Group 1 - 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] - The resumption of these services comes after a previous announcement that, effective November 3, 2025, ICBC would suspend these services due to macroeconomic policy impacts and risk management requirements [1][2] - Customers with existing fixed accumulation plans will not be affected in terms of execution, redemption, or account closure [2] Group 2 - Similarly, China Construction Bank (CCB) announced that it will suspend applications for its "Easy Storage Gold" business, including real-time purchases, new investment purchases, and physical gold exchanges, starting from November 3, 2025 [3] - Existing customers of CCB will still be able to execute their investment plans, redeem, and close accounts without any impact [3] - Both banks have advised customers to stay informed about the recovery of these services through future announcements [5]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has resumed accepting applications for the "Ruyi Gold Accumulation" business, allowing customers to open accounts, actively accumulate gold, add new fixed-term accumulation plans, and withdraw physical gold [1] Group 1 - ICBC is now processing various types of Ruyi Gold Accumulation business through its branches and the ICBC app [1] - Customers are advised to pay attention to fluctuations in the gold market and enhance their risk awareness to protect their asset security [1]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced the resumption of its "Ruyi Gold Accumulation" business, allowing customers to apply for account openings, active accumulation, new fixed accumulation plans, and physical gold withdrawals [1] Group 1 - ICBC will accept applications for the "Ruyi Gold Accumulation" business through various channels, including bank branches and the ICBC app [1] - The bank advises customers to pay attention to fluctuations in the gold market and to enhance risk awareness to protect their assets [1]

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].

Core Viewpoint - The recent suspension of gold-related services by major banks, including Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), is linked to new tax policies affecting the gold market, leading to significant fluctuations in gold prices and impacting retail businesses [3][4][15]. Group 1: Bank Operations - ICBC and CCB announced the suspension of certain gold investment services due to macroeconomic policy impacts and risk management requirements, with ICBC resuming operations within a day [3][5][11]. - The "Ruyi Gold" accumulation service by ICBC allows customers to accumulate gold and redeem it for cash or physical gold, while CCB's "Easy Storage Gold" service offers similar functionalities [13][11]. - Both banks indicated that existing customers' plans would not be affected, but new applications for certain services were temporarily halted [5][11]. Group 2: Tax Policy Impact - A new tax policy effective from November 1, 2025, exempts value-added tax (VAT) on standard gold transactions through designated exchanges until December 31, 2027, but imposes VAT on physical gold withdrawals, increasing investment costs [4][16]. - The policy aims to enhance the competitiveness of China's gold market and improve tax regulation precision, with expectations of a rise in retail prices for gold products due to increased procurement costs [4][15][22]. - Analysts predict that the new tax regulations will lead to a 7% increase in procurement costs for retailers, affecting pricing strategies across the gold jewelry sector [18][22]. Group 3: Market Reactions - Following the announcement of the new tax policy, gold prices surged significantly in the Shenzhen market, with prices rising from approximately 930 yuan per gram to over 996 yuan per gram within hours [21]. - Retailers, including Chow Tai Fook and others, have begun adjusting their prices in response to the increased costs associated with the new tax regulations [18][22]. - The market is currently in a state of uncertainty, with many retailers halting sales until further notice regarding pricing adjustments [21][22].

北京商报讯（记者 孟凡霞 周义力）11月3日晚间，工商银行发布公告称，该行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。投资者可通过该行营业网点、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 banking sector is currently experiencing a transitional period due to fluctuations in international gold prices and adjustments in gold tax policies, leading to temporary suspensions of certain gold-related services by major banks [1]. Group 1: Bank Actions - Industrial and Commercial Bank of China (ICBC) has resumed accepting applications for various gold accumulation services after a brief suspension [1]. - China Construction Bank announced a suspension of its Easy Gold services, while Minsheng Bank has adjusted the trading hours for its gold accumulation services [1]. Group 2: Market Analysis - Industry experts suggest that the temporary suspension of related services is aimed at preventing irrational market entry and will likely be lifted once market volatility stabilizes [1]. - Banks may also be optimizing product designs and upgrading risk warning mechanisms for gold accumulation products during this transitional phase [1].

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。 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。 （文章来源：中国经营报） ...

Core Viewpoint - Banks are temporarily suspending related businesses to avoid irrational market entry, with plans to resume once market volatility stabilizes [1] Group 1: Bank Actions - Industrial and Commercial Bank of China has announced the resumption of services related to the "Ruyi Jin" accumulation business, including account openings and withdrawals [1] - China Construction Bank and Minsheng Bank have also announced the suspension of certain accumulation gold services [1] Group 2: Market Analysis - Industry experts suggest that the combination of high international gold prices and adjustments in gold tax policies has led to a transitional period for the industry [1] - The suspension of related services by banks is seen as a measure to prevent irrational market entry and may involve optimizing product design and upgrading risk warning mechanisms [1]

Group 1 - 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 withdrawal requests [1] - ICBC advises customers to pay attention to fluctuations in the gold market and to enhance risk awareness to protect their asset security [1] Group 2 - ICBC announced that due to macroeconomic policy impacts and its risk management requirements, it will suspend the acceptance of applications for the "Ruyi Gold Accumulation" business starting November 3, 2025 [2] - Existing customers with valid fixed accumulation plans will not be affected in terms of execution, redemption, or account closure [2]