（以下内容从国金证券《黄金珠宝行业研究：黄金增值税管理变动，关注具备定价能力的头部品牌》研报附件原文摘录）事件背景自2025年11月1日起，通过上海黄金、期货交易所买卖标准黄金实行差异化增值税管理——卖出方交易环节一律免征；实物交割出库后，若用于投资性用途（金条、金锭等），交易所对会员单位“即征即退”并开专票，买入方再售时按现货缴税但不得开专票；若用于非投资性用途或客户购入，交易所免征并开普票，...
Source Link（以下内容从国金证券《黄金珠宝行业研究：黄金增值税管理变动，关注具备定价能力的头部品牌》研报附件原文摘录）事件背景自2025年11月1日起，通过上海黄金、期货交易所买卖标准黄金实行差异化增值税管理——卖出方交易环节一律免征；实物交割出库后，若用于投资性用途（金条、金锭等），交易所对会员单位“即征即退”并开专票，买入方再售时按现货缴税但不得开专票；若用于非投资性用途或客户购入，交易所免征并开普票，...
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