黄金珠宝行业快评：黄金税收新政落地，分类实施不同方案

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the market over the next six months [5][8]. Core Insights - The new tax policy for gold, effective from November 1, 2025, to December 31, 2027, introduces different schemes for investment and non-investment uses of gold, aiming to clarify the nature of investment gold and regulate the production chain [1][3]. - The policy exempts value-added tax (VAT) for certain gold transactions, particularly for standard gold traded on exchanges, which is expected to enhance market transparency and reduce illegal trading [2][4]. - The change in VAT deduction rates from 13% to 6% for non-investment gold will increase tax costs for downstream jewelry retailers, potentially leading to higher prices for consumers and impacting sales volumes [3][4]. Summary by Sections Tax Policy Changes - The new policy categorizes gold into investment and non-investment uses, with specific tax implications for each category [3]. - Investment gold will incur VAT upon sale or processing into investment products, while non-investment gold will be exempt from VAT, benefiting cash flow for buyers [2][3]. Market Impact - The new regulations are expected to drive gold trading towards formal exchanges, enhancing market order and transparency [4]. - Increased tax costs for jewelry retailers may lead to price hikes for consumers, affecting demand for gold jewelry [4]. Investment Recommendations - The report suggests focusing on leading gold jewelry companies with membership qualifications and innovative product designs, as they may better navigate the changing tax landscape [4].