025年1月开始，天津南港乙烯已实现100%绿电，成为天津市和中国石化首个全绿电工厂，为行业绿色转型树立新标杆。 ■浙江衢州：冲刺四季度 企业向"新"求"质"生产忙 进入四季度，浙江省衢州市工业园区内，多家企业正开足马力忙生产、赶订单，全力冲刺年度目标。 ■辽宁法库：无人科技激活县域物流新活力 ■中国国际数字经济博览会：乘"数"而上 向"新"而行 10月17日至19日，在河北石家庄举办的2025中国国际数字经济博览会以"可信数据赋能产业发展"为主题，集中展示数字经济领域发展趋势和研发 成果。 在浙江哲丰新材料有限公司的生产车间内，一卷卷标签离型纸有序下线，等待出厂。在巩固传统优势的同时，企业积极布局电解电容器纸等高端 特种纸领域，一次性投产四条新生产线，力争实现年销售额新突破。 ■山东茌平： ...

Core Viewpoint - Xianhe Co., Ltd. plans to raise up to 300 million yuan through a private placement of A-shares, with the funds allocated for the second phase of the high-performance paper-based new materials project in Guangxi Sanjiangkou New Area and to supplement working capital [1][2]. Group 1: Fundraising Details - The total investment for the second phase of the high-performance paper-based new materials project is approximately 540.43 million yuan, with 210 million yuan expected to be funded from the private placement [2]. - The company aims to use 90 million yuan from the raised funds to supplement its working capital, bringing the total planned fundraising to 300 million yuan [2]. - The issuance will consist of domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan per share [2]. Group 2: Issuance Structure - The private placement will target no more than 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities companies, trust companies, and qualified foreign institutional investors [3]. - The total number of shares issued will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 211,792,834 shares [3][4]. - The pricing for the shares will be based on 80% of the average trading price over the 20 trading days preceding the pricing date [4]. Group 3: Historical Context - Xianhe Co., Ltd. was listed on the Shanghai Stock Exchange on April 20, 2018, raising approximately 842.58 million yuan at an issuance price of 13.59 yuan per share [5]. - The company has previously raised funds through convertible bonds, including 125 million yuan in January 2020 and 205 million yuan in December 2021, for various projects and working capital [6][7]. - The total amount raised by Xianhe Co., Ltd. through these three fundraising efforts is approximately 414.26 million yuan [7].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The A-share market withstood the downward pressure from countervailing tariffs, and the implied volatility significantly declined. The subsequent focus is on China's effective policies to boost the domestic economy. It is recommended to cautiously go long [2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts for different periods (current month, next month, next quarter, and the quarter after next) were 3765.40, 3737.80, 3710.60, and 3656.60 respectively, with increases of 26.60, 27.60, 33.00, and 29.80, and increases of 0.71%, 0.74%, 0.90%, and 0.82% respectively. The trading volumes were 35237.00, 27620.00, 55799.00, and 10594.00 respectively, and the open interests were 26834.00, 42726.00, 141593.00, and 56169.00 respectively. The changes in open interests were -19051.00, 10271.00, 53.00, and 1575.00 respectively [1]. - **IH Contracts**: The previous day's closing prices of IH contracts for different periods were 2656.80, 2644.80, 2633.60, and 2599.40 respectively, with increases of 20.60, 21.20, 21.40, and 20.20, and increases of 0.78%, 0.81%, 0.82%, and 0.78% respectively. The trading volumes were 13351.00, 10558.00, 28211.00, and 4407.00 respectively, and the open interests were 10651.00, 14318.00, 44853.00, and 17663.00 respectively. The changes in open interests were -6551.00, 2153.00, -1545.00, and -225.00 respectively [1]. - **IC Contracts**: The previous day's closing prices of IC contracts for different periods were 5551.20, 5483.60, 5406.60, and 5280.20 respectively, with increases of 26.00, 44.40, 51.20, and 53.80, and increases of 0.47%, 0.82%, 0.96%, and 1.03% respectively. The trading volumes were 34523.00, 27886.00, 44149.00, and 10689.00 respectively, and the open interests were 21987.00, 47876.00, 99918.00, and 47082.00 respectively. The changes in open interests were -14575.00, 10685.00, 3537.00, and 2096.00 respectively [1]. - **IM Contracts**: The previous day's closing prices of IM contracts for different periods were 5845.80, 5749.80, 5653.80, and 5488.00 respectively, with increases of 38.20, 49.60, 59.40, and 60.80, and increases of 0.66%, 0.87%, 1.06%, and 1.12% respectively. The trading volumes were 44139.00, 39973.00, 156019.00, and 26102.00 respectively, and the open interests were 29741.00, 55797.00, 168300.00, and 74750.00 respectively. The changes in open interests were -20911.00, 8196.00, -2771.00, and -3479.00 respectively [1]. - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM were -27.60, -12.00, -67.60, and -96.00 respectively, compared with the previous values of -31.60, -14.80, -85.60, and -106.00 respectively [1]. 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value was 3772.22, with a decrease of 0.02%. The total trading volume was 2090.12 billion yuan, and the trading volume was 122.37 billion lots [1]. - **SSE 50 Index**: The previous value was 2659.90, with an increase of 0.05%. The total trading volume was 713.71 billion yuan, and the trading volume was 37.88 billion lots [1]. - **CSI 500 Index**: The previous value was 5557.01, with an increase of 0.00%. The total trading volume was 1482.83 billion yuan, and the trading volume was 113.65 billion lots [1]. - **CSI 1000 Index**: The previous value was 5839.56, with an increase of 0.07%. The total trading volume was 2129.48 billion yuan, and the trading volume was 173.20 billion lots [1]. - **Industry Indexes**: Different industries had different changes in the CSI 300 industry index. For example, the energy, raw materials, industry, and optional consumption industries decreased by -0.11%, -0.33%, -0.07%, and -0.86% respectively; while the main consumption, medical and health, real - estate finance, and information technology industries increased by 0.57%, 0.05%, 0.18%, and 0.09% respectively. The telecommunications and public utilities industries decreased by -0.32% and -0.36% respectively [1]. 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous values of the basis for IF contracts (current month, next month, next quarter, and the quarter after next) relative to the CSI 300 were -6.82, -34.42, -61.62, and -115.62 respectively, compared with the previous two - day values of -17.42, -49.02, -82.02, and -137.62 respectively [1]. - **IH Contracts and SSE 50**: The previous values of the basis for IH contracts relative to the SSE 50 were -3.10, -15.10, -26.30, and -60.50 respectively, compared with the previous two - day values of -13.90, -28.70, -38.50, and -72.90 respectively [1]. - **IC Contracts and CSI 500**: The previous values of the basis for IC contracts relative to the CSI 500 were -5.81, -73.41, -150.41, and -276.81 respectively, compared with the previous two - day values of -16.46, -102.06, -190.26, and -317.06 respectively [1]. - **IM Contracts and CSI 1000**: The previous values of the basis for IM contracts relative to the CSI 1000 were 6.24, -89.76, -185.76, and -351.56 respectively, compared with the previous two - day values of -15.55, -121.55, -232.35, and -400.95 respectively [1]. 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index increased by 0.13%, the Shenzhen Component Index decreased by -0.16%, the Small and Medium - sized Board Index decreased by -0.21%, and the ChiNext Index increased by 0.09% [1]. - **Overseas Indexes**: The Hang Seng Index increased by 1.61%, the Nikkei 225 increased by 1.35%, the S&P 500 increased by 0.13%, and the DAX Index decreased by -0.49% [1]. 3.5 Macro Information - China and Cambodia agreed to build a China - Cambodia community with a shared future in the new era and announced 2025 as the "China - Cambodia Tourism Year." They also exchanged more than 30 bilateral cooperation texts [2]. - The European Central Bank cut the deposit facility rate by 25 basis points to 2.25%, the main refinancing rate by 25 basis points to 2.4%, and the marginal lending rate by 25 basis points to 2.65%, which was the 7th rate cut since last June [2]. - There were discussions about whether to remove Fed Chairman Powell before his term ends next year, but no final decision has been made [2]. 3.6 Industry Information - The Ministry of Industry and Information Technology organized the 2025 industrial energy - saving and carbon - reduction diagnostic service, covering 12 high - energy - consuming fields [2]. - The State Administration for Market Regulation will carry out a rectification of the advertising market order [2]. - The Ministry of Commerce will continue to impose anti - dumping duties on imported electrolytic capacitor paper from Japan for 5 years [2]. - In March, the comprehensive inventory coefficient of automobile dealers was 1.56, a 3.1% decrease from the previous month and flat compared with the same period last year, and the inventory level was above the warning line [2]. 3.7 Stock Index Views - The three major US indexes mainly declined. In the previous trading day, the stock indexes rose, with the real - estate sector leading the rise and the automobile sector leading the decline. The total trading volume was 1.03 trillion yuan. IH2504, IF2504, IC2504, and IM2504 increased by 0.78%, 0.71%, 0.47%, and 0.66% respectively [2]. - On April 16, the margin trading balance decreased by 51.79 billion yuan to 18024.09 billion yuan [2].