Core Viewpoint - The recent announcements from major banks, including Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), indicate a temporary suspension of certain gold investment services due to macroeconomic policy impacts and risk management requirements, with a focus on the implications of new tax policies on gold transactions [3][5][6]. Group 1: ICBC Announcement - ICBC has resumed accepting applications for the "Ruyi Gold Accumulation" business after a temporary suspension that began on November 3, 2025, due to macroeconomic policy impacts [1][3]. - The bank clarified that existing customers' plans and redemption processes remain unaffected during this suspension period [3]. Group 2: CCB Announcement - CCB announced a suspension of its "Easy Gold" business, including real-time purchases and new investment plans, effective from November 3, 2025, while existing plans and redemptions will continue as normal [5]. - The bank also suspended personal gold accumulation services related to physical gold exchanges, but other personal gold accumulation services remain unaffected [6]. Group 3: Tax Policy Implications - A new tax policy effective from November 1, 2025, exempts value-added tax (VAT) on standard gold transactions for member units or clients trading through designated exchanges, with specific provisions for investment and non-investment uses of gold [6]. - The policy aims to stimulate gold trading and investment by reducing tax burdens on transactions involving physical gold [6].

Core Viewpoint - The recent increase in gold prices by major jewelry brands, including Chow Tai Fook, is attributed to new tax policies affecting gold procurement and production costs, leading to price adjustments starting November 3 [1][5]. Price Adjustments - Major gold retailers have raised prices significantly, with Chow Tai Fook increasing prices by 61 CNY per gram, resulting in a 5.09% daily increase, while China Gold saw the largest hike of 78 CNY per gram, a 6.2% increase [2][3]. - The current price for Chow Tai Fook's gold is now 1259 CNY per gram, aligning with similar increases across other brands [3]. Tax Policy Impact - A new tax policy announced by the Ministry of Finance and the State Administration of Taxation will take effect from November 1, 2025, impacting how gold is taxed for investment and non-investment purposes [5][8]. - The policy specifies that member units purchasing standard gold for investment will face immediate VAT collection, while non-investment purchases will be exempt from VAT [5][8]. Market Reactions - Following the announcement of the tax policy, many brands temporarily removed investment gold bars from sale, indicating uncertainty in the market [6]. - Analysts suggest that the new tax regulations may increase costs for non-investment gold enterprises, potentially leading to higher retail prices for consumers [9].

Core Viewpoint - The recent increase in gold prices by major jewelry brands, including Chow Tai Fook, is attributed to new tax policies affecting gold procurement and production costs, leading to price adjustments starting November 3 [2][4]. Price Adjustments - Major gold retailers have raised prices significantly, with Chow Tai Fook increasing prices by 61 CNY per gram, resulting in a 5.09% daily increase, while China Gold raised prices by 78 CNY per gram, marking a 6.2% increase [4][5]. - The new prices for various brands are as follows: Chow Tai Fook and others at 1259 CNY per gram, while China Gold is at 1268 CNY per gram [5]. Tax Policy Impact - The new tax policy, effective from November 1, 2023, specifies that standard gold purchased for investment will incur immediate VAT, while non-investment purchases will be exempt from VAT [8][9]. - The policy aims to regulate the tax implications for both investment and non-investment gold purchases, potentially increasing costs for non-investment gold businesses due to reduced input tax deductions [13][14]. Market Reactions - Following the announcement of the new tax policy, many brands temporarily removed investment gold bars from sale, indicating uncertainty in the market [11]. - Analysts suggest that the policy may lead to higher retail prices for gold jewelry, as businesses adjust to increased costs from the new tax structure [14].

Core Viewpoint - Chow Tai Fook Jewelry announced a price adjustment for certain gold products starting November 3, in response to new tax policies affecting gold procurement and production costs [1] Group 1: Company Actions - The company indicated that the price increase will align with the additional costs imposed by the new tax policies [1] - Chow Tai Fook Jewelry is committed to making reasonable adjustments to its business and retail prices based on the impact of these policies [1] Group 2: Industry Context - The recent tax policy changes are expected to increase costs for gold procurement and production across the industry [1] - The adjustments made by Chow Tai Fook may reflect broader trends in the jewelry industry as companies respond to rising costs [1]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced the resumption of applications for the "Ruyi Gold Accumulation" business after a temporary suspension due to macroeconomic policy impacts [2][4]. Group 1: Business Operations - ICBC suspended the acceptance of applications for the "Ruyi Gold Accumulation" business starting November 3, 2025, due to macroeconomic policy influences and risk management requirements [4]. - China Construction Bank (CCB) also announced a suspension of its "Easy Storage Gold" business, affecting real-time purchases, new investment plans, and physical gold exchanges, while existing plans remain unaffected [6]. - 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, exempting certain transactions from value-added tax [7]. Group 2: Market Impact - The new tax policies have led to increased costs for gold procurement and production, prompting companies like Chow Tai Fook Jewelry to adjust prices for certain gold products starting November 3 [8]. - On November 3, A-share gold and jewelry concept stocks experienced declines, with notable drops including Chao Hong Ji hitting the daily 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 falling 7.16% [10]. Group 3: Industry Analysis - According to CITIC Securities research, the new gold tax regulations will have three main impacts: increased costs for non-investment gold jewelry companies due to reduced input tax deductions, advantages for companies selling investment gold, and expected price increases for consumers purchasing gold jewelry [10].

本报（chinatimes.net.cn）记者李明会 北京摄影报道 "以后没有大盘价的黄金了。"一位黄金店家对《华夏时报》记者感叹道。 受税收新政影响，实物黄金交易价格显著上涨。 11月3日，《华夏时报》记者走访了有着"北京水贝"之称的某热门黄金交易市场。记者注意到，对于首 饰金及投资金，当日该市场给出了每克1000多元的指导价，较当日大盘价每克高出100多元。一位金店 销售人员对记者表示，这里面已经包含了每克70元的税收。 此前11月1日，财政部、税务总局联合发布的《关于黄金有关税收政策的公告》（下称《公告》），厘 清了"投资性黄金"和"非投资性黄金"的边界。同时，是否发生实物交割出库也成为税收分水岭。一位业 内人士表示，简单来说，黄金不出库则不交税；若黄金出库后用于投资，则"先征后退"，后续销售需缴 税；若黄金出库后，并非用于投资，则免征增值税，但进项可抵扣6%。 值得一提的是，税收新政落地后，市场观望情绪迅速升温。走访中，《华夏时报》记者注意到，不少金 店放缓了出货节奏；另一方面，回收商也变得谨慎，有从业者坦言，"几十克的（回收）还行，几斤的 那种已经不敢收了。" 实物交割出库成"分水岭" 根据《公告》 ...

钛媒体App 11月3日消息，深圳水贝黄金珠宝市场的黄金价格突然大幅上涨。多位水贝商家表示今日金 饰的金价为988元左右，2日的价格仅为932元左右。消息面上，财政部、国家税务总局近日发布《关于 黄金有关税收政策的公告》，明确黄金有关税收政策，并自2025年11月1日起实施，执行至2027年12月 31日。不过，受访的水贝商家们表示金价上涨原因尚不清楚，目前仍在等待通知。 (证券时报) ...

Core Viewpoint - Chow Tai Fook Jewelry has announced a price adjustment for certain gold products starting from November 3, in response to new tax policies that increase procurement and production costs for gold [1] Group 1: Company Actions - Chow Tai Fook Jewelry will make reasonable adjustments to retail prices of products based on the impact of the new policies on its business [1] - The price increase will align with the cost increase brought about by the new tax policies [1]

周大福珠宝表示，将结合政策对业务和产品零售价格的影响作出合理调整。涨幅与新政带来的成本增加 相符。 周大福珠宝对智通财经表示，近日发布的黄金有关税收政策，为黄金采购和生产带来额外成本。为此， 周大福珠宝自11月3日起对部分黄金产品进行价格调整。 ...

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China announced a new tax policy regarding gold transactions, which includes exemptions from value-added tax (VAT) for certain transactions involving standard gold [1] Group 1: Tax Policy Changes - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange can enjoy VAT exemptions when selling standard gold [1] - The policy distinguishes between transactions that involve physical delivery and those that do not, with VAT exemptions applicable to transactions without physical delivery [1] - For transactions involving physical delivery, different tax policies apply based on the intended use of the purchased standard gold [1] Group 2: Implementation and Impact - Following the new policy, as of November 3, 2023, the price of physical gold bars displayed on the mobile banking app of China Merchants Bank includes tax, and the VAT is automatically processed by the system [1] - Customers do not need to bear additional tax costs during the trading process, but for physical gold buyback transactions, the tax will be calculated based on the real-time gold price at the time of pickup, in accordance with exchange regulations [1]