黄金税收新政显效，恒丰银行首度退出自营品牌金销售

Core Viewpoint - The new gold tax policy implemented at the end of October 2023 is significantly impacting the gold market, leading to strategic adjustments by banks in their gold sales operations [1][2] Group 1: Regulatory Changes - Hengfeng Bank announced it will cease its "Hengyu Gold" brand sales starting December 22, 2023, marking the first bank to exit self-branded gold sales under the new regulatory environment [1] - The Ministry of Finance and the State Taxation Administration issued a notice that strictly differentiates between investment and non-investment gold, imposing high compliance requirements on trading members [1] - The new policy increases the complexity and risk of internal accounting and usage declaration for banks, with severe penalties for non-compliance, including the suspension of tax benefits [1] Group 2: Market Dynamics - There is a structural change in market demand, with a shift towards more convenient and cost-effective gold investment products like gold ETFs and paper gold, despite rising gold prices [2] - The design costs, inventory requirements, and slow turnover of self-branded gold products pose significant risks, especially under high price volatility, leading to potential inventory devaluation [2] - The new tax policy favors non-physical gold products by exempting them from VAT for transactions without physical delivery, further diminishing the commercial viability of physical gold [2] Group 3: Strategic Adjustments - The exit of Hengfeng Bank may signal a broader trend among smaller banks facing operational pressures in self-branded gold sales, potentially leading to more exits in the future [2] - Banks are transitioning from self-selling physical gold to a "light asset" model, focusing on promoting standardized products like gold ETFs and accumulation gold, thus evolving from product sellers to asset allocation service providers [2]