黄金税收新政利好场内投资，关注黄金ETF(159934)配置价值

Core Insights - The recent policy change in the gold market, effective from November 1, 2025, exempts on-site trading at the Shanghai Gold Exchange from value-added tax (VAT) and allows a 6% input tax deduction for jewelry and industrial gold usage, valid until the end of 2027 [1] Group 1: Policy Impact - The new tax policy is expected to benefit gold ETFs, as their operations do not involve physical delivery, aligning with the tax exemption for on-site trading, thus maintaining cost advantages [1] - The policy specifies that investment gold bars cannot provide VAT invoices for input tax deductions upon resale, potentially increasing hidden costs for physical investments and driving funds towards lower-cost channels, enhancing the attractiveness of gold ETFs [1] Group 2: Market Dynamics - Gold is not viewed as a short-term profit asset; price fluctuations due to policy changes and geopolitical factors are normal, and corrections may provide reasonable entry points for long-term investments [1] - Long-term, gold remains a tool for hedging against credit currency risks, supported by ongoing accumulation by global central banks, maintaining its role as a "risk buffer" in diversified asset portfolios [1] Group 3: ETF Performance - The gold ETF (159934) has seen over 4 billion yuan in net inflows in the past month, reaching a total scale of 31.6 billion yuan, indicating good liquidity [1] - This ETF invests in Au99.99 spot contracts on the Shanghai Gold Exchange, tracking domestic gold price performance and providing investors with a convenient, low-cost asset allocation tool [1]