实探水贝黄金市场：买卖价差扩至超百元

Core Viewpoint - The recent adjustment in gold tax policy has led to significant market disruptions, causing a "pricing chaos" in the gold jewelry sector, particularly in the Shenzhen market, with notable increases in price discrepancies between buying and selling [3][4][7]. Pricing Chaos - The gold price in the Shenzhen market has seen fluctuations, with the daily listing price rising from approximately 989 CNY per gram to 993 CNY, including about 70 CNY per gram in tax, and potentially exceeding 1000 CNY with additional consumption tax [4][6]. - The buying and selling price gap has widened to over 100 CNY per gram, compared to just 27 CNY six months prior [4][6]. Market Response - Despite a busy market, actual purchases have decreased significantly, with many consumers adopting a wait-and-see approach following the price surge on November 3 [6][10]. - The demand for "one-price" gold products, which have smaller price adjustments and appeal to younger consumers, has increased, becoming a popular choice in the gifting market [6][10]. Tax Policy Impact - The tax policy changes, effective from November 1, have led to increased costs for non-member jewelry brands, as their input tax deduction rates have decreased, resulting in higher VAT payments and potential profit margin pressures [7][10]. - The gold jewelry supply chain has been affected, with upstream material suppliers facing increased tax burdens, which in turn raises raw material costs for manufacturers [8][10]. Long-term Industry Outlook - The long-term impact of the tax policy is expected to increase industry concentration, favoring brands with pricing power and resilience in performance [10].