Core Viewpoint - The new gold tax policy, effective from November 1, 2023, introduces a refined adjustment to the value-added tax (VAT) on gold transactions, exempting VAT for standard gold sold through exchanges while imposing VAT on gold sold outside these channels, leading to significant market reactions and price fluctuations [1][3][4]. Tax Policy Changes - The new tax policy differentiates between investment and non-investment uses of gold, with standard gold sold through exchanges being exempt from VAT, while non-exchange sales incur a 13% VAT [4][5]. - The policy aims to enhance the attractiveness of trading standard gold through exchanges, thereby influencing consumer behavior towards more compliant and cost-effective purchasing channels [5][9]. Market Reactions - Following the announcement, major banks like Industrial and Commercial Bank of China and China Construction Bank suspended certain gold accumulation services, reflecting a cautious approach to market volatility [6][7]. - There has been a surge in demand for physical investment gold bars, with many brands experiencing price increases and product unavailability on e-commerce platforms [8][9]. Price Fluctuations - The price of 10-gram gold bars has risen to over 10,000 yuan, up from around 9,000 yuan prior to the policy announcement, indicating a market response to anticipated tax implications and supply-demand dynamics [1][8]. - Analysts suggest that the price changes are more indicative of market sentiment and liquidity adjustments rather than a fundamental change in gold's intrinsic value [9]. Consumer Behavior - The new tax policy is expected to lead to a clearer distinction in consumer understanding of gold products, promoting a more rational approach to purchasing based on investment versus consumption needs [5][9]. - Consumers are advised to consider the tax advantages of exchange-traded gold products for investment purposes while being mindful of price fluctuations when purchasing gold jewelry [9].

Core Viewpoint - The recent announcements from major banks, including Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), indicate a temporary suspension of certain gold investment services due to macroeconomic policy impacts and risk management requirements, with a focus on the implications of new tax policies on gold transactions [3][5][6]. Group 1: ICBC Announcement - ICBC has resumed accepting applications for the "Ruyi Gold Accumulation" business after a temporary suspension that began on November 3, 2025, due to macroeconomic policy impacts [1][3]. - The bank clarified that existing customers' plans and redemption processes remain unaffected during this suspension period [3]. Group 2: CCB Announcement - CCB announced a suspension of its "Easy Gold" business, including real-time purchases and new investment plans, effective from November 3, 2025, while existing plans and redemptions will continue as normal [5]. - The bank also suspended personal gold accumulation services related to physical gold exchanges, but other personal gold accumulation services remain unaffected [6]. Group 3: Tax Policy Implications - A new tax policy effective from November 1, 2025, exempts value-added tax (VAT) on standard gold transactions for member units or clients trading through designated exchanges, with specific provisions for investment and non-investment uses of gold [6]. - The policy aims to stimulate gold trading and investment by reducing tax burdens on transactions involving physical gold [6].

工商银行11月3日发布公告称，受宏观政策影响，根据本行风险管理要求，自2025年11月3日起，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，请关注后续公告。 同日，建设银行也发布关于暂停受理易存金等业务的公告，受市场波动影响，结合风险审慎管理要求，自2025年11月3日（含）起，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。相关业务恢复事宜，敬请关注后续公告。 来源：第一财经 【 热门视频推荐 】 点击在 看 持续关注↓↓↓ ...

Core Viewpoint - The new gold tax regulations have led multiple banks to suspend gold accumulation and withdrawal services, indicating a significant shift in the gold investment landscape [1][2][4]. Group 1: Bank Responses - On November 3, major banks such as Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) announced the suspension of their gold accumulation services, including the "Ruyi Gold Accumulation" and "Easy Storage Gold" products, due to macroeconomic policy impacts and risk management requirements [2][3]. - ICBC clarified that the suspension of the "Ruyi Gold Accumulation" service was not due to a lack of gold inventory, as their branches reported sufficient stock [2][3]. - CCB also suspended real-time purchases and physical gold exchanges for its "Easy Storage Gold" product, while existing plans for current customers remain unaffected [2][3]. Group 2: Market Implications - The new tax regulations, effective from November 1, 2025, will differentiate between investment and non-investment uses of physical gold, impacting how transactions are taxed and potentially reducing speculative trading in physical gold [4][5]. - Analysts suggest that investors may need to seek alternatives such as paper gold or gold ETFs to reduce reliance on physical gold delivery due to the new tax implications and fluctuating gold prices [1][6]. - The market adjustments by banks are seen as a response to both the new tax regulations and the need for enhanced risk management in a volatile market environment [6]. Group 3: Future Outlook - The suspension of gold accumulation services is expected to lead to a reevaluation of pricing for gold products, as banks adjust to the new tax landscape [3][6]. - Existing customers of gold accumulation products are not affected by the new tax regulations, but new customers will need to consider tax implications when engaging in gold accumulation [6].

Group 1 - The core viewpoint is that the recent maturity of high-interest deposits is leading customers to diversify their investments into wealth management products, as these products currently offer higher yields compared to similar-term deposits [1][2][3] - The banking industry is experiencing a shift in deposit structure, with an increase in demand for wealth management products, stocks, and funds as alternatives to traditional savings [1][3] - As of the end of Q3 2025, the total number of wealth management products in the market reached 43,900, a year-on-year increase of 10.01%, with a total scale of 32.13 trillion yuan, up 9.42% year-on-year [2] Group 2 - Recent reports from listed banks indicate a growth in demand for demand deposits, with a notable increase in the proportion of these deposits, suggesting a positive trend in the banking sector [3] - The decline in deposit rates is expected to accelerate the re-pricing of high-interest deposits, which may alleviate the pressure on banks' net interest margins and create room for future monetary easing [4] - The overall trend indicates that as the capital market stabilizes, there is a growing need for asset reallocation among residents, further influencing the banking liability structure [3][4]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced the resumption of applications for the "Ruyi Gold Accumulation" business after a temporary suspension due to macroeconomic policy impacts [2][4]. Group 1: Business Operations - ICBC suspended the acceptance of applications for the "Ruyi Gold Accumulation" business starting November 3, 2025, due to macroeconomic policy influences and risk management requirements [4]. - China Construction Bank (CCB) also announced a suspension of its "Easy Storage Gold" business, affecting real-time purchases, new investment plans, and physical gold exchanges, while existing plans remain unaffected [6]. - The Ministry of Finance and the State Administration of Taxation released new tax policies regarding gold, effective from November 1, 2025, which will last until December 31, 2027, exempting certain transactions from value-added tax [7]. Group 2: Market Impact - The new tax policies have led to increased costs for gold procurement and production, prompting companies like Chow Tai Fook Jewelry to adjust prices for certain gold products starting November 3 [8]. - On November 3, A-share gold and jewelry concept stocks experienced declines, with notable drops including Chao Hong Ji hitting the daily limit down, and other companies like Pengxin Resources and Lao Feng Xiang falling over 3% [8][9]. - In the Hong Kong stock market, gold and jewelry stocks also saw significant declines, with Chow Tai Fook dropping 8.67% and Lao Pu Gold falling 7.16% [10]. Group 3: Industry Analysis - According to CITIC Securities research, the new gold 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 - Industrial and Commercial Bank of China (ICBC) has announced the resumption of its "Ruyi Gold Accumulation" business application, which had been suspended due to macroeconomic policy impacts [2][4]. Group 1: Business Operations - ICBC suspended the "Ruyi Gold Accumulation" business from November 3, 2025, due to macroeconomic policy influences and risk management requirements, but existing customers' plans remain unaffected [4]. - China Construction Bank (CCB) also announced the suspension of its "Easy Gold" business, including real-time purchases and new investment plans, effective from November 3, 2025, while existing plans will continue [6]. Group 2: Tax Policy Impact - The Ministry of Finance and the State Administration of Taxation released new tax policies regarding gold, effective from November 1, 2025, which will last until December 31, 2027. The policy exempts value-added tax (VAT) for transactions involving standard gold [8]. - Industry insiders indicated that the suspension of business applications is primarily due to adjustments in response to macroeconomic policies, including IT system changes [8]. Group 3: Market Reactions - Following the announcement of the new tax policy, Chow Tai Fook Jewelry reported increased costs for gold procurement and production, leading to price adjustments for some gold products starting November 3 [8]. - On November 3, A-share gold and jewelry stocks experienced declines, with notable drops including Chao Hong Ji at a 10% limit down and other companies like Pengxin Resources and Lao Feng Xiang falling over 3% [8][9]. - In the Hong Kong stock market, gold and jewelry stocks also saw significant declines, with Chow Tai Fook dropping 8.67% and Lao Pu Gold down 7.16% [10].

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].

ICBC (国)工银金行家 关于暂停受理部分 如意导报官业务申请的公告 11月3日，工商银行公告，现已恢复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。您可通过我行营业网点、中国工商银行APP等渠道办理各类如意金积存业务。同时，建 议您关注黄金市场波动，提高风险防范意识，守护自身资产安全。 此前消息： 今天早些时候，工商银行发布公告，表示受宏观政策影响，根据工行风险管理要求，自2025年11月3日 起，工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。 同日，建设银行也发布公告，自2025年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。 同时，两家银行均表示，相关业务恢复事宜，请关注银行后续公告。 来源丨央视财经、工商银行 尊敬的客户: 受宏观政策影响,根据我行风险管理要 求,自2025年11月3日起 ...

Core Viewpoint - The sudden suspension of physical gold bar withdrawal services by major Chinese banks, including ICBC and CCB, signals a significant industry shift due to new taxation policies on gold, leading to market volatility and investor panic [1][2][5]. Market Reaction - Following the announcements, Hong Kong's gold retail sector saw a sharp decline, with shares of Chow Tai Fook and Luk Fook Group dropping over 8% [5]. - A rush to purchase physical gold bars occurred immediately after the announcements, contradicting banks' claims that existing customers would not be affected by the changes [5]. Policy Background - The root cause of this upheaval is the implementation of a new 13% value-added tax on gold, which eliminates previous tax benefits for banks during gold transactions, requiring full VAT payment upon physical withdrawal [5][7]. - This policy change significantly increases the tax burden on banks, with potential additional costs of 40-50 yuan per gram of gold if they continue to offer withdrawal services [7]. Strategic Responses - Different banks are adopting varied strategies in response to the new tax environment. For instance, China Merchants Bank is incorporating tax costs into gold pricing, while ICBC and CCB have opted for a more drastic approach by halting physical withdrawals [7]. - The shift towards electronic gold investment products is anticipated, as the new tax regime aims to reduce illegal activities associated with physical gold and promote regulated investment options like paper gold and gold ETFs [7]. Investment Strategies - Conservative investors are advised to utilize bank gold accumulation and redemption features to capitalize on price fluctuations while avoiding high tax costs associated with physical withdrawals [8]. - Aggressive investors may consider trading in Shanghai Gold Exchange T+D contracts or gold futures, which offer tax advantages and leverage opportunities, although they come with increased risks [8]. - Long-term holders should explore gold ETFs, which have lower management fees and are exempt from VAT, providing a cost-effective alternative to physical gold [8]. Future Outlook - The adjustments by ICBC and CCB are likely to trigger similar changes across other banks, impacting the broader gold market [9]. - Retail brands like Chow Tai Fook may face challenges in passing on increased costs to consumers or absorbing the losses themselves [9]. - The electronic gold trading platforms are expected to experience significant growth as investors shift from physical gold, leading to intensified competition among platforms [9].