《政策》落地后，黄金市场迅速发生连锁反应——从终端消费到投资渠道，从零售商家到黄金金饰生产企业，均发生了一些变化。对此，证券时报记者进行了实 探。 （品牌金饰店的价格。吴家明摄） 近日，财政部、国家税务总局发布《关于黄金有关税收政策的公告》（以下简称《政策》），明确黄金有关税收政策。 11月4日，记者在深圳水贝黄金珠宝市场看到，现场人气依旧很高。不过，许多商家对短期内的销售还是有所担忧。 就在3日，水贝市场的金饰克价突然大涨50至70元。到了4日，水贝市场的金饰克价在990元左右，而大盘价格为918至920元左右，同日国际金价变动不大。 "相关税收新政出台的前两天，水贝的金价还没有变化。到了3日突然出现差价，现在的990元价格就是税后价，主要是因为原材料成本中包含了税费。"盛经理表 示，"以这个价格买金饰，目前也只能开收据。如果需要开发票，只能在这个价格基础上再加7%。" 有市场观点认为，黄金税收实施前，水贝市场依托"非标准化交易"以及"税收模糊地带"形成了一些价格优势，《政策》推动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，难以直接对接交易所资源。知名经济学家盘和林表示，"上海交易所的标准黄金卖 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the market over the next six months [5][8]. Core Insights - The new tax policy for gold, effective from November 1, 2025, to December 31, 2027, introduces different schemes for investment and non-investment uses of gold, aiming to clarify the nature of investment gold and regulate the production chain [1][3]. - The policy exempts value-added tax (VAT) for certain gold transactions, particularly for standard gold traded on exchanges, which is expected to enhance market transparency and reduce illegal trading [2][4]. - The change in VAT deduction rates from 13% to 6% for non-investment gold will increase tax costs for downstream jewelry retailers, potentially leading to higher prices for consumers and impacting sales volumes [3][4]. Summary by Sections Tax Policy Changes - The new policy categorizes gold into investment and non-investment uses, with specific tax implications for each category [3]. - Investment gold will incur VAT upon sale or processing into investment products, while non-investment gold will be exempt from VAT, benefiting cash flow for buyers [2][3]. Market Impact - The new regulations are expected to drive gold trading towards formal exchanges, enhancing market order and transparency [4]. - Increased tax costs for jewelry retailers may lead to price hikes for consumers, affecting demand for gold jewelry [4]. Investment Recommendations - The report suggests focusing on leading gold jewelry companies with membership qualifications and innovative product designs, as they may better navigate the changing tax landscape [4].

Core Viewpoint - The recent changes in gold tax policies have led multiple major banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank, and Agricultural Bank of China, to suspend gold accumulation and physical exchange services, with some banks making significant adjustments to their offerings [1][2][3]. Group 1: Bank Responses - ICBC announced the suspension of its gold accumulation services effective November 3, 2025, due to macroeconomic policy impacts, but existing customers' plans remain unaffected [2]. - China Construction Bank also suspended its gold accumulation services, including real-time purchases and physical gold exchanges, while allowing existing plans to continue [2][3]. - Agricultural Bank of China halted its gold accumulation services and physical gold exchanges, citing the new tax policy as the reason for the suspension [3]. Group 2: Adjustments in Gold Products - China Merchants Bank has shifted some of its self-operated gold products to a consignment model and temporarily removed certain products from sale, with the current prices reflecting the new tax-inclusive rates [1][4]. - The availability of physical gold products has decreased, with some banks reporting limited inventory, particularly for investment gold bars [4][5]. Group 3: Tax Policy Implications - The new tax policy, effective from November 1, 2023, clarifies the VAT rules for gold transactions, impacting how banks and their partners handle gold sales and pricing [5][6]. - The policy change means that banks may face increased costs when selling gold bars due to the shift from VAT exemptions to standard VAT rates for certain transactions [6][7]. - The overall impact on banks' gold business is expected to be limited, but adjustments in product offerings and pricing strategies are anticipated as banks adapt to the new regulations [5][7][8].

新政规定，在上述交易中，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，区别标准黄金的投资性用途和非投资性用途，分别按规定适 用增值税即征即退政策，以及免征增值税、买入方按照6%扣除率计算进项税额政策。 根据公告，投资性用途黄金包括直接销售，以及加工生产含金量99.5%及以上的金条、金块、金锭、金片，或经中国人民银行批准发行的法定金质货币。非 投资性用途，是指用于投资性用途以外的情形。 今年以来，黄金价格一路狂飙，年内接连突破3000美元/盎司和4000美元/盎司的历史纪录。在10月份触及4381美元/盎司的历史高点后，近期金价出现震荡回 头走势。在此背景下，恰逢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》，这将会对市场带来哪些影响？记者独家专访南华期货 贵金属分析师夏莹莹。 图源：视觉中国 部分黄金交易免收增值税 11月1日，财政部、国家税务总局联合发布《关于黄金有关税收政策的公告》，明确了直至2027年底的黄金交易增值税政策。 根据公告，在2027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。 ...

Group 1 - Morgan Stanley reports that China has canceled the VAT deduction policy for gold retail, leading to an additional 7% VAT on gold raw material procurement [1] - Numerous brands will increase the price of gold jewelry by approximately 5% based on weight starting November 3 [1] - The report observes a potential shift in demand trends, including a transition from gold bars to jewelry, from weight-based pricing to fixed pricing, from small operators to leading brands, and from mainland China to Hong Kong and Macau [1] Group 2 - The market is expected to undergo consolidation, with small retailers facing more store closures and brands with weak franchise management at risk [1] - Among the companies covered, Lao Feng Xiang and Zhou Da Sheng are expected to be impacted the most, followed by Zhou Da Fu; Lao Pu Gold is in a relatively favorable position [1] - In related events, gold jewelry stocks such as Lao Pu Gold, Zhou Da Fu, and Zhou Sheng Sheng experienced significant declines following the new tax policy announcement [2]

摘要今日周二（11月4日）亚盘时段，现货黄金目前交投于3984.18美元附近，截至发稿，现货黄金最新 报3983.08美元/盎司，跌幅0.43%，最高上探至4004.99美元/盎司，最低触及3978.02美元/盎司。目前来 看，现货黄金短线偏向看涨走势。 今日周二（11月4日）亚盘时段，现货黄金目前交投于3984.18美元附近，截至发稿，现货黄金最新报 3983.08美元/盎司，跌幅0.43%，最高上探至4004.99美元/盎司，最低触及3978.02美元/盎司。目前来 看，现货黄金短线偏向看涨走势。 【要闻速递】 近日，受税收新政影响，国内黄金市场出现明显波动。11月3日，知名金店销售人员表示，当前金价已 普遍上调，公布的价格为含税价，因此消费者购买时实际成本有所增加。"现在买金的话，一买一卖之 间价差可能达到每克70元以上，消费者的购金热情难免受到影响。"一位现场销售坦言。 此次波动源于10月29日财政部与国家税务总局发布的《关于黄金有关税收政策的公告》。针对公众关心 的"个人买卖黄金是否需要缴税"问题，知名律师解释称，普通消费者转让自用、佩戴过的黄金饰品通常 无需缴纳增值税。但如果存在频繁、大额交易行为 ...

Core Viewpoint - The new tax policy on gold transactions aims to classify the circulation of gold, distinguishing between its use as a regular commodity and as a financial investment, thereby allowing for more precise market management [1][4]. Tax Policy Changes - Effective from November 1, 2025, the new tax policy will apply until December 31, 2027, with the timing based on the physical delivery of gold [1]. - The policy introduces differentiated tax burdens for gold purchased for investment versus non-investment purposes, impacting both member units and clients [3][4]. Impact on Investment Behavior - The new tax burden on physical gold is expected to shift investor demand towards financial investment products rather than physical gold [2][3]. - Major banks, including Industrial and Commercial Bank of China and China Construction Bank, have suspended certain gold accumulation services, indicating a direct response to the new tax policy [6][7]. Market Reactions - Analysts suggest that the new policy may lead to an increase in on-exchange trading as the tax burden for such transactions is reduced [6]. - The policy is anticipated to have complex effects on the market, with differing opinions on its impact on gold prices [9][10]. Future Outlook - The changes may result in a decline in demand for products that allow for the physical extraction of gold, potentially making them niche offerings [8]. - The immediate market response saw a slight increase in gold futures prices, indicating initial investor reactions to the new tax implications [10].

Core Viewpoint - The recent suspension and subsequent resumption of gold accumulation services by major banks, specifically Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), reflect a response to new tax policies and market risks affecting the gold investment landscape [1][2][3]. Summary by Sections Business Adjustments - On November 3, ICBC and CCB announced the suspension of their gold accumulation services, including new account openings and physical gold withdrawals, effective immediately [1][2]. - Later that evening, ICBC reversed its decision and resumed the acceptance of gold accumulation services [3]. Regulatory Impact - The adjustments are primarily driven by new gold tax regulations that require banks to differentiate between investment and non-investment purposes during physical delivery, leading to increased compliance burdens [3][5]. - The banks are also managing operational costs and tax risks associated with physical gold transactions, which involve complex invoice management and customer usage identification [3]. Market Considerations - The suspension of services is seen as a measure to alert investors to manage their holdings and enhance risk awareness amid increasing market volatility [3]. - The recent increase in minimum purchase thresholds for gold accumulation services by several banks indicates a trend towards stricter customer screening and transaction control [5]. Future Outlook - The potential for other banks to follow suit in suspending gold accumulation services depends on their business structures and the proportion of physical deliveries [7]. - If more banks tighten their gold accumulation services, it may lead to a shift in personal investment channels away from banks, although the overall impact on gold prices and market liquidity is expected to be limited [6][7].

Summary of Conference Call on Gold Tax Policy Industry Overview - The conference call discusses the new gold tax policy in the jewelry industry, particularly focusing on the implications for retail brands and加盟商 (franchisees) in the gold market [1][3][11]. Key Points and Arguments 1. **New Tax Policy Implementation** - The new policy mandates that all gold raw materials must be procured through exchanges and taxed, aiming to close loopholes in the previous external procurement chain and enhance industry compliance. This is expected to significantly increase overall tax revenue in the long term [1][4]. 2. **Differentiated Tax Rates** - Investment gold purchased from member units incurs a 13% VAT, while non-member units face a 7% VAT. This aims to steer investment towards financial products like ETFs rather than physical gold [1][5]. 3. **Impact on Retail Prices** - Jewelry retail brands have raised prices by 6-7% to cope with increased costs due to the new tax burden. Brands like 周大福 (Chow Tai Fook) and 周生生 (Chow Sang Sang) may focus on fixed-price products to maintain sales [1][7][8]. 4. **Market Reactions** - The retail market has seen varied responses, with first-tier cities performing well while third and fourth-tier cities struggle due to limited consumer spending power. Some加盟商 are considering closing stores in lower-tier markets [1][14]. 5. **Gold Recovery Prices** - Recent trends show a decrease in gold recovery prices and an increase in selling prices, driven by expectations of higher tax burdens on gold procurement [2][15]. 6. **Long-term Industry Effects** - The new regulations are expected to create a more transparent and compliant market, although they may initially pressure brands. Over time, this could enhance overall market competitiveness [11][19]. 7. **Consumer Acceptance of Price Increases** - Consumer acceptance of price hikes is anticipated to improve over time, with some brands already experiencing significant sales growth despite the increases [8][34]. 8. **Regulatory Compliance and Supply Chain Adjustments** - Brands may need to adjust their supply chain and pricing strategies to comply with the new regulations, potentially leading to a more standardized procurement process [6][17][25]. 9. **Impact on Second-hand Market** - The second-hand gold jewelry market is less affected by the new policy due to its reliance on private transactions, making regulatory enforcement challenging [18]. 10. **Future Tax Considerations** - There is speculation about whether other precious materials like platinum and diamonds will face similar regulatory scrutiny, but currently, no such policies are in place [22]. Other Important Insights - The new policy aims to reduce gray areas in the market and improve tax collection efficiency through better regulation of sales data [12][13]. - The policy's focus on compliance is expected to phase out non-compliant practices over time, leading to a healthier market environment [4][11]. - The differences in enforcement of tax regulations across regions may lead to varying impacts on local markets [19][20]. This summary encapsulates the critical aspects of the conference call regarding the new gold tax policy and its implications for the jewelry industry, highlighting both immediate and long-term effects on market dynamics and consumer behavior.

Core Viewpoint - The recent suspension and subsequent resumption of gold accumulation services by major banks, specifically Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), reflect the impact of new tax policies on gold investments and the banks' need to adapt to regulatory changes [1][2][4]. Summary by Sections Business Adjustments - On November 3, ICBC and CCB announced significant adjustments to their gold accumulation services, including the suspension of new account openings and physical gold withdrawals [2][4]. - ICBC's suspension was initially set to last until November 3, 2025, but the bank resumed services later that same day [6][8]. Regulatory Impact - The adjustments are directly related to new tax policies that require banks to differentiate between investment and non-investment uses of physical gold, leading to increased compliance burdens [4][5]. - Banks are expected to restructure their systems to align with the new tax regulations, which may increase operational costs in the short term [4][10]. Market Risks - The banks' actions also reflect a response to heightened market risks, with the intention of encouraging investors to manage their positions more cautiously [5][6]. - Historical patterns show that banks often tighten operations during periods of significant volatility in precious metal prices [6]. Future Implications - The tightening of gold accumulation services may lead to a shift in personal investment channels, as investors seek alternative avenues for gold investment [9][10]. - Potential alternative investment channels include gold ETFs, purchasing gold bars from commercial institutions, and using online platforms for gold accounts [11]. Investor Guidance - Investors with a need for physical gold or those accustomed to regular accumulation should avoid new bank accumulation plans in the short term and monitor the situation closely [11]. - The Shanghai Gold Exchange and public gold ETFs are expected to attract more retail investors due to their lower entry barriers and higher liquidity [11].