财政部、税务总局就涉黄金税收发文；证监会、中基协发布涉公募领域重要文件｜每周金融评论（2025.10.27-2025.11.2）

Focus on Gold Tax Policy - The Ministry of Finance and the State Administration of Taxation announced a tax policy regarding gold transactions, exempting value-added tax (VAT) for members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange [9] - For investment purposes, VAT will be levied but immediately refunded, while non-investment gold will be exempt from VAT, potentially increasing costs for non-investment enterprises by approximately 60 yuan per gram [10] APEC Meeting Insights - President Xi Jinping emphasized China's commitment to an open world economy during the APEC meeting, proposing five key recommendations to maintain multilateral trade, stabilize supply chains, and promote inclusive development [10] - The APEC mechanism is recognized for its significant influence in promoting economic cooperation in the Asia-Pacific region, with China being viewed as a stabilizing force amid global uncertainties [11] US-China Trade Developments - The US announced the cancellation of a 10% tariff on Chinese goods related to fentanyl, while maintaining a 24% tariff on other products for another year, indicating a potential easing of trade tensions [11][13] - Recent discussions between US and Chinese leaders focused on enhancing economic cooperation and addressing mutual concerns, including trade and export controls [13] Regulatory Changes in Public Fund Sector - The China Securities Regulatory Commission (CSRC) released guidelines for public fund performance benchmarks, aiming to enhance stability and clarity in investment behaviors [12][14] - These guidelines are seen as a critical step in standardizing public fund regulations and reinforcing investment management discipline [14] Resumption of National Debt Trading - The People's Bank of China (PBOC) announced the resumption of national debt trading operations to improve monetary policy tools and enhance the financial function of government bonds [15] - This move is expected to stabilize the bond market and improve liquidity management, following a period of suspension due to market imbalances [15] Hainan Duty-Free Policy Update - A new duty-free shopping policy in Hainan, effective November 1, 2025, expands the range of eligible products and allows for increased purchase limits for travelers, aiming to enhance consumer experience and stimulate local economic growth [16] - The policy changes are projected to significantly boost Hainan's duty-free market, which has seen a substantial increase in sales and consumer participation in recent years [16] Manufacturing Sector Performance - The manufacturing Purchasing Managers' Index (PMI) for October recorded at 49.0, indicating a decline from September, reflecting weakened production and demand in the sector [18][19] - The decrease in manufacturing activity is attributed to external uncertainties and seasonal factors, with the production index falling into contraction territory [19]