Core Viewpoint - The introduction of a new tax policy on gold trading has led to a significant decline in the stock prices of major gold retail brands in Hong Kong, with analysts indicating that the policy is the direct cause of this downturn [2][3]. Impact on Gold Retail Companies - Major gold retail brands such as Chow Tai Fook, Lao Pu Gold, and Luk Fook have seen stock declines of nearly 9%, 7%, and over 6% respectively due to the new tax regulations [2]. - The new tax policy differentiates between investment and non-investment gold, which is expected to pressure the profits of gold retail companies, particularly in the context of rising gold prices [2][3]. - The tax burden for retailers purchasing non-investment gold through exchanges will increase, as the input tax deduction rate decreases from 13% to 6%, leading to a potential profit squeeze [2][3]. Consumer Pricing and Market Dynamics - Retailers are likely to pass on the increased tax burden to consumers, resulting in higher costs for purchasing gold jewelry [3]. - For example, under the new tax policy, a retailer's tax liability on a sale of gold jewelry could increase significantly, impacting pricing strategies [3]. - Analysts predict that the cost increase for consumers could be around 60 yuan per gram due to the reduced input tax deduction [3]. Structural Changes in Gold Consumption - The new tax policy is expected to accelerate a restructuring of the gold consumption market, with consumers potentially shifting towards purchasing gold through exchange members to benefit from tax advantages [4]. - There is an anticipated migration of investment demand from physical gold to standardized financial products like gold ETFs and accumulative gold, which remain tax-exempt and offer higher liquidity [4]. - The policy may lead to a structural price adjustment in the gold market, favoring businesses focused on the physical gold supply chain while encouraging individual investors to explore compliant investment channels [4]. Bank Adjustments and Market Risks - Banks may need to adjust their operations and systems to comply with the new tax regulations, which could impact their gold-related business activities [5]. - Despite the changes in tax policy, analysts believe the direct impact on gold prices will be limited, as the core tax framework for on-exchange transactions remains unchanged [5].

Core Viewpoint - The recent tax policy changes regarding gold transactions in China aim to categorize gold usage into "investment" and "non-investment" purposes, which will significantly impact the taxation and trading dynamics in the gold market [2][4]. Tax Policy Highlights - The new tax policy distinguishes between "investment" and "non-investment" uses of gold, which is a significant breakthrough in tax classification [2]. - Investment purposes include direct sales and the production of gold bars, ingots, and coins with a purity of 99.5% or higher, while non-investment purposes cover gold jewelry processing and industrial uses [4]. Tax Implications - For investment purposes, buyers of standard gold will benefit from an immediate VAT refund policy and exemption from urban maintenance and education fees, allowing for full input tax deduction [5]. - Non-investment purposes will see VAT exemptions, but input tax deductions will be limited to a 6% rate, which is lower than the typical 13% for general taxpayers [5][11]. Market Dynamics - The new regulations are designed to encourage gold trading on official exchanges by providing significant tax advantages for transactions conducted through these platforms [8][9]. - Transactions outside the exchanges will incur higher VAT rates, creating a clear incentive for market participants to shift towards exchange-based trading [8][9]. Consumer Impact - Individual sales of used gold items, such as jewelry, will remain exempt from VAT, but frequent and large-scale sales may be classified as business activities, subjecting them to a 3% VAT rate [11]. - Retail prices for gold jewelry may experience short-term fluctuations due to the new tax policy, as upstream costs may be passed down to consumers [15].

Core Viewpoint - The new tax policy on gold, implemented by the Ministry of Finance and the State Taxation Administration, aims to differentiate between investment and non-investment demand for gold, leading to immediate market reactions and price fluctuations in gold bars and jewelry [1][8]. Market Reactions - The gold investment bar market has shown a clear division, with prices increasing in some stores while others have suspended sales or reduced offerings [3][5]. - For instance, the price of investment gold bars at Shandong Gold increased by over 100 yuan per gram to 1020 yuan per gram, while other brands like Dream Gold Garden offered temporary discounts [3][5]. Online Sales Strategies - Online sales strategies vary significantly among brands, with some like Chow Tai Fook maintaining prices consistent with physical stores, while others have drastically reduced their offerings or suspended sales altogether [5][8]. - For example, Chow Tai Fook's 10g gold bar is priced at approximately 11,200 yuan, while other brands have removed most investment gold products from their online platforms [5]. Impact on Jewelry Market - The price adjustments in the investment gold bar market have also affected the diamond-studded gold jewelry segment, with some brands pausing sales to reassess costs due to rising raw material prices and tax policy changes [7][8]. - The price of diamond-studded gold jewelry is influenced by various factors, including gold raw material costs, diamond costs, processing fees, and brand premiums [7][13]. Challenges for Small Gold Merchants - Small gold merchants face significant challenges due to increased tax costs and the inability to access the same resources as larger institutions, which may lead to squeezed profit margins [12]. - The new tax policy requires merchants to establish better sales records and tax management systems, increasing compliance costs [12]. Consumer Cost Variability - The cost of purchasing gold for consumers will vary based on the type of gold and the purchasing channel, with investment gold purchased through formal channels benefiting from tax exemptions [12][13]. - For jewelry, while raw material costs have risen, the overall impact on prices is limited due to the significant portion of costs attributed to processing and brand premiums [13].

上周六（11月1日），财政部和国家税务总局发布《关于黄金有关税收政策的公告》（以下简称"新 政"） ，新政自2025年11月1日起实施，执行至2027年12月31日，适用时间以发生实物交割出库的时间 为准。 新政明确，在2027年年底前，对会员单位或客户通过上海黄金交易所、上海期货交易所交易标准黄金， 卖出方会员单位或客户销售标准黄金时，免征增值税。未发生实物交割出库的，交易所免征增值税；发 生实物交割出库的，则按公告规定适用相应增值税政策。 周一下午，全国最大的黄金珠宝集散地——深圳水贝市场的黄金价格突然大幅上涨。当天12时左右，小 程序显示金价在930元/克左右，但到14时30分金价飙升到992元/克。 （一）场外交易税负成本显性化，直接推高批发价 新政实施前，水贝市场依托"非标准化交易 + 税收模糊地带"形成了比品牌金店低100-200元/克的价格优 势。新政明确非交易所渠道需全额缴纳13%增值税，这一成本直接传导至交易环节。为维持盈利空间， 商户被迫上调销售价格，形成直接涨价压力。 （二）渠道迁移预期引发短期囤货潮，加剧供需失衡 新政倒逼交易向合规的交易所渠道集中，而水贝商户多为中小经营者，难以直接对 ...

中国黄金增值税新规正式生效，零售珠宝商和非交易所会员企业首当其冲。 周一市场反应剧烈，老铺黄金港股盘中跌幅一度超过9%，周大福一度跌12%，周生生也下跌至少8%。现货黄金应声下跌，一度跌破4000美元关口至3970美 元/盎司。 | < W | 老铺黄金(6181) | | | --- | --- | --- | | | 11-03 14:56:24 通 | | | 630,500 额 11.5亿 股本 1.76亿 市盈'''' 32.2 | | 万得 | | -54.000 -7.89% 換 1.27% 市值 1112亿 市净 13.24 | | | | 원가 五日 日K | 周Ｋ 月K | 車 | | 叠加 | 均价:632.558 | 盘口 成交 | | 749.000 | | 9.42% 卖10 635.000 2000 | | | | 卖9 634.500 300 | | | | 卖8 634.000 300 | | | | 卖7 633.500 100 | | | | 卖6 633.000 2300 | | 684.500 | 0.00% | 卖5 632.500 700 | | | | 卖4 6 ...

Group 1 - The Chinese government has canceled the VAT deduction policy for gold retail, which will significantly impact jewelry companies' procurement costs [1][2] - Citi's report indicates that the change in tax policy may lead to a decrease in net profits for major jewelry retailers such as Lao Pu Gold (6181.HK), Chow Tai Fook (1929.HK), and Luk Fook Holdings (0590.HK) by 15%, 26%, and 6% respectively in the fiscal year 2026 [1] - Morgan Stanley suggests that the adjustment will increase the procurement costs for small retailers and may encourage them to purchase gold directly from exchanges, potentially leading to market volatility in the short term [1] Group 2 - The new tax policy reduces the VAT deduction rate for gold procurement from 13% to 6%, which could increase gold procurement costs by approximately 7% in the worst-case scenario [2] - The industry may respond to cost pressures by raising retail prices, which could favor leading companies in the competitive landscape [1]

财政部等两部门发布取消部分零售商的黄金税收优惠政策，现货黄金跌破4000美元关口，这一政策调整可能削弱黄 金需求，给近期创下历史新高的市场带来新的压力。 上周六，，会员单位或客户通过上海黄金交易所、上海期货交易所交易标准黄金，卖出方会员单位或客户销售标准 黄金时，免征增值税。纳税人不通过交易所销售标准黄金，应按照现行规定缴纳增值税。 这意味着，在新政策下，税收优惠仅保留给上海黄金交易所和上海期货交易所的会员，包括可直接参与交易的主要 银行、精炼厂和加工商，而普通零售商将失去这一税收优惠，该政策将持续至2027年底。 周一亚市早盘，金价应声下跌，现货黄金一度下跌0.6%至3970美元/盎司，目前报3990美元/盎司，港股老铺黄金盘 中跌超8%。 BullionVault研究主管Adrian Ash表示，虽然中国黄金需求在今年创纪录的牛市中作用有限，但这一全球最大黄金消 费国的税收变化将打击全球市场情绪。 政策调整影响零售环节 此前，中国大多数加工商在向下游消费者销售时可以抵扣投入端的增值税。新政策改变了这一长期存在的税收优惠 机制，仅将其保留给上海黄金交易所和上海期货交易所的正式会员。 这些会员包括能够直接参与 ...

Group 1 - The core viewpoint of the news is the cancellation of tax incentives for certain retailers in the gold market, which has led to a decline in spot gold prices below $4,000, potentially weakening gold demand and adding pressure to a market that recently reached historical highs [1][2] - The new policy, effective until the end of 2027, restricts tax exemptions to members of the Shanghai Gold Exchange and Shanghai Futures Exchange, impacting ordinary retailers who will no longer benefit from these tax incentives [2] - Following the announcement, spot gold prices fell by 0.6% to $3,970 per ounce, with current prices reported at $3,990 per ounce, and Hong Kong-listed gold stocks dropping over 8% [1][3] Group 2 - Despite the recent decline, the fundamental factors supporting gold prices remain intact, including ongoing central bank demand and investor interest in gold as a safe-haven asset [4] - Year-to-date, gold prices have increased by over 50%, although there was a significant drop in the last two weeks of October after reaching historical highs earlier in the month [3][4]

Core Viewpoint - The recent adjustments in tax rates for gold and diamonds are expected to directly impact the pricing of jewelry products promoted by leading brands, with a notable increase in consumer costs anticipated due to these changes [1][3]. Tax Policy Changes - The announcement from the Ministry of Finance and the State Administration of Taxation regarding gold tax policies was released on October 29, effective from November 1, 2023, until December 31, 2027, replacing previous tax regulations [1]. - The new tax policy categorizes gold usage into investment and non-investment types, with more significant tax adjustments for non-investment purposes [3]. Impact on Retail and Consumer Behavior - Retailers, such as Chow Tai Fook and Lao Pu Gold, have already adjusted prices multiple times this year, and the uncertainty surrounding further price changes due to the new tax policies adds pressure on brands [4]. - The introduction of a 7% tax on processed gold products, including jewelry, is expected to increase costs for consumers, although immediate price changes were not observed on the first day of the new policy [3][6]. Market Dynamics and Consumer Trends - The trend towards fixed-price gold products, particularly those featuring diamond inlays, has shown strong revenue potential, as evidenced by Chow Tai Fook's recent financial performance [4]. - The adjustment in tax policies may lead to a shift in consumer purchasing behavior, with potential growth in "goldsmith" shops that offer processing services for investment-grade gold purchased directly from banks [8]. Industry Implications - The new tax structure is likely to affect various segments of the gold supply chain, particularly wholesalers and retail stores, as they may be compelled to raise prices in response to increased costs [6][8]. - The retention of tax incentives for investment-grade gold at trading exchanges is expected to keep domestic gold prices aligned with international rates, minimizing extreme price fluctuations [9].

Core Viewpoint - The adjustment of gold and diamond tax rates is expected to increase the cost of purchasing jewelry, impacting leading brands' pricing strategies in the market [1][2]. Group 1: Tax Policy Changes - The announcement regarding the adjustment of gold tax rates was made on October 29, effective from November 1, 2023, until December 31, 2027, which has led to the cancellation of previous tax policies [1]. - The diamond tax rate adjustment was announced earlier, allowing the market to prepare, while the gold tax policy change was more sudden [1]. Group 2: Impact on Jewelry Brands - Leading jewelry brands like Chow Tai Fook and Lao Pu Gold have been pushing fixed-price gold products, which are not directly tied to fluctuating gold prices, indicating a shift in pricing strategy [2]. - The recent tax adjustments have created pressure on brands, although it remains unclear if they will raise prices in response to the new tax policies [2]. Group 3: Industry Chain Effects - The impact of the new gold tax policy is anticipated to be most significant on the B-end of the gold industry chain, including suppliers, wholesalers, and retail stores [3].