Core Viewpoint - The new gold tax regulations have led multiple banks to suspend gold accumulation and withdrawal services, indicating a significant shift in the gold investment landscape [1][2][4]. Group 1: Bank Responses - On November 3, major banks such as Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) announced the suspension of their gold accumulation services, including the "Ruyi Gold Accumulation" and "Easy Storage Gold" products, due to macroeconomic policy impacts and risk management requirements [2][3]. - ICBC clarified that the suspension of the "Ruyi Gold Accumulation" service was not due to a lack of gold inventory, as their branches reported sufficient stock [2][3]. - CCB also suspended real-time purchases and physical gold exchanges for its "Easy Storage Gold" product, while existing plans for current customers remain unaffected [2][3]. Group 2: Market Implications - The new tax regulations, effective from November 1, 2025, will differentiate between investment and non-investment uses of physical gold, impacting how transactions are taxed and potentially reducing speculative trading in physical gold [4][5]. - Analysts suggest that investors may need to seek alternatives such as paper gold or gold ETFs to reduce reliance on physical gold delivery due to the new tax implications and fluctuating gold prices [1][6]. - The market adjustments by banks are seen as a response to both the new tax regulations and the need for enhanced risk management in a volatile market environment [6]. Group 3: Future Outlook - The suspension of gold accumulation services is expected to lead to a reevaluation of pricing for gold products, as banks adjust to the new tax landscape [3][6]. - Existing customers of gold accumulation products are not affected by the new tax regulations, but new customers will need to consider tax implications when engaging in gold accumulation [6].

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced the resumption of its "Ruyi Gold Accumulation" business application, which had been suspended due to macroeconomic policy impacts [2][4]. Group 1: Business Operations - ICBC suspended the "Ruyi Gold Accumulation" business from November 3, 2025, due to macroeconomic policy influences and risk management requirements, but existing customers' plans remain unaffected [4]. - China Construction Bank (CCB) also announced the suspension of its "Easy Gold" business, including real-time purchases and new investment plans, effective from November 3, 2025, while existing plans will continue [6]. Group 2: Tax Policy Impact - The Ministry of Finance and the State Administration of Taxation released new tax policies regarding gold, effective from November 1, 2025, which will last until December 31, 2027. The policy exempts value-added tax (VAT) for transactions involving standard gold [8]. - Industry insiders indicated that the suspension of business applications is primarily due to adjustments in response to macroeconomic policies, including IT system changes [8]. Group 3: Market Reactions - Following the announcement of the new tax policy, Chow Tai Fook Jewelry reported increased costs for gold procurement and production, leading to price adjustments for some gold products starting November 3 [8]. - On November 3, A-share gold and jewelry stocks experienced declines, with notable drops including Chao Hong Ji at a 10% limit down and other companies like Pengxin Resources and Lao Feng Xiang falling over 3% [8][9]. - In the Hong Kong stock market, gold and jewelry stocks also saw significant declines, with Chow Tai Fook dropping 8.67% and Lao Pu Gold down 7.16% [10].

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced the resumption of the "Ruyi Gold Accumulation" business application, which had been suspended due to macroeconomic policy impacts [2][4]. Group 1: Business Resumption and Policy Impact - ICBC will resume accepting applications for the "Ruyi Gold Accumulation" business starting November 3, 2023, after a temporary suspension due to risk management requirements [2][4]. - China Construction Bank (CCB) also announced the suspension of its "Easy Gold" business, affecting real-time purchases and physical gold exchanges, while existing plans remain unaffected [5]. - The Ministry of Finance and the State Taxation Administration released new tax policies regarding gold, effective from November 1, 2025, which will impact the taxation of gold transactions [6]. Group 2: Price Adjustments and Market Reactions - Chow Tai Fook Jewelry announced price adjustments for certain gold products starting November 3, 2023, due to increased costs from the new tax policies [8]. - On November 3, 2023, A-share gold jewelry concept stocks experienced declines, with notable drops including Chao Hong Ji at a 10% limit down and others like Pengxin Resources and Lao Feng Xiang falling over 3% [8][9]. - In the Hong Kong stock market, gold jewelry stocks also saw significant declines, with Chow Tai Fook dropping 8.67% and Lao Pu Gold down 7.16% [10]. Group 3: Tax Policy Implications - The new tax regulations are expected to have three main impacts: increased costs for non-investment gold jewelry companies due to reduced input tax deductions, advantages for investment gold sales, and potential price increases for consumers purchasing gold jewelry [10].

Core Insights - The new gold tax regulations will have three main impacts on the industry [1] Group 1: Tax Changes - Input tax deductions for non-investment gold jewelry companies will decrease from 13% to 6%, potentially increasing costs [1] - Investment gold sales companies, particularly member units selling gold coins, will have a competitive advantage [1] Group 2: Consumer Impact - The price of gold jewelry for end consumers is expected to rise, with the extent of the increase depending on how companies transfer costs [1] - Purchasing gold bars from Shanghai Gold Exchange member units will not be affected by the new tax regulations [1]

Core Viewpoint - The new tax policy regarding gold transactions, announced by the Ministry of Finance and the State Taxation Administration, exempts value-added tax (VAT) for members or clients trading standard gold through designated exchanges, significantly impacting dealers and their cost structures [2][3]. Summary by Categories Tax Policy Changes - The announcement specifies that when members or clients sell standard gold, they are exempt from VAT if no physical delivery occurs. If physical delivery does occur, different VAT policies apply based on the intended use of the gold [2]. - For investment purposes, the exchanges will implement a VAT refund policy while exempting urban maintenance and construction tax, with special VAT invoices issued based on actual transaction prices [2][3]. Impact on Dealers - Dealers previously benefited from VAT deductions, which have now been eliminated, leading to increased costs. The previous system allowed for a nearly zero tax burden due to the ability to provide VAT special invoices [2]. - The new policy requires that investment gold must be processed through the exchanges, with full costs subject to a 6% urban maintenance tax [2]. Specific Use Cases - For gold purchased for investment, VAT is collected and refunded, while for non-investment purposes, VAT is exempt, and ordinary invoices are issued [3][4]. - Clients purchasing standard gold will also receive ordinary invoices, and if they process or sell the gold, they must adhere to current VAT regulations [4].