SD-GOLD(SH:600547) Sou Hu Cai Jing·2025-11-03 09:44Core Viewpoint - The new tax policy on gold, implemented by the Ministry of Finance and the State Taxation Administration, aims to differentiate between investment and non-investment demand for gold, leading to immediate market reactions and price fluctuations in gold bars and jewelry [1][8]. Market Reactions - The gold investment bar market has shown a clear division, with prices increasing in some stores while others have suspended sales or reduced offerings [3][5]. - For instance, the price of investment gold bars at Shandong Gold increased by over 100 yuan per gram to 1020 yuan per gram, while other brands like Dream Gold Garden offered temporary discounts [3][5]. Online Sales Strategies - Online sales strategies vary significantly among brands, with some like Chow Tai Fook maintaining prices consistent with physical stores, while others have drastically reduced their offerings or suspended sales altogether [5][8]. - For example, Chow Tai Fook's 10g gold bar is priced at approximately 11,200 yuan, while other brands have removed most investment gold products from their online platforms [5]. Impact on Jewelry Market - The price adjustments in the investment gold bar market have also affected the diamond-studded gold jewelry segment, with some brands pausing sales to reassess costs due to rising raw material prices and tax policy changes [7][8]. - The price of diamond-studded gold jewelry is influenced by various factors, including gold raw material costs, diamond costs, processing fees, and brand premiums [7][13]. Challenges for Small Gold Merchants - Small gold merchants face significant challenges due to increased tax costs and the inability to access the same resources as larger institutions, which may lead to squeezed profit margins [12]. - The new tax policy requires merchants to establish better sales records and tax management systems, increasing compliance costs [12]. Consumer Cost Variability - The cost of purchasing gold for consumers will vary based on the type of gold and the purchasing channel, with investment gold purchased through formal channels benefiting from tax exemptions [12][13]. - For jewelry, while raw material costs have risen, the overall impact on prices is limited due to the significant portion of costs attributed to processing and brand premiums [13].