朋友圈里有个老板前阵子晒了张照片，几根金条整整齐齐摆在桌上，配文说是2023年花100万买入的投资 金条，如今价值已经涨到150万了。本想着趁机套现，没想到跑了一圈下来，银行说包装破了不收，金店 压价太狠，只肯出90万。这位老板现在头疼得很，好好的投资怎么变成了烫手山芋？ 其实这种情况并不少见。我们身边不少人都遇到过类似的麻烦。黄金涨了想卖，结果发现卖金比买金难 多了。这里面到底有什么门道？ 银行为何对金条如此挑剔 银行回购金条的要求确实严格，必须是从本行网点购买的实物金条，包装要完好无损，还需要有购买时 的实物回单或电子凭证。这两个条件缺一不可。 我有个朋友在工商银行买了金条，当时业务员特意嘱咐："千万别撕开塑封膜，一旦破损银行就不回收 了。"这话听着有点夸张，但确实是事实。银行对包装的要求近乎苛刻，哪怕是一点小划痕都可能被拒 收。 银行会对黄金进行实物质检和复秤，确保其成色和重量与标识相符，回购价格通常是在当日上海黄金交 易所的基准金价基础上扣除一定价差后进行结算。整个流程下来，不仅时间长，要求还特别多。 更要命的是，如果你的购买凭证丢了，那基本就没戏了。即便能去当时购买的网点补单，但手续繁琐， 很多人根 ...

Core Viewpoint - Chow Tai Fook Jewelry Group Limited reported disappointing interim results, leading to a significant drop in stock price, with revenue and net profit falling short of market expectations [1][2] Financial Performance - For the first half of the fiscal year ending September 30, 2025, Chow Tai Fook achieved revenue of HKD 38.99 billion, a year-on-year decline of approximately 1.1%, below the market expectation of HKD 40.19 billion [1] - The net profit attributable to shareholders was HKD 2.53 billion, a slight increase of 0.16% year-on-year, but lower than the expected HKD 2.63 billion [1] - The group's operating profit remained resilient at HKD 6.823 billion, a year-on-year growth of 0.7%, supported by high-margin pricing jewelry and rising gold prices [2] Market Conditions - International gold prices have shown high volatility, with London gold prices fluctuating around USD 4,160.77 per ounce as of November 26, 2023, impacting the jewelry industry [2] - The price of gold jewelry in domestic markets has risen, with Chow Tai Fook's gold price reported at HKD 1,312 per gram [2] Same-Store Sales Performance - The company reported a 2.6% increase in same-store sales for its directly operated retail points in mainland China, and a 4.8% increase for franchise retail points [3] - Same-store sales in Hong Kong and Macau rose by 4.4%, driven by improved retail consumption and increased foot traffic [3] - Specifically, Hong Kong saw a 1.8% increase in same-store sales, while Macau experienced a significant growth of 13.7% [3]

行 华福证券 行 业 定 期 报 告 海南离岛免税政策方面，本周财政部等国家部委研究制定并出台 《公告》，为激发海南消费市场潜能注入新动力、拓展新空间，核心 包括品类拓展等利好政策，关注四季度海南封关主线下中国中免等海 南免税运营商。旅游标的方面，2025 年前三季度，国内居民出游人次 49.98 亿，比上年同期增加 7.61 亿，同比增长 18.0%，旅游出行 beta 不断向好，建议关注四季度冰雪游旺季公司长白山、大连圣亚，以及 拥有收并购预期的头部公司祥源文旅、西域旅游等。 黄金珠宝：税收新政落地，长期有望推动行业合规发展。 黄金税收新政发布后，针对黄金首饰产品，从上海金交所采购标 准黄金的增值税进项税抵扣额从 13%下降至 6%，企业税负成本增加， 预计成本压力将传导至终端，导致首饰产品价格提升。我们估计价格 变动短期将影响终端克重产品销售，长期看民众对高金价逐步接受后 终端消费有望回补，且水贝等渠道销售有望向合规金店转移。建议关 注一口价产品占比高的老铺黄金，公司产品价格相对稳定，金价持续 上行受益；其他建议关注潮宏基、菜百股份。 餐饮：关注具备成长动能的细分赛道龙头。 餐饮板块分化延续，看好具备成 ...

Group 1 - The recent U.S. employment data indicates a significant decline in private sector jobs, averaging a decrease of 2,500 jobs per week in the first four weeks of November, compared to an increase of 14,000 jobs in the first half of October, signaling a shift from growth to contraction in the job market [2] - Weak employment data suggests a decrease in economic vitality, leading to increased market expectations for the Federal Reserve to lower interest rates, which typically supports gold prices as a hedge against inflation and a safe-haven asset [2] - Following the employment report, gold prices rebounded, reflecting the market's direct response to the anticipated policy shift [2] Group 2 - Gold's significance extends beyond investment; it serves as a "safety net" for individuals facing financial difficulties, as illustrated by a couple who turned to their gold jewelry for emergency cash to manage their living expenses and debts [3] - The value of gold is highlighted as not just a symbol of wealth but also as a crucial asset that can be liquidated in times of need, providing financial security during market volatility [3][4] - The narrative emphasizes that while gold prices may fluctuate, its intrinsic value remains constant, serving as a reliable resource in challenging times [3][4] Group 3 - Recommendations suggest that individuals should consider allocating a portion of their investments to gold (such as gold bars or ETFs) to combat inflation and diversify risk [5] - In urgent situations, converting idle gold jewelry into cash can help avoid falling into debt traps, showcasing gold's role as a last line of defense against financial uncertainty [5] - The enduring nature of gold as a hard currency reinforces its position as a critical asset for individuals to mitigate risks in an unpredictable market [5]

Core Insights - The new tax regulations on gold have led to significant price changes in the gold jewelry market, with an average increase of approximately 60 CNY per gram for gold jewelry, while gold bar prices have varied [1][2][6] - The new regulations are expected to reshape the gold industry chain, shortening the gold bar supply chain and reducing opportunities for illegal tax arbitrage [1][19][22] Price Changes - Gold jewelry prices have increased by about 60 CNY per gram post-regulation, with consumers showing a more cautious buying attitude [2][4] - Gold bar prices have shown a mixed response, with non-member gold stores reporting an average increase of around 60 CNY per gram, while member stores like China Gold and Cai Bai have maintained relatively stable prices [6][11][7] Sales Channel Dynamics - Direct sales brands have an advantage in gold bar pricing, with some brands like Chow Tai Fook experiencing significant price hikes due to their reliance on franchise models [7][9] - Most bank channels have not seen significant price increases for gold bars, as they continue to benefit from previous tax incentives, potentially leading to increased gold bar sales as consumers seek to avoid higher jewelry prices [11][12] Industry Chain Restructuring - The new regulations are likely to shorten the gold bar industry chain, encouraging transactions to shift from off-market to on-market [19][22] - The regulations aim to reduce opportunities for fraudulent invoicing and tax evasion, thereby tightening compliance within the industry [19][21] Future Trends - The increase in costs due to the new tax structure may push the gold jewelry industry to focus more on craftsmanship and design innovation rather than price competition [22][23] - The market may see a shift towards a "buy gold bars and convert to jewelry" model as consumers look to mitigate the tax burden associated with direct jewelry purchases [11][12]

Group 1: Key Recommendations - The report highlights the undervaluation of Luk Fook Holdings (00590.HK), a leading Hong Kong jewelry brand, emphasizing product innovation and channel transformation as new growth drivers [7][8] - For the fiscal year 2025, Luk Fook achieved revenue of HKD 13.341 billion, with 39.5% from mainland China and 60.5% from Hong Kong, Macau, and overseas markets [7][8] - The company has seen same-store sales growth of 5% and 10% in the second and third quarters of 2025, respectively, despite facing challenges from rising gold prices and changing consumer environments [7][8] Group 2: Industry Insights - The jewelry consumption logic has evolved to emphasize both fashion and value retention, with innovative design significantly enhancing the fashion appeal of gold products [8] - The report notes that the recent tax reform on gold in Hong Kong is expected to benefit the market by enhancing brand and price competitiveness, particularly in attracting mainland consumers [8] - The insurance industry has seen a 16.5% year-on-year increase in funds utilized, with a notable shift towards equity investments, indicating a robust demand for investment opportunities [14][19] Group 3: Financial Performance and Projections - Luk Fook is projected to achieve net profits of HKD 1.501 billion, 1.787 billion, and 2.028 billion for the fiscal years 2026 to 2028, representing year-on-year growth rates of 36.48%, 19.08%, and 13.44% respectively [9] - China Gold International (02099.HK) reported a significant revenue increase of 99.83% year-on-year for the first three quarters of 2025, reaching USD 925 million, with a net profit of USD 341 million [25][26] - The report anticipates that China Gold will exceed its production guidance for gold and copper, with a strong outlook for future growth [26][27] Group 4: Strategic Developments - The report discusses the strategic acquisition by Electric Power Investment (002128.SZ) of Baiyin Coal Power, which is expected to enhance the company's capacity and profitability by approximately 38% in revenue and 27% in net profit [29] - Dazhonglin (603233.SH) has shown a 26% year-on-year increase in net profit for the first three quarters of 2025, driven by improved marketing strategies and cost management [30][31] - The education sector is undergoing significant changes, with a focus on AI-driven personalized learning solutions, which are expected to address the challenges of scalability and cost-effectiveness in education [19][20]

根据现行的印尼财政部第38/2024号条例，仅未精炼黄金需要缴纳出口关税，精炼金条和黄金首饰目前 仍不在出口税范围内。未来新的黄金出口税税率及适用范围，将由能源与矿产资源部提出建议，并最终 通过财政部发布的部长条例（PMK）予以确定。 （文章来源：新华财经） 据路透社11月17日报道，印尼财政部一名高级官员表示，政府正在敲定一项新的税制安排，拟对黄金产 品征收7.5%至15%的出口税，计划于2026年开始实施。该官员透露，不同加工等级的黄金将适用差异化 税率，未完全精炼产品的税率将更高，以支持国内冶炼和加工产业发展。 事实上，早在今年7月7日，印尼财政部与国会第十一委员会在2026年国家预算收入工作委员会的会议 中，就已将"黄金纳入出口关税税基"的议题列入讨论。财政部财政与经济战略司司长费布里奥·内森·卡 卡里布当时表示，扩大出口关税覆盖范围的政策"正在内部审查"。他补充说，全球黄金价格走势也将成 为决定出口税率的重要参考因素。 ...

• 定位：黄金是"风险保险"，不是发财工具，资产里配5%-10%就行； • 选工具：方便选黄金ETF（费用低、T+0交易），踏实选银行积存金（能换实物），别碰黄金首饰（溢价太高）； • 操作：急跌分批买，暴涨果断卖，别信"永远涨"！ 总结：黄金像灭火器，平时用不上但不能没有，想靠它暴富不如踏实搞事业！关注我，财经干货一分钟讲透，不绕弯子！ 老铁们，黄金最近过山车开得贼刺激！刚冲4400美元/盎司历史新高，转眼就回调到4080美元附近，现在下手怕接盘，不买又怕再涨？一分钟给你扒得明明 白白！ 黄金疯涨就俩核心：全球央行连续16年净购金，不信美元信黄金；地缘冲突、债务危机扎堆，资金全往黄金这"安全屋"躲。 但风险也明摆着：美联储放话"可能不降息"，金价说跌就跌；高位超买，短期回调压力大；品牌金饰买1315元/克、回收才916元，一买一卖亏30%！ 普通人这么买准没错： ...

Core Insights - The report highlights the strategic transformation and structural opportunities in the gold industry amid escalating geopolitical conflicts, focusing on three main sectors: gold mining, jewelry consumption, and investment markets [1][2][3]. Gold Mining Sector - The gold mining sector shows a clear trend of "price increase and stable volume," with international gold prices rising by 39.21% year-on-year in the first half of 2025, and domestic Au99.99 gold prices increasing by 41.07% [1]. - Major mining companies reported net profit growth exceeding 50%, with Shandong Gold and Western Gold achieving the highest increases of 120.5% and 141.66%, respectively [1]. - Domestic gold production slightly decreased by 0.31% to 179.083 tons, indicating a shift from scale expansion to resource control [1]. - The implementation of the "High-Quality Development Implementation Plan for the Gold Industry (2025-2027)" aims for a resource increase of 5%-10% and breakthroughs in deep mining technology [1]. - Companies are building a "domestic stability + overseas expansion" dual circulation pattern, with overseas gold production increasing by 16.17% to 39.608 tons [1]. - Exploration investment surged, with gold exploration funding reaching 2.146 billion yuan, a 52.8% year-on-year increase, enhancing resource security [1]. Jewelry Consumption Sector - The jewelry sector faces a divergence between volume and price, with retail sales of gold and silver jewelry increasing by 11.3% year-on-year to 194.8 billion yuan, while gold consumption volume decreased by 3.54% [2]. - There is a significant structural differentiation: gold jewelry consumption fell by 26%, while gold bars and coins consumption grew by 23.69%, highlighting a shift from consumption to investment demand [2]. - High gold prices have led to a deeper segmentation of consumer preferences, with a focus on lightweight, well-designed, and high-value products [2]. - Brands like Chow Tai Fook and Lai Shen Tong Ling have achieved growth through product structure optimization, catering to younger consumers' demand for emotional value and cultural significance [2]. Investment Market - The financialization of the gold investment market is accelerating, with trading volumes on the Shanghai Gold Exchange and futures exchanges increasing by 56.46% and 149.17% year-on-year, respectively [2]. - Gold ETF holdings surged by 173.73% year-on-year, indicating a strong entry of institutional investors into the market [2]. - The People's Bank of China has increased its gold reserves for eight consecutive months, adding a total of 18.97 tons in the first half of 2025, underscoring gold's role as a stabilizing asset in the national financial security system [2]. - The internationalization of the gold market has made progress, with the launch of local settlement contracts on the Hong Kong International Board of the Shanghai Gold Exchange, promoting a global pricing system for RMB-denominated gold [2]. - Regulatory measures, such as the implementation of anti-money laundering and anti-terrorist financing management regulations for precious metals and gemstones, have strengthened market security [2]. Overall Industry Outlook - The Chinese gold industry demonstrated strong resilience in a complex environment during the first half of 2025 [3]. - Future trends include a shift in mining from production expansion to resource control and technological innovation, a focus on structural opportunities in the jewelry sector, and continued financialization and internationalization in the investment market [3]. - The industry is accelerating the construction of a modern industrial system with global competitiveness, further enhancing its strategic value and financial attributes [3].

Core Points - A package containing over 60,000 yuan worth of gold was intercepted by police, revealing a scam where the victim was misled into hiding gold in a sauce bottle for shipping [1][8] - The incident highlights the dangers of online scams, particularly those involving emotional manipulation and investment fraud [12] Summary by Sections Incident Overview - A citizen from Dazhou, Mr. Zhu, was lured by an online acquaintance to send gold hidden in a package, which was intercepted by police during sorting in Chongqing [1][3] - The police acted quickly upon receiving a report from Chongqing, leading to a cross-province operation to prevent the loss of the gold [8] Scam Details - Mr. Zhu, after experiencing family issues, was influenced by a "warm-hearted" online friend who introduced him to an "investment customer service" [3][5] - Initially, Mr. Zhu attempted to purchase high-value shopping cards but later was convinced to buy gold as an investment [5][6] Police Action and Recovery - The police conducted a thorough investigation and persuaded Mr. Zhu to recognize the scam, ultimately leading to the successful interception of the package containing the gold [6][8] - The gold was recovered and returned to Mr. Zhu, ensuring he did not suffer financial loss [8][12] Scam Characteristics - This case is identified as a variant of the "pig butchering" scam, incorporating elements of "physical money laundering," making it more deceptive [12] - The police provided warnings about recognizing potential scams, particularly those involving unsolicited offers of guaranteed returns and requests to send valuable items to unknown addresses [12]