此外，建设银行也在11月3日发布公告称，受市场波动影响，结合风险审慎管理要求，自当日起，该行 暂停受理易存金业务实时买入、新增定投买入、实物金兑换等申请，存量客户易存金定投计划的执行、 赎回以及销户不受影响；暂停个人黄金积存兑换实物贵金属、账户黄金兑换实物贵金属等申请，其他个 人黄金积存业务不受影响。相关业务恢复事宜，请关注建设银行后续公告。 部分银行调整积存金购买规则 谈及银行此番调整缘由，招联首席研究员董希淼告诉记者，一方面，财政部和税务总局近日发布关于黄 金有关税收政策的公告，银行需要对业务、系统进行相应的调整，以适应相关政策变化的要求。另一方 面，近期受全球经济形势影响，国际金价出现大幅波动，市场风险和不确定性明显增加。 ● 本报记者 张佳琳 11月3日，工商银行（601398）、建设银行（601939）发布公告称，暂停受理部分如意金积存业务、易 存金业务的实时买入、新增定投买入、实物金兑换等申请。相关业务恢复事宜，以银行后续公告为准。 当日傍晚，工商银行发布公告称，已恢复受理如意金积存业务的相关申请。 业内人士告诉记者，银行此举或与适应黄金税收政策变化以及金价高位震荡有关，建议投资者密切关注 黄金市 ...

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The international gold price is fluctuating at a high level, which is expected to promote gold jewelry consumption due to its value preservation and appreciation attributes. After the public gradually accepts high gold prices, terminal consumption is likely to rebound [10][15] - The luxury goods market in China is showing signs of recovery, with significant performance differentiation among luxury groups in Q3. LVMH and Prada exceeded expectations, indicating a positive trend in the luxury sector [4][33] Summary by Sections Gold and Jewelry - The international gold price is currently at 935.60 RMB per gram as of October 24, 2025. The expectation of a continuous interest rate cut cycle in the U.S. supports a bullish outlook on gold prices, which may lead to a recovery in terminal consumption as the public adapts to high prices [10][15] - Investment suggestions include focusing on companies with a high proportion of fixed-price products, such as Laopu Gold, which benefits from stable pricing amid rising gold prices. Other companies to watch include Chaohongji and Mankalon [15] Duty-Free and Tourism - The new duty-free policies in Hainan are expected to significantly boost tourist flow and consumption. The policies include expanding the range of duty-free goods and allowing more categories of domestic products to be sold duty-free [19][21] - The tourism sector is recovering, with domestic travel increasing by 18.0% year-on-year in the first three quarters of 2025, reaching 4.85 trillion RMB in spending. Companies like Changbai Mountain and Dalian Shengya are recommended for investment, especially during the upcoming winter tourism season [27][29] Luxury Goods - Prada reported a revenue of 1.33 billion euros in Q3 2025, with an 8% year-on-year increase, maintaining a strong growth momentum for 19 consecutive quarters. The brand Miu Miu was a significant growth driver with a 28.6% increase [33][34] - LVMH's revenue reached 18.28 billion euros in Q3 2025, marking a 1% growth, with notable improvements in various business segments, particularly in the beauty sector, which is expected to drive future growth [64][69] - Kering Group's revenue declined by 5% in Q3 2025, but the decrease was less severe than expected, indicating a potential recovery in the luxury market [40][46]

Core Viewpoint - Precious metals futures continue to show strong performance, with Shanghai silver futures rising over 2%. Analysts indicate that the main short-term market disturbance factors remain tariff policies, and it is expected that the silver price's upward trend will continue, while gold prices are likely to experience high-level fluctuations in the short term [1]. Group 1 - Precious metals futures are performing strongly, particularly with Shanghai silver futures increasing by more than 2% [1] - Short-term market disturbances are primarily driven by tariff policies [1] - The upward trend in silver prices is expected to persist [1] - Gold prices are anticipated to continue experiencing high-level fluctuations in the short term [1]