2025年11月1日，堪称中国黄金行业20年来最重磅的税收新政正式落地，瞬间搅动整个市场：实物黄金价格应声上涨，不少商家紧急下架金条产品，黄金珠 宝企业股价应声大幅波动，这场变革的影响正从产业链上游蔓延至终端消费市场。 此次改革用"双轨制"重构税收规则：投资性黄金（含金量≥99.5%的金条、金锭等）交易后只能开具普通发票，下游企业无法抵扣进项税，直接抑制投资性黄 金的流通套利；非投资性黄金（金饰、工业用金等）虽可开专票，但进项抵扣率从13%骤降至6%，企业税负大幅增加7%左右 。这一调整彻底斩断了虚开犯 罪的利益链条，却也直接影响企业税务处理和成本核算，成为珠宝企业股价波动的核心原因。 对普通消费者而言，影响因购金类型而异：通过经销商购买投资金条，可能因商家转嫁7%的抵扣差额而面临成本上涨；购买黄金首饰也可能因企业税负增 加出现零售价微涨 。不过长期来看，新政将推动黄金市场从粗放发展转向规范运行，倒逼企业从价格竞争转向产品创新和服务升级。 这场税改风暴既是对行业乱象的精准整治，也是黄金市场高质量发展的契机。你近期有购金计划吗？是打算投资金条还是购买金饰？欢迎在评论区分享你的 看法～ 新政的核心直指两大痛点：一 ...

转自：21财经 金价再创历史新高之际，水贝"投资金"低调下架。 实探水贝市场 12月22日下午，记者实体走访包括水贝壹号、水贝金座、水贝国际、特力珠宝大厦在内的多个黄金交易 市场发现，尽管仍处于调整期，但在强势金价的带动下，该商圈仍熙熙攘攘，热度不减。 水贝多个卖场中悬挂着滚动进行黄金报价的大屏幕，多数由水贝会信息科技有限公司（简称"水贝会"） 进行运营，其母公司为深圳吉盟投资集团有限公司，该集团旗下拥有零售商吉盟珠宝、制造商金弘珠 宝、商业大厦水贝金座和水贝国际，以及风投公司红土吉盟，而水贝会发布的报价在水贝市场颇有影响 力。 记者看到，如今报价屏幕仅显示黄金、铂金、白银三类价格，其中金价接近原"首饰金"报价。 此前，在黄金税改初期，水贝市场曾经历数日的定价混乱期，随后采用"投资金+首饰金"的双标价方 式，其中金条等"投资金"的克价通常比"首饰金"便宜约100元。 自11月黄金税收新政发布以来，作为全国最大的黄金珠宝批发市场，深圳水贝的金价标注方式已经历多 次调整，先是大屏幕分别显示"投资金"与"首饰金"价格。近日，记者走访发现，水贝市场不再区分"投 资金"与"首饰金"，报价屏幕运营方"水贝会"小程序亦同步 ...

金价再创历史新高之际，水贝"投资金"低调下架。自11月黄金税收新政发布以来，作为全国最大的黄金 珠宝批发市场，深圳水贝的金价标注方式已经历多次调整，先是大屏幕分别显示"投资金"与"首饰金"价 格。近日，记者走访发现，水贝市场不再区分"投资金"与"首饰金"，报价屏幕运营方"水贝会"小程序亦 同步隐去了"投资金"。部分水贝商家在社交平台上表示，"水贝市场再无投资金"。今年11月，《关于黄 金有关税收政策的公告》发布，将投资性、非投资性黄金分类管理，并鼓励投资金进入上金所、上期所 集中交易。12月22日，水贝会负责人回应记者称，本次标价体系的调整主要有两个原因，一是黄金税改 后，上金所的会员单位和非会员单位的盈利空间开始分化；二是避免给消费者带来误导，因此不再公开 发布。（21世纪经济报道） ...

金价再创历史新高之际，水贝"投资金"低调下架。 自11月黄金税收新政发布以来，作为全国最大的黄金珠宝批发市场，深圳水贝的金价标注方式已经历多 次调整，先是大屏幕分别显示"投资金"与"首饰金"价格。近日，21世纪经济报道记者走访发现，水贝市 场不再区分"投资金"与"首饰金"，报价屏幕运营方"水贝会"小程序亦同步隐去了"投资金"。 （原标题：21现场｜深圳水贝下架"投资金" 相关人士独家回应） 21世纪经济报道记者 黄子潇 深圳报道 部分水贝商家在社交平台上表示，"水贝市场再无投资金"。 今年11月，《关于黄金有关税收政策的公告》发布，将投资性、非投资性黄金分类管理，并鼓励投资金 进入上金所、上期所集中交易。 12月22日，水贝会负责人独家回应21世纪经济报道记者称，本次标价体系的调整主要有两个原因，一是 黄金税改后，上金所的会员单位和非会员单位的盈利空间开始分化；二是避免给消费者带来误导，因此 不再公开发布。 在国际市场的带动下，12月23日，周大福、周生生等品牌金饰价格站上1400元每克大关，日涨幅超过 2.5%；水贝金价则突破每克1160元。 实探水贝市场 12月22日下午，21世纪经济报道记者实体走访包括 ...

金价再创历史新高之际，深圳水贝的"投资金"低调下架。 自11月黄金税收新政发布以来，作为全国最大的黄金珠宝批发市场，深圳水贝的金价标注方式已经历多 次调整，先是大屏幕分别显示"投资金"与"首饰金"价格。近日，21世纪经济报道记者走访发现，水贝市 场不再区分"投资金"与"首饰金"，报价屏幕运营方"水贝会"小程序亦同步隐去了"投资金"。 部分水贝商家在社交平台上表示，"水贝市场再无投资金"。 今年11月，《关于黄金有关税收政策的公告》发布，将投资性、非投资性黄金分类管理，并鼓励投资金 进入上金所、上期所集中交易。 12月22日，水贝会负责人独家回应21世纪经济报道记者称，本次标价体系的调整主要有两个原因，一是 黄金税改后，上金所的会员单位和非会员单位的盈利空间开始分化；二是避免给消费者带来误导，因此 不再公开发布。 在国际市场的带动下，12月23日，周大福、周生生等品牌金饰价格站上1400元每克大关，日涨幅超过 2.5%；水贝金价则突破每克1160元。 站在调整的十字路口，水贝的转型路径值得关注。 12月22日下午，21世纪经济报道记者实体走访包括水贝壹号、水贝金座、水贝国际、特力珠宝大厦在内 的多个黄金交易市场 ...

记者丨黄子潇 编辑丨孙超逸 视频｜许婷婷 金价再创历史新高之际，深圳水贝的"投资金"低调下架。 自11月黄金税收新政发布以来，作为全国最大的黄金珠宝批发市场，深圳水贝的金价标注 方式已经历多次调整，先是大屏幕分别显示"投资金"与"首饰金"价格。近日，21世纪经济报 道记者走访发现，水贝市场不再区分"投资金"与"首饰金"，报价屏幕运营方"水贝会"小程序 亦同步隐去了"投资金"。 部分水贝商家在社交平台上表示，"水贝市场再无投资金"。 今年11月，《关于黄金有关税收政策的公告》发布，将投资性、非投资性黄金分类管理， 并鼓励投资金进入上金所、上期所集中交易。 12月22日，水贝会负责人独家回应21世纪经济报道记者称，本次标价体系的调整主要有两 个原因，一是黄金税改后，上金所的会员单位和非会员单位的盈利空间开始分化；二是避免 给消费者带来误导，因此不再公开发布。 在国际市场的带动下，12月23日，周大福、周生生等品牌金饰价格站上1400元每克大关， 日涨幅超过2.5%；水贝金价则突破每克1160元。 站在调整的十字路口，水贝的转型路径值得关注。 实探水贝市场 12月22日下午，21世纪经济报道记者实体走访包括水贝壹号 ...

12月中旬的深圳水贝，初冬的微凉被市场里的烟火气悄悄消融。水贝黄金珠宝交易市场，人流依旧熙攘，金光闪闪的饰件、耳畔萦绕着轻柔的询价声，唯 有柜台上方滚动的金价大屏，默默诉说着一场行业变革的悄然落地——区分"投资金"与"首饰金"的双标价显示，标注着黄金税改"满月"以来，这座中国最 大黄金集散地的理性与成长。 国际珠宝网 11月初，财政部、国家税务总局联合发布的黄金税收新政正式实施，这场被业内称为"黄金史上最严"的税改，以规范行业生态、厘清投资与消费边界为核 心，打破了水贝市场长期以来的经营惯性。一个月过去，实地探访发现，从初期的恐慌观望到如今的主动破局，从"价格战"的内卷到"价值战"的深耕，水 贝没有被变革击垮，反而在阵痛中孕育新生，在合规与温度的平衡中，走出了一条高质量发展的新路径。 税改"立规"：厘清边界，让黄金回归本真价值 税改的核心发力点，是厘清黄金"投资属性"与"消费属性"的边界，倒逼行业告别灰色地带，走向阳光化发展。这一变化，在水贝的金价波动与商户心声 中，显得尤为真切。 商户"破局"：多元突围，在变通中守护烟火生机 税改带来的冲击，最先传导至市场的每一位商户。对于依赖黄金零售、原料交易的中小商户而 ...

Core Insights - The gold market in Shenzhen's Shui Bei is adapting to new tax policies, with businesses and consumers gradually adjusting to the changes [1][3][4] Group 1: Market Response to Tax Reform - The introduction of new tax policies on gold has led to initial confusion in pricing, causing fluctuations in gold jewelry prices, with daily price differences reaching nearly 50 yuan [1] - As of November 30, the price of gold jewelry in Shui Bei reached approximately 1105 yuan per gram, which is about 150 yuan higher than the international gold price [2] - The price gap between Shui Bei's gold jewelry and branded gold stores like Chow Tai Fook has narrowed, with branded jewelry priced around 1300 yuan per gram [2] Group 2: Business Adaptation Strategies - Some merchants in Shui Bei are exploring diversification by shifting from gold jewelry to selling silver, diamonds, and alloy products to cope with market fluctuations [3] - Retailers are considering strategies such as "exchange" programs, allowing customers to swap old gold jewelry for new pieces by paying only the labor cost [2] - Companies are increasing their investment in product innovation and design, with one firm reporting a doubling of R&D investment compared to the previous year [3]

Summary of the Conference Call on the Gold and Jewelry Market Industry Overview - The gold and jewelry market in Henan experienced a significant slowdown in growth, with an increase of only 3.6% in October 2025, compared to 30%-50% in previous months. This slowdown is attributed to a 50% rise in gold prices and uncertainty surrounding tax reforms, particularly affecting the capital city, Zhengzhou, due to low wedding demand [1][4]. Key Points and Arguments - **Impact of Tax Reform**: The tax reform primarily targets investment gold bars, with upstream factories currently invoicing at a 13% VAT, leading to an increase of 70 RMB per gram in upstream costs, resulting in retail prices exceeding 1,200 RMB per gram. Domestic brands like Lao Feng Xiang and Lao Miao allow the exchange of old materials, mitigating cost pressures compared to Hong Kong brands like Chow Tai Fook and Chao Hong Ji, which do not allow such exchanges [1][5]. - **Sales Performance**: In November, overall sales performance was poor due to the off-season, with a 6.3% increase in monetary sales but a 24.6% decline in inventory weight. Lao Feng Xiang showed the best performance with a 12.6% year-on-year growth, while Chow Tai Fook reported a sales figure of 2.27 billion RMB due to software issues [2]. - **Market Dynamics**: The investment gold bars account for about 3% of the market, with most sales still focused on jewelry. The proportion of fixed-price products has increased, with Chow Tai Fook at 35.7% in Henan, while other brands like Lao Feng Xiang and Lao Miao are lower at 10-12% [3][10]. - **Inventory and Supply Chain**: There was a 20% decline in inventory in November, influenced by gold price fluctuations, rumors of the end of the Russia-Ukraine war, and uncertainties from tax reforms. Many brands reduced their purchase volumes due to cash flow issues caused by rising gold prices [11]. - **Government Regulation**: The government may enhance regulations on the recovery and trading of old materials and require upstream factories to purchase raw materials from the Shanghai Gold Exchange to reduce tax evasion [7]. - **Consumer Sentiment**: Consumers are primarily feeling the impact of rising gold prices. However, with increased transparency regarding potential tax increases, their initial wait-and-see attitude has eased, and wedding demand remains a significant factor [9]. Additional Important Insights - **Brand Strategies**: Major brands are reducing pressure on franchisees and developing IP series and high-end products to increase margins. Approximately 70% of purchases from leading brands are now series or IP products, which helps differentiate them from lower-end brands [12][13]. - **Future Expectations**: The willingness of consumers to spend in 2026 will depend on the clarity of tax policies. If the government clarifies that only investment gold bars will be taxed, it could significantly lower costs for franchisees and boost confidence in purchasing [17]. - **Franchisee Challenges**: Franchisees are currently facing challenges due to high tax burdens and are reducing inventory in anticipation of price corrections and tax policy changes. Many are also experiencing cash flow issues due to high inventory costs [15][16]. - **Brand Goals for 2026**: Brands are discussing their targets for 2026 with franchisees, with many facing declining sales targets due to store closures and high tax burdens. For instance, Lao Miao has projected a nearly 20% decline in order volume for 2025 [18].

Group 1 - The gold price has been rising, leading to a transformation in the gold jewelry industry, shifting from channel-driven growth to brand and product-driven growth, with a clear trend towards differentiation, lightweight, and high-end products [1] - In Q3 2025, China's gold jewelry demand was 84 tons, down 18% year-on-year and up 21% quarter-on-quarter, marking the weakest performance for the third quarter since 2007, indicating a shift from pure volume growth to brand and craftsmanship focus [1] - The company's revenue in Q3 2025 was 2.18 billion, down 16.7%, with self-operated offline revenue at 450 million, up 15.5%, and online revenue at 780 million, up 68.2%, while franchise revenue was 920 million, down 46.8% [1] Group 2 - The recent adjustment in the value-added tax policy for gold in China may create short-term demand resistance but is expected to accelerate the industry's transformation towards innovation in craftsmanship and design [2] - The company is projected to achieve a net profit of 1.08 billion and 1.22 billion in 2025 and 2026, respectively, with a current price-to-earnings ratio of approximately 13x and 12x for those years, indicating a low valuation with safety margins [2] - The company has effectively managed costs and maintained stable gross margins, achieving steady profit growth despite fluctuations in gold prices [2]