随着黄金交易市场的火热，顶层设计与制度监管正加强协同。2025年8月，中国人民银行印发《贵金属 和宝石从业机构反洗钱和反恐怖融资管理办法》；10月末，《财政部 税务总局关于黄金有关税收政策 的公告》发布，旨在区分黄金的投资性和非投资性用途，打击处于税收模糊地带的灰色交易。南开大学 金融学教授田利辉分析，税收新政使私料市场空间收缩，为企业资质认定提供了可行基础，叠加依法纳 税、反洗钱等义务要求，共同为规范黄金市场秩序、推动行业高质量发展注入制度活力。 中国黄金协会党委委员、监事长，全国黄金标准化技术委员会委员刘艳红认为，标准以诚信、透明、合 规为核心，致力于构建"政策引导+标准约束+企业自律+消费者监督"的多元治理体系。 田利辉表示，短期看，标准将加速行业洗牌，淘汰不合规商户；长期则有助于提升黄金资源配置效率， 有力促成消费者放心、企业合规创新、行业健康发展的共赢局面。 标准效能的关键在于落地执行。"需通过企业自觉遵守、协会与监管部门持续监督、消费者积极维权， 共同筑牢黄金消费市场的诚信生态，迎接更加清朗、繁荣的行业未来。"李俊成说。（经济日报记者 尚 咲 马春阳） 日前，由中国黄金协会牵头起草制定的《黄金以旧 ...

险资举牌创10年新高 "举牌旗手"因违规吃"黄牌" 险资举牌上市公司热情高涨，今年已经达到37次，创近10年新高，以及历史第二高，仅次于2015年的62 次。 不过在举牌热情高涨的背后，部分机构的合规意识却未能同步跟进。河北证监局近日对长城人寿 采取出具警示函的行政监管措施。（21世纪经济报道） 年末理财规模有望站上33万亿元 收益承压倒逼产品策略齐升级 11月银行理财规模延续上涨态势。业内人士认为，季节性规律与存款利率下行驱动的资金搬家成为其核 心增长动力。尽管12月季末银行考核带来的资金回表压力可能引发理财规模阶段性回调，但机构普遍预 计年底这一数字仍将站上33万亿元关口。与规模增长形成反差的是，11月现金管理类、纯固收类理财产 品收益率同步承压，同时年底前完成估值整改的监管时限日趋临近，银行理财净值化转型进一步深化。 在此背景下，理财机构积极调整策略，通过多资产配置提升收益弹性，同时拉长封闭式产品期限以适应 净值化转型。（中国证券报） 黄金以旧换新经营服务迎新规 近日，由中国黄金协会牵头起草制定的《黄金以旧换新经营服务规范》团体标准正式发布。该标准是我 国黄金珠宝行业首部针对以旧换新业务的专项服务标准。 ...

Core Insights - The new tax policy for gold, jointly issued by the Ministry of Finance and the State Taxation Administration, has triggered significant market reactions, including adjustments in gold accumulation services by major state-owned banks and price increases for gold jewelry [1][2] - The policy aims to clarify the distinction between investment and non-investment uses of gold, thereby addressing potential tax arbitrage opportunities that existed under previous regulations [1] Group 1: Tax Policy Changes - The new tax regulations optimize existing benefits by reducing taxes on gold purchased through exchanges while maintaining the tax rules for non-exchange channels [1] - A tax "watershed" is established for physical gold withdrawal, where no VAT is applied if gold is not extracted, but different VAT treatments apply based on the investment or non-investment use of the gold [1] Group 2: Market Implications - The tax changes are expected to encourage investment demand to shift towards standardized platforms like the Shanghai Gold Exchange and Shanghai Futures Exchange, aligning with modern financial investment trends [2] - The reduction in input tax deduction rates for non-investment gold uses from approximately 13% to 6% will increase the tax costs for gold jewelry manufacturers, potentially leading to higher consumer prices for gold jewelry [2] Group 3: Global Market Positioning - The new tax policy not only aims to regulate the domestic market but also seeks to enhance China's positioning and influence in the global gold market by improving the liquidity and price discovery function of "Shanghai Gold" [2] - By aligning with international standards, the policy is expected to strengthen China's voice in global gold tax and trading rule formulation, thereby enhancing its governance influence in the global gold market [2]