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].

11月3日上午，工商银行曾发布公告称，暂停受理部分如意金积存业务申请。中经记者 张漫游 北京报道 【黄金积存业务恢复了！】11月3日晚间，工商银行发布公告称，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。同时，工商银行建议投资者关注黄金市场波动，提 高风险防范意识，守护自身资产安全。 ...

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].

Group 1 - The Industrial and Commercial Bank of China announced the suspension of the Ruyi Jin accumulation business starting from November 3, 2025, due to macroeconomic policy impacts and risk management requirements [1] - The Construction Bank also announced the suspension of the Easy Storage Gold business from November 3, 2025, citing market volatility and risk management considerations [3] - Both banks stated that existing customers' plans and account closures will not be affected by these suspensions, and further announcements regarding the resumption of services will be made in the future [1][3]

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].

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 Points - The Industrial and Commercial Bank of China (ICBC) has resumed accepting applications for the "Ruyi Gold Accumulation" business, including account openings, active accumulation, new fixed accumulation plans, and physical gold withdrawals [1][2] - Customers can process various Ruyi Gold Accumulation services through ICBC branches and the ICBC app [1][2] - The bank advises customers to pay attention to fluctuations in the gold market and enhance risk awareness to protect their asset security [1][2] Summary by Category - **Business Resumption** - ICBC has restarted the acceptance of applications for the Ruyi Gold Accumulation business [1][2] - Services include account openings, active accumulation, new fixed accumulation plans, and physical gold withdrawals [1][2] - **Customer Access** - Customers can access these services through ICBC's physical branches and the ICBC mobile application [1][2] - **Market Advisory** - The bank recommends that customers monitor gold market fluctuations and improve their risk prevention awareness [1][2]

Group 1 - The Industrial and Commercial Bank of China (ICBC) has resumed accepting applications for various gold accumulation services, including account opening, active accumulation, new fixed-term accumulation plans, and physical gold withdrawal [1] - The bank encourages customers to pay attention to fluctuations in the gold market and to enhance risk awareness to protect their asset security [1] - Previously, ICBC had suspended certain gold accumulation services, and other banks such as Industrial Bank, Ping An Bank, and Bank of China had also taken similar actions [3] Group 2 - There has been a sudden price increase and delisting of gold bars, indicating potential short-term volatility in retail gold prices following tax reforms [4] - The Hong Kong Securities and Futures Commission is set to introduce two major guidelines regarding virtual assets [4]

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].