周大生：随着行业经营环境进一步规范，市场份额将向头部企业集中

Group 1 - The new tax regulations on gold trading provide significant tax cost advantages for companies that are members of the Shanghai Gold Exchange compared to non-member companies [1] - Over the long term, the industry operating environment is expected to become more standardized, leading to market share concentration among leading companies with qualification, scale, and brand advantages [1] - This concentration of market share creates a more favorable operating environment for the business development of the company [1]