大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【丽江公开发函喊话小红书审核避雷贴】 据现代快报，12月23日下午，云南丽江市古城区文化和旅游局公开发布《关于请小红书平台强化丽江市婚拍领 域信息审核监管和监测的函》，称小红书在履行平台信息监测及管理方面的主体责任和审核义务不到位，导致 大量消费者为达到其超合理诉求，在企业无过错责任情况下利用平台发布不实"避雷贴"、"曝光贴"等内容，威 胁企业退钱退款的情况，企业针对此类不实内容申诉难，造成大量企业商誉受到诋毁，退单退订大面积发生。 据丽江市古城区旅拍行业协会调查摸排，截止到12月，因不实"避雷贴"企业退订100余万元，间接损失超500万 元。 当晚 9 点， @ 现代快报 记者联系上丽江市古城区文化和旅游局副局长朱镇罡，他表示已和小红书取得联系并 递交相关材料，事情已在处理阶段。 【东方雨虹：美国子公司疑遭电信诈骗，涉案金额约1211万元】 据界面新闻，东方雨虹12月23日公告，公司近日获悉，公司下属美国全资子公司OYH Construction Materials LLC（简称"OYH建材公司"）疑遭电信诈骗 ...

Core Viewpoint - The adjustment in pricing at the Shenzhen Shui Bei market reflects the impact of the new gold tax policy, leading to the removal of the distinction between "investment gold" and "jewelry gold" in pricing, as the market adapts to changes in profitability and consumer behavior [1][2][7]. Group 1: Market Changes - The Shui Bei market, known as China's largest gold and jewelry wholesale market, has stopped displaying "investment gold" prices following the new tax policy introduced in November [1][2]. - The market's pricing system has shifted to only show prices for gold, platinum, and silver, with gold prices now closely resembling the previous "jewelry gold" prices [4][5]. - The adjustment is attributed to the differentiation in profit margins between member and non-member units of the Shanghai Gold Exchange, leading to a reduced number of participants in the investment gold business [7][9]. Group 2: Tax Policy Impact - The new tax policy categorizes gold into investment and non-investment types, encouraging investment gold to be traded on centralized exchanges [2][8]. - The tax reform has resulted in increased costs for non-investment gold, which may lead to higher retail prices for consumers [9]. - The policy aims to promote a healthier industry development by concentrating investment gold transactions within member units of the exchange, while non-investment gold faces higher tax burdens [9][10]. Group 3: Market Dynamics - The Shui Bei market is experiencing a transition period as many merchants adapt to the new tax regulations, with some ceasing investment gold sales altogether [5][6]. - The market is characterized by a "front store, back factory" model, where most businesses do not hold licenses for financial investment, focusing instead on wholesale operations [6][10]. - Future strategies for the Shui Bei market may involve enhancing supply chain support and exploring new avenues in branding, talent acquisition, and quality assurance [10].

Core Insights - The price of gold has reached a historical high, leading to the discreet removal of "investment gold" from the Shenzhen Shui Bei market [1] - Following the announcement of new gold tax policies in November, the pricing display in Shui Bei has undergone multiple adjustments, eliminating the distinction between "investment gold" and "jewelry gold" [1] - The Shui Bei market's operator, Shui Bei Hui, has also removed "investment gold" from its pricing app, with some merchants stating that "there is no more investment gold in the Shui Bei market" [1] Summary by Categories - **Market Changes** - The Shui Bei market, the largest gold and jewelry wholesale market in China, has stopped differentiating between "investment gold" and "jewelry gold" in its pricing [1] - The pricing system adjustment is attributed to the new gold tax policy, which has created a disparity in profit margins between member and non-member units of the Shanghai Gold Exchange [1] - **Regulatory Impact** - The new tax policy categorizes gold into investment and non-investment types, encouraging investment gold to enter centralized trading platforms like the Shanghai Gold Exchange and the Shanghai Futures Exchange [1] - The Shui Bei Hui's response indicates that the changes aim to prevent consumer confusion regarding gold pricing [1]

来源：滚动播报 金价再创历史新高之际，水贝"投资金"低调下架。自11月黄金税收新政发布以来，作为全国最大的黄金 珠宝批发市场，深圳水贝的金价标注方式已经历多次调整，先是大屏幕分别显示"投资金"与"首饰金"价 格。近日，记者走访发现，水贝市场不再区分"投资金"与"首饰金"，报价屏幕运营方"水贝会"小程序亦 同步隐去了"投资金"。部分水贝商家在社交平台上表示，"水贝市场再无投资金"。今年11月，《关于黄 金有关税收政策的公告》发布，将投资性、非投资性黄金分类管理，并鼓励投资金进入上金所、上期所 集中交易。（21世纪经济报道） ...

Core Viewpoint - The adjustment in pricing at Shenzhen's Shui Bei market reflects the impact of new gold tax policies, leading to the removal of "investment gold" pricing and a shift towards a unified pricing model for gold products [2][12]. Group 1: Market Changes - The Shui Bei market, known as China's largest gold and jewelry wholesale market, has stopped distinguishing between "investment gold" and "jewelry gold" in its pricing displays [1][10]. - Following the announcement of the new gold tax policy in November, the market has undergone multiple pricing adjustments, with the latest change eliminating the public display of "investment gold" prices [2][12]. - The new tax policy encourages investment gold to be traded on centralized exchanges, leading to a significant shift in how gold is priced and sold in the market [12][15]. Group 2: Pricing Dynamics - The price of gold in the Shui Bei market has risen, with major brands like Chow Tai Fook and Chow Sang Sang seeing prices exceed 1400 RMB per gram, while Shui Bei's prices have surpassed 1160 RMB per gram [2][4]. - Previously, "investment gold" was typically priced about 100 RMB lower per gram than "jewelry gold," but this distinction has been removed, leading to a more uniform pricing structure [7][10]. - The market's pricing adjustments are attributed to the need to avoid consumer confusion and the realization that the profitability of investment gold has diminished for many non-member merchants [12][15]. Group 3: Industry Implications - The new tax regulations have created a clear divide in profitability between member and non-member units in the gold trading sector, with only a limited number of member units remaining active in the investment gold business [12][14]. - The shift towards centralized trading is expected to enhance the concentration of investment gold transactions within a smaller number of entities, potentially benefiting larger brands in the long term [15]. - The Shui Bei market is undergoing a transformation phase, with industry stakeholders recognizing the need to adapt to new consumer behaviors and market conditions, focusing on supply chain support and brand development [15].

Core Viewpoint - The recent changes in the pricing system of Shenzhen's Shui Bei market reflect the impact of the new gold tax policy, leading to the removal of "investment gold" pricing and a shift towards a unified pricing model for gold products [1][2][7]. Group 1: Market Changes - The Shui Bei market, known as China's largest gold and jewelry wholesale market, has stopped distinguishing between "investment gold" and "jewelry gold" in its pricing displays [1][2]. - Following the announcement of the new gold tax policy in November, the market has undergone multiple adjustments in its pricing strategy, with the latest change being the removal of "investment gold" from public displays to avoid consumer confusion [2][4]. - The price of gold in Shui Bei has risen significantly, with major brands like Chow Tai Fook and Chow Sang Sang seeing prices exceed 1400 RMB per gram, while Shui Bei's gold price has surpassed 1160 RMB per gram [2]. Group 2: Tax Policy Impact - The new tax policy categorizes gold into investment and non-investment types, encouraging investment gold to be traded on regulated exchanges, which has led to a decline in the profitability of non-member units in the Shui Bei market [7][8]. - The tax reform has resulted in a clear differentiation in profit margins between member and non-member units, with only about a dozen member units remaining active in the investment gold business [7][8]. - The changes in tax policy are expected to lead to a more concentrated market for investment gold, while increasing tax burdens on non-investment gold, potentially raising retail prices [8][9]. Group 3: Market Dynamics and Future Outlook - Shui Bei's business model, characterized as "front store, back factory," is facing challenges as many merchants are transitioning away from investment gold due to reduced profitability [5][6]. - The market is expected to adapt by focusing on consumer needs and enhancing supply chain support, with an emphasis on brand development, talent acquisition, and quality assurance in the gold jewelry industry [9]. - The Shui Bei market is projected to maintain a high customer flow, with estimates of over 120 million visitors by 2025, despite the ongoing adjustments in its operational model [5].

Core Viewpoint - The article discusses the recent changes in the pricing system of gold in the Shenzhen Shui Bei market, particularly the removal of the distinction between "investment gold" and "jewelry gold" following the new gold tax policy implemented in November. This shift reflects the market's adaptation to regulatory changes and the evolving dynamics of gold trading in China [1][9]. Group 1: Market Changes - The Shenzhen Shui Bei market, known as the largest gold and jewelry wholesale market in China, has seen its pricing system adjust multiple times since the announcement of the new gold tax policy [1][6]. - As of December 22, 2023, the market no longer differentiates between "investment gold" and "jewelry gold," with the pricing screens only displaying gold, platinum, and silver prices [3][4]. - The price of gold in the Shui Bei market has surpassed 1160 yuan per gram, while major brands like Chow Tai Fook and Chow Sang Sang have seen their gold jewelry prices exceed 1400 yuan per gram, reflecting a daily increase of over 2.5% [1][3]. Group 2: Tax Policy Impact - The new tax policy categorizes gold into investment and non-investment types, encouraging investment gold to enter centralized trading platforms like the Shanghai Gold Exchange [1][9]. - The adjustment in pricing is attributed to the differentiation in profit margins between member and non-member units of the Shanghai Gold Exchange, leading to a reduced number of participants in the investment gold business [9][10]. - The tax reform has resulted in increased costs for non-investment gold, which may lead to higher retail prices for consumers [10]. Group 3: Market Dynamics and Future Outlook - The Shui Bei market is experiencing a transition period, with many merchants ceasing investment gold operations due to diminishing profitability [6][11]. - The market's traditional pricing advantage over external markets is being challenged as the cost of acquiring gold approaches that of jewelry gold [6][11]. - Industry experts suggest that the Shui Bei market should focus on enhancing supply chain support and adapting to consumer needs, as the gold jewelry industry requires significant capital investment and strategic development [11].

Group 1: Economic Performance and Challenges - Nanjing aims for a GDP exceeding 2 trillion yuan by 2025, but its 2024 GDP is projected at 1.85 trillion yuan, with growth rates below national and provincial levels [1][6] - The growth rate for the first three quarters of 2025 is 5.2%, significantly lower than the required 8.1% to meet the target, indicating substantial challenges ahead [1][6] Group 2: Consumer Behavior Trends - The "zero-debt population" has gained popularity on social media, characterized by living without loans and avoiding overspending, leading to discussions on consumer attitudes and quality of life [1][6] Group 3: Gold Market Dynamics - Domestic gold prices have been rising, with brands like Chow Tai Fook increasing prices by over 30% for some products, having raised prices three times this year [1][7] - In response to high gold prices, the consumption of gold jewelry has significantly declined, prompting brands to shift from traditional weight-based pricing to a higher-margin fixed-price model [1][7] Group 4: Regulatory Developments in Banking - Three major banks, including China Communications Bank, Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank, were fined over 120 million yuan for various regulatory violations [2][8] - The fines were issued for issues such as account management and anti-money laundering, with all banks stating that the problems occurred before 2023 and have since been rectified [2][8] Group 5: Stablecoin Regulation - A global regulatory framework for stablecoins is taking shape, with the U.S. and EU introducing relevant legislation [2][9] - China is encouraged to pilot a unique stablecoin scheme in free trade zones, leveraging stablecoins for cross-border payments while ensuring financial security and currency sovereignty [2][9] Group 6: Quality Control Issues in Traditional Brands - Tong Ren Tang, a century-old brand, faces a quality crisis due to a product with zero phospholipid content being sold at a significant markup, raising concerns about profit-driven practices and consumer trust [3][10] - The company has previously encountered quality issues with its branded products, leading to a decline in its reputation and sales performance [3][10] Group 7: Cash Payment Regulations - New regulations from the People's Bank of China will take effect on February 1, 2026, mandating cash acceptance in various payment scenarios to uphold the legal status of the yuan [4][11] - The regulations aim to address cash refusal practices and ensure that cash payment options are available in both online and offline settings [4][11] Group 8: Market Adjustments in Gold Investment - Following new tax policies, the Shenzhen Shui Bei gold market has seen a tightening of regulations, with reports indicating that "investment gold" has been quietly removed from listings [1][13]

Core Viewpoint - The recent tax policy changes regarding gold have significantly altered the pricing structure in the Shenzhen Shui Bei market, affecting both consumer behavior and merchant operations [1]. Group 1: Market Changes - Following the announcement of the new tax policy on November 1, the Shui Bei market has seen a shift in its pricing system, with the distinction between "investment gold" and "jewelry gold" being removed [1]. - Merchants have reported that the market management has become stricter, leading to the disappearance of "investment gold" from both online platforms and physical displays [1]. Group 2: Pricing Dynamics - Prior to the tax policy change, the Shui Bei market displayed only the market gold price, but after the initial confusion, it transitioned to showing both "investment gold" and "jewelry gold" prices, which has now reverted to a more simplified pricing structure [5]. - The current prices in the Shui Bei market are as follows: "investment gold" at 960 RMB per gram and "jewelry gold" at 1082 RMB per gram [2]. Group 3: Consumer Behavior - Consumers have shown interest in the price differences between "investment gold" and "jewelry gold," often inquiring about purchasing gold jewelry at investment prices, which has led to confusion and longer explanations from merchants [5]. - Despite high gold prices potentially suppressing some consumer demand, the traditional peak season at the end of the year still holds potential for sales growth [5]. Group 4: Industry Impact - The World Gold Council has indicated that the new tax policy will have differing impacts on investment demand and jewelry consumption, with investment channels remaining largely unaffected while jewelry prices may rise due to tax burdens [6]. - The retail sector for gold jewelry may experience consolidation as businesses adapt to the new market conditions, focusing on innovative designs and craftsmanship to remain competitive [6].

"现在，不管是商家还是消费者，都已经慢慢适应新的市场变化。"在水贝从事黄金饰品生意近10年的朱经理打开手机， 时刻 关注 着 金价的变化。 11月1日，财政部、国家税务总局发布《关于黄金有关税收政策的公告》，明确黄金有关税收政策。新政落地后，不管是 终端消费还是投资渠道，整个黄金市场迅速发生连锁反应。新政落地至今已经超过一个半月，记者再次走访发现， 深圳 水贝市场的价格体系又悄悄发生改变。 此前，在黄金税收新政发布后，水贝市场各大交易中心的价格显示大屏会分别显示"投资金"与"首饰金"价格。不过，记 者最近看到一些水贝商家在微信朋友圈等社交账号上发布动态表示，市场管理趋严，水贝市场再无"投资金"。近日，记 者走访水贝市场发现，无论是线下大屏还是线上小程序都悄悄隐去了"投资金"。 对此，记者采访了水贝市场的多位商家。"其实，投资金就是大盘金价，首饰金就是金饰销售的克价，也就是加税之后的 价格。"朱经理表示，"黄金税收新政之前，水贝市场的各大交易中心只会显示大盘金价。税收新政推出初期，水贝市场 经历了一段价格混乱时期，每个商家的报价都不一样。随后，市场变成了分别显示'投资金'与'首饰金'价格，现在又变 了。所以，最 ...