Core Viewpoint - The recent announcement of new tax policies regarding gold transactions by the Ministry of Finance and the State Administration of Taxation has led to significant price fluctuations in the gold retail market, particularly affecting investment gold bars and jewelry prices. Group 1: Market Reaction - On November 3, major Hong Kong gold retail brands experienced a sharp decline, with companies like Lao Pu Gold, Chow Tai Fook, and Luk Fook Jewelry dropping over 7% in stock price [2][6]. - In the A-share market, the precious metals sector also faced declines, with Hunan Gold falling over 4% and other companies like Xiaocheng Technology and Zhongjin Gold dropping more than 2% [1]. Group 2: Tax Policy Impact - The new tax policy specifies that value-added tax (VAT) will be refunded for standard gold purchased for investment purposes, while it will be exempt for non-investment purposes [3][4]. - Industry insiders believe that the new regulations will curb illegal trading and short-term speculation, potentially affecting gold prices, but will not impact genuine demand in the medium to long term [4]. Group 3: Consumer Price Changes - Following the announcement of the tax policy, the price of gold jewelry has generally risen above 1250 RMB per gram, with brands like Chow Tai Fook and Luk Fook Jewelry pricing at 1259 RMB per gram [6][7]. - There has been a notable increase in the prices of investment gold bars, with reports indicating that prices surged from around 928 RMB per gram to over 1000 RMB per gram within a single afternoon [8][11]. Group 4: Availability of Gold Products - Many brands have either removed investment gold bars from sale or significantly increased their prices, leading to a scarcity of gold bars priced below 1000 RMB per gram [18][20]. - Banks have maintained stable prices for their gold bars, with some reports indicating that certain bank gold bars are still available at prices below 1000 RMB per gram, contrasting with the retail market [18].

Core Insights - The Industrial and Commercial Bank of China (ICBC) has suspended its "Ruyi Gold" accumulation business, leading to a rush in purchasing physical gold bars, which sold out within minutes [1][3][6] - The first working day of the new gold tax policy has resulted in significant declines in Hong Kong-listed gold retail brands, with drops exceeding 7% for major players [2][13] Group 1: ICBC's Gold Business - ICBC announced the suspension of new applications for its Ruyi Gold accumulation business effective November 3, 2025, due to macroeconomic policy impacts and risk management requirements [3] - Following the announcement, various specifications of physical gold bars were quickly sold out, with reports of customers only managing to purchase a 200g bar valued at 185,000 yuan [1][6] Group 2: Market Reactions to Gold Tax Policy - The implementation of the new gold tax policy has led to a collective decline in the stock prices of Hong Kong gold retail brands, with notable drops of 7.31% for Lao Pu Gold, 7.69% for Chow Tai Fook, and 8.52% for Luk Fook Holdings [2][13] - Gold prices in the market have seen a significant increase, with local prices for 999 and 9999 gold rising from 926 yuan and 936 yuan per gram to 985 yuan and 995 yuan per gram, respectively, reflecting a rise of 59 yuan per gram [9]

Core Viewpoint - The new tax policy on gold, effective from November 1, 2025, exempts value-added tax (VAT) for gold investments through exchange channels, which is expected to benefit gold ETFs with a circulation scale exceeding 25 billion yuan [1]. Summary by Relevant Sections Key Changes - The new policy classifies gold into investment (e.g., gold bars) and non-investment categories (e.g., jewelry, industrial use), with different tax treatments. Investment gold retains the existing tax benefits at the procurement stage, while non-investment gold sees a reduction in input tax deduction from 13% to 6% [2]. - For transactions without physical delivery, members trading standard gold through the Shanghai Gold Exchange are still exempt from VAT, consistent with previous regulations [2]. Impact Analysis - Non-investment gold jewelry companies will face increased costs due to reduced input tax deductions, potentially leading to higher retail prices for consumers [3]. - Investment gold sales entities, particularly member units (304 as of September 2025), will benefit from tax deductions at the procurement stage, enhancing their competitive edge [3]. - End consumers may see price increases for gold jewelry, depending on how much of the cost increase is passed on by manufacturers [3]. Investment Perspective - The new regulations are part of a broader trend in gold trading policy, aimed at clarifying tax issues related to physical gold transactions and addressing the growing interest in gold purchases over the past two years [4]. - The policy is expected to drive investors towards exchange channels, benefiting gold ETFs and other non-physical gold investment products due to their tax advantages [5]. Gold Jewelry Industry - The core of the new tax policy is to enhance transparency and standardization in the gold industry by closing tax loopholes, with a significant impact from the tax rate change from 13% to 6% [6]. - The new regulations may lead to price adjustments in the market, with potential short-term pressure on consumption, but long-term benefits for leading brands as they gain market share from smaller competitors [6]. Related Products - Gold Fund ETF (518800): Direct investment in physical gold, exempt from VAT, with a circulation scale exceeding 25 billion yuan [7]. - Gold Stock ETF (517400): Covers the entire gold industry chain, including mining, refining, and sales [7].

Core Viewpoint - The Hong Kong gold retail brands experienced a significant decline in stock prices, with major players like Chow Tai Fook, Luk Fook, and Lao Pu Gold dropping over 7% as of November 3 [1][2]. Group 1: Market Reaction - Major Hong Kong gold retailers saw stock declines, with Lao Pu Gold down 7.82%, Chow Tai Fook down 7.62%, and Luk Fook down 7.40% [2]. - In the A-share market, the precious metals sector also faced losses, with Hunan Gold down over 4% and several other companies like Xiaocheng Technology and Shanjin International dropping more than 2% [2]. Group 2: Tax Policy Impact - On November 1, the Ministry of Finance and the State Administration of Taxation announced new tax policies regarding gold transactions, which include immediate VAT refunds for investment-grade gold purchased by member units [4][5]. - The new regulations are expected to curb illegal trading and short-term arbitrage, potentially affecting gold prices, but are not anticipated to impact genuine demand in the medium to long term [5]. - The tax policy primarily targets investment-grade gold transactions, leaving the tax treatment of gold jewelry unchanged, thus not affecting ordinary consumers purchasing gold jewelry [5]. Group 3: Price Changes - Following the announcement of the new tax policy, the prices of investment gold bars surged, with many brands either raising prices or removing products from sale [9][22]. - As of November 3, domestic gold jewelry prices have generally exceeded 1250 RMB per gram, with brands like Chow Tai Fook and Luk Fook pricing at 1259 RMB per gram [7]. - The price of investment gold bars has seen significant increases, with reports of prices rising above 1200 RMB per gram shortly after the policy announcement [9][12].

Core Insights - The recent announcement from the Ministry of Finance and the State Taxation Administration regarding gold tax policies has led to a significant increase in the prices of investment gold bars and gold beans, with some prices exceeding 1200 yuan per gram [1][10]. Price Changes - Investment gold bars and gold beans have seen a price surge, with many products now priced above 1000 yuan per gram, and some brands reaching over 1200 yuan per gram [1][7]. - The price of gold bars has surpassed that of gold jewelry, with brands like Chow Tai Fook and Chow Sang Sang offering gold jewelry at 1198 yuan and 1193 yuan per gram, respectively [9]. Market Reactions - Consumers have expressed surprise and concern over the rapid price increases, with many noting that gold bars that were previously priced around 900 yuan per gram have now been removed from sale or significantly marked up [3][7]. - Some local banks have reported a shortage of gold bars, indicating a potential supply issue in the market [10]. Tax Policy Impact - The new tax policy, effective from November 1, 2025, primarily targets investment gold transactions and does not affect the tax treatment of gold jewelry, which remains unchanged for consumers [10]. - The retail prices of gold jewelry already include value-added tax (13%) and consumption tax (5%), meaning that the new tax policy will not directly impact consumers purchasing gold jewelry [10].

Core Viewpoint - The recent data from the China Foreign Exchange Trading Center indicates a significant appreciation of the Renminbi (RMB) against various currency indices, marking a trend of independent appreciation that is not solely reliant on the depreciation of the US dollar [1][5][6]. Currency Indices Summary - The CFETS RMB Index reached 97.61, up 0.06 week-on-week, the highest since April 2025 [1][2]. - The BIS currency basket RMB Index reported 103.87, increasing by 0.23 week-on-week, also a peak since April 2025 [1][2]. - The SDR currency basket RMB Index stood at 92.26, with a week-on-week rise of 0.35, marking a new high since April 2025 [1][2]. RMB Exchange Rate Trends - The RMB exchange rate exhibited a mixed trend, with a slight increase of 0.04% for onshore RMB and 0.05% for offshore RMB over the week [5]. - The onshore RMB reached a peak of 7.0955 against the US dollar, the highest since November 2024 [5]. - The RMB's appreciation trend is becoming clearer, with a year-to-date depreciation of the US dollar by 8% and a 2.9% appreciation of the offshore RMB against the US dollar [5][6]. Catalysts for RMB Appreciation - Key factors driving the recent RMB appreciation include positive developments in US-China trade negotiations, narrowing interest rate differentials, and stronger-than-expected export performance [6]. - The effective RMB exchange rate is seen as returning to a "reasonable" range, supported by low inflation and strong nominal exchange rate competitiveness [6]. Future Outlook - Analysts predict that the RMB may continue to appreciate, with potential targets for the USD/RMB exchange rate at around 7.0 under baseline scenarios and 6.7 in optimistic scenarios [6][8]. - The People's Bank of China is expected to maintain a flexible approach to exchange rate policies, which could further support the RMB's strength [8].

Core Viewpoint - The Hong Kong gold retail brands experienced a significant decline in stock prices, with major players like Lao Pu Gold, Chow Tai Fook, and Luk Fook Group dropping over 7% as of the morning of November 3rd [1][2]. Group 1: Stock Performance - Lao Pu Gold saw a decrease of 7.52%, trading at HKD 633.000 [2] - Chow Tai Fook's stock fell by 7.23%, with a current price of HKD 14.120 [2] - Luk Fook Group's shares dropped by 7.15%, now priced at HKD 23.100 [2] - Chow Sang Sang experienced a decline of 6.89%, trading at HKD 12.970 [2] - In the A-share market, the precious metals sector also faced declines, with Hunan Gold down over 4% [3]. Group 2: Tax Policy Announcement - On November 1st, the Ministry of Finance and the State Administration of Taxation announced a tax policy regarding gold transactions [3]. - The announcement states that members or clients trading standard gold through the Shanghai Gold Exchange or Shanghai Futures Exchange will be exempt from value-added tax when selling standard gold [4]. - For transactions that do not involve physical delivery, the exchange will exempt value-added tax; for those that do involve physical delivery, the applicable value-added tax policy will be followed [4].

Group 1 - The new policy exempts value-added tax (VAT) for member units or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange, enhancing the differentiation between gold's commodity and financial attributes [1] - The policy is expected to have minimal direct impact on individual consumers purchasing gold jewelry, but there is a call for clearer implementation guidelines [1][2] - The investment gold market may see increased demand concentrated in exchange channels, potentially raising production costs for gold jewelry due to reduced supply of non-exchange gold materials [1] Group 2 - The tax advantages of trading gold through exchange channels are significant, leading to lower investment costs compared to non-exchange channels where prices include tax [2] - Ordinary investors may prefer to participate in gold investment indirectly through bank-registered exchange products like gold ETFs and accumulation gold [2] - Recent fluctuations in international gold prices suggest that gold prices are likely to remain high in the short term, necessitating a rational approach to gold investment [2]

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，自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。专业人士指出，此次黄金税收新政对交易性质进 行了区分，也就是针对投资和非投资，分类应用不同的税收政策，更精准地进行管理；此外，政策将税 收优惠限定在两大交易所的场内交易，鼓励通过国家级平台进行交易，进一步规范市场。业内人士表 示，政策是对现有黄金市场政策的进一步完善，可以更好区分黄金的商品和金融属性；且本次政策调整 主要对交易所购买黄金的增值税政策进行了适当调整，预计调整后黄金市场消费及投资环境将更为透明 和健康。（央视财经） ...

Core Viewpoint - The new tax policy for gold transactions aims to standardize tax management in the gold market, promote healthy development, and reduce transaction costs while enhancing market vitality [1][2]. Group 1: Tax Policy Details - The new policy, effective from November 1, distinguishes between investment and non-investment gold, optimizing the immediate tax refund and exemption processes [1][2]. - "Standard gold" is defined as gold that meets specific standards in both grade and specification, including various purities (AU99.99, AU99.95, AU99.9, AU99.5) and weights (50g, 100g, 1kg, 3kg, 12.5kg) [1]. - Transactions involving standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) for sellers, provided there is no physical delivery [1][2]. Group 2: Investment vs. Non-Investment Gold - For investment purposes, VAT will be refunded immediately upon purchase, and urban maintenance and education fees will be exempted [2]. - If standard gold is sold or processed into investment products, VAT must be paid according to existing regulations, except for certain approved legal tender gold products [2]. - Non-investment gold transactions will also benefit from VAT exemptions at the exchange level, with specific provisions for general VAT taxpayers [2][3]. Group 3: Customer Regulations - Customers purchasing standard gold will uniformly benefit from VAT exemptions at the exchange level, regardless of the intended use [3]. - General VAT taxpayers among customers can calculate input tax based on the ordinary invoice amount and a 6% deduction rate [3]. - Sales of standard gold, whether direct or after processing, will require compliance with existing VAT regulations [3].