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]

Group 1 - 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] - Current prices for gold jewelry from various brands are as follows: Lao Feng Xiang at 1249 yuan (down 13 yuan from yesterday), Zhou Sheng Sheng at 1250 yuan (down 10 yuan), Lao Miao at 1249 yuan (down 13 yuan), Zhou Da Fu at 1255 yuan, and Liu Fu Jewelry at 1253 yuan [1]

Core Insights - Some merchants have quickly delisted gold bars, while brand merchants in Guangzhou continue to sell investment gold bars normally [1][3] - The price of investment gold bars from major brands like Chow Tai Fook, Lao Feng Xiang, and Luk Fook remains below 1200 RMB per gram, with current prices at 1170 RMB, 1170 RMB, and 1168 RMB respectively [1][3] - The Shanghai gold midday price is reported at 913.54 RMB per gram [1][3] - Lao Feng Xiang's small-weight gold beans are priced higher than gold bars, with 1 gram of small gold beans costing 1202 RMB, exceeding the price of a 5-gram gold bar [1][3]

Core Viewpoint - There are reports of some merchants rapidly delisting gold bars, with certain brands exceeding 1200 yuan per gram, even more expensive than gold jewelry. However, investigations in Guangzhou show that investment gold bars are still being sold normally without any suspension of sales [1]. Price Analysis - As of November 4, the midday price of Shanghai gold is 913.54 yuan per gram [1]. - The prices for investment gold bars from major brands are as follows: Chow Tai Fook and Lao Feng Xiang at 1170 yuan per gram, and Luk Fook at 1168 yuan per gram, indicating that they have not exceeded the 1200 yuan per gram mark [1]. Market Observations - At Lao Feng Xiang, it was noted that smaller weight gold beans are priced higher than gold bars, with a 1-gram gold bean costing 1202 yuan, which is more expensive than a 5-gram gold bar [1].

Group 1 - The service industry is expected to benefit from favorable policies, with a significant increase in service consumption anticipated in 2026 due to continuous policy support and demand dividends [3][7][11] - The report highlights the structural growth in emotional value and symbolic consumption, particularly in the IP toy industry, which is rapidly realizing commercial value [3][7][9] - The retail industry is undergoing a transformation towards a decentralized model, with traditional retail facing intense competition and new channels like discount stores and community supermarkets emerging [3][7][9] Group 2 - The report emphasizes the importance of optimizing holiday arrangements and integrating cultural tourism to stimulate demand, particularly for families with children [12][15] - The service consumption structure in China shows significant room for growth, with the current per capita service consumption being much lower than that of developed countries [29][30][32] - The tea and coffee beverage market in China is experiencing rapid growth, with the market size expected to increase significantly, driven by consumer demand in lower-tier cities [56][58][59] Group 3 - The online travel agency (OTA) market is projected to maintain stable profit margins, with companies like Trip.com leading in growth despite slight slowdowns in overseas markets [48][54] - The hotel industry is seeing a gradual improvement in operating data, with a narrowing decline in revenue per available room (RevPAR) expected to continue [37][40][43] - The report indicates that the demand for travel and tourism services is stable, with business travel being a significant source of fluctuations in demand [40][41]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 六福集團(國際)有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00590 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000 | HKD | | | 0.1 HKD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 800,000,000 | HKD | | | 0.1 HKD | | 80,000,000 | 本月底法定/註冊股本總額 ...

Core Viewpoint - The recent announcements from major banks regarding the suspension and resumption of gold accumulation services are primarily influenced by new macroeconomic policies and tax regulations affecting the gold market [3][5][7]. Group 1: Bank Announcements - Industrial and Commercial Bank of China (ICBC) announced the resumption of the "Ruyi Gold Accumulation" service after previously suspending it due to macroeconomic policy impacts [1]. - On the same day, China Construction Bank (CCB) also suspended its "Easy Gold" service, affecting real-time purchases and physical gold exchanges, while existing plans remain unaffected [5]. Group 2: Tax Policy Changes - The Ministry of Finance and the State Administration of Taxation released new tax policies for gold, effective from November 1, 2025, which include exemptions from value-added tax (VAT) for certain transactions involving standard gold [7]. - The new tax regulations are expected to increase costs for gold procurement and production, prompting companies like Chow Tai Fook to adjust their product prices accordingly [8]. Group 3: Market Reactions - Following the announcements, shares of gold jewelry companies in the A-share market experienced significant declines, with companies like Chao Hong Ji hitting the daily limit down [8][9]. - In the Hong Kong stock market, major gold jewelry stocks such as Chow Tai Fook and Luk Fook also saw substantial drops in their share prices, indicating a negative market sentiment towards the gold sector [10]. Group 4: Industry Impact Analysis - According to CITIC Securities, the new tax regulations will have three main impacts: increased costs for non-investment gold jewelry companies due to reduced input tax deductions, advantages for companies selling investment gold, and expected price increases for consumers purchasing gold jewelry [10].

Core Viewpoint - The new tax regulations on gold trading, effective from November 1, 2025, are expected to impact both the gold jewelry market and gold prices, with potential cost increases for consumers and changes in purchasing behavior [1][2]. Tax Policy Changes - The announcement specifies a reduction in the input tax deduction for non-investment gold jewelry from 13% to 6%, leading to increased costs for jewelry manufacturers [2][3]. - For investment gold sales, member units will benefit from tax exemptions, maintaining the existing tax refund policy for investment purposes [2][3]. Impact on Gold Prices - Short-term effects may include a rise in gold prices, which could suppress physical demand, while long-term effects may enhance the financial attributes of gold investments [1][3]. - The price of gold jewelry is expected to increase due to the higher tax burden on manufacturers, with specific price hikes already observed in the market [3][5]. Market Reactions - Following the announcement, stocks related to gold retail experienced significant declines, indicating market apprehension regarding the new tax regulations [5]. - Major jewelry brands have already adjusted their prices upward, reflecting the anticipated cost increases due to the new tax policy [3][5]. Changes in Consumer Behavior - The new regulations may shift consumer purchasing patterns, with a potential move from jewelry to investment gold bars, as consumers seek to benefit from tax exemptions available through trading platforms [6][7]. - Consumers are likely to become more discerning about their purchasing channels, favoring transactions through exchanges to take advantage of tax benefits [7]. Global Market Implications - The tax changes in China, the largest gold consumer, are expected to affect global market sentiment, potentially leading to structural price changes in gold [9][10]. - Analysts suggest that a more transparent and regulated gold market in China could enhance its influence on global pricing mechanisms [10].

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]