Industry News - TSMC plans to implement a price increase of approximately 3%-5% for advanced processes below 5nm starting January 2026, indicating a four-year pricing strategy [7] - The Ministry of Finance and the State Administration of Taxation clarified tax collection matters related to gold, leading to adjustments in pricing for physical gold bars by China Merchants Bank [5] - The National Medical Insurance Administration announced the conclusion of negotiations for the 2025 National Medical Insurance Directory, focusing on price agreements for innovative drugs [7] - The Chinese government has decided to extend visa-free policies for 45 countries, including France and Germany, until December 31, 2026, to facilitate international travel [2] Company News - China Shenhua announced a cash dividend distribution totaling 19.471 billion yuan for the first half of 2025 [8] - Huayuan Technology is involved in a strategic cooperation agreement with Tailan New Energy to collaborate on solid-state batteries and key materials [9] - Industrial and Commercial Bank of China has resumed accepting applications for gold accumulation business after a temporary suspension [7] - Artis expects to have a storage system capacity of 15 GWh and cell capacity of 3 GWh by the end of 2025 [10]

Group 1 - Industrial and Commercial Bank of China (ICBC) announced the suspension of its "Ruyi Gold" accumulation business effective from November 3, 2025, due to macroeconomic policy impacts and risk management requirements [1] - China Construction Bank (CCB) also announced a suspension of its "Easy Storage Gold" business, including real-time purchases and physical gold exchanges, effective from November 3, 2025, while existing customers' plans remain unaffected [1] - The recent changes in gold tax policies by the Ministry of Finance and the State Administration of Taxation have prompted system upgrades in banks to comply with the new regulations [1] Group 2 - From November 1, 2023, to December 31, 2027, standard gold traded on the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) unless physical gold is withdrawn or sold outside the exchange [2] - The new tax policy increases the cost of investing in physical gold, while electronic gold investments within the exchange gain a tax advantage [2] - China Merchants Bank has adjusted the pricing of its physical gold bars in response to the new gold tax policy, indicating that the tax has been incorporated into the product pricing [2]

Macro Dynamics - The "upgraded" China-Europe export control dialogue was held in Brussels, focusing on mutual concerns in export control and agreeing to maintain communication to stabilize supply chains [2] - The National Data Bureau announced support for private enterprises to lead standard formulation in the data sector, with over 120 national standards published during the 14th Five-Year Plan period [3] Financial Institutions - China Construction Bank announced the suspension of certain gold-related services due to market volatility, effective from November 3, 2025 [8] - Goldman Sachs raised its forecasts for China's export growth and actual GDP growth, predicting annual export growth of 5-6% and adjusting the 2025 GDP growth forecast from 4.9% to 5.0% [9] Market Data - The Shanghai Composite Index rose by 0.55% on November 3, with significant activity in sectors such as photovoltaic and thorium-based molten salt stocks [11] - The total margin balance in the two markets decreased by 12.28 billion yuan as of October 31 [12] - The Hong Kong Hang Seng Index increased by 0.97%, with notable movements in technology and automotive stocks [13] Company Dynamics - Microsoft CEO Satya Nadella highlighted that the AI industry faces challenges not from excess computing power but from insufficient electricity to support GPU operations [14] - Arctech responded to recent price speculation in the polysilicon sector, stating that there is currently an oversupply and no plans for self-built or acquired polysilicon production lines [15] - Baihehua's actual controller, Chen Lirong, mistakenly reduced his holdings by 160,000 shares but has since repurchased the same amount to correct the error [16]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China announced a new tax policy regarding gold transactions, which includes exemptions from value-added tax (VAT) for certain transactions involving standard gold [1] Group 1: Tax Policy Changes - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange can enjoy VAT exemptions when selling standard gold [1] - The policy distinguishes between transactions that involve physical delivery and those that do not, with VAT exemptions applicable to transactions without physical delivery [1] - For transactions involving physical delivery, different tax policies apply based on the intended use of the purchased standard gold [1] Group 2: Implementation and Impact - Following the new policy, as of November 3, 2023, the price of physical gold bars displayed on the mobile banking app of China Merchants Bank includes tax, and the VAT is automatically processed by the system [1] - Customers do not need to bear additional tax costs during the trading process, but for physical gold buyback transactions, the tax will be calculated based on the real-time gold price at the time of pickup, in accordance with exchange regulations [1]

Group 1: Gold Tax Policy and Market Impact - The new gold tax policy announced by the Ministry of Finance and the State Taxation Administration has led to adjustments in gold pricing, with China Merchants Bank including tax in the price of physical gold bars [1] - The announcement of the tax policy has negatively impacted retail gold stocks, with companies like Luk Fook Holdings experiencing a drop of nearly 9% in stock price [4] - The policy aims to enhance the distinction between gold as a commodity and its financial attributes, indicating a supportive stance towards the gold industry compared to international markets [4] Group 2: Aluminum and Glass Market Trends - Aluminum prices have surged, reaching their highest closing price since May 2022, with a monthly increase of over 7% in October [1] - The domestic photovoltaic glass market is facing an increase in production capacity, with new furnaces being activated, leading to a slight increase in supply despite some production constraints [2] Group 3: Company Developments and IPOs - Shukong Technology, a unicorn in AI medical imaging, is preparing for an IPO, with a valuation reaching 9.4 billion yuan after its last funding round [2] - Juhua Materials is planning to issue H-shares and list on the Hong Kong Stock Exchange, with details still under discussion [6] - Several companies, including Keren Co. and Pingzhi Information, have signed significant procurement contracts, indicating active business operations in their respective sectors [10][11] Group 4: Retail and Store Closures - Zhou Dashing has reported a net closure of 560 stores over the past year, primarily in franchise locations, despite rising gold prices [5]

在金价持续走高的当下，越来越多的投资者开始重新思考：黄金究竟是一种怎样的资产？是 否还可以继续配置？ "黄金，于我而言是一种值得等待的资产。"看着账户里接近50%的浮盈，黄金投资者雪棣如是说。 2025年以来，伴随全球地缘冲突持续与市场避险情绪升温，国际金价一路高走，接连突破3000美元/盎 司、3500美元/盎司乃至4000美元/盎司等关键点位，屡次刷新历史纪录。 截至10月8日，国际金价年内累计涨幅超过50%，使其成为全球大类资产中表现最为亮眼的品种之一。 作为黄金市场的参与者，雪棣亲历了国内金价从500元/克、600元/克一路攀升至900元/克的整个过程。 截至10月初，他在黄金上的累计投入已超过200万元，得益于较早的入场时机，目前实现收益近150万 元。他说："买黄金没什么技巧，全靠买得早。" 在这场由央行、投资机构以及投资者共同推动的"黄金热潮"中，有人凭借早期布局收获可观回报，有人 因犹豫等待而错失机会，也有人因"恐高"选择离场。在金价持续走高的当下，越来越多的投资者开始重 新思考：黄金究竟是一种怎样的资产？是否还可以继续配置？ "全靠买得早" 93年出生的雪棣，在福建的一家互联网知识服务公司工 ...

Core Viewpoint - The article discusses the rising gold prices and the renewed interest among investors in gold as an asset class, questioning its future allocation potential amidst ongoing geopolitical tensions and market volatility [2][4]. Group 1: Gold Price Trends - Since 2025, international gold prices have surged, breaking through key levels of $3000, $3500, and $4000 per ounce, with a year-to-date increase exceeding 50% as of October 8 [2][13]. - The World Gold Council attributes the price increase to geopolitical and economic risks, strong demand for gold ETFs, and consistent central bank purchases [13][14]. Group 2: Investor Experiences - Investor "Xue Di" has seen significant returns from early investments in gold, with a total investment exceeding 2 million yuan and profits around 1.5 million yuan, emphasizing the importance of timing in gold investments [2][8]. - Another investor, "Liu Yun," transitioned from trading gold ETFs to purchasing physical gold bars, reflecting a shift from a trading mindset to a long-term value preservation strategy [10][12]. Group 3: Market Demand and Central Bank Activity - In the first half of the year, China's retail gold investment and consumption reached 518 tons, a 5% increase year-on-year, with significant inflows into gold ETFs [13]. - As of August 2023, China's official gold reserves reached 2298.43 tons, marking ten consecutive months of increases, indicating a robust central bank strategy to diversify reserves [13]. Group 4: Future Price Predictions - Goldman Sachs raised its 2026 gold price forecast from $4300 to $4900 per ounce, citing strong demand from central banks and private sectors [14]. - However, some institutions, including Bank of America and UBS, caution that gold may face a correction in the near term, with potential price levels dropping to $3525 or $3800 per ounce [15].