Core Insights - ICBC is strategically expanding its gold storage business in response to market opportunities, having established two designated warehouses since 2025 after a period of no new additions since 2019 [2][3] - The bank plans to open a gold warehouse at Hong Kong International Airport, with preparations expected to be completed in the coming months [4][5] Group 1: Domestic Developments - ICBC has established a designated gold warehouse in Sanya, as announced on November 17, 2025, to enhance its gold storage services [2] - The bank's Hezhou branch has become the first certified professional storage institution in Hezhou, adhering to national standards and enabling same-day delivery, which is expected to save local businesses over 10 million yuan annually [3] Group 2: Hong Kong Market Initiatives - ICBC is looking to tap into the Hong Kong market by setting up a gold warehouse at the airport, aligning with the Hong Kong government's initiative to establish an international gold trading market [4][5] - The Hong Kong government has outlined a strategic plan to build a regional gold reserve hub, aiming to exceed 2,000 tons of storage capacity within three years [5][7]

2025年，工行紧扣黄金市场发展机遇，在多地密集布局黄金仓储业务。 据21世纪经济报道记者在上海黄金交易所查询，自2019年以来，工行在内地未新增指定黄金 仓库布局，而2025年至今已连续落地两家指定仓库。另据媒体报道，工行计划在香港国际机 场开设黄金仓库，计划在数月内完成仓库的相关准备工作。 最新动作来自11月17日，上海黄金交易所发布《关于设立工行三亚黄金指定仓库的公告》， 根据上海黄金交易所黄金业务开展的实际情况，决定设立中国工商银行三亚分行指定仓库开 展黄金仓储业务。 具体来看，会员或客户发起提货申请后，需至仓库交接区，由仓库经办人员验证会员 USB- KEY、提货人的第二代有效身份证件及提货申请单编号、提货密码，方可办理出库手续，确 记者丨张欣 编辑丨曾芳 保业务规范安全。 在内地黄金仓储业务密集落地的同时，工行的布局目光也投向香港市场。 11月初，有媒体报道，工行计划在香港国际机场开设黄金仓库，并已租用该机场仓库的部分 空间，计划未来数月内完成仓库的相关准备工作。消息称，香港政府已邀请上海黄金交易所 参与其正在筹建的清算系统，工行香港分行也希望成为该系统的会员。 2025年6月26日，为落实《上海 ...

上海黄金交易所：为鼓励市场参与主体参与国际板香港询价合约交易，交易所决定免收国际板香港询价合约iPAu99.99HK、iPAu99.5HK的交易手续费。具体免收期为2025年11月11日起至2026年年底止。 https://t.co/8D56MBeu7W外汇交易员 (@myfxtrader):香港特区 #施政报告 ：推动香港成为国际黄金交易市场。拓展黄金仓储，以三年超越2000吨为目标建造区域黄金储备枢纽。https://t.co/09sGpsQCht ...

Group 1 - Hong Kong aims to strengthen its role as an outbound platform for mainland enterprises, facilitating their global expansion [1][2] - The Hong Kong government has established a dedicated task force to support mainland companies in utilizing Hong Kong as a launchpad for international markets [1] - Tax incentives will be optimized to attract more mainland enterprises to set up financial centers in Hong Kong, with a focus on promoting regional headquarters for mainland banks [1] Group 2 - In the realm of green and sustainable finance, Hong Kong issued approximately $43 billion in green and sustainable bonds last year, accounting for about 45% of the total in Asia [1] - The Hong Kong Stock Exchange will enhance collaboration with the Greater Bay Area's carbon market to develop a cross-border trading settlement system [1] - Hong Kong plans to establish an international gold trading market and a central clearing system for gold transactions to enhance its position in the global gold market [2]

Group 1 - The Chief Executive of Hong Kong, John Lee, announced the development of an international gold trading market to strengthen Hong Kong's position as an international financial center [1] - The goal is to establish a regional gold reserve hub with a target of exceeding 2000 tons of gold storage within three years [1] - Plans include the establishment or expansion of gold refineries in Hong Kong and collaboration with mainland China for gold processing and export [1] Group 2 - A central clearing system for gold transactions will be created to provide efficient and reliable clearing services for internationally standardized gold trading [1] - The Shanghai Gold Exchange will be invited to participate in the initiative to prepare for future connectivity with mainland markets [1] - The government will support the issuance of gold investment products and the establishment of a gold industry association to enhance communication with regulatory bodies [1]

Group 1: Hong Kong Government Initiatives - The Chief Executive of Hong Kong, John Lee, presented his fourth policy address focusing on economic and livelihood issues, proposing a series of measures [1] - Key reform initiatives include accelerating the development of the Northern Metropolis, establishing a development committee led by the Chief Executive [1] - In financial market development, there are plans to explore the establishment of an international gold trading market and a T+1 stock settlement cycle [1] - Housing policy reforms aim to increase public housing supply and lower the investment threshold for residential properties from HKD 50 million to HKD 30 million [1] Group 2: Market Performance and Analysis - As of September 17, the Hang Seng Tech Index has increased by 41.77% year-to-date, while the Hang Seng Index has risen by 34.14%, both reaching new highs for the year [3] - Analysts suggest that the anticipated interest rate cuts by the Federal Reserve will enhance global liquidity, potentially boosting liquidity in the Hong Kong stock market [3] - There is a notable net inflow into Hong Kong stocks through the Stock Connect, significantly exceeding levels from previous years [3] - Despite the positive outlook, experts caution that uncertainties such as the pace of global economic recovery and geopolitical factors may impact the market [3]

Group 1: Financial Market Developments - The Hong Kong stock market is experiencing significant growth, with the Hang Seng Index rising over 20% since the beginning of the year and daily average trading volume approaching HKD 250 billion, nearly doubling from last year [3][4] - The IPO fundraising amount has reached over HKD 130 billion by the end of August, marking a nearly sixfold year-on-year increase, making Hong Kong the top global market for IPOs [3][4] - The government aims to assist Chinese concept stocks in returning to Hong Kong as their preferred listing location, with potential for 27 Chinese concept stocks to return, representing a total market value exceeding HKD 1.4 trillion [5][6] Group 2: Regulatory and Structural Reforms - The Chief Executive's policy address includes plans to optimize the main board listing and issuance mechanisms, explore shortening the stock settlement cycle to T+1, and promote more overseas companies to list in Hong Kong [4][6] - The introduction of the "Tech Company Fast Track" aims to facilitate the listing of technology and biotech companies, allowing them to submit applications confidentially [4][6] Group 3: International Gold Trading Market - The Hong Kong government is accelerating the establishment of an international gold trading market, with a target to exceed 2,000 tons of gold storage within three years [7][8] - Measures include building a central clearing system for gold transactions and enhancing collaboration with the Shanghai Gold Exchange to prepare for future connectivity with the mainland market [7][8] - The demand for gold is expected to remain strong due to geopolitical uncertainties, positioning Hong Kong as a key player in the global gold market [8]

Group 1 - Hong Kong will assist mainland technology companies in financing through a "Tech Enterprise Line" to strengthen financial support for national technological development [1] - The government plans to improve the main board listing and structured product issuance mechanisms, optimize the "same share different rights" listing regulations, and explore shortening the stock settlement cycle to T+1 [1] - Efforts will be made to attract more overseas companies for secondary listings in Hong Kong and to assist Chinese concept stocks in returning to Hong Kong as a preferred location [1] - The Hong Kong stock market will promote RMB trading counters to be included in the "Stock Connect" southbound trading [1] Group 2 - The Hong Kong government will implement recommendations from the "Golden Market Development Working Group" to establish a regional gold reserve hub with a target of exceeding 2000 tons in three years [2] - Initiatives include encouraging gold merchants to establish or expand refineries in Hong Kong and collaborating with mainland entities for gold processing and export [2] - A central clearing system for gold transactions will be established in Hong Kong, inviting participation from the Shanghai Gold Exchange to prepare for future connectivity with the mainland market [2] - The government aims to enrich gold investment tools and support the issuance of gold funds and new products like tokenized gold investment products [2] - The establishment of a gold industry association is encouraged to enhance communication with the government and regulatory bodies, promoting talent training and attracting clients from Belt and Road Initiative countries [2] - The Shanghai Gold Exchange has set up its first overseas delivery warehouse in Hong Kong and launched new contracts for delivery in Hong Kong [2]

Core Viewpoint - The Hong Kong government aims to accelerate the establishment of an international gold trading market, with specific measures to enhance gold storage, refining, and trading capabilities in the region [1] Group 1: Gold Market Development - The Hong Kong government plans to push the Airport Authority and financial institutions to expand gold storage in Hong Kong, targeting over 2,000 tons within three years [1] - There is an initiative to encourage gold merchants to establish or expand refining facilities in Hong Kong and collaborate with mainland China for processing and exporting refined gold for trading and delivery purposes [1] Group 2: Infrastructure and Systems - The establishment of a Hong Kong Central Clearing System for gold is proposed to provide efficient and reliable clearing services for internationally standardized gold trading [1] - The Hong Kong government intends to invite the Shanghai Gold Exchange to participate, preparing for future connectivity with the mainland market [1] Group 3: Investment Tools and Industry Support - The government aims to diversify gold investment tools by assisting issuers in launching gold funds and supporting the development of new products, such as tokenized gold investment products [1] - There is support for the establishment of a gold industry association to create a communication platform between the industry, government, and regulatory bodies [1]

Group 1 - Hong Kong is actively expanding its financial value chain, focusing on creating an international gold trading market and establishing a commodities trading ecosystem [1] - The meeting between Hong Kong's Secretary for Financial Services and the Canadian Deputy Minister of Finance highlighted the potential for cooperation in the gold market and virtual assets, addressing challenges posed by unilateralism and protectionism [1] - Hong Kong has been recognized as a reliable partner for Canada due to its efficient policy mechanisms and robust financial market amidst global economic uncertainties [1] Group 2 - Hong Kong was included in the London Metal Exchange's global warehouse network in January, with seven approved warehouses established within four months to serve global base metal traders [2] - The government aims to integrate the real economy with Web3 innovations, introducing a licensing system for fiat-backed stablecoin issuers while promoting the rapid development of Web3 and digital assets under a balanced regulatory framework [2]