ICBC(SH:601398) Sou Hu Cai Jing·2025-11-03 07:34Core Insights - The Industrial and Commercial Bank of China (ICBC) has suspended its "Ruyi Gold" accumulation business, leading to a rush in purchasing physical gold bars, which sold out within minutes [1][3][6] - The first working day of the new gold tax policy has resulted in significant declines in Hong Kong-listed gold retail brands, with drops exceeding 7% for major players [2][13] Group 1: ICBC's Gold Business - ICBC announced the suspension of new applications for its Ruyi Gold accumulation business effective November 3, 2025, due to macroeconomic policy impacts and risk management requirements [3] - Following the announcement, various specifications of physical gold bars were quickly sold out, with reports of customers only managing to purchase a 200g bar valued at 185,000 yuan [1][6] Group 2: Market Reactions to Gold Tax Policy - The implementation of the new gold tax policy has led to a collective decline in the stock prices of Hong Kong gold retail brands, with notable drops of 7.31% for Lao Pu Gold, 7.69% for Chow Tai Fook, and 8.52% for Luk Fook Holdings [2][13] - Gold prices in the market have seen a significant increase, with local prices for 999 and 9999 gold rising from 926 yuan and 936 yuan per gram to 985 yuan and 995 yuan per gram, respectively, reflecting a rise of 59 yuan per gram [9]