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(1) India has removed tax exemptions for banks and government-designated institutions importing gold, silver, and platinum, imposing a 3% tax on these imports, thereby increasing the cost for major channels supplying to one of the world's largest precious metals markets. (2) Its revenue secretary, Arvind Shrivastava, stated on Thursday that the government did not extend the exemption from the Integrated Goods and Services Tax (IGST) for precious metals imported through banks beyond March 31 of this year. (3) This move places all gold and silver import channels on an equal footing in terms of tax treatment. (4) Shrivastava explained that the decision was made “to prevent tax policy from making one import channel more advantageous than another.” (5) India strictly controls gold imports, with most gold entering the country through authorized banks and designated institutions, while eligible jewelers may import through the India International Bullion Exchange. (6) The new tax regime will require these importers to allocate more operating funds.

The Ministry of Finance has released a report on the implementation of China’s fiscal policy for the first half of 2026, highlighting ongoing improvements in government bond management. 1. Active efforts have been made in government bond issuance: a total of 7.75 trillion yuan in government bonds was issued in the first half, including 7.565 trillion yuan in book-entry bonds and 189.7 billion yuan in savings bonds. In April this year, the issuance of ultra-long-term special government bonds for 2026 was launched, with 572 billion yuan already issued in the first half, completing 44% of the annual target, outpacing last year’s progress and effectively supporting the advancement of major projects. 2. The sovereign bond issuance for 2026 has been started in an orderly manner, with rational design regarding currency structure, maturities, issuance locations, and innovative products. In May this year, 6 billion yuan in RMB-denominated green sovereign bonds were successfully issued in Hong Kong, achieving the lowest yield ever recorded through book-building for RMB-denominated sovereign bonds, with a 10.4 times oversubscription and a record order size for offshore RMB bond offerings; the scale and proportion of sovereign class investments reached a new high. In June, a 5 billion euro sovereign bond was successfully issued in Luxembourg, marking the largest euro-denominated bond issue in Asia-Pacific history and setting records for the lowest issuance spread. Regular issuances of Hong Kong RMB government bonds continued, with a total of 50.5 billion yuan issued in the first half. 3. The integration of electronic savings bonds into personal pension products has been smoothly implemented. In June 2026, personal pension electronic savings bond services went online as scheduled, supporting the accelerated development of a multi-level and multi-pillar pension insurance system and meeting investors’ needs to purchase electronic savings bonds using their personal pensions. 4. Further strengthening of electronic channels for savings bonds is underway. New members have been added to the mobile banking sales channel; all 40 savings bond underwriters now provide electronic savings bonds to investors via mobile banking, significantly improving purchase convenience for the public. At the same time, the per-person purchase limit for individual electronic savings bond issues has been reasonably adjusted, benefiting more people. 5. Government bonds have been promoted for inclusion in the China-UK Bond Connect counter program, with the first transaction completed. Domestic government bond registration and settlement institutions have been guided to improve relevant systems, enabling overseas investors to open real-name accounts in China. This underpins the stable operation of the China-UK Bond Connect counter program while strengthening risk prevention measures for cross-border business. China Construction Bank has officially included government bonds among China-UK Bond Connect counter products, and completed the first 100 million yuan government bond transaction with HSBC on June 1.

According to information from Zhitong Finance APP, by the fourth quarter of 2026, Goldman Sachs will focus on four investment themes in the energy and power complex: sustained momentum in oil and gas exploration and production (E&P), the U.S. electricity and LNG theme, upward revisions in the refining sector, and emotional mispricings in the mid- and upstream natural gas sector. Based on these themes, Goldman Sachs has selected 10 stocks with attractive risk-reward ratios.