加强风控与成本管理 "为顺应市场变化，保护投资者权益，我行对于代理上海黄金交易所个人贵金属交易业务将加强管 理。"12月15日，工商银行发布一则公告称，将调整代理上金所个人贵金属交易业务。 银行贵金属业务近日频频迎来调整。 《国际金融报》记者注意到，近期多家银行加强了黄金业务的风控和成本管理。工商银行（601398）、 建设银行（601939）等多家机构纷纷发布公告称，将清理上海黄金交易所（下称"上金所"）个人贵金属 业务中的长期不动存量账户，也有机构宣布推出自营品牌金业务。 与此同时，对于小克重实物金和积存金两类风险较低的标准化产品，银行已开启了年末营销模式。 受访专家指出，预计未来将有更多中小银行跟进，逐步收缩自营黄金业务，转向代销和标准化产品。大 型银行则可能保留其核心品牌金业务，但同时会严格管控库存与合规流程。 据了解，银行代理上金所个人贵金属业务，是指银行作为上金所的金融类会员，接受个人客户的委托， 代理客户在交易所内进行贵金属交易、资金清算和实物交割的行为。 此次调整主要针对无持仓、无库存、无欠款、保证金账户仍有资金余额的客户。工行将自2025年12月19 日起，将上述客户的保证金账户余额批量转出 ...

此前，光大银行、建设银行、邮储银行等均已有行动。邮储银行9月30日宣布停办相关业务，要求持仓 及现货库存客户在10月31日前自主平仓，此后将陆续解除无持仓、无库存、无资金客户的委托关系。中 信银行10月30日公告称，自11月7日起清理代理上金所个人交易长期不动户，将账户余额划转后办理销 户。宁波银行9月30日宣布，10月13日起停止受理个人贵金属现货实盘买入交易，对近三个月无持仓交 易的客户进行解约处理。 业内分析指出，工行此次调整， 核心是清理长期无实际交易但留存闲置资金的"休眠账户"，这种规范 化清理既能提升账户管理效率，降低客户资金滞留风险，也符合金融监管对客户资金安全与透明度的要 求。银行收紧这类业务，一方面是当前贵金属市场风险偏大，价格波动剧烈；另一方面是这类带杠杆产 品以往开户门槛较低，银行难以核实客户投资能力，调整后可降低潜在风险。 品牌金销售现退出案例 12月15日，中国工商银行宣布对代理上海黄金交易所个人贵金属交易业务进行调整， 将关闭"三无"客 户贵金属交易功能。年内，国有大行、股份行、城商行已陆续收紧贵金属相关业务，背后折射出市场风 险波动、税收合规压力及投资者需求结构变化等多重考量。 ...

岁末年初，国内贵金属投资市场再起波澜。 12月15日，工商银行发布公告称，为顺应市场变化，保护投资者权益，该行将对代理上海黄 金交易所（以下简称"上金所"）个人贵金属交易业务加强管理。无持仓、无库存、无欠款、 保证金账户仍有资金余额的客户，需尽快自助办理资金转出手续。该行同时强调，自12月19 日起，上述客户的保证金账户余额将批量转出至该业务绑定的结算账户，并关闭相关业务功 能。 事实上，该行此番行动并非孤立存在，农业银行、建设银行、邮储银行、中信银行、光大银 行、宁波银行等已在年内相继跟进，收缩代理上金所个人贵金属业务规模。从国有大行到地 方银行，密集调整动作显示出行业性业务收缩轨迹，背后折射的是银行对贵金属市场风险的 审慎态度。 工行调整代理上金所个人贵金属业务， 闲置账户将被清理 12月15日，工商银行发布《关于调整代理上海黄金交易所个人贵金属交易业务的公告》称， 为顺应市场变化，保护投资者权益，该行对于代理上海黄金交易所个人贵金属交易业务将加 强管理。 工商银行表示，无持仓、无库存、无欠款、保证金账户仍有资金余额的客户，请尽快自助办 理资金转出手续。该行将自2025年12月19日起，将上述客户的保证金 ...

【环球网财经综合报道】自今年10月底黄金税收新政落地以来，其对黄金市场的深远影响正逐步显现。12月15日，恒丰银行发布公告，宣布将于12月22日起 停办其"恒裕金"等品牌金销售业务，成为新政实施后业内首个宣布退出自营品牌金销售的商业银行。此举被业内普遍解读为，在新的监管环境下，银行正基 于合规压力与商业可持续性考量，对贵金属业务进行战略性调整。 除了直接的合规压力，更深层的考量源于市场需求的结构性变化与银行自身的成本收益权衡。近年来，随着金价持续走高，居民配置黄金的意愿虽在上升， 但投资偏好正快速向黄金ETF、积存金、纸黄金等交易便捷、成本更低的账户类产品迁移。 博通咨询首席分析师王蓬博表示，自营品牌金本身存在设计成本高、库存占用大、周转慢等问题，在金价高位波动下更易形成库存减值风险。而新政规 定"未发生实物交割出库的交易免征增值税"，这使得非实物黄金产品的税收优势更加明显，进一步削弱了实体黄金的商业可持续性。 业内分析认为，恒丰银行的退出可能仅仅是一个开始。对于中小银行而言，若无法通过规模效应摊薄成本或打造稀缺IP溢价，其自营品牌金业务将面临更大 的经营压力，未来持续退出或是大概率事件。 展望未来，银行的策 ...

黄金税收新政落地一个多月后，部分银行宣布将退出品牌金销售业务。 12月15日，智通财经记者注意到，恒丰银行近日发布公告称，该行将于2025年12月22日起停办品牌金出售，并有序完成存量业务退出。恒丰银行解释称，停 办相关业务为"顺应市场趋势，贴合客户需求"。 受访业内人士告诉智通财经记者，税收新政带来的合规压力可能是导致部分银行停办该业务的最直接导火索。此外，税收政策差异持续削弱银行销售实体金 的商业可持续性，后续中小银行持续退出或是大概率事件。 从公开信息来看，恒丰银行应为新政实施以来业内首个宣布停办品牌金销售的商业银行。 部分银行退出品牌金销售，业内分析或基于合规压力 据了解，新政对交易所会员单位和客户提出极高合规要求，重点集中于内部核算管理和用途申报的严谨性，旨在对实物交割出库的黄金实施穿透式追踪。而 会员单位若违规开票或未如实申报，则将面临暂停税收优惠资格等处罚。 受访业内人士认为，新规对各会员单位带来合规上的压力。薛洪言表示，部分银行选择停办品牌金销售，其中"合规压力是最直接的导火索"。 所谓"品牌金"，多指银行自主设计打造样式并销售的实物黄金。智通财经记者从恒丰银行官网上查到，恒丰银行在售的品牌金 ...

本次峰会，汇聚政府监管层、行业协会领袖、资深专家、权威媒体、企业掌舵人及千余位合作伙伴。福州市长乐区人民政府副区长周勇先生，中国珠宝玉 石首饰行业协会会长叶志斌先生，中华全国工商业联合会金银珠宝业商会秘书长黄滢女士，中国黄金协会监事长刘艳红女士，中国黄金报社总编辑曲辉先 生，珠宝国检集团深圳实验室党总支书记张秋生先生，福建省宝玉石协会会长王乃珠先生，长乐区人大常委会原党组成员、副主任、长乐区企业与企业家 联合会会长陈国衍先生，上海豫园珠宝时尚集团有限公司副总裁李国臣先生，中国黄金集团黄金珠宝股份有限公司副总经理金文一先生，中国珠宝首饰进 出口股份有限公司加盟管理部总经理胡猛先生等嘉宾出席现场，共同围绕黄金税收新政落地后的行业变革、挑战应对与未来机遇，展开了一场高规格、深 层次、前瞻性的思想对话与发展共商。这场峰会成为观察中国黄金珠宝产业在政策驱动下转型升级的重要窗口。 2025年12月6日，由德诚珠宝集团主办的"新政·新机·新未来"黄金珠宝行业交流峰会在福州数字中国会展中心隆重启幕。这不仅仅是一场汇集政企学研与权 威媒体的高端对话，更是德诚珠宝集团在黄金税收新政背景下，展现战略定力、行业担当与前瞻视野的关键时 ...

"11月的生意跟10月相比的确差了一些，但还不至于变'冷清'。现在，不管是商家还是消费者，都在慢 慢适应新的市场变化。"在水贝从事黄金饰品生意近10年的黄经理见证了水贝市场的变化，他也在思考 着如何"转型"。 11月1日，财政部、国家税务总局发布《关于黄金有关税收政策的公告》，明确黄金有关税收政策。新 政落地后，不管是终端消费还是投资渠道，整个黄金市场迅速发生连锁反应。新政落地满月，全国最大 的黄金集散市场——深圳水贝又发生了哪些变化？证券时报记者对此进行了实探。 价格逐渐稳定 作为国内黄金市场的"价格洼地"，过去的水贝以"大盘金价+工费"的透明定价模式吸引消费者。然而， 新政初期，税费计算规则的不明确曾引发市场短暂混乱。"足金首饰报价频繁跳涨，单日价差一度接近 50元。"黄经理回忆，定价混乱导致消费者观望情绪加重，销量明显下滑。"我们也很担心，因为水贝的 金饰价格一直很透明，定价混乱会影响水贝的'金色招牌'。" 近日，记者再次来到水贝，多个交易中心的实时大屏已经将黄金按照"投资金"和"首饰金"分类。与此同 时，市场交易秩序整体平稳，绝大多数商户正常营业，报价机制和支付流程均回到常态。 11月的深圳水贝，黄金 ...

Core Viewpoint - Chow Tai Fook's mid-term performance shows signs of recovery with improved sales and profitability metrics, indicating a positive outlook for the company's future growth [1][2][3] Financial Performance - For FY26H1, Chow Tai Fook reported revenue of HKD 38.99 billion, a year-on-year decline of 1.1%, but a significant improvement compared to previous periods [1] - Operating profit reached HKD 6.82 billion, up 0.7% year-on-year, with an operating profit margin of 17.5%, marking a 0.3 percentage point increase and a five-year high [1] - The group maintained a gross margin of 30.5%, supported by a higher proportion of high-margin priced jewelry and rising gold prices [1] - The company declared an interim dividend of HKD 0.22 per share, a 10% increase year-on-year, reflecting confidence in future growth [1] Sales Performance - Same-store sales growth (SSSG) for FY26H1 showed positive trends, with mainland China and Hong Kong/Macau recording SSSG of +2.6% and +4.4%, respectively, representing significant year-on-year improvements of 30.0 and 35.2 percentage points [1] - Retail sales of priced jewelry in mainland China increased by 16.1% year-on-year, while gold retail sales declined by 5.8% [2] - The company launched its first high-end jewelry line, "He Mei Dong Fang," enhancing brand positioning and influence [2] Store Network Optimization - Chow Tai Fook is optimizing its store network by closing underperforming stores and opening new concept stores, focusing on improving single-store efficiency and profitability [2] - In FY25H1, the company closed 609 stores, ending the period with 5,663 stores in mainland China and 151 in Hong Kong/Macau [2] - New concept stores achieved an average monthly sales of HKD 1.3 million, a 72% year-on-year increase, indicating improved productivity [2] Market Trends and Future Outlook - Retail growth has accelerated since October, with a 33.9% year-on-year increase in retail value from October 1 to November 18, reflecting a recovery in consumer demand [3] - The implementation of a new gold tax policy in early November may temporarily disrupt demand but is expected to raise industry compliance standards, benefiting leading brands like Chow Tai Fook [3] - Profit forecasts for FY26 to FY28 are set at HKD 81.2 billion, HKD 89.1 billion, and HKD 99.0 billion, representing year-on-year growth of 37.3%, 9.8%, and 11.0%, respectively [3] - The target price is set at HKD 19.4, corresponding to a 24 times PE ratio for FY26, maintaining a "buy" rating [3]

Summary of the Conference Call on the Gold Jewelry Industry Industry Overview - The gold jewelry industry is currently facing challenges due to a new tax policy, which has led to increased costs for brands and changes in consumer behavior. [1][2] Key Points and Arguments 1. **Price Adjustments**: Brands are responding to the increased tax burden by raising prices by 60-80 yuan per gram, which translates to a price increase of approximately 5-7%. Despite the tax increase, consumer acceptance remains high due to stable gold prices. This is not expected to significantly impact the overall performance for 2025. [1][2] 2. **Impact on Water Bay Market**: The Water Bay market is experiencing severe impacts from the new policy, with merchants reluctant to issue invoices due to strict enforcement. This has led to a preference for a processing model where customers provide materials, and merchants only earn processing fees, resulting in price increases that exceed those of branded products. [1][2] 3. **Performance of Major Companies**: - **Changrongji**: Achieved over 50% same-store sales growth in November, marking a record high. The company opened 150 new stores this year and plans to accelerate to 200 stores in 2026. Same-store sales are expected to maintain a growth rate of around 20%. The proportion of high-weight products has increased, with a repurchase rate of 60% and an average transaction value rising to 6,000-8,000 yuan. [3][4] - **Zhou Li Fu**: Sales from November 1 to 18 remained stable with a slight decrease, but year-on-year growth was 4%. Franchise stores showed higher growth rates. The company remains confident in achieving its 2025 profit growth target of 5-15%, as price increases have not significantly affected end sales. [6] - **Zhou Da Sheng**: The company maintains its profit growth target of 5-15% for 2025. A new store in Xi'an generated over 3 million yuan in sales within a few days. The company is adjusting its franchise inventory structure and store locations to improve performance from a low base. [6] Important Considerations - **Future Sales Monitoring**: Although the new policy has not significantly impacted sales so far, it is crucial to monitor sales data closely over the next few months, particularly from November to December and January to February of 2026. The performance during the Spring Festival, which accounts for about 30% of annual sales, will be critical in determining the overall industry outlook and confidence in future performance. [5]

Core Insights - The new tax policy on gold has significantly impacted the market dynamics, leading to increased prices and reduced sales activity among retailers in the Shenzhen Shui Bei market [2][3][9] Market Reaction - Following the announcement of the new tax policy, major brands like Chow Tai Fook raised prices for gold jewelry by over 60 yuan per gram, resulting in a noticeable decline in market activity [3][4] - Retailers in Shui Bei reported a drastic drop in sales, with some shops halting operations due to the inability to sustain business under the new pricing structure [4][6] Tax Policy Changes - The new tax policy differentiates between investment and non-investment gold, imposing different VAT rates, which has led to an increase in costs for non-investment gold sellers [9][10] - Previously, gold merchants could obtain a 13% VAT rebate, but under the new policy, they now face a 7% to 13% increase in tax costs, significantly affecting their profit margins [12][13] Price Disparity - The price of gold jewelry in Shui Bei has risen to around 1100 yuan per gram, which is approximately 150 yuan higher than the international gold price, diminishing the competitive pricing advantage that Shui Bei once held [4][5] - The price gap between retail and recovery prices has widened, leading to a situation where consumers face significant losses when selling back gold [13] Industry Transformation - The new tax regime is forcing the gold industry to shift from a price-driven model to a value-driven approach, prompting some retailers to explore alternative products like silver and alloy jewelry [8][14] - The market is witnessing a trend towards "curve purchasing," where consumers buy gold bars from banks at lower prices and then have them crafted into jewelry, reflecting a change in consumer behavior [17] Long-term Implications - The restructuring of the gold market may lead to a decline in speculative buying, as the new tax policy discourages short-term investments in physical gold [17][18] - The overall impact of the new tax policy is still unfolding, with many retailers in Shui Bei struggling to adapt to the new market conditions [18]