Core Viewpoint - The recent announcement of a new gold tax policy by the Ministry of Finance and the State Taxation Administration is prompting banks to adjust their gold product offerings, transitioning to a purchasing model to better protect consumer interests and adapt to market changes [1][3]. Group 1: Tax Policy Changes - The new tax policy, effective from November 1, 2025, distinguishes between "investment" and "non-investment" uses of gold, aiming to regulate the market and reduce speculative behavior [3][11]. - For investment purposes, a VAT refund will be implemented, while non-investment gold will be exempt from VAT, leading to a clearer tax deduction process for compliant enterprises [3][11]. - The tax burden for non-investment gold enterprises will increase by approximately 7 percentage points due to changes in input tax deduction rules [3][11]. Group 2: Bank Adjustments - Major banks, including China Merchants Bank, have begun to suspend certain gold-related services and products in response to the new tax policy [4][6]. - China Merchants Bank has shifted its gold products to a purchasing model, with invoices issued by suppliers, and currently only offers "non-cash" buyback services for its proprietary gold products [10]. - Following the policy announcement, some banks experienced rapid depletion of gold product inventories, indicating strong consumer demand [6][9]. Group 3: Market Impact - Analysts believe the new tax policy will have a limited impact on gold prices, as the changes primarily affect the tax structure rather than the fundamental supply-demand dynamics [11]. - The policy is expected to clarify the usage of non-investment gold, potentially benefiting the jewelry sector by reducing tax-related uncertainties [11].