人民财讯2月25日电，香港特区政府财政司司长陈茂波今日（25日）发表2026至2027财政年度政府财政 预算案。陈茂波表示，继年初与上海黄金交易所签订合作协议，并建立香港黄金中央清算系统，我们将 研究为在港进行黄金交易及结算的合资格机构提供税务优惠；协助业界成立行业协会，汇聚资源、加强 推广，并拓展与海内外业界的联系；以及协助业界了解黄金市场最新发展和掌握相关技能，并建立培训 架构。 ...

Core Viewpoint - Hong Kong and Shanghai have signed a cooperation agreement to establish the Hong Kong Precious Metals Central Clearing System Company, aiming to enhance the role of Hong Kong in the global gold market [1] Group 1: Establishment of the Clearing System - The Hong Kong Precious Metals Central Clearing System Company will be chaired by the Secretary for Financial Services and the Treasury, who indicated that over 10 local and international banks are participating [1] - A board meeting will be convened shortly to discuss the operational framework of the new clearing system [1] Group 2: Market Positioning - The global gold market's pricing power is currently concentrated in the UK, US, and China, with Shanghai emerging as a significant price setter in the Asian time zone [1] - Hong Kong, as an international financial center, is positioned to play a larger role in the development of the gold market, leveraging its gold storage facilities in conjunction with the Shanghai Gold Exchange's future plans [1] Group 3: Market Operations and Professional Services - The clearing system, once operational, is expected to facilitate more over-the-counter contracts traded in Hong Kong, thereby increasing demand for financial, insurance, and compliance services [1] - The government has included commodity trading talent in its talent list, allowing overseas professionals to apply for entry through a points-based system, while also encouraging companies to mentor new talent through professional training [1]

Group 1 - The Hong Kong government plans to develop an international gold trading center, aiming to establish a gold market with a target of at least 2000 tons over the next three years [1] - A central clearing system for gold contract trading will be launched next year, along with the establishment of a gold industry association to enhance Hong Kong's international influence in financial governance and gold pricing [1] - A memorandum of understanding has been signed between Hong Kong and Shenzhen to promote cooperation in the gold sector, supporting Hong Kong gold merchants to collaborate with qualified refining enterprises in Shenzhen [1] Group 2 - The Shanghai government has initiated a collaboration with Hong Kong to develop an international financial center, including the establishment of an offshore gold delivery warehouse in Hong Kong [2] - Hong Kong's IPO market is thriving, with expectations to lead the global IPO market again, driven by three strategies: enhancing predictability of listing times, expanding the types of listed companies, and promoting market internationalization [2] - The Hong Kong Stock Exchange is processing over 300 listing applications, indicating sustained market momentum, with international investor interest rebounding since the launch of DeepSeek [2] Group 3 - The "New Capital Investor Entry Scheme" has received over 2600 applications, potentially bringing in over 78 billion HKD in investments [3] - The Hong Kong government is working on a tax incentive bill for family offices, effective retroactively from April this year, and is exploring tax arrangements to encourage the establishment of financial centers in Hong Kong [3]

Group 1 - The core viewpoint of the article highlights a significant increase in domestic gold ETF holdings and production in China, indicating a strong market trend in the gold industry [1][3] - In the first three quarters of 2025, domestic gold ETF increased by 79.015 tons, a year-on-year growth of 164.03% compared to 2024 [1] - As of September 2025, the total domestic gold ETF holdings reached 193.749 tons [1] Group 2 - In the first three quarters of 2025, China's gold production amounted to 271.782 tons, reflecting a slight increase of 1.39% year-on-year [3] - The import of raw gold materials contributed an additional 121.149 tons, marking an 8.94% increase compared to the previous year [3] - The total gold production, combining domestic and imported raw materials, reached 392.931 tons in the same period [3] Group 3 - The gold industry in China is focusing on high-quality development, with several strategically significant exploration and development projects progressing steadily [3] - Major gold enterprises are actively pursuing overseas mining strategies, resulting in an 18.39% increase in production from overseas mines in the first three quarters of 2025 [3]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) plans to establish a gold warehouse at Hong Kong International Airport, aiming to enhance its precious metals trading business and support Hong Kong's goal of becoming a global gold hub [1] Group 1: Company Initiatives - ICBC has rented part of the warehouse space at Hong Kong International Airport and aims to complete preparations in the coming months [1] - The bank is a clearing member of the Shanghai Gold Exchange, which is the main venue for gold trading in mainland China [1] Group 2: Industry Developments - The Shanghai Gold Exchange has already set up its first offshore gold warehouse in Hong Kong and introduced two gold contracts denominated in offshore renminbi for international investors [1] - The Hong Kong government has prioritized the development of the gold market, with Chief Executive John Lee proposing in the 2025 Policy Address to expand gold storage in Hong Kong to exceed 2,000 tons within three years [1] - A central clearing system for gold trading is being established in Hong Kong, with the Shanghai Gold Exchange invited to participate, facilitating future connectivity with the mainland market [1] Group 3: Infrastructure Expansion - The Hong Kong Airport Authority's blueprint indicates an initial increase in gold vault capacity from 150 tons to 200 tons, with plans for phased expansion to 1,000 tons [1]

Capital Market Initiatives - Hong Kong will assist mainland tech companies in financing and explore shortening the stock settlement cycle to T+1 [1][2] - The government aims to optimize the main board listing and structured product issuance mechanisms, and promote more overseas companies to list in Hong Kong [2] - The Hong Kong Monetary Authority and the Securities and Futures Commission will encourage more companies to issue bonds in Hong Kong, enhancing the bond market's global participation [2] Wealth Management and Investment - Hong Kong is expected to become the largest cross-border wealth management center globally, with the number of accounts for wealth products increasing from 25,000 to 110,000 [3] - The government will optimize tax incentives for funds and family offices to attract more investment [3] - The introduction of a new capital investor entry plan will allow for increased investment thresholds in non-residential properties [7] AI and Technology Development - The government will promote AI development across various sectors while ensuring safety and efficiency [4] - A funding program of HKD 3 billion will support local institutions in attracting international research talent in AI [4] - A leading European aviation service company is set to establish operations in Hong Kong, creating new jobs and enhancing trade and financing sectors [4] Healthcare and Clinical Trials - Hong Kong will attract pharmaceutical companies for clinical trials of rare disease drugs and advanced therapies [5] - The establishment of an "International Clinical Trial Academy" is planned to cultivate talent in the Greater Bay Area [5] - A new regulatory center for drugs and medical devices will be set up to enhance Hong Kong's status as a recognized authority [5] Cross-Border Trade and Logistics - The government is expanding logistics capabilities to facilitate goods transport from mainland provinces to international markets [6] - Multi-modal transport options are being developed to enhance efficiency in cargo movement [6] Commodity Trading and Financial Innovation - A "Commodity Strategy Committee" will be established to enhance policy design for commodity trading [9] - The government will support the establishment of more recognized warehouses for commodity trading and provide tax incentives [9] - Financial innovations will be tested to optimize international commodity trading processes [9] Gold Market Development - The government aims to establish a regional gold reserve hub with a target of exceeding 2,000 tons in three years [10] - Initiatives will be taken to enhance gold refining capabilities and establish a central clearing system for gold transactions [10] - The Shanghai Gold Exchange will collaborate with Hong Kong to promote market cooperation [11]

Group 1: Hong Kong's Gold Market Development - Hong Kong is set to develop a gold market plan to enhance its position as a global financial center, filling the gap between major markets and creating a complete gold trading chain [1][3] - The Hong Kong government aims to improve gold storage, delivery standards, and derivative systems, with a strategic goal of establishing Hong Kong as an international gold trading hub [3][8] - The development plan includes expanding gold storage facilities and attracting international investors to store gold in Hong Kong, indicating a significant market expansion [3][4] Group 2: WanZhou Gold's Role - WanZhou Gold, as a core member of the Hong Kong Gold Exchange, plays a crucial role in energizing the market and supporting Hong Kong's goal of becoming a global gold trading hub [4][6] - The company has implemented an integrated investment support framework through its MT5 smart trading system, catering to both novice and experienced investors [6] - WanZhou Gold's focus on optimizing trading costs through technological upgrades enhances market attractiveness and trading activity [6][8] Group 3: Market Dynamics and Innovations - The unique time zone of Hong Kong positions it as a key link between London, New York, and Shanghai gold markets, facilitating cross-border gold trading [8] - The development plan encompasses infrastructure construction and product innovation, aiming to create a comprehensive ecosystem for physical delivery, derivative trading, and digital finance [8] - The collaboration among various stakeholders is expected to lead to sustained prosperity and innovation in Hong Kong's gold market, creating new wealth opportunities for investors [8]