格隆汇11月3日｜值得注意的是，此次政策出台恰逢黄金市场多空博弈加剧。"税收成本上升可能进一步 加剧投机资金的短期抛压。"一位贵金属交易员提到，部分前期囤货待涨的投资客或选择提前变现，而 新入场者则会因税费顾虑降低杠杆，短期内可能导致市场流动性收紧。"假设买入100万元金条，持有一 段时间后卖出，若金价涨幅不足13%，扣除税费后反而亏损。"该交易员提示，短期投机客需谨慎，长 期持有或通过黄金ETF等工具可规避部分税负。对于金饰消费者来说，日常购买几乎无影响，但"伪投 资金"溢价或收窄。此外，政策不是限制黄金投资，而是规范路径。长期看，有助于市场去泡沫。资金 将更倾向于配置高流动性的标准金或黄金ETF，而非高溢价的非投资品。 ...

中国商业经济学会副会长宋向清对《证券日报》记者表示，此次政策对市场结构或也有影响，场内交易 地位可能强化。长期看，这将持续支持我国黄金市场提升国际竞争力和定价话语权。 《公告》明确，纳税人不通过交易所销售标准黄金，应按照现行规定缴纳增值税。 本报记者韩昱 财政部11月1日发布消息称，财政部、国家税务总局日前发布《关于黄金有关税收政策的公告》（以下 简称《公告》）。《公告》自2025年11月1日起实施，执行至2027年12月31日，适用时间以发生实物交 割出库的时间为准。 《公告》明确，在2027年年底前，对会员单位或客户通过上海黄金交易所、上海期货交易所（以下简 称"交易所"）交易标准黄金，卖出方会员单位或客户销售标准黄金时，免征增值税。未发生实物交割出 库的，交易所免征增值税；发生实物交割出库的，区别标准黄金的投资性用途和非投资性用途，分别按 规定适用增值税即征即退政策，以及免征增值税、买入方按照6%扣除率计算进项税额政策。 陕西巨丰投资资讯有限责任公司高级投资顾问于晓明在接受《证券日报》记者采访时表示，相关税收政 策或将吸引投资者向场内集中，尤其是大额资金，提升交易所的流动性与定价影响力。 于晓明认为，对 ...

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies tax policies related to gold trading, particularly providing a VAT exemption for standard gold transactions through designated exchanges until the end of 2027, which is expected to influence investment behaviors in the gold market [1][4][5]. Tax Policy Implications - The new policy extends existing tax benefits for gold transactions conducted through the Shanghai Gold Exchange and Shanghai Futures Exchange, allowing sellers to be exempt from VAT until December 31, 2027 [4][5]. - Non-exchange channels, such as banks and jewelry stores, will still require sellers to pay VAT, highlighting a significant tax advantage for exchange-based transactions [3][4]. Impact on Investment Channels - The tax burden for individual investors will be a crucial factor in choosing investment channels, with exchange transactions offering lower tax costs compared to non-exchange purchases, which include VAT in their prices [5][6]. - The new policy may lead to a concentration of investors in exchange channels, especially for larger investments, while ordinary investors might prefer bank-mediated products like gold ETFs for convenience [6][11]. Consumer Behavior and Gold Jewelry - The tax policies for gold jewelry remain unchanged, with consumers typically paying VAT and consumption tax included in retail prices, suggesting limited direct impact from the new policy on gold jewelry consumption [8][9]. - However, fluctuations in the raw material prices due to shifts in investment demand could indirectly affect the prices of gold jewelry [9][10]. Market Dynamics - The announcement is expected to enhance the international competitiveness and pricing power of China's gold market, potentially leading to stronger prices for exchange-traded gold as demand shifts away from non-exchange channels [10][11]. - The tax differences are likely to increase liquidity in exchange transactions while constraining supply in non-exchange markets, which may lead to a long-term restructuring of the gold market [11].

Core Viewpoint - The new tax policy for gold in China marks a shift towards refined and categorized management, aiming to close tax arbitrage opportunities and guide gold resources to better serve the real economy [1][2]. Summary by Sections Tax Policy Changes - The announcement specifies that "standard gold" traded on the Shanghai Gold Exchange and Shanghai Futures Exchange is exempt from value-added tax (VAT) for on-exchange transactions. However, upon physical delivery, different tax paths apply based on the purpose of the gold [2]. - For investment purposes, sellers are subject to immediate VAT refund and exemption from additional taxes, while buyers must pay VAT when selling or processing the gold into investment products, but can only issue ordinary invoices [2]. - For non-investment purposes, VAT is exempt, and buyers can calculate input tax based on the ordinary invoice amount and a 6% deduction rate [2]. Regulatory Framework - The new regulations establish a classification management model based on the "purpose" of gold, distinguishing between investment and non-investment uses, which enhances regulatory oversight [2][3]. - The policy increases the compliance burden on members regarding the change of gold use post-delivery, with strict penalties for violations [3]. Market Impact - The new rules are expected to have structural impacts on different market participants, particularly benefiting members dealing in investment gold due to favorable VAT treatment [4]. - The policy may lead to a short-term scarcity of small-sized investment gold bars (50g and 100g) due to increased demand [4]. - Traders are encouraged to focus on the real industry chain rather than tax arbitrage, pushing the industry towards higher value-added services [4]. Price Dynamics - The new policy may lead to a rise in domestic gold retail prices, particularly affecting investment gold bars more than jewelry, providing short-term support for domestic gold prices [5]. - Long-term gold price trends will still be influenced by global macroeconomic fundamentals, with expectations of continued price increases through 2026 driven by investment demand [5].

Core Viewpoint - The new tax policy for gold trading, effective from November 1, 2025, aims to enhance the attractiveness of on-exchange trading, promote the standardization and centralization of gold transactions, and improve market transparency and regulatory efficiency [1][5]. Summary of Key Adjustments - The announcement specifies that members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) on sales of standard gold [3]. - The policy differentiates between "investment use" and "non-investment use" for physical delivery, with varying tax treatments for each category [3][4]. - For investment use, VAT will be refunded immediately, and other taxes will be exempted, while for non-investment use, VAT will also be exempted but with different invoicing rules [4]. Market Impact - The new policy is expected to strengthen the appeal of on-exchange trading, guide the rational allocation of gold resources, and potentially shift some off-exchange trading to on-exchange, benefiting the long-term health of the gold market [5][6]. - The policy may lead to a clearer distinction in consumer behavior regarding investment and consumption gold products, with consumers likely favoring standardized products from exchanges due to cost advantages [6][8]. Affected Groups - The new tax policy will impact four main groups: members of the exchanges, institutional investors, ordinary consumers purchasing physical gold, and downstream businesses in the gold processing and retail sectors [6]. - Institutional investors may accelerate their shift to on-exchange trading to benefit from lower tax burdens, while ordinary consumers may become more discerning in their purchasing decisions based on tax advantages [6][7]. Challenges for Small Gold Merchants - Small gold merchants may face structural challenges due to increased cost pressures and compliance requirements, potentially leading to a market consolidation where only those with strong connections to exchange resources survive [7][8]. - The traditional profit models of small merchants may need to evolve, focusing on enhancing product value and brand differentiation rather than relying solely on price adjustments [8].

Key Points - The "14th Five-Year Plan" suggests promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G mobile communication as new economic growth points [1] - The People's Bank of China will resume open market operations for government bonds [4] - The China Securities Regulatory Commission will initiate reforms to deepen the Growth Enterprise Market [4] - In October, China's manufacturing PMI was reported at 49.0%, a decrease of 0.8 percentage points from the previous month [6] - The U.S. will cancel the 10% "fentanyl tariff" on Chinese goods, while the 24% reciprocal tariff will remain suspended for another year [2] - China will host the 33rd APEC Leaders' Informal Meeting in Shenzhen in 2026 [1] Domestic News - The 33rd APEC Leaders' Informal Meeting will take place in Shenzhen, Guangdong Province, in November 2026 [1] - The full text of the "14th Five-Year Plan" was released on October 28, outlining future industry layouts and promoting various technologies as new economic growth points [1] - The National Development and Reform Commission has allocated 500 billion yuan for local government debt limits to enhance financial capacity and effective investment [3] - The State Administration of Foreign Exchange announced nine policy measures to facilitate cross-border trade and support foreign trade development [3] - The revised Cybersecurity Law will take effect on January 1, 2026, supporting AI research and development [3] International News - The U.S. Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.75% to 4.00% [8] - The European Central Bank maintained its key interest rates, aligning with market expectations [9] - The Bank of Japan kept its benchmark interest rate unchanged at 0.5%, reflecting market expectations [9] - The UK government announced an investment of £55 billion (approximately 517 billion yuan) for technology research and development [10] - The World Gold Council reported a record high global gold demand of 1,313 tons in Q3 2025, with central banks increasing their gold purchases [10]

财政部、国家税务总局11月1日发布公告，明确黄金有关税收政策。 中国财政科学研究院公共收入研究中心主任梁季表示，政策实施后，将持续支持我国黄金市场提升国际竞争力和定价话语权，促进上海国际金融中心建 设，也有利于促进税制公平、防范税收风险，提升税收政策精准性和规范性。 根据公告，在2027年底前，对会员单位或客户通过上海黄金交易所、上海期货交易所交易标准黄金，卖出方会员单位或客户销售标准黄金时，免征增值 税。未发生实物交割出库的，交易所免征增值税；发生实物交割出库的，区别标准黄金的投资性用途和非投资性用途，分别按规定适用增值税即征即退政 策，以及免征增值税、买入方按照6%扣除率计算进项税额政策。 业内人士表示，上述政策是对现有黄金市场政策的进一步完善，可以更好区分黄金的商品和金融属性；且本次政策调整只是对交易所购买黄金的增值税政 策进行了适当调整，对交易所外的黄金销售政策没有变化。总体看，我国对黄金产业的税收政策支持力度要优于国际主要黄金市场政策支持力度。 来源丨新华社 编辑丨李颖 编校丨杨蕤嘉 审核 | 包勇 审发 | 石昌晗 ...

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies the tax policies related to gold trading, particularly emphasizing the exemption of value-added tax (VAT) for transactions conducted through the Shanghai Gold Exchange and Shanghai Futures Exchange until the end of 2027 [1][2]. Tax Policy Implications - The new policy continues the existing tax exemption for standard gold transactions on the exchanges, while non-exchange channels like banks and jewelry stores will still incur VAT, which is currently set at 13% [2][3]. - The policy aims to better distinguish between the commodity and financial attributes of gold, enhancing the tax support for the gold industry compared to international markets [3]. Impact on Investment Channels - The policy is set to be implemented from November 1, 2025, to December 31, 2027, and will likely influence individual investors' choices regarding gold investment channels [4]. - Investors using exchange channels will benefit from lower tax burdens, while those purchasing gold through non-exchange channels will face higher costs due to included VAT [5][6]. Effects on Gold Jewelry Consumption - The announcement specifies that consumers purchasing gold jewelry will still pay VAT and consumption tax, which are already included in retail prices, indicating limited direct impact on jewelry consumption [7]. - However, fluctuations in gold prices due to changes in investment demand could indirectly affect the cost of gold jewelry [7]. Market Structure and Price Dynamics - The policy is expected to enhance the international competitiveness of China's gold market and may lead to a stronger price for exchange-traded gold due to lower tax burdens attracting more investors [8][9]. - Conversely, the demand for non-exchange gold may decline due to higher tax liabilities, potentially leading to price pressures in that segment [9].

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies the tax policies related to gold trading, emphasizing the tax advantages of trading through exchanges compared to non-exchange channels [1][2][3] Tax Policy Summary - The new policy extends the tax exemption for value-added tax (VAT) on standard gold transactions conducted through the Shanghai Gold Exchange and Shanghai Futures Exchange until the end of 2027 [2][3] - Non-exchange channels, such as bank counters and gold shops, will still require sellers to pay VAT, which is currently set at 13%, thus increasing the tax burden on buyers [2][3] Impact on Investment Channels - The policy is expected to influence individual investors' choices, with the tax advantages of exchange trading likely to attract more investors, especially for larger investments [5][6] - Ordinary investors may prefer indirect participation in gold investment through bank-represented products like gold ETFs, balancing convenience and tax burden [5][6] Effect on Gold Jewelry Consumption - The announcement specifies that VAT will still apply to gold sold outside exchanges, meaning the retail price of gold jewelry typically includes VAT and consumption tax [6][7] - The direct impact of the new policy on gold jewelry consumption is expected to be limited, although fluctuations in gold raw material prices could indirectly affect jewelry costs [6][7] Market Structure and Price Implications - The policy is anticipated to enhance the international competitiveness and pricing power of China's gold market, potentially leading to a stronger price for exchange-traded gold [7][8] - The tax differences may result in a shift of gold supply towards exchanges, increasing liquidity in the market while putting pressure on non-exchange gold prices [8]

黄金的一个重磅消息来了。 国家发布了最新版的黄金税收政策公告，强化了实物黄金的征税标准，说白一点，就是以后投资实物黄金要收税了。 我看了这个政策，大家注意看我标红线的部分，主要是哪些收税，哪些不收税的问题，要看不明白没关系，听我来解读。 核心主要两点： 第一，以后买黄金，只有从上海期货交易所和上海黄金交易所这两家机构买可以免税的，市场上那些第三方机构发生交易的时候，是要征税的，要按照现 行增值税规定交税。 这么做之后呢，就大大强化了两大交易所的市场地位，因为未来只有你去这两个交易所买黄金，能直接免税，那以后机构买黄金的渠道呢，会慢慢集中到 这两大交易所内进行，把整个投资实物黄金的市场就统一管理起来了，能更好的监管。 国家能非常清晰的知道哪些人持有黄金。 第二，你要知道，这个主要针对实物黄金和纸黄金来收税，黄金ETF这些金融资产不在收税范围，这意味着什么？ 很多人估计不懂，你想想看哈，以前投资实物黄金为什么有投资空间，因为黄金的各个渠道和交易所之间，各个渠道自检，互相是开发票抵税的，其实是 免税的，成本没有增加，实物黄金的流转和转手非常容易。 这也意味着实物黄金存在大量的炒作空间，那现在税务规范后呢，下家如果开 ...