Core Insights - The A-share market experienced a contraction, with the Shanghai Composite Index closing down 0.41% at 3960.19 points, and the Shenzhen Component Index down 1.71% [2][8] - The textile manufacturing sector showed stable revenue performance, while the apparel and home textile sectors are still awaiting recovery [4][11] Market Review - On Tuesday, the A-share market saw a decrease in trading volume, with a total turnover of approximately 1.92 trillion RMB and over 3400 stocks declining [2][8] - The banking sector led the gains among industries, while the non-ferrous metals sector faced the largest declines [2][8] - In the Hong Kong market, the Hang Seng Index fell by 0.79% to 25952.4 points, and the Hang Seng Tech Index dropped by 1.76% [2][8] - The U.S. stock indices all closed lower, with the Dow Jones down 0.53%, S&P 500 down 1.17%, and Nasdaq down 2.04% [2][8] Industry Analysis Textile Manufacturing Sector - The textile manufacturing sector achieved revenue of 922.56 billion RMB in the first three quarters of 2025, a year-on-year decrease of 0.17%, with a net profit of 73.41 billion RMB, down 5.65% [12][14] - The sector's overall gross margin and net margin decreased to 18.77% and 8.51%, respectively [12][14] Apparel and Home Textile Sector - The apparel and home textile sector reported revenue of 1112.18 billion RMB, down 4.19% year-on-year, with a net profit of 81.28 billion RMB, down 12.01% [14] - The sector's gross margin increased to 45.57%, but the net margin decreased to 7.28% due to a significant rise in expense ratios [14] Jewelry Sector - The jewelry sector's revenue was 1435.02 billion RMB, a decline of 2.01% year-on-year, with a net profit of 41.04 billion RMB, down 12.28% [14] - The sector's gross margin and net margin were 10.20% and 3.18%, respectively, reflecting a decrease in profitability due to high gold prices affecting demand [14] Investment Recommendations - For the textile manufacturing sector, it is suggested to focus on companies with cost and scale advantages as demand gradually recovers [15] - In the apparel and home textile sector, brands with strong market presence are expected to see performance improvements as demand rebounds [15] - In the jewelry sector, attention should be given to leading companies with strong brand power and innovative product designs, despite short-term pressures from high gold prices [15] Tax Policy Impact on Gold Jewelry Industry - A new tax policy effective from November 1, 2025, exempts certain gold transactions from VAT, which may impact the gold jewelry market [16][17] - The policy differentiates between investment and non-investment uses of gold, potentially increasing costs for downstream retailers [17][18] - The new regulations are expected to enhance market transparency and may lead to increased prices for consumers as retailers adjust to higher tax burdens [18][19]

黄金税收新政落地，分类实施不同方案 本次新政的出台有助于规范化黄金交易市场秩序。对于交易所而言，由 于场内交易标准黄金免交增值税，新政有助于黄金交易向场内集中化发 展，减少场外非法交易和投机行为，提升市场透明度。对于产业链中下游 的黄金饰品零售商而言，进项税额扣除率从以往的 13%降低至 6%，将会 提升税务成本，如通过价格带传递给消费者，将会进一步影响黄金饰品的 终端销量，但同时也将倒逼商家深耕产品设计创新，以此换取更多的产品 溢价和客户青睐。对于普通投资者而言，由于税收带来的价格差异，非交 易所实物黄金的投资吸引力将下降，银行积存金、黄金 ETF 等产品的吸 引力将会提升。 [Table_ReportType] ——黄金珠宝行业快评[Table_ReportDate] [事件Table_Summary] ： 近日，财政部、税务总局发布关于黄金有关税收政策的公告，自 2025 年 11 月 1 日起实施，执行至 2027 年 12 月 31 日。 投资要点： ⚫ 新政对部分黄金交易免收增值税，延续优惠政策。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， ...

Core Viewpoint - The new tax policy on gold, effective from November 1, represents the largest adjustment since 2002 and 2008, categorizing gold transactions into "investment" and "non-investment" uses, which will significantly impact the gold market and consumer behavior [1][5][11]. Group 1: Tax Policy Changes - The new regulation divides gold into two categories: "investment" (e.g., gold bars, coins) and "non-investment" (e.g., jewelry, industrial gold) [5][7]. - The tax rebate for retailers has decreased from 13% to 6%, increasing tax costs by approximately 7%, which is expected to be passed on to consumers, raising costs by about 60 yuan per gram [7][9]. - The announcement aims to guide gold trading towards more regulated and transparent channels, encouraging transactions through exchanges to benefit from tax exemptions [11][13]. Group 2: Market Reactions - On the first day of the new policy, the Shenzhen gold market saw a significant slowdown, with many retailers halting sales and prices for gold jewelry increasing by 61 yuan per gram to 1259 yuan per gram [3][9]. - The new tax structure is likely to shift trading from informal to formal channels, potentially reducing illegal trading and short-term arbitrage activities [13][18]. - Consumers are advised to consider the implications of the new tax policy on their purchasing decisions, particularly regarding the channels through which they buy gold [9][18]. Group 3: Consumer Impact - Ordinary consumers purchasing gold jewelry will not feel a significant impact from the new tax policy, as retail prices already include taxes [15][16]. - The market restructuring may lead to a preference for purchasing gold through official channels to ensure value retention, as the fluctuations in gold prices remain unpredictable [20].

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 by Sections Tax Policy 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) when selling standard gold [3]. - For physical delivery, transactions will be categorized into "no physical delivery" and "physical delivery," with different tax treatments applied [3][4]. - Investment-use gold purchases will benefit from VAT refunds and exemptions from urban maintenance and education fees, while non-investment-use purchases will be exempt from VAT but will require different invoicing [3][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, enhancing market transparency [5][6]. - Gold prices have seen significant increases, with spot gold prices reaching $4,002.69 per ounce, up over 52% year-to-date, indicating a favorable environment for the new tax policy [5]. Stakeholder Effects - The policy will impact four main groups: exchange members, institutional investors, ordinary consumers, and downstream businesses in the gold processing and retail sectors [6]. - Institutional investors may shift towards on-exchange trading to benefit from lower tax burdens, while ordinary consumers may become more discerning about purchasing channels to maximize tax advantages [6][7]. Challenges for Small Gold Merchants - Small gold merchants face structural challenges due to the new policy, including cost pressures and compliance requirements, which may lead some to exit the investment gold market [9]. - The traditional profit models of small merchants will undergo significant changes, necessitating a shift towards enhancing product value and brand differentiation to sustain profitability [9].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China have announced new tax policies regarding gold transactions, which will exempt value-added tax (VAT) for certain transactions involving standard gold, effective from November 1, 2025, to December 31, 2027 [1][25]. Tax Policy Details - Transactions involving standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT when sold by member units or clients [8][11]. - For physical delivery of standard gold, if member units purchase gold for investment purposes, VAT will be refunded immediately, and they will also be exempt from urban maintenance and construction tax, as well as educational fees [8][11]. - If standard gold is purchased for non-investment purposes, VAT will also be exempt, and a regular invoice will be issued [12][13]. Definitions and Conditions - "Standard gold" is defined as gold that meets specific purity and weight standards, including AU99.99, AU99.95, AU99.9, and AU99.5, with weights of 50 grams, 100 grams, 1 kilogram, 3 kilograms, and 12.5 kilograms [17]. - Investment purposes include direct sales and the production of gold products with a purity of 99.5% or higher [17][18]. - Member units must report any change in the use of standard gold before the change occurs, and they can only apply for a change once within six months of physical delivery [20]. Implementation Timeline - The new tax policies will be implemented starting November 1, 2025, and will remain in effect until December 31, 2027 [25].

Core Viewpoint - The new tax policy for gold, effective from November 1, 2025, aims to differentiate between investment gold and non-investment gold, promoting a healthier industry ecosystem and addressing previous broad management practices [3][8]. Tax Policy Changes - The announcement specifies that transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) if no physical delivery occurs. If physical delivery occurs, VAT will apply according to regulations [4][6]. - The policy categorizes gold into investment and non-investment uses, with investment uses including direct sales and production of gold bars with a purity of 99.5% or higher [8][9]. Industry Impact - Analysts believe the new policy will help curb excessive speculation in the gold market, reflecting true market demand and enhancing liquidity in the gold spot market [9][12]. - The differentiation between investment and non-investment gold is expected to lower tax burdens for gold jewelry processing and other physical enterprises, potentially encouraging more gold to flow into the real economy [9][12]. Implementation and Compliance - Industry stakeholders are awaiting more detailed implementation guidelines, with some companies already in discussions with the Shanghai Gold Exchange and tax authorities for practical applications of the new policy [10][11]. - The new regulations provide clearer definitions and calculations for invoices and deductions, which may help unify tax and accounting standards across the gold industry [12]. Market Context - As of October 31, 2023, gold prices have surged, with London spot gold and Shanghai gold prices increasing by over 52% and 50%, respectively, since the beginning of the year [12].

关于黄金有关税收政策的公告 财政部 税务总局 2025年第11号 现将黄金有关税收政策公告如下： 一、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，按照以下规定适用增值税政策： （一）会员单位购入标准黄金用于投资性用途的，交易所实行增值税即征即退，同时免征城市维护建设税、教育费附加，并按照实际成交价格向买入方会 员单位开具增值税专用发票。买入方会员单位将标准黄金直接销售或者加工成投资性用途黄金产品（经中国人民银行批准发行的法定金质货币除外）并销 售的，应按照现行规定缴纳增值税，并向购买方开具普通发票，不得开具增值税专用发票。 经中国人民银行批准生产发行法定金质货币的会员单位，从交易所购入标准黄金，生产销售法定金质货币的（适用免征增值税政策的熊猫普制金币除 外），按照现行规定缴纳增值税，可以向购买方开具增值税专用发票。 五、本公告所称投资性用途，包括直接销售，以及加工生产含金量99.5%及以上的金条、金块、金锭、金片或者经中国人民银行批准发行的法定金质货 币。非投资性用途 ...

Core Viewpoint - The recent drop in gold prices has led to a surge in market activity, with many consumers flocking to purchase gold, particularly in Shenzhen's Shui Bei area [2][3]. Price Trends - As of May 1, the spot gold price fell over 2%, nearing $3,220 per ounce, and remained under $3,245 per ounce as of the report [2]. - In Shenzhen, the real-time gold price dropped to 780 RMB per gram [2]. Market Activity - On May 2, Shui Bei experienced a significant increase in foot traffic, with many consumers purchasing gold, including large investment pieces [6]. - A consumer from Guangxi purchased over 100,000 RMB worth of gold, indicating a trend of consumers buying in bulk during price dips [6]. Consumer Preferences - Popular items among consumers included investment gold, simple bangles, and gold bars, with lower processing fees compared to banks [7]. - The price difference for certain items, such as a high-quality imitation piece, was noted to be significant, with a drop of over 2,000 RMB in just over a week [7]. Supply and Demand - Following the price drop, there was a temporary shortage of larger investment gold pieces, but supply has since stabilized [9]. - Retailers in Shui Bei have maintained a fixed price of 780 RMB per gram during the holiday period, despite fluctuations in international gold futures [9]. Recovery Market - The gold buyback market has also seen increased activity, with many customers looking to sell their gold at higher prices than they purchased [10]. - A Hong Kong investor noted a profit of approximately 250 RMB per gram when selling gold back, highlighting the lucrative nature of the current buyback market [12]. Future Outlook - Analysts suggest that gold prices may experience short-term volatility, with several factors contributing to potential downward pressure [14]. - Key concerns include a significant reduction in the U.S. fiscal deficit, crowded long positions in gold, and a disparity between actual trading volume and potential investor capital [14].