黄金税改＋海南封关＝行业迎来合规发展新机遇

Core Viewpoint - The new gold tax policy, effective from November 1, 2025, marks the most significant tax reform in China's gold industry since 2002, aiming to clarify the investment and non-investment attributes of gold through tax leverage, thus ending the ambiguous era of value-added tax in the industry [3][5]. Tax Policy Impact - The new tax policy allows member units of exchanges to deduct input tax at a rate of 13% for investment-related gold purchases, while non-member units can only deduct at 6%, creating a 7% tax burden difference [5]. - The overall tax burden for non-investment gold has increased, leading to higher retail prices for consumers, which explains the perception of increased gold prices among the public [5]. Industry Transformation - Leading companies view the new tax policy as an opportunity for high-quality development, with a focus on regulatory compliance and transparency in the market [7]. - The policy is expected to drive the gold retail market from a rough development model to a more regulated and high-quality operational model [7]. Globalization Opportunities - The upcoming implementation of the Hainan Free Trade Port on December 18 is seen as a significant opportunity for the gold and jewelry industry to break through development bottlenecks and expand globally [8]. - The proportion of duty-free goods entering Hainan is expected to increase from over 20% to more than 70%, providing substantial cost savings for consumers purchasing gold in duty-free shops [8]. Strategic Initiatives - Companies like China Gold Group are implementing strategies to leverage the advantages of both Hainan and Hong Kong, establishing international headquarters and managing global supply chains [8]. - Chow Tai Fook is also utilizing Hainan as a strategic point for cross-border trade and industry aggregation, with strong sales performance in its duty-free stores [9]. Financial Support and Infrastructure - Financial institutions are adapting to support the gold industry, with banks like ICBC and CCB developing specialized financial services to meet diverse enterprise needs [10]. - The Hainan Free Trade Port is positioned as a testing ground for innovative financial services, presenting both opportunities and challenges for financial institutions [10]. Competitive Landscape Changes - The competition logic in the gold and jewelry industry is shifting from reliance on raw material prices to focusing on consumer experience, product innovation, craftsmanship, and cultural significance [12]. - Companies are increasingly integrating technology to enhance operational efficiency and customer experience, with Chow Tai Fook developing AI tools to improve decision-making and streamline operations [12].