水贝冷暖 见证黄金行业规范化进阶

Core Viewpoint - The recent tax policy adjustment on gold in China has led to a significant cooling of the market, particularly in Shenzhen's Water Bay, impacting sales and pricing dynamics across the industry [1][3][10]. Market Impact - The implementation of the new tax policy on November 1 has reduced the tax deduction rate for non-investment gold from 13% to 6%, increasing the procurement costs for gold jewelry and leading to a decline in sales [1][2]. - The market atmosphere has shifted, with fewer transactions and a noticeable decrease in customer inquiries, particularly for large orders [2][3]. - The price disparity between retail and wholesale gold has diminished, with the retail price of gold jewelry in Water Bay reaching 1,095 CNY per gram, while the domestic gold price was around 942 CNY per gram on the same day [3][4]. Recovery Market Dynamics - The gold recovery market has also been affected, with the price gap between retail and recovery prices widening from 30 CNY to over 160 CNY, causing uncertainty among recovery businesses [4]. - Major recovery companies have paused operations, and smaller businesses are facing challenges in determining acceptable recovery prices [4]. Industry Adaptation - The industry is actively seeking survival strategies, with upstream suppliers halting shipments, midstream manufacturers shifting to a "settlement by material" model to reduce costs, and downstream retailers diversifying sales channels and product offerings [7][8]. - Retailers are responding differently, with larger brands quickly adjusting prices to pass on costs to consumers, while smaller merchants are exploring online sales and unique product designs to attract customers [8]. Long-term Outlook - Analysts suggest that the tax reform aims to regulate the market and reduce speculative trading, which may lead to a more stable industry environment in the medium to long term [5][10]. - The reform is expected to enhance the overall management of gold production and supply, pushing the industry towards a more value-driven approach rather than a purely price-driven one [9][10]. Regulatory and Support Mechanisms - There is a call for regulatory bodies to improve supporting mechanisms during the transition period, including establishing standards and providing guidance for compliance [11]. - The industry is anticipated to move towards a more standardized and innovative framework, fostering a healthier market environment [10][12].