Core Viewpoint - The recent tax policy changes regarding gold by the Ministry of Finance and the State Taxation Administration significantly alter the existing tax framework, impacting both investment and non-investment gold businesses in China [1][4]. Group 1: Tax Policy Changes - The new tax policy modifies the "immediate collection and refund" exemption that has been in place for 23 years at the Shanghai Gold Exchange, now favoring only trading members for investment gold tax benefits, while non-members face a tax increase of around 7% [4]. - The first week of the new policy saw a decrease in customer traffic and a decline in recovery business in key markets like Shui Bei, indicating a period of adjustment for pricing and market adaptation [4][6]. Group 2: Industry Response and Adaptation - Representatives from various retail brands and gold processing sectors discussed the immediate impacts of the new tax policy, highlighting the need for compliance and the potential reshaping of the competitive landscape due to differing tax costs between member and non-member entities [3][4]. - Companies are encouraged to integrate the new tax policy into their strategic planning, focusing on compliance and exploring new market opportunities through channel partnerships and product innovation [6][7]. Group 3: Market Dynamics and Future Outlook - The tax increase has led to adjustments in retail pricing, with price differences between mainland and Hong Kong/Macau gold prices widening to approximately 12%, prompting some consumers to shift their purchasing behavior [6]. - There is a consensus among industry representatives that the new tax policy serves as a means for the government to regulate the industry and promote high-quality development, with a focus on innovation and cultural value in products [7][8].