Group 1 - Gold prices have retreated from previous highs and are currently fluctuating below 4000 points due to multiple factors, including a strong dollar and ongoing U.S. government shutdown, which has reached a historic 36 days, potentially increasing market risk aversion [1] - Long-term views suggest that the U.S. debt issue remains unresolved, leading to a weakening of dollar credit, which enhances gold's monetary attributes; central banks' regular gold purchases provide official backing, creating positive feedback [1] - The expectation of continued interest rate cuts by the Federal Reserve supports the financial pricing of gold, indicating a solid logic for gold's upward trend in the medium to long term [1] Group 2 - The gold ETF (159934) has seen a net inflow of 4.4 billion yuan in the past month, bringing its latest scale to approximately 31.5 billion yuan, indicating good liquidity [2] - This product invests in Au99.99 spot contracts on the Shanghai Gold Exchange and tracks domestic gold price performance, offering investors a convenient and low-cost tool for gold asset allocation [2]

Core Insights - The recent policy change in the gold market, effective from November 1, 2025, exempts on-site trading at the Shanghai Gold Exchange from value-added tax (VAT) and allows a 6% input tax deduction for jewelry and industrial gold usage, valid until the end of 2027 [1] Group 1: Policy Impact - The new tax policy is expected to benefit gold ETFs, as their operations do not involve physical delivery, aligning with the tax exemption for on-site trading, thus maintaining cost advantages [1] - The policy specifies that investment gold bars cannot provide VAT invoices for input tax deductions upon resale, potentially increasing hidden costs for physical investments and driving funds towards lower-cost channels, enhancing the attractiveness of gold ETFs [1] Group 2: Market Dynamics - Gold is not viewed as a short-term profit asset; price fluctuations due to policy changes and geopolitical factors are normal, and corrections may provide reasonable entry points for long-term investments [1] - Long-term, gold remains a tool for hedging against credit currency risks, supported by ongoing accumulation by global central banks, maintaining its role as a "risk buffer" in diversified asset portfolios [1] Group 3: ETF Performance - The gold ETF (159934) has seen over 4 billion yuan in net inflows in the past month, reaching a total scale of 31.6 billion yuan, indicating good liquidity [1] - This ETF invests in Au99.99 spot contracts on the Shanghai Gold Exchange, tracking domestic gold price performance and providing investors with a convenient, low-cost asset allocation tool [1]

Core Viewpoint - The recent tax policy change in the gold market is expected to benefit gold ETFs, with the exemption of value-added tax (VAT) on on-site transactions at the Shanghai Gold Exchange and a 6% input tax deduction for jewelry and industrial gold usage, effective until the end of 2027 [1] Group 1: Tax Policy Impact - The new tax policy exempts VAT on on-site transactions at the Shanghai Gold Exchange, which aligns with the operational model of gold ETFs, providing a stable cost advantage [1] - The policy specifies that investment gold bars cannot provide VAT invoices for input tax deductions upon secondary sales, potentially increasing hidden costs for physical investments and driving funds towards lower-cost channels, enhancing the attractiveness of gold ETFs [1] Group 2: Market Dynamics - Gold is not viewed as a short-term profit asset; price fluctuations due to policy changes and geopolitical factors are normal, and corrections may offer reasonable entry points for long-term investments [1] - Gold continues to serve as a hedge against credit currency risks, supported by ongoing purchases from global central banks, maintaining its role as a "risk buffer" in diversified asset portfolios [1] Group 3: Gold ETF Performance - The gold ETF (159934) has seen over 4 billion yuan in net inflows in the past month, reaching a total scale of 31.6 billion yuan, indicating strong liquidity [1] - This ETF invests in Au99.99 spot contracts on the Shanghai Gold Exchange, tracking domestic gold price performance and providing investors with a convenient, low-cost asset allocation tool [1]