Core Viewpoint - Gold mining and jewelry stocks experienced significant declines following the announcement of new tax policies related to gold trading, which aim to regulate the market and reduce speculative activities [1] Company Performance - Lao Pu Gold (06181) fell by 8.04%, trading at 629.5 HKD - Chow Tai Fook (01929) decreased by 6.18%, trading at 14.28 HKD - Shandong Gold (01787) dropped by 4.53%, trading at 31.22 HKD - China Gold International (02099) declined by 5.86%, trading at 123.7 HKD - Zijin Mining (02899) decreased by 3.41%, trading at 31.14 HKD [1] Industry Analysis - The Ministry of Finance and the State Taxation Administration released new tax policies aimed at clarifying tax obligations in the gold trading sector, addressing previous ambiguities that allowed for tax avoidance [1] - The new regulations categorize gold based on "purity + function," which is intended to suppress speculative trading and reduce compliance costs for legitimate investments [1] - According to Huatai Futures, the short-term impact of the policy may lead to increased gold prices, putting pressure on physical demand; however, in the long term, the standardization of gold investment could enhance its financial attributes and institutional ownership [1] - The ongoing global financial instability is expected to sustain medium to long-term demand for gold, despite the potential increase in holding costs that may drive wealth towards tangible assets or the stock market, thereby stimulating the economy [1]

智通财经APP获悉，金矿股及黄金珠宝股全线重挫，截至发稿，老铺黄金(06181)跌8.04%，报629.5港 元；周大福(01929)跌6.18%，报14.28港元；山东黄金(01787)跌4.53%，报31.22港元；中国黄金国际 (02099)跌5.86%，报123.7港元；紫金矿业(02899)跌3.41%，报31.14港元。 华泰期货发布研报称，短期看，该政策或将推升金价导致实物需求承压；而长期来看黄金投资规范化 后，其金融属性增强，更接近资产，利于机构正规持有，提升黄金市场地位；全球金融系统动荡背景 下，中长期需求不会被该税制压制。此外，持有黄金成本进一步提升可能会促使居民端财富向实体或股 市转移，以进一步刺激经济。 消息面上，财政部、税务总局发布关于黄金有关税收政策的公告。据一财报道，"过去黄金交易税收存 在模糊地带，比如部分高溢价金饰被包装成投资品避税，或标准金条因流通环节复杂导致税负转 嫁。"一位贵金属行业分析人士称，新规通过"纯度+功能"双标准切割两类黄金，本质是抑制黄金市场的 投机套利，同时降低合规投资成本。 ...