花旗：中国撤黄金税抵扣，珠宝商黄金采购的增值税抵扣率从13%降至6%！料零售商采购成本上升约7%

Group 1 - The Chinese government has canceled the VAT deduction policy for gold retail, which will significantly impact jewelry companies' procurement costs [1][2] - Citi's report indicates that the change in tax policy may lead to a decrease in net profits for major jewelry retailers such as Lao Pu Gold (6181.HK), Chow Tai Fook (1929.HK), and Luk Fook Holdings (0590.HK) by 15%, 26%, and 6% respectively in the fiscal year 2026 [1] - Morgan Stanley suggests that the adjustment will increase the procurement costs for small retailers and may encourage them to purchase gold directly from exchanges, potentially leading to market volatility in the short term [1] Group 2 - The new tax policy reduces the VAT deduction rate for gold procurement from 13% to 6%, which could increase gold procurement costs by approximately 7% in the worst-case scenario [2] - The industry may respond to cost pressures by raising retail prices, which could favor leading companies in the competitive landscape [1]