11月3日收盘后，工商银行官网发布公告称，恢复受理如意金积存业务申请。 11月3日上午，工商银行曾发布公告称，受宏观政策影响，根据风险管理要求，自2025年11月3日起该行暂停受理如意金积存业务的开户、主动积存、新增 定期积存计划以及提取实物的申请，存量客户处于有效期内的定期积存计划的执行以及办理赎回、销户不受影响。相关业务恢复事宜，请关注银行后续公 告。 随后，建设银行也发布公告称，自11月3日（含）起，建行暂停受理易存金业务实时买入、新增定投买入、实物金兑换等申请，存量客户易存金定投计划 的执行、赎回以及销户不受影响；暂停个人黄金积存兑换实物贵金属、账户黄金兑换实物贵金属等申请，其他个人黄金积存业务不受影响。 11月1日，财政部、国家税务总局发布《关于黄金有关税收政策的公告》，明确黄金有关税收政策，并自2025年11月1日起实施，执行至2027年12月31日。 政策规定，对会员单位或客户通过上海黄金交易所、上海期货交易所交易标准黄金，卖出方会员单位或客户销售标准黄金时免征增值税。未发生实物交割 出库的，交易所免征增值税；发生实物交割出库的，区别标准黄金的投资性用途和非投资性用途，分别按规定适用增值税即征即 ...

黄金交易税收新规落地。 11月1日，财政部、税务总局发布《关于黄金有关税收政策的公告》（以下简称《公告》），明确自2025年11月1日起至2027 年12月31日，对在上海黄金交易所、上海期货交易所交易的标准黄金实施一系列增值税政策调整。 本次税收新政将如何影响个人金饰买卖与金价走势？ 中信建投研报指出，《公告》将产生三方面影响：对于非投资类的黄金饰品企业，因进项税抵扣减少（由13%降至6%），对 于成本端或有所提升；对于投资金销售的企业，会员单位销售金币具备优势；对于终端消费者而言，购买黄金饰品价格预计 将提升，具体提升幅度要看黄金饰品企业的成本转移幅度，向上海黄金交易所会员单位购买金条不受影响。 华泰期货认为，短期来看，新规可能推高金价进而压制实物需求；长期则有助于黄金投资市场规范化，增强其金融属性，提 升在资产配置中的地位。在全球金融波动背景下，中长期黄金需求预计不会受税制压制。此外，持有成本上升或促使居民财 富更多流向实体经济或资本市场，进一步助力经济复苏。 区分投资用途和非投资用途 《公告》显示，会员单位或客户通过上海黄金交易所、上海期货交易所交易标准黄金时，卖出方销售标准黄金可享受免征增 值税优惠 ...

Core Insights - The new tax regulations on gold trading will take effect from November 1, 2025, to December 31, 2027, impacting the value-added tax (VAT) policies for standard gold traded on the Shanghai Gold Exchange and Shanghai Futures Exchange [1] Tax Policy Changes - The new regulations will reduce the input tax deduction for non-investment gold jewelry companies from 13% to 6%, potentially increasing their costs [1][2] - Investment gold sales will still benefit from the VAT exemption for member units selling standard gold, maintaining their competitive edge [2][3] - Consumers purchasing gold jewelry are expected to face higher prices, with the extent of the increase depending on how much of the cost is passed on by jewelry companies [1][3] Market Reactions - Short-term effects may lead to an increase in gold prices, which could suppress physical demand, while long-term effects may help standardize the gold investment market and enhance its financial attributes [1][5] - Domestic gold jewelry prices have already seen significant increases, with brands like Lao Miao and Chow Tai Fook raising prices by approximately 63 to 62 CNY per gram [3] Changes in Purchasing Behavior - The new regulations may shift consumer purchasing behavior, with a potential move from off-exchange to on-exchange transactions for gold, as the latter offers tax advantages [5][6] - Consumers may prioritize purchasing investment-grade gold bars through exchange channels to benefit from tax exemptions, while the demand for jewelry may decline due to increased costs [6] Gold Price Impact - Following the announcement, gold prices experienced fluctuations, with spot gold initially dropping by 0.6% before rebounding [7] - The overall sentiment in the global market may be negatively affected by the changes in China's tax policy, despite the country's record demand for gold this year [8][9]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced the resumption of the "Ruyi Gold Accumulation" business application, which had been suspended due to macroeconomic policy impacts [2][4]. Group 1: Business Resumption and Policy Impact - ICBC will resume accepting applications for the "Ruyi Gold Accumulation" business starting November 3, 2023, after a temporary suspension due to risk management requirements [2][4]. - China Construction Bank (CCB) also announced the suspension of its "Easy Gold" business, affecting real-time purchases and physical gold exchanges, while existing plans remain unaffected [5]. - The Ministry of Finance and the State Taxation Administration released new tax policies regarding gold, effective from November 1, 2025, which will impact the taxation of gold transactions [6]. Group 2: Price Adjustments and Market Reactions - Chow Tai Fook Jewelry announced price adjustments for certain gold products starting November 3, 2023, due to increased costs from the new tax policies [8]. - On November 3, 2023, A-share gold jewelry concept stocks experienced declines, with notable drops including Chao Hong Ji at a 10% limit down and others like Pengxin Resources and Lao Feng Xiang falling over 3% [8][9]. - In the Hong Kong stock market, gold jewelry stocks also saw significant declines, with Chow Tai Fook dropping 8.67% and Lao Pu Gold down 7.16% [10]. Group 3: Tax Policy Implications - The new tax regulations are expected to have three main impacts: increased costs for non-investment gold jewelry companies due to reduced input tax deductions, advantages for investment gold sales, and potential price increases for consumers purchasing gold jewelry [10].

Core Insights - The domestic gold jewelry prices have increased due to fluctuations in international gold prices, with notable price hikes reported on November 3rd [1] Price Summary - Chow Tai Fook's gold jewelry price is reported at 1259 CNY per gram, an increase of 61 CNY from the previous day [1][2] - Cai Bai Jewelry's price is at 1238 CNY per gram, rising by 70 CNY [1][2] - Yayi Gold Store's price stands at 1256 CNY per gram, up by 63 CNY [1][2] Ranking of Gold Jewelry Prices - The ranking of gold jewelry prices shows Chow Tai Fook leading at 1259 CNY per gram, followed by Lao Feng Xiang at 1256 CNY, and Yayi Gold Store also at 1256 CNY [2] - Other notable mentions include Zhou Da Sheng and Liu Fu Jewelry, both priced at 1198 CNY per gram, with no change [2] - Cai Bai Jewelry ranks lower with a price of 1238 CNY per gram, reflecting a significant increase of 70 CNY [2]

Core Viewpoint - On November 3, gold-related stocks experienced significant declines, with major retail brands in Hong Kong facing sharp drops following new tax policies announced by the government [1] Group 1: Market Reaction - As of 10 AM on November 3, Chao Hong Ji hit the daily limit down [1] - Major Hong Kong gold retail brands collectively fell, with Lao Pu Gold and Chow Tai Fook dropping over 7%, and Luk Fook Group down over 6% [1] - Other companies such as Chow Sang Sang and China Gold International saw declines exceeding 5% [1] Group 2: Policy Announcement - On November 1, the Ministry of Finance and the State Taxation Administration released an announcement regarding tax policies related to gold transactions [1]

Core Viewpoint - The international gold price has ended a four-day decline, with domestic gold jewelry prices rising back to 1200 yuan per gram, indicating a potential recovery in the gold market amid ongoing economic uncertainties [1][2]. Group 1: Market Trends - Domestic gold prices have seen significant increases, with various brands reporting price hikes. For instance, Chow Tai Fook's gold price is at 1198 yuan per gram, while Lao Feng Xiang is at 1200 yuan per gram, reflecting daily increases of 1.61% and 1.44% respectively [2]. - The price of investment gold bars has surged dramatically, with reports of prices rising from 928 yuan per gram in the morning to over 1000 yuan per gram by the afternoon of November 1 [4][5][6]. - The announcement of new tax policies regarding gold by the Ministry of Finance and the State Taxation Administration has influenced the market, leading to a rapid increase in gold bar prices and a scarcity of lower-priced options [5][18]. Group 2: Analyst Insights - Analysts from Dahua Bank maintain a positive long-term outlook on gold, citing ongoing central bank purchases and investor demand for diversification as key factors supporting gold prices [2]. - The market is expected to continue experiencing wide fluctuations due to uncertainties surrounding tariff policies and the potential for government shutdowns in the U.S., which provide a supportive bottom for gold prices [3]. Group 3: Consumer Impact - The new tax policies primarily affect investment gold transactions and do not change the tax implications for gold jewelry purchases, meaning consumers will not see a direct impact on the prices of gold jewelry [18][19]. - Retail prices for gold jewelry typically include value-added tax (13%) and consumption tax (5%), which are already factored into the selling price [19].

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration regarding tax policies on gold transactions may reduce the attractiveness of investing in physical gold through non-exchange channels, leading ordinary investors to prefer gold ETFs and other exchange-traded products that offer tax benefits and investment convenience [1][3]. Summary by Relevant Sections Tax Policy Changes - The new policy states that from now until December 31, 2027, transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) for sellers [3]. - For transactions that do not involve physical delivery, the exchanges will exempt VAT; for those that do, there will be a distinction between investment and non-investment uses of standard gold, applying different VAT policies accordingly [3]. Market Impact - Following the announcement, retail gold stocks experienced significant declines, with Hong Kong-listed companies such as Luk Fook Holdings, Chow Tai Fook, and Lao Puhuang seeing drops exceeding 7%, and Luk Fook Holdings experiencing a decline of nearly 9% [5]. - A-share listed companies like Chao Hong Ji approached their daily limit down, while other companies like Zhou Dsheng and Man Ka Long also saw declines of over 2% [5]. Industry Insights - Industry experts suggest that the policy aims to enhance the regulation of the precious metals market, encouraging compliance among industry players, including institutions and retailers, to trade through exchange channels [4]. - The tax exemption for exchange-based gold transactions is expected to lower costs for institutions and the jewelry industry, promoting a more favorable tax environment for compliant trading [4].

Core Insights - Domestic gold jewelry prices have increased due to fluctuations in international gold prices, with notable price hikes reported on November 3rd [1] Price Changes - Chow Tai Fook's gold jewelry price is reported at 1259 CNY per gram, an increase of 61 CNY per gram from the previous day [1][2] - Cai Bai Jewelry's price is at 1238 CNY per gram, rising by 70 CNY per gram [1][3] - A Yi Gold Store's price stands at 1256 CNY per gram, up by 63 CNY per gram [1][2] Ranking of Gold Jewelry Prices - The ranking of gold jewelry prices shows Chow Tai Fook leading at 1259 CNY per gram, followed by Lao Feng Xiang at 1256 CNY per gram, and A Yi Gold Store also at 1256 CNY per gram [2][3] - Other notable prices include: - Zhou Da Sheng at 1198 CNY per gram with no change - Liu Fu Jewelry at 1198 CNY per gram with no change - Cai Bai Jewelry at 1238 CNY per gram, up by 70 CNY per gram [2][3]

Core Viewpoint - The recent announcement of new tax policies regarding gold by the Ministry of Finance and the State Taxation Administration has led to a significant decline in the stock prices of gold jewelry companies in Hong Kong, indicating market concerns over the impact of these policies on the industry [1][2]. Group 1: Market Reaction - Gold jewelry stocks collectively fell, with notable declines: Luk Fook Holdings down 7.96%, Chow Tai Fook down 7.49%, and Lao Poo Gold down 7.30% [3]. - The overall market sentiment reflects apprehension regarding the new tax regulations and their implications for gold consumption and investment [1]. Group 2: Tax Policy Implications - The new tax policy aims to differentiate between investment and non-investment uses of gold, reducing double taxation and lowering transaction costs [1]. - Analysts suggest that the policy primarily targets investment gold transactions, while the direct impact on consumer purchases of gold jewelry is expected to be minimal [2]. - However, if demand for investment gold shifts towards exchanges, the supply of non-exchange gold may decrease, potentially increasing production costs for gold jewelry and affecting retail prices [2]. Group 3: Company Performance - The market capitalization of affected companies is as follows: Luk Fook Holdings at 13.445 billion, Chow Tai Fook at 138.898 billion, Lao Poo Gold at 111.919 billion, and Chow Sang Sang at 8.773 billion [3]. - The price changes reflect a broader concern about the sustainability of profit margins in the gold jewelry sector under the new tax regime [1][2].