黄金税收新政发布，关注黄金基金ETF（518800）

Core Viewpoint - The new tax policy on gold, effective from November 1, 2025, exempts value-added tax (VAT) for gold investments through exchange channels, which is expected to benefit gold ETFs with a circulation scale exceeding 25 billion yuan [1]. Summary by Relevant Sections Key Changes - The new policy classifies gold into investment (e.g., gold bars) and non-investment categories (e.g., jewelry, industrial use), with different tax treatments. Investment gold retains the existing tax benefits at the procurement stage, while non-investment gold sees a reduction in input tax deduction from 13% to 6% [2]. - For transactions without physical delivery, members trading standard gold through the Shanghai Gold Exchange are still exempt from VAT, consistent with previous regulations [2]. Impact Analysis - Non-investment gold jewelry companies will face increased costs due to reduced input tax deductions, potentially leading to higher retail prices for consumers [3]. - Investment gold sales entities, particularly member units (304 as of September 2025), will benefit from tax deductions at the procurement stage, enhancing their competitive edge [3]. - End consumers may see price increases for gold jewelry, depending on how much of the cost increase is passed on by manufacturers [3]. Investment Perspective - The new regulations are part of a broader trend in gold trading policy, aimed at clarifying tax issues related to physical gold transactions and addressing the growing interest in gold purchases over the past two years [4]. - The policy is expected to drive investors towards exchange channels, benefiting gold ETFs and other non-physical gold investment products due to their tax advantages [5]. Gold Jewelry Industry - The core of the new tax policy is to enhance transparency and standardization in the gold industry by closing tax loopholes, with a significant impact from the tax rate change from 13% to 6% [6]. - The new regulations may lead to price adjustments in the market, with potential short-term pressure on consumption, but long-term benefits for leading brands as they gain market share from smaller competitors [6]. Related Products - Gold Fund ETF (518800): Direct investment in physical gold, exempt from VAT, with a circulation scale exceeding 25 billion yuan [7]. - Gold Stock ETF (517400): Covers the entire gold industry chain, including mining, refining, and sales [7].