Core Viewpoint - The gold and jewelry stocks have collectively rebounded following the announcement of new tax policies related to gold trading by the Ministry of Finance and the State Taxation Administration of China, which is expected to standardize the industry and strengthen the competitive advantage of compliant brands [1] Group 1: Stock Performance - Lao Pu Gold (06181) increased by 5.33%, reaching 642.5 HKD - Chow Tai Fook (01929) rose by 3.98%, reaching 14.38 HKD - Chow Sang Sang (00116) grew by 1.66%, reaching 12.85 HKD - Luk Fook Holdings (00590) climbed by 1.09%, reaching 24.18 HKD [1] Group 2: Tax Policy Impact - The new tax policy has led to significant pricing differences among various gold brands, with jewelry gold prices for brands like Chow Tai Fook, Chow Sang Sang, Lao Feng Xiang, and Lao Miao concentrated between 1255-1259 CNY per gram, while some brands fluctuate between 1100-1200 CNY per gram [1] - The short-term increase in terminal prices may suppress consumer demand, but the long-term expectation is that the policy will regulate previous non-compliant tax practices, promoting industry development [1] Group 3: Market Dynamics - Non-compliant businesses are expected to be significantly impacted by the new policy, while leading compliant brands are likely to enhance their competitive advantage [1] - The market share is anticipated to concentrate further towards leading brands in the medium to long term [1]

Core Viewpoint - The gold and jewelry stocks have collectively rebounded following the announcement of new tax policies related to gold trading by the Ministry of Finance and the State Taxation Administration of China, which is expected to standardize the industry and impact non-compliant businesses while benefiting leading compliant brands [1][1]. Group 1: Stock Performance - As of the report, the stock prices of several gold and jewelry companies have increased: - Lao Pu Gold (06181) rose by 5.33% to HKD 642.5 - Chow Tai Fook (01929) increased by 3.98% to HKD 14.38 - Chow Sang Sang (00116) went up by 1.66% to HKD 12.85 - Luk Fook Holdings (00590) gained 1.09% to HKD 24.18 [1][1][1]. Group 2: Tax Policy Impact - The new tax policy has led to significant pricing differences among various gold jewelry brands, with prices for gold jewelry from brands like Chow Tai Fook, Chow Sang Sang, Lao Feng Xiang (600612), and Lao Miao ranging between CNY 1255-1259 per gram, while some brands have prices fluctuating between CNY 1100-1200 per gram [1][1]. - According to Huayuan Securities, the short-term increase in terminal prices may suppress consumer demand, but the long-term expectation is that the policy will regulate previous non-compliant tax practices, thereby promoting industry development [1][1][1]. Group 3: Market Dynamics - The new policy is anticipated to significantly impact non-compliant businesses, while leading compliant brands are expected to strengthen their competitive advantages, potentially driving market share towards these top brands in the medium to long term [1][1].

Group 1 - The new tax policy on gold, effective from November 1, 2025, has caused significant changes in the gold market, affecting both banking operations and gold jewelry prices [1] - Banks have adjusted their gold accumulation services, with some halting the withdrawal of physical gold bars, while account-based services remain largely unaffected [3] - Despite the temporary suspension of certain services, demand for physical gold bars remains high, leading to rapid sales on banking apps [3] Group 2 - Individuals selling used gold jewelry are generally exempt from value-added tax, but frequent and large-scale sales may be classified as business activities, incurring a 3% tax [4] - Retail prices for gold jewelry are expected to rise due to the new regulations, with brands like Chow Tai Fook and Lao Feng Xiang already increasing prices [4] - The new tax policy will reduce input tax deductions for non-investment gold jewelry companies, potentially increasing their costs [5] Group 3 - Consumers are advised to purchase gold bars from Shanghai Gold Exchange member units to avoid the impacts of the new policy, as these transactions are less affected and offer more transparent pricing [7] - For gold jewelry purchases, consumers should compare price increases across brands to avoid overpaying due to policy-induced price hikes [7] - Individuals should be cautious when selling large amounts of used gold jewelry to assess potential tax risks [7]

Core Viewpoint - Domestic gold jewelry brands have experienced a slight increase in gold prices as of November 6, with specific brands reporting price adjustments for their gold products [1] Price Changes - Chow Sang Sang's gold jewelry price has risen to 1258 CNY per gram [1] - Chow Tai Fook and Chow Tai Sheng's gold jewelry prices have increased to 1259 CNY per gram [1]

Group 1 - MSCI announced the results of the November index review, with adjustments effective after the market close on November 24 [1] - The MSCI Global Small Cap Index will include 22 new stocks, such as Gilead Sciences (01672) and Meili Tianyuan Healthcare (02373) [1] - 17 stocks will be removed from the MSCI Global Small Cap Index, including China Gold International (02099) and China Nonferrous Mining (01258) [1] Group 2 - The MSCI Hong Kong Index will add 7 new stocks, including Chow Sang Sang (00116) and MGM China (02282) [2] - Stocks removed from the MSCI Hong Kong Index include Kintor Pharmaceutical (02171) and HKT Trust (00215) [2][3]

Group 1 - MSCI announced the results of the November index review, with adjustments effective after the market close on November 24 [1] - A total of 22 stocks were added to the MSCI Global Small Cap Index, including companies such as Genscript Biotech (01672) and Youzan (08083) [1] - 17 stocks were removed from the MSCI Global Small Cap Index, including China Gold International (02099) and Longi Green Energy (601869) [1] Group 2 - The MSCI Hong Kong Index included 7 new stocks, such as Chow Sang Sang (00116) and MGM China (02282) [2] - The MSCI Hong Kong Index removed stocks like Kintor Pharmaceutical (02171) and HKT Trust (00215) [2][3]

Core Viewpoint - The price of gold jewelry has started to decline, with many brands' gold jewelry prices falling below 1260 yuan per gram as of November 5 [1]. Price Summary - The current prices for gold jewelry from various brands are as follows: - Lao Feng Xiang: 1249 yuan, down 13 yuan from the previous day [1] - Chow Sang Sang: 1250 yuan, down 10 yuan from the previous day [1] - Lao Miao: 1249 yuan, down 13 yuan from the previous day [1] - Chow Tai Fook: 1255 yuan [1] - Luk Fook Jewelry: 1253 yuan [1]

Core Viewpoint - The price of gold has started to decline, with multiple jewelry brands reporting prices below 1260 yuan per gram as of November 5 [1] Price Summary - Major jewelry brands have seen their gold prices drop below 1260 yuan per gram, with specific prices reported as follows: - Lao Feng Xiang: 1249 yuan, down 13 yuan from the previous day - Chow Sang Sang: 1250 yuan, down 10 yuan from the previous day - Lao Miao: 1249 yuan, down 13 yuan from the previous day - Chow Tai Fook: 1255 yuan - Liufuk Jewelry: 1253 yuan [1]

Core Insights - The price of gold has started to decline, with many brands of gold jewelry falling below 1260 yuan per gram as of November 5 [1] Price Summary - The current prices for gold jewelry from various brands are as follows: - Lao Feng Xiang: 1249 yuan per gram, down 13 yuan from the previous day [1] - Chow Sang Sang: 1250 yuan per gram, down 10 yuan from the previous day [1] - Lao Miao: 1249 yuan per gram, down 13 yuan from the previous day [1] - Chow Tai Fook: 1255 yuan per gram [1] - Luk Fook Jewelry: 1253 yuan per gram [1]

Core Viewpoint - The price of gold has started to decline, with many brands of gold jewelry falling below 1260 yuan per gram as of November 5 [1] Price Summary - The current prices for gold jewelry per gram from various brands are as follows: - Lao Feng Xiang: 1249 yuan, down 13 yuan from the previous day - Chow Sang Sang: 1250 yuan, down 10 yuan from the previous day - Lao Miao: 1249 yuan, down 13 yuan from the previous day - Chow Tai Fook: 1255 yuan - Luk Fook Jewelry: 1253 yuan [1]