黄金税收新政发布，黄金基金ETF（518800）连续2日净流入近2亿元，资金逢回调抢筹黄金

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have announced a new tax policy regarding gold, effective from November 1, 2025, which introduces a classification system for investment and non-investment gold products, potentially shifting investor behavior towards exchange-traded channels [1] Group 1: Tax Policy Changes - The new policy categorizes gold into investment (e.g., gold bars) and non-investment (e.g., jewelry, industrial uses) for tax management [1] - Gold purchased through exchange channels will continue to enjoy VAT tax benefits, resulting in a lower tax burden [1] - The cost of purchasing gold through non-exchange channels (e.g., banks and jewelry stores) will increase due to the VAT being included in the price and the interruption of the VAT deduction chain [1] Group 2: Investment Implications - The new policy may accelerate the concentration of investors towards exchange channels, benefiting gold ETFs and other non-physical gold investment forms due to tax advantages [1] - Ordinary investors can participate in gold investments through exchange products like gold ETFs and accumulation gold, balancing convenience and tax burden [1] - In the medium to long term, the central price of gold is expected to rise, suggesting that investors may consider participating during subsequent pullbacks and gradually building positions [1] Group 3: Specific Investment Products - Attention is drawn to direct investment in physical gold, which is exempt from VAT, and to gold ETFs with a circulation scale exceeding 25 billion yuan (518800) [1] - There is also a focus on gold stock ETFs (517400) that cover the entire gold industry chain [1]