On April 12th, the market experienced early morning fluctuations and adjustments, with the Shanghai Composite Index reporting at 3033.08 points, down by 0.04%; the Shenzhen Component Index at 9267.05 points, down by 0.36%; and the ChiNext Index at 1770.19 points, down by 0.67%. The solid-state battery concept saw a significant pullback, the media sector quickly adjusted, and the breeding, insurance, securities, real estate, and cultural tourism industries generally fell; the gold sector once again surged, with the shipping, oil and gas, and home appliance sectors performing impressively, and the GPU and CPO concepts warming up.

**Gold Prices Continue to Set New Historical Highs, Gold-Related Stocks Become Active Again**

By midday, Chifeng Gold rose by more than 7%, with Zhongrun Resources and Sichuan Gold both up by over 5%, followed by increases in Yintai Gold, Shandong Gold, China Gold, and Hunan Silver.

In terms of gold performance, spot gold continued to rise, surpassing $2,390 per ounce, setting a new historical high.

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Looking ahead, a research report from Huatai Securities pointed out that under the resonance of multiple positive factors, gold prices are expected to break through $3,000 per ounce in this 2024-2025 upcycle.

**Consumer Goods Replacement Policy on the Horizon, Home Appliance Sector Sees Significant Lift**

By midday, Hongchang Technology hit the 20% daily limit up, followed by Dongbei Group, Xueqi Electric, Qi Jing Machinery, and Chun Guang Technology all hitting their daily limit up.

At the State Council's policy briefing held on the 11th, Deputy Director of the National Development and Reform Commission, Zhao Chenxin, introduced that the standard improvement action plan led by the State Administration for Market Regulation has been issued, the industrial equipment renewal document led by the Ministry of Industry and Information Technology has been officially launched, the implementation plan for equipment renewal in the construction and municipal fields led by the Ministry of Housing and Urban-Rural Development has been printed and implemented, and the consumer goods replacement document led by the Ministry of Commerce has been printed and is expected to be officially released in the coming days.

Huatai Securities believes that the gradual implementation of the home appliance replacement policy is approaching, and this round of home appliance renewal is expected to promote the growth of enterprises with relevant technological accumulation. Moreover, the central finance will work in conjunction with local governments to support the development of modern commercial circulation system pilot city construction through the service industry development fund, assisting local governments in coordinating home appliance replacements and promoting consumer-friendly policies to reach consumers directly. The institution believes that the policy is expected to accelerate the recovery of domestic home appliance consumption, and the valuation of the home appliance sector may be the first to reflect this.

**Scrapping of Automobiles Expected to Double by 2027, Automobile Dismantling Concept Leads the Gains**

The volume of scrapped automobiles is expected to double by 2027, with the automobile dismantling concept leading the gains.As of the time of writing, DeZhong Automobile's stock has risen by over 11%, and Chaoyue Technology has surged by more than 10%. Additionally, Huaxin Environmental Protection, Yiquan Resources, Green American, and several other stocks have seen increases.

In terms of news, Zhao Chenxin, the Deputy Director of the National Development and Reform Commission, stated at a press conference yesterday that the "Action Plan for Promoting Large-Scale Equipment Updates and the Replacement of Consumer Goods" (hereinafter referred to as the "Action Plan") has set specific targets for 2027 based on careful assessment and calculation. In terms of equipment updates, the investment scale in seven major areas should increase by more than 25% compared to 2023, and the energy efficiency of key industries' main energy-consuming equipment should basically reach energy-saving levels. Regarding the replacement and recycling of old goods, the targets are to double the recycling volume of scrapped cars compared to 2023, increase the transaction volume of second-hand cars by 45%, and grow the recycling volume of discarded home appliances by about 30%.

【Solid-State Battery Sector Leads Decline】

As of midday, Dow Technologies has dropped by more than 10%, Sanxiang New Materials has hit the daily limit down, and shares of Yilian Shares, Xinyu Ren, Limin Shares, and Shanghai Wash Ba have fallen by more than 8%.

【Shanghai Gold Exchange: Adjusting the Margin Ratio and Price Fluctuation Limits for Some Gold Deferred Contracts】

The Shanghai Gold Exchange announced that, in accordance with the relevant provisions of the "Shanghai Gold Exchange Risk Control Management Measures," adjustments will be made to the trading margin ratio and price fluctuation limits for gold deferred contracts, as well as the margin for performance guarantee type inquiry contracts. The following is the notice of the relevant matters: Starting from the closing settlement on April 15, 2024 (Monday), the margin ratio for contracts such as Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 will be adjusted from 8% to 9%, and the price fluctuation limit will be adjusted from 7% to 8% starting from the next trading day; the margin for the CAu99.99 contract will be adjusted from 45,000 yuan per hand to 51,000 yuan per hand.

【Two Departments: By 2027, a Preliminary Coal Capacity Reserve System Will Be Established, Forming a Certain Scale of Dispatchable Capacity Reserves】

The National Development and Reform Commission and the National Energy Administration issued implementation opinions on establishing a coal capacity reserve system, proposing that by 2027, a preliminary coal capacity reserve system will be established, a number of coal reserve mine projects will be orderly approved and constructed, and a certain scale of dispatchable capacity reserves will be formed. By 2030, the capacity reserve system will be more robust, the capacity management system will be more refined, and it is aimed to form about 300 million tons/year of dispatchable capacity reserves, significantly enhancing the national coal supply guarantee capability, and continuously improving the supply flexibility and resilience.

【Minmetals Capital: Three Trust Products Managed by Minmetals Trust Have Overdue Redemptions】

Minmetals Capital announced in the morning that recently, three trust products managed by its subsidiary Minmetals Trust, including the "Hengxin Guoxing No. 636 - Kunming Basic Investment Collective Fund Trust Plan," have experienced overdue redemptions. As the trustee manager of the aforementioned three trust products, Minmetals Trust manages the related assets on behalf of investors and assumes the trustee management responsibilities. Minmetals Trust will continue to communicate and negotiate with the financiers, make continuous efforts to advance the collection work, urge the relevant parties to raise funds as soon as possible to repay the overdue payments as agreed, and urge the guarantors to fulfill their corresponding guarantee responsibilities promptly. The overdue redemptions of the three trust products will not have a significant adverse impact on the company's financial data, and the company's operations are currently normal and in good condition.**Zhongbei Communication: The company's contracted partner is Jinan Supercomputing Center Co., Ltd.**

Previously, the National Supercomputing Center in Jinan issued a statement stating that the contract announced by Zhongbei Communication is unrelated to the National Supercomputing Center in Jinan. In response, Zhongbei Communication announced on the morning of April 12th that the company's contracted partner is Jinan Supercomputing Center Co., Ltd., whose controlling shareholder and actual controller is Pan Jingsan. Jinan Supercomputing Center Co., Ltd. has no direct or indirect equity relationship with the Shandong Provincial Computing Center (National Supercomputing Center in Jinan).

**Hebei Procuratorate legally prosecutes Tang Shuangning for suspected corruption and bribery**

It has been learned from the Supreme People's Procuratorate that Tang Shuangning, former Party Committee Secretary and Chairman of China Everbright Group Co., Ltd., is suspected of corruption and bribery. The case has been investigated and concluded by the National Supervision Commission and, in accordance with the law, designated by the Supreme People's Procuratorate for prosecution by the Tangshan People's Procuratorate in Hebei Province. Recently, the Tangshan People's Procuratorate has filed a public prosecution with the Tangshan Intermediate People's Court.

**Bank of Korea Maintains Benchmark Interest Rate at 3.5% Unchanged**

On April 12th, the Bank of Korea maintained the benchmark interest rate at 3.5%, in line with market expectations.